Asking people for money is a humbling experience.  It is daunting and stressful knowing that the continued progress of your idea and/or the growth of your company is dependent on strangers putting their trust in you.  Even though innovation, hard work and dedication all factor into a successful fundraising round, luck can’t be ignored, which is sadly out of everyone’s control.  The whole process can be very emotional, especially when you are sleep deprived.  But I wouldn’t give up this experience for anything, and I would encourage all to take part because there is so much to learn by it.

​Here are the key lessons for someone's first fundraising pitch:

1. Before the Presentation
Preparation

• If your team is not good at graphic design, consider hiring a creative design firm to help you with your presentation materials. 
• Polished materials go a long way and first impressions are invaluable. Keep all materials crisp and simple.
• Rehearse, rehearse, rehearse until the “story” is second nature.  Keep your descriptions simple. You are the expert with your own language. The investor needs to be able to understand you.
• Research your audience and know the key deal makers in the room.
• Save your presentation materials to several different sources, e.g. local hard drives, thumb drives, and on the cloud.
• Make sure more than one member of the team can give the pitch.  You can never be too prepared - people can fall ill, emergencies occur, travel can be delayed, etc.

Avoid Last Minute Changes

• Do not make last minute changes to your presentation materials.
• Do not wait until the last minute to print your materials.
• Do not allow last minute content changes to impact your printing decisions.
  
• With regards to presentation materials, there will always be room for improvement and over time, many changes will be made to the content anyway.

Attire

• Pick an outfit that you feel comfortable in, and nothing too tight or too flashy.
• Wear comfortable shoes and a wardrobe that makes you feel confident.

 
Essentials

• Get your sleep - dark circles under the eyes are noticeable.
• Do not drink lots of coffee just ahead of the presentation; it is not worth interrupting the presentation to use the restroom.
• Do not skip meals.  Eat before the presentation, but do not eat anything that will upset your stomach.
• If you are on-time to the meeting, you are late.  I learned in my collegiate ROTC training that arriving early means that you have arrived on-time.
• In case your mouth goes dry, have a glass of water ready.  Breath mints also are handy!

2. During the Presentation

• Investors are most interested in you – if they do not trust you or are not sold on you, they will not invest.
• Investors want to hear your story, not a recap of what appears exactly on the slides.
• Pace your speaking.  Use pauses and inflections in your voice to draw in the audience.
• Do not sell to investors, engage with them.  Inspire them the same way you were inspired to join this endeavor.  Reach them on a personal level.
• Use storytelling and visual aids where possible – pictures, movies, prototypes, models, etc.  People understand concepts in different ways and a visual aid can make an idea come to life.
• When asked questions, do not lie.  If you do not know the answer to a question, acknowledge the speaker and the question, ask for clarification if necessary, and commit to follow-up later.

3. After the Presentation

• Send a personalized token of thanks to your host.
• Follow up with thank you notes right away to each of the prospective investors.
  • Hand-written notes are classy!

• Ask for a follow-up meeting or discussion at the earliest convenience to sustain momentum from the meeting.
  • If the prospective investors ask questions or provide feedback, be prepared to address at the next conversation.

After having done pitches, I feel that I am a better professional consultant and adviser for my clients.  You get more and more comfortable over time.

To our readers, what were your most memorable fundraising pitch experiences?  How has these experiences changed how you approach work and life?

I recently attended a symposium at Princeton University to honor the legacy of a truly brilliant individual of our time, Professor Christodoulos "Chris" Floudas.  Much of his work focused on chemical engineering and global optimization; for his notable contributions, he was honored by many prestigious organizations, including the National Academy of Engineering and National Academy of Investors.  His contributions to the academic community will be remembered for generations to come.

During the symposium, many of the presenters commented on Chris’ ability to innovate.  That led me to think more about the topic of innovation.  Innovation can be an abstract concept and while growing up, I learned words such as, create and idea, before I learned about the word, innovate.

I understand innovation to be the creation of new insight and new ideas that can be used to solve problems.  Without a problem, there is no reason to innovate.  Problems do not have to be obvious.  It is remarkable when an innovator can “read between the lines” into what customers or users say they want and give them what they actually need before they realize they need it.  Innovators can create market demand out of nothing.

In technology development, I have learned that fundamental principles of science and engineering must make up the “backbone” of any innovation.  Quantitative data can go a long way to help prove that:

• A problem exists with the current way things are done;
• There is a need for that problem to be solved (that which primary and secondary customers can testify):
• Your idea can solve what is causing the problem; and
• There is a total addressable market that finds value and creates demand for your idea.

