Shark Tank guest and Angel Investor Chris Sacca was once quoted as saying “ideas are cheap; execution is everything”. In my twenty-five years of working in the technology industry, I couldn’t agree more. Everyone has great ideas, we all do. But few people have what it takes to make them happen…whether it is writing a book, starting a business, or creating a new software application. That’s the hard stuff…where the rubber meets the road. We’ve all hit that wall.
So how do we surmount it?
Well, having the impetus to take the first step is important, but you need a vision of where you’re going and a plan for getting there. You must strip out the “cheap ideas” and get down to the core of what needs to be developed. Often, this is easier said than done. Building something new with complex, emerging technologies can be overwhelming, making it difficult to know where to start. I’ve created a four-step approach to solving this problem, and it has worked very well for myself and my clients.
A key activity in executing ideas is requirements comprehension and reciprocal decomposition into smaller components, known as top-down design. This is far more than just “business analysis”.
- Develop a solution to solve a problem, don’t create a solution that needs to find a problem to solve! One good way to do this is to find a customer first, and then find a way to address a business pain they are experiencing, instead of creating something you think the market needs, and then searching for customers. This also means no matter how cool or innovative technology is, the business must take priority. I’ve seen countless projects fail because they had a neat way of leveraging innovation but had a weak value proposition. Technology is great but doesn’t lose your head over it. It is a means of addressing your client’s pain.
- Establish a minimum viable product (MVP). This will help avoid idea overload. Too many features too soon will bog down your solution before you have a chance to get started. The danger here is that you will create features that will be underutilized, burn through your cash too quickly, or spend so much time in development that you fail to grab early, critical market share to realize the full potential of the product. Concentrate limited resources on what your customer needs today, not tomorrow. Determine the minimum set of features necessary to have a functioning product that solves a key business problem, but ensures it is well rounded enough to stand alone.
- Top-Down design. A key activity in executing ideas is requirements comprehension and reciprocal decomposition into smaller components, known as top-down design. This is far more than just “business analysis”. The business analysis primarily supports the ongoing development of relatively mature product portfolios. It is usually conducted by a business analyst who gathers requirements from a variety of stakeholders, compiles them, and funnels them into the development teams.However, when you’re creating something from nothing and must build a set of executable technical specifications from an abstract idea with little else to go on, that’s something entirely different, not business analysis. Throw in emerging technology and there is no comparison.
- Focus. Sounds simple, doesn’t it? Did you know that focusing on something, whether it’s a goal or a task, is one of the most difficult things for people to do in today’s ADD society? In a world of quick edits, fast-moving video games, and multiple devices competing for our attention, it’s becoming more difficult for the average person to maintain focus on anything. In order to accomplish a difficult task or challenging goal, you’ve got to pound on that sucker until it breaks. Hit it hard, and fast. Unrelenting. Don’t let up. Concentrate. Don’t get distracted. Focus. That means when breaking down requirements to create a product release or roadmap, one must constantly evaluate newly developed requirements against the established vision. In our case, the MVP.
So why is execution so critical?
From a startup perspective, execution demonstrates capability, commitment, and market potential; all factors of great interest to investors.
On a larger scale, execution is critical to budding communities supporting emerging technology development. If you have a group of enthusiasts pushing forward blockchain – the community won’t grow unless they are able to get projects off the ground. Enthusiasm will only go so far before it runs out of steam. As with weight loss, it becomes much easier to stick to the program if you can see demonstrable results. Only then will engagement grow, followed by funding from the investment community and greater overall visibility.
This all makes sense, but where can I go for help?
At Paramount we do just that. We’re developing innovative solutions with emerging blockchain technology in the areas of the supply chain, freight management, and even art! Our strategies, like the one outlined above, can position you to win – and when you win, so do we, and so does the Blockchain community at large.
– Dr. David Bishop
Consulting Technical Architect
Paramount Software Solutions.
