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How to Innovate at Your Company (without going bankrupt)

Breaking into new markets requires experimentation. But the experiments you run don’t have to break the business.

Betting big doesn’t pay off.

…Except when it does, because sometimes it will.

2 Tips and 2 Rules

Here are our two tips and two rules that we follow when deciding whether or not an experiment is worth pursuing:

Tip #1: Don’t confuse opportunity with execution

Opportunity is everywhere, and capitalizing on opportunity is essential for businesses. BUT you must bet on the right opportunities.

Tip #2: Start small

Experiments fail all the time. If you can’t shrug it off if it fails, then it’s too big.

Our Two Rules for Running Experiments

At Mission, all of our experiments must meet the following rules:

Rule #1: Don’t pull me down

Your experiment should never inhibit the company’s normal business operations. It cannot pull significant time or resources from any employee or from your normal day-to-day.

Rule #2: The impact should be BIG

Marginal cost improvements are great for a company churning out hundreds of thousands of products a day, but for a small business, small changes don’t actually do much for your bottom line.

Want more business tips?

Listen to the Mission Daily podcast on Apple, Spotify, or wherever you get your podcasts! Just 20 minutes a day and you’ll learn at least one lesson that you can apply to your life and business.



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