Do you know what makes Apple, Google, Amazon, Microsoft & Tesla the top 5 innovative companies?

They have extraordinary processes to select & develop the right ideas to implement!

🧵 Framework for selecting high-impact ideas:
Cultivating ideas is a process.

You have to build a system to cultivate impactful ideas consistently.

This framework is the 2nd part of the 4-part "Idea Cultivation Framework".

Check part 1 on idea generation:
In this thread, I'll dive into "Idea Selection" & describe simple methods that you can implement right away!

The following threads will cover the remaining 2 parts to cultivate ideas.

At a high level, you must measure ideas in terms of:
1. Effort
2. Impact
3. Context
In most companies, there is no proper strategy to evaluate & select ideas.

There is no one size fits all method. Build a selection process that aligns with your culture.

In the 'Idea generation framework', we've shortlisted ideas.

Now we measure & select ideas to implement.

No matter how good the criteria is, the team responsible will decide.

- Involve people from various key depts - Finance, Product, Marketing/Sales, Support, etc.

- They need to be unbiased & entrepreneurial (in-touch with market & customer needs).

Objective scoring (score each idea on 10):

1. Clarity - does the idea make the fewest assumptions? Is it easy to comprehend?

2. Usability - does it fulfil a practical need? Is it utilitarian? Marketable?
3. Scalability - is there sustained demand? Or is it a fad? One time wonders are not good to bet on. Can it be productized? i.e., produced again & again meeting quality standards & delivering consistent value.

If there is an element of network effect, then great!
4. Stickiness - will customers think of it as a necessity? how easy or tough is it to position it in the market?

5. Profitability - what's the revenue opportunity? Earning potential is a tangible measure but don't just focus on direct sales, look beyond for more synergies.
Subjective scoring:
(Discuss & answer)

1. Does the idea fit your org strategy? (Very important)
2. Does it create new value for your customers?
3. How much time will it take to plan & implement?
4. Will stakeholders buy into it?
5. Do you feel it's the best idea to implement?
Once you've scored all the ideas, both objectively & subjectively, you will be able to create a leaderboard.

People are your valuable assets. But today, ideas are your most valuable assets.

Innovation in its most simplistic form is to bring ideas to life.
Now, what if you have way too many ideas & you're struggling to shortlist?

Use these 3 very simple templates by @MiroHQ to facilitate & prioritize:

1. The 3 horizons of growth template -…

- Fosters a culture of innovation
- Identifies new opportunities
@MiroHQ 2. Parking Lot Matrix Template -…

- Facilitate idea meetings, engage visually & plan.
- Collect clusters of questions, unrelated tangents, or unproven ideas to follow up on.
@MiroHQ 3. MoSCoW Matrix Template -…

- Helps with presenting ideas to stakeholders
- Clarity in terms of priority based on needs
@MiroHQ To make the Idea Selection Process effective, ensure that:

- the selection process is transparent.
- you have the right people selected.
- you take your time & understand the perspective of customers properly.
- you check feasibility thoroughly.
- decide or park for later!
@MiroHQ For gaining perspective on "selection", go through these 3 threads:

1. "How do I use mental models for everyday decisions? How do I put them into practice?", a masterclass by @Julian:

@MiroHQ @Julian 2. "10 common mental errors that derail decision-making" by @SahilBloom:

@MiroHQ @Julian @SahilBloom 3. "A framework for building a culture of rigorous thinking" by @wes_kao:

@MiroHQ @Julian @SahilBloom @wes_kao Summary:

1. Pick the right team to select ideas
2. Score every idea objectively
3. Discuss subjective questions on each idea
4. Use frameworks to facilitate the selection meetings
5. Make the decision, don't hesitate too much
This thread on idea selection is the 2nd stage of the 4-part framework to cultivate ideas.

Follow me for more threads on concepts that will help you become a better entrepreneur.

If you found this useful, RT the 1st tweet to share it with others.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Varun Mallapragada

Varun Mallapragada Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @varunm30

11 Jan
“There is one thing stronger than all the armies of the world, and that is an idea whose time has come.”

🧵 Framework for generating high-impact ideas:
Cultivating ideas is a process.

