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How Do You Pay for Big Ideas?
May 6Some people come up with big ideas. Others execute on those big ideas. (A third group poo-poos those ideas, but let’s ignore them for now.)
Which is more valuable? And if one is, how do you pay for big ideas?
About the Author
Frank Roche
Frank started IFRACTAL over 7 years ago with Sarah Chambers. Together, they've created HR communications and HR software for some of the world's leading companies. Frank is also studying Flamenco guitar and origami.
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Execute is the key. I have lots and lots of ideas, but no time or money to spare. My question is once entrenched in the everyday, how is it possible to break free. Maybe the Four Hour Workweek has the answer.
http://tinyurl.com/39akps
We own your big ideas. We are corporate America.
Laurie, that is the real truth. I once saw a company, Milliken, who years ago won the Baldrige Award, and they usd to pay big money for people who thought up big operational improvements. I’m afraid a lot of those days are gone.
Ted, it is about execution…big ideas go nowhere unless they’re seen cradle to grave. But without a big idea, there is no flawless execution. Funny how that works. Chicken, meet Egg.
Its the same argument for paying sale people more. If you don’t sell there is nothing to execute.
That said, if you can’t execute selling, or ideas, don’t matter. Both are important to success.
Both are important and need to be rewarded.
Where are you in the business cycle? Early entrants or innovators have to pay top dollar for the best ideas. As companies unfold, crisp execution need more of a relative focus.
One thought is pay the idea folks in equity or something like equity for the long haul. Pay executors in the short to medium haul (make sure that the execution is sticky before you pay for all of it.)
If an idea person is not willing to let some of their compensation stake ride on the long-term execution of the idea – don’t pay’em or don’t pay’em much. However, if they are (even if they will not be with you at the time of fruition), give them a reason to bring you their best thought first.
Finally, know the market place. Ideas worth paying for should be value in the conditions to come, not the ones you just lived through.
Know your business model and your place in it’s development cycle above all.