From Brainwave to Boardroom: Idea Assessment and Prioritizer Framework - F06

You're in the middle of a meeting, a workout, a conversation, or maybe just taking a shower, and bam—an idea hits you. It seems groundbreaking, a surefire hit, maybe even practical, and holds the potential to impact your organization’s north star. But if you're anything like most people, your notepad or smartphone is probably overflowing with such eureka moments, and yet, not all of them see the light of day.

Let’s face it, ideas are the easy part. They come to us in droves, often more like a burst of confetti than a single lightbulb moment. The real deal is figuring out which ones are gold and which ones are, well, just glitter. That’s where the magic of a good, hard look at potential comes in. It’s not about dampening creativity; it’s about channeling it—making sure we’re not just chasing every shiny object, but giving the real gems the attention and resources they deserve.

Building a culture that doesn’t just churn out ideas but also takes the time to vet them is a game-changer. It’s about creating a space where every spark of innovation is given its due diligence and sifted through a fine mesh of strategy and insight.

Enter the Idea Assessment and Prioritizer Framework, a framework that structures your critical and strategic thinking and helps you evaluate the potential of an idea. I’ve taken inspiration from the Value vs. Complexity Quadrant and this framework has been a guiding light when I need to convince others about the potential my idea holds (a great example of data-driven decision-making btw). It's a practical, hands-on guide to help you sort the wheat from the chaff. With this in your arsenal, you can navigate the maze of innovation with confidence, ensuring that when you do decide to run with an idea, it's one that's backed up with data and not just intuition.

Buckle up; it's time to turn those "maybes" and "what-ifs" into "let's do this."

The Litmus Test for Your Next Big Thing

Picture your ideas as a colorful array of balloons, each vying to soar higher than the rest. Now, as much as we’d love to let them all fly, not every balloon is destined for the skies. Some might have the right stuff, but others could be lacking that essential burst of helium. That's where our Idea Assessment and Prioritizer Framework comes into play.

Sorting the Sky-High from the Grounded 

First things first, let's get real about what we’re dealing with. Ideas can range from those 'aha' moments that promise to shake up the market, to the whispers of incremental change. Before we get lost in the dreamy potential of each, we need to sort them out. It’s like organizing a deck of cards—some are high-value aces, and others, while still important, are more like the number twos and threes.

Sizing Up the Prize – Estimating Business Impact

Let's zoom in on the "Business Value" axis of our framework. We're talking about the potential rewards your idea can reap for your business. Estimating this value is part art, part science, and a whole lot of strategic forecasting.

You don’t want your business impact assessment to turn into a full-time job. The goal here is to get a reliable estimate that doesn’t bog you down with excessive number-crunching. To keep it light, we’re going to use a simple 1 to 10 scale.

• 1 being the equivalent of "Nice idea, but it’s not moving the needle for us,"

• 10 representing "This idea is so hot, it sizzles – it's a total game-changer."

The Variables that Count Consider the following factors when assigning your business impact number:

• Projected Revenue Increase: How much green is this idea expected to bring in over a specific time frame?

• Cost Savings: Will this idea trim the fat in your operations?

• Customer Satisfaction and Retention (substitute as per your business KPI): Is this idea going to improve a KPI? These KPIs should be the ones where if they move, it impacts your North Star metric.

Math Made Easy: Simplifying the Complexity Now, let's tackle the "Complexity and Effort" side of the equation (x-axis). Again, we're not launching a space shuttle here; we're giving each idea a complexity score from 1 to 10:

• 1 for "We could do this in a few hours/2 days"

• 10 for "We’ll need more data, better tech stack, and more people."

Think about the resources, the time, and the expertise this idea needs to be brought to life. In most cases, you don’t alone control bringing the idea to reality so ensure input from all teams involved - Product, Engineering, Go To Market, Customer Service, Marketing, Sales, etc. Consider potential roadblocks and the learning curve involved.