Archive for July, 2009

Show Me The Money – Financing Innovation

Wednesday, July 22nd, 2009

Show Me The MoneyI went to an interesting event last night organised by the Glasshouse.

There were some great people on the panel:

  • Michael Birch, Founder, Bebo and Pro Founders Capital
  • Andreas Lazar, Managing Director, Allen & Company
  • Nic Brisbourne, Partner, DFJ Esprit

The event was chaired by Rory Cellan-Jones, BBC Technology Correspondent who kept the evening moving along. The quality of the panel was superb, but the questions posed to them were not that insightful, which was a shame. It would have been great to really push the panel by asking them about actual deals, transactions or events as opposed to their view on the industry. It is quite easy to take a view on the industry but the actual ins and outs of a transaction is something you rarely hear about.

The event did get me thinking a lot about finance and investment. All of my ventures I have started without outside investment, I have never felt the need to get investment as I have been able to gather a team and fulfil the work without large sums of money. I think there is a lot to be said for bootstrapping a company until you have a proven concept. It gives you much more bargaining power and it is so much easier to sell something tangible as opposed to something conceptual.

The main message from the panel seems to be the same as it has always been:

  • There is still VC and angel investors out there looking to invest in great ideas
  • Networks are crucial – you are more likely to get investment if you know the right people personally
  • Proven track record – if you have been successful in the past you are more likely to get funded again
  • Having a excellent idea that is already monetised or how you plan to monetise it
  • Being in a growing/ in favour market (eCommerce seems popular at the moment)

Feature Creep

Thursday, July 16th, 2009

It is very easy for feature creep to occur; to just add this one extra feature or to continuously change your mind about the architecture . It can be very disruptive and expensive if requirements keep changing and it can have disastrous consequences to a project.

If you have managed a large project then you will be familiar with formal change management. After the plans have been signed off they are baselined and any future changes have to go through formal change management. That means that you have to argue your case that the change is fundamental to the project meeting its objectives.

However agile methodologies teach that requirements are always changing and you should expect them to change, so how do you deal with these two conflicting points of view.

I sit somewhere in between these two points of view. We work in a very agile way, short iterations (sprints), constant client feedback and a very collaborative team effort. However in order to make profit on project you need to make sure that you do not overspend in terms of project hours.

We are very flexible in the design phase, will facilitate lots of rounds of changes and multiple routes to solve the client’s brief. Then again when we wireframe we keep to a very agile methodology, and it is relatively easy to change a Photoshop file or a HTML mock up.

However when we move from the prototype to the build phase we make sure that the client signs off on the work to date and then on try to keep changes to a minimum. Changes then have to be submitted in writing and may incur extra charges if they materially change the project time scale. That way when we get to the phase that is difficult to change we are not wasting time and money making lots of changes.

I do not think there is a one size fits all approach and the reality is that client requirements will change. The sooner you accept that the sooner you will find a way to make the job work.

APMP – The Exam Result

Saturday, July 4th, 2009

I make no apologies for this being a very self promoting post. I have worked really hard to study for and pass my APMP exam (see my previous post here on chartered project management).

Today I got the letter I have been waiting for; my exam result…

… I was very nervous when the envelope arrived even though I was very confident after the exam.

… I opened the envelope and read, “I am pleased to tell you that you have passed the APMP exam”. I was so happy!

Our tutor on the course had told us that if we read the first paragraph and found out we had passed, he told us not read the rest of the letter as it would give you personalised feedback on our performance and any questions we had failed. I was curious so I read on and I found that I actually passed ALL the questions with an overall mark of 80% (55% pass mark). One in ten people fail so I felt very proud of myself.

As a qualified APMP I am an official chartered project manager and can now relax until my next certification!

Elevator Pitch – Describing What You Do

Wednesday, July 1st, 2009

Following on from our communication and branding session last week we had another workshop with Alison. The purpose of this was hone our message and come to a united statment on what Busara should stand for. We spent about four hours in the workshop with some superb results at the end.

Step 1: Vision Brainstorm

Elevator 2 - By BeingElevator 1 - ToTo start the session myself and Kin were joined by the guys from Diamond who are stakeholders in the business. We started with a brainstorm answering the question:

“What do you want Busara to do/ be in 2011?” and then “We will get to this by being…”

The first question allowed us to come up with all of the things we are aspiring to, it was interesting to see the wide range of answers. I tended to put quite concrete outcomes e.g. have revenue of £5m, to work for 50 of the FTSE 100 companies, and have operating profits of £3m. Where as Jonny had more philosophical outcomes such as to be united and happy.

It was very interesting to see how aligned our vision for the business was. Luckily there were no real surprises and overall we were all on the same page.

The outcome we all came to was that we are in business so that: “We prosper and are happy”.

Step 2: Vision Statement

Elevator 4 - VisionFrom the themes we had generated above we distilled it down into a vision statement. These are the guiding principles for the business what we are aspiring to. It outlines the strategy for the business and makes no guesses as to how we get there (tactics).

The themes that we all had in common were:

  • Award winning/ recognition
  • Happy/ fun place to work
  • Personal growth for the team and ourselves
  • Financial objectives for revenue and profits

From these we came up with:

“We want Busara to be a recognised, award winning agency that is a great place to work. A place that nurtures personal and financial growth.”

Step 3: Brand Values/ Culture

Elevator 5 - CultureUsing the vision statement and my having a look at our individual personalities from our last session we tried to draw out the key values for the business.

We came up with a list of values for the business that we want the business and us as owners to embody:

  • Creative
  • Inspiring
  • Happy
  • Challenging
  • Thoughtful
  • Expert

Step 4: Elevator Pitch

Elevator 6 - ElevatorFinally we came back to the elevator pitch for the business. This time round we were much more productive and came up with a really concise statement:

“Busara is a creative led agency.
We believe in exceptional design with thoughtful technology.

We are experts in our field.
We produce engaging, elegant solutions to a range of clients that include global brands.”

In the end we decided to keep the reference to technology in the background as I believe that good technology should not be seen; it should just work seamlessly and effortlessly.

Conclusion

Since the workshop we have changed the third sentence to the one shown above, if you look at the image of the flip chart you can see the original one. After testing it with some people and clients the overall consensus was that the use of the word “problem” was not a good idea.

Overall we have come to a really good starting point that we can refine over time. The copy perhaps needs to be cleaned up by a copywriter but the core essence is in there.

This text will be used on static media such as our website, leaflets or brochures. When we talk about the business it will be less rigid and more conversational, but we will try and get across the key ideas which are:

  • Creative agency
  • Exceptional design
  • Thoughtful technology
  • Engaging and elegant solutions

Now we need to start living and talking about the brand values, we need to make sure that we embody them and talk about them. A good example of this is the Google philosophy where they really get people to display their values on t-shirts and always talk about what they believe in.
We are going make our values very prominent in the office and make a montage of our vision and values that we can put on the wall so that they are there to hold us to account every day, our client can see them and the people who work for us.

Now the hard work begins …