Innovators think about problems from a different perspective to understand root cause(s), and can break down impossible problems into questions that can be answered.  Innovators do not create solutions that are more complicated than they need to be.  Instead, clarity of thought and simplicity of approach and design are much more elegant, yet challenging to realize.  For example, a paperclip is a simple design and inexpensive to manufacture, but think about how its utility is so widespread.  Another example is the arch and its’ keystone – a shape that is simple to behold from the eye, and yet there are invisible forces directed in multiple axes that hold the arch in place.

Throughout Professor Floudas’ career, innovation was not instant.  Usually, many iterations of an idea or method were required before a solution was reached and innovation achieved.  Throughout this iterative process, much was learned and new insight was gained.  He was persistent and enthusiastic, and explored every idea with rigor.  Innovation was always possible.
​
I encourage you to think of yourself as an innovator – we all have a unique way we think, see, do, and interpret the world and our life experiences.  This uniqueness grants us all the permission to innovate.

When running a business, sometimes it is easier and more effective to contract with a third party to provide software services than to develop software on your own. Many software service providers offer useful software services that can be accessed over the internet or can facilitate cloud computing and storage. The software that is provided by the third party is referred to as software as a service (SaaS), and many companies choose to use SaaS to conduct various aspects of their business.

Whether the software is used to run an online retail portion of your company, process payroll, or to collect and store customer data, SaaS is an important tool for new startups and established companies alike. When a company identifies a useful SaaS that they would like to use, the company must approach the software service provider and request to enter into a SaaS agreement, by which the company will gain access to the software for the duration of the agreement in exchange for a fee.

SaaS agreements can contain complicated language that is highly technical and confusing. The SaaS agreement is a legally binding contract, so it is important that the hiring company understands its obligations and responsibilities under the contract prior to entering into the agreement. If you are not confident in your ability to read and understand the terms and conditions of the SaaS agreement, you should consult with an experienced attorney who specializes in SaaS agreements to make sure that the contract is fair and reasonable.  

Practical aspects of a SaaS agreement that businesses should fully understand

There are several key terms in a SaaS agreement that companies should look for and make sure that they understand in any SaaS agreement that the company plans on entering into. For instance, companies should understand:

• How the SaaS agreement can be terminated. Contracts can be terminated if there is a material breach of the contract by either party. For example, if the software service is constantly down and inaccessible, you would want to know if your company can get out of the contract. Why pay for poor service?
• Who is responsible for data privacy? Usually, the software service provider is responsible for data protection and privacy, but it is important to understand whether your company carries any liability in the event that there is a data breach.
• ​Uptime and downtime provisions. Most SaaS agreements include a guarantee on the uptime of the service provided to the business, usually a guarantee of 99% of the agreed upon use time. This means that the software will be available and usable by the company 99% of the time that the parties have agreed that the company will have access to the software (e.g., from 8 am - 9 pm, Monday - Friday).
• Service and maintenance details. Like with any software or computer system, there will need to be updates made to the system. Your company needs to know how maintenance outages will be conducted and how those outages will affect business.

Project managers: a very important aspect of communication planning and project implementation success is Change Management – preparing your stakeholders to receive the change, ensure that it positively “resonates”, and is successfully adopted by the organization once the change is delivered. 



Change Management can be performed as a series of steps:

Step 1: Assess and understand the current state
To do this, you can interview multiple stakeholders within the organization at different management levels and make sure various functions or departments are included.  Discuss the following topics:

• What are the stakeholder pain points? 
• What are the current process roadblocks or bottlenecks? 
• Where is productivity lacking? 
• Where and how is the organization not meeting metrics or goals? 
• When and how are projects stalling?

Step 2: Research, analyze, and agree to the problem
With stakeholders, utilize tools such as SWOT (Strengths, Weaknesses, Opportunities, Threats), Fishbone / Ishikawa Diagrams, and the 5 Why’s to understand the root cause of the current problems.  An understanding of the current state needs to be based on fact, not opinion.  Facts will help you establish an argument or case that change is needed, and facts will help you build consensus for the change with disparate groups of stakeholders.   

Note: If you are stuck on collecting answers as part of your research, are there opportunities to conduct research on other best practices, industry benchmarks, etc.?  Ask yourself: how is this problem solved in another industry or sector?

