< PreviousLAUNCH STAGE • PATHFINDER TEAM • PRESENTATION STAGE FUNDING DECISIONS . Have a good idea about the amount of money and resources you want to spend developing the concepts that pass this stage before the presentations then split them between the winners according to your expectations for each. FORGET LINEAR . Remember that old school traditional linear thinking no longer applies in today’s world so avoid input and recommendations that come from this mindset. This can be especially challenging if you are an industry insider. THE IMMUNE SYSTEM . To prevent the company’s immune system from kicking in at this stage experts in disruption should be included in the final presentation evaluations because their feedback and independence from the company and its leadership will help promote honest, unbiased feedback which is crucial. JUST GETTING STARTED . Bear in mind that the concepts presented are still MVP’s in the early stages of development and that they could morph in the coming months. For now maintain a high level perspective focusing on your over arching purpose and vision of this program rather than zeroing in on details. GUIDANCE SHEET AUDIENCE: LEADERSHIP TEAM THIS TEAR SHEET IS FOR THE LEADERSHIP TEAM EVALUATING THE CONCEPTS IN THE PRESENTATION STAGE.LAUNCH STAGE • PATHFINDER TEAM • PRESENTATION STAGETRANSFERA N EXCITING new chapter has begun and now it’s time to transfer your successful concepts, the ones that your senior leadership team decided to move ahead with and which have now graduated to become official, mainstream products, to the next stage. As a team it’s time for you to realise that your products future rests in someone else’s capable hands, albeit still with appropriate oversight from the members of your team who’ll remain engaged with the new stakeholders to make sure the new products are developed and promoted into the market in a way that aligns with the program’s original purpose. This is also the crucial stage I talked about during the PLAN STAGE because given the highly disruptive nature of your new products it’s highly likely that your products new homes are outside of your existing company in a new business vehicle rather than inside it where they’d be nestled alongside the remainder of your company’s traditional product portfolio and where they could find themselves all too regularly being attacked and overlooked, and perhaps eventually killed off, by the lingering elements of your company’s corporate immune system. As a consequence, as a team and as a company, you need to be more vigilant now than you have ever been to ensure all your hard earned gains aren’t lost. So, with all that said, all that’s left to do is establish the proper business vehicles to embed your new products into and watch with anticipation as the next phase of their journey unfolds. ESSENTIAL THINKING When you have your head buried in the program sometimes it’s easy to overlook things, so here are some essential things to bear in mind to help you get the most from your journey... Escalation Paths The transfer stage is a potentially dangerous stage because it is the time that your concepts are at greatest risk of being sidelined or de-prioritised by the business and their new owners and stakeholders. As a consequence it is vital that you have clear lines of communication into the senior leadership team as well as the new stakeholders, and have a clear company escalation procedure that allows you to air any grievances or problems that might threaten their future. 213311institute.com EXPLORE MORE BOOK AN EXPERT CALLGo Forth When the final concepts are transferred into their new business units or business vehicles some members of the original PATHFINDER Team should be either transferred or temporarily seconded along with them to ensure they are given the attention, focus, and resources they deserve and need once transferred. Own It It is absolutely crucial that the successful concepts are transferred to business owners who are committed to them and their future success. If, for whatever reason, there is a feeling that the new owners are not committed then the members of the PATHFINDER Team should be bold and make their opinions known immediately to the senior leadership team complete with validations. Resource It There is no point transferring your hard work into the hands of business owners who lack the resources to develop and carry the concepts forwards, so if there is a lack of resource then assess the gap in resource and its impact and work with the senior leadership team make the necessary adjustments. Speak Up Every member of the PATHFINDER Team should be given a voice at the table to help the senior leadership team choose the right business entity and vehicle for the new concepts to be transferred into, and the right stakeholders to manage them. They should also be allowed to openly debate the merits of all the options being put forward for better and