Thanks for reaching out. Be sure to check us out on LinkedIn for all of our current news and announcements.
Oops! Something went wrong while submitting the form.
At the recent Highline Beta event in New York, we hosted innovation teams and leaders from Citi, Credit Suisse, Fitch Ratings and Mitsui & Co., for a session focused on metrics and KPIs, led by Ben Yoskovitz, founding partner of Highline Beta and co-author of Lean Analytics. This is Part 1. You can also read Part 2 here.
How do you find the True North metrics you should be focusing on?
Setting the right framework and benchmarks helps measure progress towards business goals, both in startups and in large organisations. For large companies that are executing against a portfolio of projects, ventures or startups, there are three main areas of focus that each require a different set of metrics.
Ultimately, you need to understand all three types of metrics, both what they are and what they’re useful for. The more aligned you can get on these metrics, the more likely you’ll have a systematic way of comparing ventures and determining true progress and value overall.
Once you have a better sense of what to track and when, you can explore how to properly fund innovation projects or ventures. Large organisations budget top-down, usually in a yearly cycle, which isn’t ideal for most innovation initiatives because they’re early stage and rife with uncertainty. How can you know what you’ll need in 9 months when you don’t even know what problem you’re solving? Ideally as you build out an innovation function within your organisation you can separate it from the core, creating ‘mini-pods’ of cross-functional team members that are not only able to work differently, but measure progress and get funded differently as well. I always like to suggest the “start small” approach first: start with 3 people and 100 days to prove the model and secure more funding into a venture.
To learn more about the good and the bad, when it comes to measuring your innovation projects, please read Part 2: Good metrics, bad metrics: How to measure your ventures and innovation projects here.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.
