In continuation of my earlier post.
Quote from Govindrajan & Tremble's book:
"Given the uncertainities involved, writing an innovation plan can feel like writing a work of fiction. The predictions in them are wild guesses. Indeed in many cases, those trying to sell the intiatiative have deliberately stretched the projections to make the return on investment look better".
That is pretty much applicable to business plans made by start-ups. So what is the value of a business/innovation plan? The authors say:
"The value of an innovation plan is that it serves as a benchmark for subsequent learning." (Emphasis is mine).
By learning, the authors do not mean some academic, ivory tower stuff. They define, what they call a "rigorous learning process". Start-ups too should adopt the same process. I shall talk about it in my next post.
No comments:
Post a Comment