worse. Notes: 214311institute.comNotes: 215311institute.comLAUNCH STAGE • PATHFINDER TEAM • TRANSFER STAGE TASK SUMMARY Your task during the TRANSFER STAGE is to transfer the selected concepts developed during the LAUNCH PHASE into the mainstream business or into the new business entities or vehicles that will now take over the responsibility of developing, selling, and supporting them from here on in. SCHEDULE You have ONE WEEK to complete this stage. MONTUEWEDTHUFRISATSUN TRANSFER SESSION Agree and transfer the concepts into the right business vehicles. Discuss your objectives and start examining options. KICK OFF WORKSHOP Final debrief, formally agree governance and ownership structures, and resourcing. WRAP UP SESSION ANNOUNCEMENTS Make company wide announcements.LAUNCH STAGE • PATHFINDER TEAM • TRANSFER STAGE GUIDANCE ACTIVITY LIST1. Conduct a Kick Off Workshop. 2. Conduct a Transfer Session. 3. Conduct a Wrap Up Session. 4. Make your announcements. TIPS1. Be proud of what you have accomplished and the journey you’ve taken. 2. Remember the transfer of your concepts is a success and is not the end. CRUCIAL MOMENTS1. Getting the transfer vehicles correct. 2. Ensuring the right governance structures are correct and in place. 3. Ensuring the new stakeholders are committed to the successful continuance of your concepts. RISKS1. The business models are wrong. 2. The Corporate Immune System kicks in. 3. The final product doesn’t resemble the original. 4. The process stops for whatever reason. 5. The product isn’t feasible. 6. The senior leadership team aren’t committed and don’t follow through. 7. The senior leadership team become disengaged. 8. The new stakeholders aren’t committed. 9. The target customers hate the product. 10. Too many short cuts were taken. 11. You failed to market it on time. 12. Your selected partners don’t do their jobs. DELIVERABLES1. A plan detailing commitments, and how your concepts and their new business vehicles will be developed, funded, governed, and resourced. 2. The successful transfer of your concepts. OUTCOMEBy the end of this stage you will have transferred your successful concepts and the responsibility for their future development and sales into the appropriate transfer vehicles.LAUNCH STAGE • PATHFINDER TEAM • TRANSFER STAGE GO EXTERNAL . Don’t be afraid to choose external teams made up of one or more entrepreneurs to develop and take your concepts further. BOARD REP. These new concepts represent the future of your company so it is imperative that a member of the C Suite and or board is given the responsibility of overseeing them and providing them with the resources and air cover that they need. Without clear formal board representation the chances these concepts becoming your next major success are significantly diminished. OVERSIGHT . Transferring your new concepts into the appropriate company entity or vehicle is not the end of the program, it is just the beginning of the next phase. Therefore, irrespective of which business entity or vehicle you choose to transfer them into you need to make sure that the stakeholders who will ultimately be responsible for them are properly goaled, governed, supported, and targeted. Without this the concepts could fail. OWN IT . It is absolutely crucial that the successful concepts are transferred to business owners who are committed to them and their future success. If for whatever reason there is a feeling that the new owners are not committed then be bold and make the necessary changes to ensure the right ownership. GUIDANCE SHEET AUDIENCE:LEADERSHIP AND TRANSFER TEAM THIS TEAR SHEET IS FOR THE LEADERSHIP AND TRANSFER TEAM RESPONSIBLE FOR MAKING THE TRANSFER STAGE A SUCCESS.LAUNCH STAGE • PATHFINDER TEAM • TRANSFER STAGE STAY ENGAGED . Team members who helped create the concepts should be given the opportunity to serve as external advisors to the businesses and stakeholders who are now responsible for developing and taking the concepts forwards. This a great way to ensure the new businesses fulfils their full potential. POWERFUL ECOSYSTEMS . The purpose of transferring your new concepts is to give them the best chance of becoming your next great business success so even at this early stage you should you give some consideration as to what a future ecosystem, which could be used to develop and propel them to even greater heights, could look like. VEHICLE CHOICE . There are a wide number of different business entities and vehicle types you can use to give your new concepts the best chance of becoming your next major business success so explore them all and choose carefully. THINK IP . The new concepts you created may contain valuable company IP so think about how valuable this IP is and the options you have to monetise it. The result of this exercise will have implications on which business entities or vehicles you decide to choose when the time comes to push them into the market.Next >