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:
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:
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:
https://twitter.com/varunm30/status/1480927026253119495?s=20
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
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.
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.
IDEA SELECTION TEAM:
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).
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).
IDEA SELECTION CRITERIA:
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?
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!
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.
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?
(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.
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 - miro.com/templates/3x3-…
- Fosters a culture of innovation
- Identifies new opportunities
Use these 3 very simple templates by @MiroHQ to facilitate & prioritize:
1. The 3 horizons of growth template - miro.com/templates/3x3-…
- Fosters a culture of innovation
- Identifies new opportunities
@MiroHQ 2. Parking Lot Matrix Template - miro.com/templates/idea…
- Facilitate idea meetings, engage visually & plan.
- Collect clusters of questions, unrelated tangents, or unproven ideas to follow up on.
- Facilitate idea meetings, engage visually & plan.
- Collect clusters of questions, unrelated tangents, or unproven ideas to follow up on.
@MiroHQ 3. MoSCoW Matrix Template - miro.com/templates/mosc…
- Helps with presenting ideas to stakeholders
- Clarity in terms of priority based on needs
- 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!
- 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:
1. "How do I use mental models for everyday decisions? How do I put them into practice?", a masterclass by @Julian:
https://twitter.com/Julian/status/1378439257879162880?s=20
@MiroHQ @Julian 2. "10 common mental errors that derail decision-making" by @SahilBloom:
https://twitter.com/SahilBloom/status/1469676688682491904?s=20
@MiroHQ @Julian @SahilBloom 3. "A framework for building a culture of rigorous thinking" by @wes_kao:
https://twitter.com/wes_kao/status/1456999849015001096?s=20
@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
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.
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.
https://twitter.com/varunm30/status/1481640193559986187?s=20
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