Step 3: Communicate a vision
Inspire project stakeholders by depicting a clear vision for the future.  Use storyboards, pictures, charts, and diagrams, where possible, to describe the future state of the business after change is implemented.  Your vision can describe:

• How teams will work together;
• How intra and inter-function/departmental collaborations and partnerships will occur;
• How the organization will thrive financially (e.g. revenue growth, reduction in spending, increase in ROI); and
• How policies will support new processes?

Remember, the vision for the future must be shared with all key leaders and be in line with a company’s mission and strategic plans.

Step 4: Design and implement a project to deliver the change
As you prepare the project charter and plans to implement the change, begin with the end in mind.   

• Know the key strategic implications and business challenges.
• Think about how business processes and organizational roles and structure will be impacted and identify risks to be mitigated.
• Prepare a detailed implementation strategy that includes stakeholder communication and roll-out plans, e.g. organizational “road shows”, various methods of training, etc.
• Recommend process and organizational key performance indicators and roles and responsibility frameworks, where possible.

Project stakeholders will want to know:

• What does success look like? Or, what is the culture of accountability that the change will create? 
• Which organizational roles / stakeholders need to be engaged throughout the change implementation?
• How will progress be communicated?
• Does governance need to be created to monitor this change and other changes in the future?

Step 5: Assess how the change is impacting the organization
This is all about awareness and continuous improvement.  After the change is implemented, find out what is working and not working.  How do stakeholder moods/behaviors/actions change over time?  If necessary, adjust the process.  Suggested tools for this step include Plan-Do-Check-Act and validated learning (Build, Measure, Learn) feedback loops.  This aspect of change management never ends - continue to engage with stakeholders and get their feedback. 

A Live Case Study for Change Management:
I recall from a previous consulting engagement in pharma a particularly useful change management tool which informs and visualizes process or system changes with a live audience.   In “Table Top” Workshops, participants are assigned a process or system role and walk through or act out predefined scenarios with the purpose of exploring new customer requirements, reviewing proposed business rules, identifying and mitigating risks, making decisions and aligning different groups of stakeholders.  The workshop participants have the opportunity to be informed of the change, refine the change, acclimate to the idea of the change and gradually “buy-in” to the change once they can visualize how the change will improve their current situation.  Table Top workshop participants can then serve as change advocates, adopters, and communicators of the change throughout the organization, increasing the probability of a successful change implementation.  These participants can be the go-to experts and serve as the project manager’s “eyes and ears” on the ground within the organization, helping other stakeholders throughout the transition and alerting the project manager of implementation difficulties or errors.

The scope of my Table Top workshops has focused on IT application and software deployments, usually to support a new business process resulting from a merger or new regulatory requirement.  Table Tops can apply to many types of projects and processes, e.g. customer service / engagement, knowledge and information management, product ideation, etc.  My advice is to not let Table Top workshop scenarios become too technical in nature or else your audience may get bogged down in the details; utilize pictures, process flows, and group exercises as much as possible.

Final Thoughts:
Remember, change can be viewed as scary or unsettling, and it is your job as project manager to inform your organization of the changes that will occur as a result of the project implementation and to find better ways of guiding stakeholders throughout the transition.

Great project managers go out of their way to establish trust and develop relationships across their organization.  Showing genuine empathy and seeking to understand people’s concerns and understanding of the change can alert project managers of pending risks and potential solutions.  Keep asking yourself the following questions and continue to seek answers: how will the change impact stakeholders, how can the change benefit stakeholders, and how can you help transition stakeholders?

Quality is not exciting. Most in upper management are annoyed by it, and to some extent, they should be annoyed.  It is cumbersome.  Quality costs a lot of money, and it is difficult to see the returns.  The truth is: there are returns.  The returns are difficult to quantify because they come in the forms of not being sued and/or retaining clients. Any passionate product development or brand manager should have the perspective that their product is the best, and because of that, customers will want to stay with them.  That is one good approach for success.  But that is where the conflict comes in.

In general manufacturing, it is guided (or suggested) by the ISO 9001 standard.  For medical devices, quality is managed (or better described as mandated) by ISO 13485:9001.  Though the remainder of this blog will refer mostly to medical devices, the practices hold the same for general manufacturing as well. 
In general manufacturing, adhering to ISO 9001 is important.  For example, if CompanyX manufactures a cell phone case for CompanyA, then CompanyA will want to make sure the cell phone case fits their model phone components correctly.  If CompanyX doesn’t care that the molds for the cell phone case are wearing down so that the cases are no longer fitting well or are not as aesthetically pleasing, then CompanyA will receive bad customer reviews; resulting in sales and market share decreasing over time.

