Learn more about entrepreneurship with this collection
Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
A simple Level 1 dashboard
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:
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MORE IDEAS ON THIS
What does IA help with
- It provides a framework of chained leading indicators, each of which predicts success. Each link in the chain is essential and, when broken, demands immediate attention.
- It’s a focusing device for teams, keeping their attention on the most important assumptions they’ve mad...
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“To truly transform our organizations and our way of working, we need to change our accounting systems, too.”
ERIC RIES
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Use IA in the early game
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 financi...
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Accountability is Key
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 ...
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Steps for your Level 1 dashboard
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...
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The 3 Stages of IA
- Use a simple dashboard of metrics that allows the team to track progress over time at the start of a project. It gives a basic sense of what’s working and what’s not. If customers won’t even try the product, it doesn’t matter what their repeat purchase rate is.
- It represents the comp...
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CURATED FROM
CURATED BY
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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