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🚫 How to Kill Bad Ideas Before They Kill Your Strategy: Here is the Framework I Use

This Innovation Hacks edition is brought to you by: At Novatech we craft innovative end-to-end digital solutions through autonomous scrum teams or staff augmentation. Request a meeting to explore our Application Dev, Data & AI, and QA & Cybersecurity solutions.

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Hey Reader,

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In today’s fast-changing markets, leaders have tough choices to make about which new ideas to keep and which to stop.

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With many teams excited about their projects and sure they will succeed, the big question for leaders is: Are these ideas really what customers want right now? Can these ideas make money under current market conditions?

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This edition will help you make these important decisions confidently, ensuring that only the best initiatives go forward.

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Here’s a step-by-step framework to help you make these tough decisions:

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1// Assess Idea Viability Early and Often:

Action: Implement regular review checkpoints to assess progress and viability based on pre-defined criteria such as market potential, technological feasibility, and alignment with strategic goals.

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2// Cultivate an Experimental Mindset:

Action: Encourage a culture where experimentation is valued over sticking to failing ideas. Ensure that teams know they can fail safely, and learning from each attempt is seen as a stepping stone to success.

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3// Implement Structured Decision-Making:

Action: Use a structured framework for deciding whether to continue, pivot, or kill an idea. Download the framework I use to score and decide on each initiative.

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4// Maintain Financial Discipline:

Action: Set clear budget thresholds for projects. Discontinue funding for projects that consistently fail to meet developmental milestones or when the cost of further development outweighs the potential benefits.

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5// Leverage Data and Feedback:

Action: Base decisions on solid data, including customer feedback, performance metrics, and market research. Avoid emotional attachments to projects without substantive evidence of their potential.

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6// Facilitate Swift Execution of Decisions:

Action: Once a decision is made to kill a project, act swiftly to reallocate resources to more promising initiatives. Delays can lead to resource drain and lost opportunities.

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Here is a quote and a video from Steve Jobs to inspire you.
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This Week's Action Steps

Run the Innovation Project Scorecard to build a portfolio prioritization and let me know the results by replying to this email.

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Whenever you're ready, there are 3 ways I can help you:

Apply for the Digital and AI for Executives Program and learn how I define, implement, lead, and optimize Digital initiatives in traditional companies.

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