The Future of Business Favors the Fearless

March 3, 2017

12:50 pm

PJ Tanzillo has a big job. By title, he’s the Head of Consumer Products for Favor. In practice, he oversees product management, offers marketing direction, and keeps an eye on finances, all while supporting the whole operations business. We were lucky to receive some of his best practices for product development during our Product Study Hall in Austin.

Favor had the unique opportunity to get in early on one of the most exciting tech industries. And with any new, thriving industry, they quickly become very competitive. Two ways Favor has been able to set themselves apart is through product road mapping and rapid iteration.

At the beginning of each year, the Favor leadership team sits down to imagine what the world is going to look like the following December. They do so by asking themselves two open-ended questions:

  1. “What big problems no longer exist today, and what new big problem is the world going to be facing in the future?”
  2. “What would winning X market look like?”

They debate these questions and come to an agreement on a common vision that is specific enough to be directional. This is where the product road mapping begins.

Preparation Is Key

A list of features is prepared in a large spreadsheet with common terminology and a clear measurement rubric. This allows any emotion to be removed from the priorities and makes it a pure numbers game. When the leadership team arrives at a consensus, they assign a “T-shirt Size” for the team and timeline required (small = one person for a couple of days / large = a few people for a couple of months). As plans are shared with the larger Favor team, the year is broken into quarterly sprint plans. Every two weeks the sprint is evaluated and resources are adjusted.

Once the feature is in place, the effectiveness is judged by results, not the elegance of the process. In the highly competitive market of on-demand goods, it’s important to measure as much as possible, but not to be overly cautious. Getting stuck fixing a minor bug could ultimately have a much bigger impact on your business, failing to iterate on your product and evolve into what’s next.

 

The post The Future Favors the Fearless appeared first on Galvanize.

This article is courtesy of the Galvanize blog. Interested in entrepreneurship, web development, or data science? Interested in entrepreneurship, web development, or data science? Check out the Galvanize Newsletter, bringing you the best content from The Learning Community for Technology.

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Galvanize campuses are home to an eclectic mix of entrepreneurs, skilled programmers, expert data scientists, and men and women motivated to make an impact. As different and diverse as we all are, we’re united by common values. Interested in entrepreneurship, web development, or data science? Check out the Galvanized Newsletter, bringing you the best content from The Learning Community for Technology.

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