Title.
How do you build the comfort and confidence to double down on an idea that might work but sounds like a real hail mary shot?
I will break down it in two parts : Outcome & Investment
Outcome - Quantify the revenue impact, impact on customers, upselling opportunities
Investments - Break down the investments in smaller chunks, give a milestone checker
These work in most business raw ideas! Gold advice 🌟
The way you do it is with clear metrics around success and failure. Leaders are capital allocators and critical thinkers.
The way you put ideas forth is by showing the risk, the reward and the learning(/value-add)
If the trifecta works then ideas are approved but I agree with @ElonMast and @DualWannabe here.
It is deep research as well as executing as much as you can for an MVP. Look and feel is very important because it feels tangible and real.
Very simply put execute shit over the weekend if you are FE/Design, or figure out an iterative roll out that minimizes risk for stakeholders.
Then it is all about executing fast. Come up with an MVP and sell it internally. Less hands the better to solve Principal Agent Problem.
Data
Every startup founder targeting a revolutionary change targeting a large TAM would be similar to an employee within the org pitching for a moonshot idea - with the difference being that founder pitches to investors and makes a case for the venture and here you are pitching internal company leadership for capital allocation. Frameworks for thinking and pitching remain more or less the same. But the major difference comes in risk appetite. An investor hedges the risk by investing in many moonshots but every company's risk appetite may be different based on stage of the company and it's priorities. Some companies like Google encourage moonshot thinking due to sheer nature of their scale and need for constant innovation.. whereas some midsize company fighting to survive or barely making profits would be very risk averse. So before pitching a moonshot, you need to think about how your company thinks about innovation and how much is their appetite to take large risky bets. And if there is an appetite then you need to think like an entrepreneur making a business case to your management for capital allocation.
