Project Portfolio Management

How TV’s Shark Tank Can Guide Your Project Vetting Process

Are you one of the millions of people fascinated with Shark Tank? This television show takes a handful of budding entrepreneurs and allows them to pitch a business idea. The “sharks” then have the opportunity to invest their money in the entrepreneur’s brilliance, or the ambitious scoundrels leave with nothing. In an article for TechRepublic, Patrick Gray explores how this television show can be applicable to your own projects.

Take a Bite out of the Portfolio

Shark Tank does an excellent job of illustrating the different types of people. They show those who fear numbers and are driven by creative excellence. They show those who wholeheartedly believe that their idea is bulletproof and will not accept criticism. They even show those people who are so focused on a hot-and-coming market that they create a flawed product. All of these are issues that can arise in the project process.

There are many companies that have elected to create their own Shark Tank environment, rather than sticking to the standard presentation format. The difference is that the “shark tank” style allows for choice among several project options, rather than one pitch for the board to consider without competition. This style additionally allows for board members to fire questions at the presenter to ensure that their investment is in a thoroughly thought out idea.

If you want to pursue this style of project proposal, it is important that you encourage your team to watch some episodes of Shark Tank so they know what they are getting themselves into. The sharks should also be encouraged to fully ponder each idea and give each proposal a solid chance. You may end up with more ideas than you need, which is okay. You can consolidate some of the best into a super business proposal worthy of superior investment.

You can read the original article here:

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