You have to build a system to cultivate impactful ideas consistently.

I will share a 4-part framework that you can use to cultivate ideas.

1. Idea generation
2. Idea selection
3. Idea validation
4. Idea implementation
In this thread, I'll dive into "Idea Generation" & describe a simple framework that you can implement right away!

The following threads will cover the remaining 3 parts to cultivate ideas.

Lateral thinking is key - first, diverge & then converge.

Read 21 tweets
2 Jan
Improve your "information diet" in 2022.

Do what 99% of people don't do - control what you consume & take care of your mental health.

🧵 22 high-signal profiles to follow on Twitter for entrepreneurs:
1/ Aadit Sheth - @aaditsh

Deconstructs how the top 1% play the game of business and life.

Aadit also teaches people to write & leverage Twitter for growth via Maker's Mark.

He's been a great support in recent times!

My favourite tweet:
@aaditsh 2/ Shreyas Doshi - @shreyas

Writes about product management. The best content on the topic, hands down! You can even super follow him for in-depth content.

My favourite tweet:
Read 25 tweets
11 Dec 21
We all thought Minimum Viable Products (MVPs) are a great way to get started, right?!

Apparently, not everyone agrees!!

🟢 MVPs are the best to prove potential ROI
🔴 MVPs lower the quality curve of the ecosystem

🧵 So, here is what should you do with your MVP:
1st line of thought:

🟢 MVPs are great because they help entrepreneurs launch without investing a lot of money and time before knowing if the product would ever sell.

They help understand the potential to make good on your investment (time, effort & money).
2nd line of thought:

🔴 MVPs lower the quality curve of the ecosystem because they deliberately offer substandard products.

You mostly find incomplete products in the name of MVPs. This brings more shitty solutions into the mix.
Read 12 tweets
6 Dec 21
90% of startups fail.

Due to various reasons,
⮕ 10% fail in the 1st year!
⮕ 70% fail between 2nd & 5th year!

SPEED is that ONE thing in your control to help you succeed in spite of these odds.

🧵Here's how:
The most imp job of a founder is knowing when to accelerate & by how much.

At early stages, while your product is being developed, & the business model is being fine-tuned, go slow & conserve cash.

Don't make unnecessary hires to sell an MVP or an unfinished product at scale.
Eventually, there will come a time when your business model has been proven.

Meaning, your customer acquisition cost(CAC) can be maintained at scale & you make at least 3xCAC from each customer.

At this point, relevant investors will be keen, raise money & accelerate hard!
Read 14 tweets
2 Dec 21
1. Idea 💡 - uniqueness? any differentiators? can we create competitive moats around it?

I've organised StartupWeekends & such hackathons to help people validate their ideas & come up with a prototype or a biz plan.

⮕ You can build a business with any decent idea.
2. Business Model ⚙️ - clear path to generate revenue?

I've run programs where startups had no definite biz model but could still sell.

⮕ To succeed it's not necessary to have a biz model on day 1, you can build one as you go. You'll test & pivot/improve it anyway.
3. Team/Execution 👩‍💻 - Skilled enough to adapt? Effective & efficient enough to get work done?

It has to the be the most imp reason, right? Nope!

A good team is crucial. It's up there but not the no.1 reason.

⮕ Like in sports, the best teams don't always win championships.
Read 7 tweets
2 Dec 21
I've helped ~2000 entrepreneurs in their journeys.

There's 1 rare factor that makes the difference between success and failure.

🧵 Here's what you should implement:
I'm passionate about helping startups scale.

Thankfully, I had great opportunities to work for organisations that ran programs for startups.

• EU India Innocenter @EUI_Innocenter,
• T-Hub Foundation @THubHyd,
• Techstars Startup Weekend @startupweekend.
Two specific terms to understand before jumping into "Why startups succeed?"

⮕ What are 'startups': new entities in search of scalable biz models by testing various hypotheses (value prop, TG, distribution, pricing, etc).

⮕ What is 'success': significant product-market fit.
Read 11 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!