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- Michael Walls
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Founder & CEO • TrustedPeer, Inc.
Best Practices:
- Create a business concept by applying technology to an existing market – identify a need that has not been automated and automate it.
- Do your homework including your own market research.
- Present to friendly VCs for feedback, not for fundraising.
- Create an advisory board and use it as your market research focus group.
- Don't bring in a partner – bring in believers for a piece of the action.
- Establish the culture you want to have and articulate it clearly.
- Learn social media and use it.
- Get a big-time law firm, not a lawyer.
Founder & CEO • TrustedPeer, Inc.
Best Practices:
- Implement a complete, end-to-end solution that emulates existing human behaviors.
- Enable knowledge sharing by encouraging employees to seek out expertise from others, regardless of geography, operational function or business unit.
- Structure your engagement protocol to enable your internal experts to effectively manage the requests they receive.
- Provide an incentive framework that encourages your internal experts to be responsive to expertise requests.
- Design your engagement protocol to encourage one-to-one communication that builds relationships.
- Provide tools and a process that make in-house engagements efficient, reliable, predictable and repeatable.
- Capture the trail of knowledge transferred within your organization so it can be analyzed, shared and re-used.
Director, Division of Economics and Business • Colorado School of Mines
Best Practices:
- Utilize a combination of finance-based and decision science techniques to improve the quality of your firm's decision making.
- Utilize portfolio modeling and finance-based techniques to determine an ideal mix of opportunities.
- Understand and measure your company’s risk tolerance and factor that into your decision making process.
- Use value-of-information techniques to make more systematic and rational decisions on information purchases.
- Utilize Monte Carlo simulation techniques to simultaneously consider multiple uncertainties and their impacts.
- Use advanced econometric and decision analysis models to guide the bid decision-making process.
- Use objective and subjective techniques and ongoing feedback to improve the overall quality of risk assessment.
- Use multi-objective decision analysis to determine the appropriate trade-offs when confronted with multiple objectives.
- Use comprehensive models that integrate multiple techniques.
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