How to be successful in this challenge:
Quite a few of you will be stuck to the ideas you came up with in the first 2 days. I highly encourage you to get data first. Irrespective if the idea is good, you MUST BACK IT UP through data and validation.
This is what success looks like:
🥇 Super Legit (high effort):
- Wealthsimple - Zaynah, Riya, Nazra
- Liam, Madhav, Alishba, Isabella - Kidogo
- TD Bank - Zaynah, Riya, Stephanie
- UN - Devinder, Kimberly, Sophia, Nicolas
- UN - Dickson, Eason, Naila, Jessica, Kristina
🥈 Good (expected effort):
Below is an outline of how to frame your recommendation:
1. Explain the opportunity.
2. Explain how things are currently being done and why that's not good enough - use data.
3. Outline your solution + why it’s better than the status quo (use data + evidence).
4. Here's how I know it's an opportunity and include high level outcomes → what is the impact of your solution? Use numbers.
5. Go deep into your solution. Include mock-ups, case-studies, screenshots, examples, etc. Get detailed in this section so the organization understands your solution. 🔑Major Key: have quotes from people in the industry that validate your solution.
6. Breakdown the impact of the solution - financial and social impact. Go into the numbers. How much money can they make or save? How are you helping to achieve their core objectives? This part is super important, go as detailed as possible into the numbers 📊.
7. How feasible is this solution? The more simple your idea the better. You want to make sure the organization can implement your idea. It's not about being creative, it's about getting results and making impact. In the business world, Effectiveness > Creativity.
8. Are there any unknowns or assumptions you're making? Are there any potential barriers to execution? Be transparent. Don't try to sell your idea, be real with them.
9. What are the next steps for the organization? What’s the action plan? #biastowardsaction 😤
You can make some educated assumptions if you don't have the data, that's fine. Just make it clear it's an assumption and why you made that assumption.
Below is how you should structure your coaching calls with Directors
- What is the specific problem/opportunity you’re looking at?
- How do you know it's a problem? (Cost, Time, Users etc.)
- What is your solution?
- How is your solution better than the current approaches in the market? How do you know it’s better?
- Why does this make sense financially for the organization? Financial analysis is analysis important! This should also explain the business opportunity and why you think it's the right move for the organization.
- What is the action plan to execute your idea.
- Are there any risks with the idea? How might you mitigate those?
Read guide below for general structure and slide examples:
Challenge Deck StructureComponents of your recommendation:
Timeline - 5 Phases:
Phase 1: Planning and Data Gathering
During this time, learn about:
- The industry
- Existing solutions
- Recent innovations
- Customers/Stakeholders
- Make sure you understand the organization and product/service.
Also make sure you:
- Set a schedule for your team.
- Delegate roles and responsibilities.
- Set checkpoints and team meetings (you should be communicating daily).
Phase 2: Talking With People
By this time, you understand the organization, industry, and customers. So your next step is to talk to people! Setup meetings with people. Here's a checklist of what to you:
Setup tons of meetings with people and learn from them. The fastest way to becoming an expert at something is by talking with other people who have expertise.
Do not blast the company with emails and LinkedIn invites. Think about their potential users/customers and others who can give you unique insight. Collect information that the organization might not have.
Phase 3: Idea Validation
Once you have an idea, you need to validate it. Talk to more people to get their thoughts on it, and look at the data. Do the numbers make sense? How much will it cost to implement? What is the impact? If this idea didn't work, why would it have not worked? Can you mitigate that from happening? If your idea gets invalidated, that's ok! Keep researching.
Phase 4: Build your recommendation
Start your recommendation by creating a storyboard. Then, get feedback on your storyboard + make iterations. Then start building your deck. Remember to look at what great looks like. Have high standards.
🔑Great Content (Data/Numbers + Unique Insights) + Clear Structure + Clean Design 🔑
Phase 5: Finalize Deck
Get feedback, iterate. Remember that all your hard work is materialized through this deck. Don't half-ass it. Make sure you your recommendation deck is legit 💪.
TKSecret 🤐
Templates for standalone decks:
- Go to https://graphicriver.net/
- Click "Presentations"
- Browse decks 😎
Note: This is a superpower! People have spent 100s of hours building these, and you get them for the cost of a Chipotle. Make sure your design and content is legit → you'll impress the heck out of them! We'll give you more guidance in the session on how to build the deck.
Reminders:
- Data > Ideas. Get data first, don't brainstorm till you have tons of information and numbers.
- Be collaborative, not competitive.
- Understand the problem, industry, and customers/users.
- Create a schedule for your team with milestones and deadlines.
- Get continuous feedback and iterate.
Common Mistakes
- Teams procrastinate. We’re in crunch time already!!
- People jump to the idea first rather than get data first.
- Teams aren’t aligned. Make sure you have daily or weekly check-ins, plan a schedule, and set clear responsibilities and due dates.
- People lose motivation if they can’t find an idea in the first week. Don’t lose that fire, keep going! You’ll figure it out!
- Recommendations are too surface level. Go deep into the details.
🌎Remember, this is the real world. Don't treat this like a school project.