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Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
Innovation Accounting is a way of evaluating progress when all the metrics typically used in an established company (revenue, customers, ROI, market share) are effectively zero.
Innovation Accounting is not only a way for individual teams to report their progress and communicate in financial terms. It’s also extremely useful for seeing how projects, portfolios of projects, or even whole enterprises are changing over time. And, most importantly, it gives the ability to summarize these disparate initiatives using a common vocabulary and accountability framework.
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Here’s an example of a Level 1 dashboard looking at the first experiment done by a team building a lemonade stand and hoping for hypergrowth through the use of drone delivery and premium ingredients down the road:
Use the dashboard to hold your team accountable. Simply ask this question: Which metrics are improving over time?
For example, a team that’s trying to prove they can charge a price premium for a new product might do an initial version where nobody is willing to buy, so revenue per customer ...
“To truly transform our organizations and our way of working, we need to change our accounting systems, too.”
1. Come up with some initial metrics. These should be simple and actionable and should not have to be related to one another.
For example, a number of customers interviewed and their rating on identified struggles might be two starting metrics.
2. If you’re stuck on metrics, ask the...
36 yr old product guy. Interested in meditation, product design and the future.
Recently learned about Innovation Accounting that's been recommended as the practice to adopt until thinking about metrics relevant to product-market fit.
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