< PreviousSELECTI N THE MINDSTORM STAGE and TEST STAGE you spent your time developing and testing new ideas and concepts that hopefully excited and scared you. And, bearing in mind the objectives of the program, if for whatever reason they didn’t then I’d suggest you haven’t explored thoroughly enough and I’d strongly encourage you to consider repeating those two stages before starting this one because this is the stage where you have to select the concepts you want to progress through to the next stages. Continuing on, and provided you are confident you have fully met those objectives it’s now time for you to weed out the weaker concepts and select the top five that you think have the best alignment with the programs objectives and your teams Core Mission, and the ones with the greatest potential to be wildly successful in the market. The five product concepts you choose to progress during this stage will then be the ones you focus on to the exclusion of everything else for the remainder of the program so it is imperative you choose carefully. 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... Fear Factor If you have done your research thoroughly and followed the program correctly then the thought of a competitor developing and pushing these concepts into the market should scare you. If it doesn’t then go back to the drawing board and start again. File Don’t Bin During this stage you will be dismissing alot of your concepts but it’s important that these aren’t binned or shoved mindlessly into the shredder. Categorise and file them away either to be used by the other teams in the program who could find them useful or as collateral for another program. Hearts And Minds When selecting the concepts to take forwards make sure that your reasons are unbiased and based on quantifiable 271311institute.com EXPLORE MORE BOOK AN EXPERT CALLevidence. Make The Case If you remember all those disruptive startups and companies you discovered and explored during the early stages of this program, and I hope you do, it’s now time for you to create a business case for each of the concepts you selected. This task will have implications later on in the program when one or more of your concepts will be sold into the market. Massive Scale The purpose of this program is to create an Exponential Enterprise that can dominate and lead industries and markets and achieve massive scale so ask yourselves whether or not the concepts you have selected could achieve multi- billion dollar valuations within a five year period. Name Them Give all of your concepts compelling names and a short description that makes it easy for others to understand their purpose. Notes: 272311institute.comNotes: 273311institute.comLAUNCH STAGE • PIONEER TEAM • SELECT STAGE TASK SUMMARY Your task during the SELECT STAGE is to select the top five concepts to take through to the PITCH STAGE and final rounds of the program. SCHEDULE You have TWO DAYS to complete this stage. MONTUEWEDTHUFRISATSUN Discuss your objectives, clearly communicate expectations. KICK OFF WORKSHOP SELECTION WORKSHOP Select the top five concepts to progress, create mini business cases.LAUNCH STAGE • PIONEER TEAM • SELECT STAGE GUIDANCE ACTIVITY LIST1. Conduct a Kick Off Workshop. 2. Conduct a Selection Workshop. TIPS1. Be clear about your assessment and selection criteria. 2. Be quantitative in your assessments. 3. Be quick when creating your mini business cases, don’t get lost in the minutiae. 4. Get feedback from the senior leadership team and third parties. 5. Remember to stay true to the objectives of the program. CRUCIAL MOMENTS1. Getting the first round of feedback from senior leaders. 2. Selecting your top five concepts. RISKS1. Participants are not fully committed to the process. 2. Participants can’t agree. 3. Participants run out of time. 4. The calculations and estimates in the mini business cases are questionable. 5. The senior leadership teams response is very cautious. DELIVERABLES1. Select your top five concepts. 2. Create mini business cases for each chosen concept. OUTCOMEBy the end of this stage you will have selected your top five concepts with the most potential to take forwards to the next stage.HORIZON SELECTION 311 INSTITUTE : HOW TO BUILD EXPONENTIAL ENTERPRISES: SELECT STAGE This tool helps you evaluate and select the concepts to progress based on their disruption potential and differentiation from existing products in the market. Click or scan to download this resource and other innovation resources. TEAM NAME AND NOTES: HORIZON 2 HORIZON 3 HORIZON 1 EXISTING CONCEPTS ADJACENT CONCEPTS RADICALLY NEW CONCEPTS EXISTING MARKETS ADJACENT MARKETS RADICALLY NEW MARKETSAWESOME IDEA SELECTOR 311 INSTITUTE : HOW TO BUILD EXPONENTIAL ENTERPRISES: SELECT STAGE This tool helps you assess your concepts along two main axes that when analysed will then help you to select the ideas you want to progress to the next stages. Click or scan to download this resource and other innovation resources. TEAM NAME AND NOTES: INNOVATIVE CONCEPT NORMAL CONCEPT IMPOSSIBLE TO IMPLEMENT EASY TO IMPLEMENTINNOVATION LANDSCAPE 311 INSTITUTE : HOW TO BUILD EXPONENTIAL ENTERPRISES: SELECT STAGE The Innovation Landscape tool helps you to create an overview by individually structuring your idea or your concepts on this matrix with your existing company in mind. It also helps you understand how realistic your concepts are at this point in time. Click or scan to download this resource and other innovation resources. TEAM NAME AND NOTES: REQUIRES NEW BUSINESS MODEL USES EXISTING BUSINESS MODEL LEVERAGE’S EXISTING TECHNICAL COMPETENCIES AND SKILLS REQUIRES NEW TECHNICAL COMPETENCIES AND SKILLSBALLPARK FIGURES 311 INSTITUTE : HOW TO BUILD EXPONENTIAL ENTERPRISES: SELECT STAGE This tool will help you make a quick guestimate regarding the potential revenue of your new concepts. Click or scan to download this resource and other innovation resources. TEAM NAME AND NOTES: BUYER Who buys your concept? TOTAL REVENUE PER YEAR USER Who uses your concept? FREQUENCY How often is your concept sold, and how often is it used? POTENTIAL How large is your Total Addressable Market, and is it growing? VALUE What is the pricing of your concept? 6 12345Next >