This very first sub-stage is truly is essential in the planning of your launchpad.
“Plan Mission” is all about figuring out
- what you want,
- how you get there, and
- how much you’re willing to spend to get there
To make it more concrete, let’s run through this sub-stage from the perspective of one of my previous clients, a major bank. The bank wants to disrupt itself by creating a launchpad to build multiple innovative fintech ventures. That’s about all that’s clear now. As you can see, the bank is at the very beginning of its journey to build fintech ventures at scale.
In Task 1, Define Goals, the bank’s senior executives, Jean and Michele, do the important exercise of figuring out what they want. That is, here they perform the exercise of defining the goals for its launchpad and its ventures over the next years. Importantly, remember that those goals should align with the bank’s larger corporate goals.
In Tasks 2 and 3, Jean and Michele figure out how to get there, how to achieve their goals.
In Task 2, Gather All Steps, both senior executives, with the help of several leaders from various teams, brainstorm all possible things that they would need to do, list as many tasks as possible. They would then complement those tasks with the 100 Tasks. The 100 Tasks are quite comprehensive, but I’m sure that there are some things that are so unique to your industry or your organization that they can’t be in the 100 Tasks.
Then in Task 3, Streamline Steps, Jean, Michele, and their team streamline all steps that they have come up with until they have the 100 Tasks PLUS their unique Tasks combined. That’s how you get your roadmap for achieving your goals.
In Tasks 4, 5, and 6, Jean and Michele figure out how much they’re willing to spend to achieve their goals.
As shown by Task 4, Determine Budget to Fund Plan, you would first determine your detailed budgets.
Then, in Task 5, Allocate Budget to Launchpad and Ventures, you would decide on how to split this budget between the launchpad and the venture over the years.
Lastly, no money is doled out without setting financial targets — especially in a bank ;-). As illustrated by Task 6, Set Financial Targets, you set concrete financial targets for both your ventures and your launchpad.
Thus, in this very first sub-stage, the bank took the first big step toward building ventures at scale: it created a good plan. What follows are the tasks to successfully implement that plan!