For FDA regulated manufacturers, ISO 13485 protects people.  Simply put, any hardware put on or in a human body (i.e. band aid, catheter, hip implant, dental post) or any piece of equipment used to analyze/diagnose a condition (i.e. blood analyzer) needs to “go through the ringer”.  Devices don’t have to just “fit”, they need to be repeatedly validated and verified in a way that makes the FDA happy.  Any change to a process, part, material, etc. has to be justified and validated. (Side note: Yes, a band aid is a medical device.) Though some in the medical device and pharmaceutical industries may feel differently, the sole purpose of the FDA is to protect people.

Making sure everything is consistent is simple, right?  Not so much.  Machines wear down.  People change jobs.  Suppliers modify parts and techniques for whatever reason.  Original Equipment Manufacturers (OEMs) get bought out.  This is where Quality comes in.

To start, Quality Assurance (QA) and Quality Control (QC) need to be explained:

• An organization’s Quality Assurance program provides the structure that dictates things like (a) who the reviewing (auditing) agencies are, (b) standards that are followed, (c) the needs for daily tracking of inventory and production, (d) the methodology behind any product identifiers, (e) when and why review/auditing occurs, (f) how documents are approved, tracked and stored, and (g) who is responsible for the quality reports, etc.
• Quality Control is the development, implementation, and tracking of the procedures that follow the structure of the QA program.

In my experience,  when developing a Quality Assurance program, vague is better.  I say this not to be sloppy or sly.  I say because a QA program needs to be flexible and high level to remain constant and provide structure, while allowing the details to be in the QC documentation.  QA programs that are too detailed either bog down an organization with repeated updates or changes, or they get the organization in trouble with the FDA during audits.  QC documentation needs to cover the details.  These are the procedures and the forms that record what, who, when, and discrepancies/abnormalities and production notes.

Case Study: Return on Investment (ROI)
It is difficult to put a price on the phrase, “Well, I didn’t get sued today….”  Where quality can be quantified is the long-term costs of wear and maintenance of machines.  Maintenance schedules are part of a QA program.  For example, an injection molding system costs $80k.  If the system is only good for 7 years with $10k of annual maintenance with 30 days of down time, that affects production annually, and incurs an installation (and removal) cost of “x”.   From a Quality perspective:

• The costs of the system can be tracked
• The efficacy of the system can be tracked
• Long term economic analysis can determine whether that system is a good or bad investment
• Once you include labor costs and utilities, then you can fully account for overhead
• Capital forecasts can be made for your organization

Quality reports usually come out of Operations Departments, but should be correlated to both Sales and Receiving Departments.  All of this ties into process improvement tools like Lean and Six Sigma.
Quality is a way for an organization (big or small) to:

• Have an organizational structure in place to keep track of all manufacturing details
• Ensure that procedures are in place and followed so that when someone is no longer employed with the organization, a new individual can pick up the pieces without a change to the product
• Track suppliers
• Track production lots
• Track wear and tear on equipment
• Track employee performance on the production line

 
From my experience, management cringes when they talk to the Quality Manager or Director of Quality.  They are the necessary “whiners” in the organization.  Their jobs are important.  They keep an organization out of trouble.  The difficult part to avoid is that, over time, their voices turn into white noise.  Nearly every organization I have worked with has the talent in-house to solve their daily problems.  However, there is a communication gap between the upper management that coordinates strategic goals with the people conducting the actual work.  The white noise of daily tasks and meeting deadlines often drowns out the need for updating equipment, implementing safety measures, and enabling innovation.  Outside opinions from a consultant or evaluator/auditor are beneficial, so that an organization can receive a fresh point of view and voice to filter through the daily noise.

Keystone Scientific, Inc. is in the business of connecting clients with the right people having the right skills to meet their project needs. How can we help you achieve your goals and solve your project problems? Please feel free to reach out to our team by calling 814-205-3393 or contact us online.

Credibility is a key branding component, as well as being a free branding tool available to everyone.  Promising something and delivering the best experience to back up that promise is the surest way to earn brand trust and the catalyst that turns brand fans into brand ambassadors.
 
