I met with one of our portfolio companies yesterday, and I think that there is a take-away for all of us in the encounter. Please keep some form of an operational structure. Please.
Let me explain my dismay… This company is developing a product that I genuinely believe can change the world. The founder is extremely awesome, and to be honest, working with the team is a complete privilege for me. However, it can tend to be like the saying, “A golden goose never laid, ever produces the golden egg.”
Simply put, they have everything accept the necessary focused structure to actually get things done: capital, ideas, talent, space, product, market, etc. etc.
Yesterday, I had enough, and before I left issued a Swaave decree: that each Sunday, they will be sending me a goals list of the week. And every morning each member of the team will be writing down 1 – 3 of those weekly goals that they will accomplish until completion. On friday, they will have to send me a breakdown of what was completed and apply a percentage basis.
Now, every time their team doesn’t accomplish >80% of their goals on any given week, we will be putting a side cash and equity which will be used to hire a full-time operational coordinator. If this pool isnt utilized, then it will be dispersed to the entire team as a performance bonus.
This is absolutely a bit unconventional, but given the stage of the venture, and overall promise of the team/product – I’m hoping it is the appropriate level of catalyst to guarantee results 🙂