2. The Rule of 3s
• The number 3 is central to everything in the action plan
• Starts with asking 3 questions:
o What needs to happen?
o When does it need to happen?
o How will it happen?
3. The What
• 3 high level things that need to happen:
o Finalization of structure/funding (basic setup)
o Increase/addition of serious and committed investors (at least 3)
o Successful or commitments to 3 companies
4. The When
• Setting long term deadline for 3 months
o With measurement/tracking at weekly/monthly mark
o ??? (What else)
5. The How
• Pick up to 3 high-level action items that will make “The What” happen
within the “When”. Each item may only have up to 3 sub items.
o Investor outreach/relationship building
• Leverage existing networks (perhaps not necessarily ask board to do outreach but use board
relationships as launchpad). Example below
• Dear Donald Trump, Frank S thought it would be great that we get in touch.
• Research and identify potentials both inside/outside of network.
o E.g. Alumni/business owners
o Opportunity outreach
• Existing relationships
• New relationships
6. The How(contd.)
o Structured approach
• Finalize paperwork and incorporate membership fees
• Create templates, website and portal for streamlining submission and evaluation. “Pipeline” for
screening: pre-screening (1/2 people) -> screening (4-5) -> meeting (entire group).
• Measure and track (details in following slide).
7. Results
o Results need to be quantified, measured and tracked. How?
o OKR approach: http://en.wikipedia.org/wiki/OKR (more details in notes section)
o Using the rule of “3”s, start with 3 month goal, drill drown to monthly and weekly.
• What are 3 things that need to happen at the 3 month mark? How will results be measured?
• Same for month and week
• Living document(s): Each periodic evaluation will “tweak” the next higher level one and will flow
up.
8. OKRs: 3 months(deadline 11/2013)
Objective#1: Formalized structure
Results:
1. Corporate structure finalized.
2. Angels paying $X/month membership fees.
3. Streamlined deal flow process. Template(s)
for firms. Submission and evaluation
portal.
Objective#2: Committed investors
Results:
1. Have at least 3 committed investors.
2. Investment criteria/philosophy identified
and adhered to 100%.
3. ??
Objective#3: Successful deals
Results:
1. Have at least 3 successful deals from at
least 1 investor.
2. KPIs/monitoring
3. ??
Notes de l'éditeur
What are OKRsOKRs are human data that help to clarify what you are doing and how you plan on doing itEstablish and measure objectives on a personal, team, and company levelMeasurable TransparentObjectively gradable Why Disciplines Thinking (Major goals will surface)Communicates Accurately (Everyone knows what is important)Establishes Indicators for Measuring Progress (Shows how far along you are)Focuses Effort (Keeps everyone in step with each other)How Establish Objective in one sentenceIdentify key results that are directly related into the objective becoming a realityMax of 5 objectives + 4 Key results per objectiveGrading on a 0.0 - 10.0 scale, 7.0 being good, 4.0 being bad, 10.0 only for binary key resultsAvg score for each key result is the score for the objectiveWhenEach week, each section, and for the entire program OKRs reviewed at weekly meetingWhat an OKR looks likeThe ObjectiveAmbitiousGoals The Key ResultsDirectly make the objective achievable Measurable Objective gradingTeam vs. PersonalPersonal - Define what each person is working on Team - Define priorities for the entire team, not just the collection of personal OKRsMeasuringEach Key result is graded on a 0 to 1.0 scale with the average of key results being the score for each objective.Objectives are supposed to be ambitious and 0.7 is “good”