Credibility refers to the objective and subjective components of the believability of a source or message and has to be earned over time, but also can be lost in an instant, as we have seen when headlines break and the real truth is uncovered. Given the explosion of words spoken and written, yet much less words delivered upon; it isn’t surprising to see the widespread lack of confidence, and customers’ reluctance to take action.
 
When I first started my business, I followed one rule to build my brand value via credibility to create trust:
 
“Deliver on every promise made to someone, no matter how big or small the person or the size of what you promised.”
 
If you aren’t sure if you can deliver, then just make a small promise that you know you can keep or don’t say anything until you get it done.
Here is my two-step solution to ensure success:

1. Figure out how you can deliver and execute on your promise to the best of your ability.
2. If you realize you can’t deliver then try to come up with an alternative solution and communicate with the person a.s.a.p.

 
Your brand is your reputation; which is your word, and how you deliver on your word.  When you don’t deliver on your word; you will decrease your credibility, and therefore your brand value.
 
If you want to make the most of your marketing time and dollars, try these three tips:

1. Deliver clear and direct communication that is enhanced by many small acts.
2. Make sure your brand promise messaging is aligned with your brand experience.
3. Instead of telling what you deliver, figure out ways to show what you can deliver.

 
Think of credibility as a bank account balance.  Every time you do what you say you will do, you can add to your trust balance.  Whenever you don’t do what you say you will do, you have to subtract from your trust balance.  Most businesses start with a zero balance, so make sure you do your best to earn trust from customers every day to avoid bankruptcy, and therefore create an abundance of value.
 
Think about when you are able to trust someone that you do business with…aren’t you likely to pay more and become a repeat buyer?  I’ll bet you would even drive further and refer your friends.  When you can trust a business, and understand the value offered, you would also be less tempted by competitive offerings because credibility backed by trust is true power.
 
Powerful and lasting credibility is something that can’t be bought or faked, so start earning more brand value by delivering on all of your promises today!

Written by Kathy Bass of Ladies Who Brand®
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The Keystone Tech Corner Series continues with Part Three of a three-part blog series to explore the usage of 1) Scope Management Tools, 2) Risk Management and Scenario Planning Tools, and 3) Communication Tools for first time project managers. 

Scope Management Tools (Statement of Work, Project Charter, Phase Gates, and Change Review Boards) were described in Part One of this series; for more information, see here.  Risk Management and Scenario Planning Tools (RADIO, Storyboarding, Governance, Lessons Learned) were described in Part Two of this series; for more information, see here.

Project Communication

I believe some of the most important roles as a project manager are to 1) see the bigger picture and all the moving parts within a project and 2) explain how the parts of a project fit together, all while 3) communicating different messages with different themes or emphases to audiences of different influence and interest in the project with different backgrounds. This requires great communication skills and tools.

We know that communication consists of three parts: the sender, the message, and the receiver of the message.  As a project manager, you will not always have the benefit of 1) communicating your messages about the project directly and/or in-person to receivers, 2) studying receiver reactions to the message and 3) ensuring receivers understand, clarifying your message if necessary.  For example, the project updates that you send to your manager get forwarded to project sponsors and senior stakeholders.  Or your presentation slides may be used as reference materials in future meetings without you being present.  These project messages, therefore, should be standalone from the project manager, and the intent should be clear.

Visual or pictorial messages, when used correctly, can be standalone and can be used as tools to convey a vast amount of project information.  Similar in intent as infographics, these communication tools tell a story about the progress and status of the project.  We have all heard or used the idiom “A picture is worth 1000 words”, and the same is true for visual project communication tools.  These tools are absolutely essential in today’s global economy, where most projects involve many people, both internal and external to your organization, and not everyone is located in the same time zone or speaks the same language fluently.

Communication Planning

Before getting started on creating project communication tools, think about the different groups of project stakeholders that will be receiving and interpreting the messages that are conveyed.  Not every stakeholder group or individual has the same level of interest nor the same level of influence in your project.  Modify your communication plan according to these differences in stakeholder needs or requirements, i.e. which project information needs to be conveyed and at which levels of detail, which communication tools should be selected, and how often the tools will be used.

Another very important aspect of Communication Planning is Change Management – preparing your stakeholders to receive the message and ensure that it “resonates” once the message is delivered.  Change Management, as it pertains to Project Management, will be covered in a future blog topic. 
Once your communication plan and change management strategy is solidified, you can begin to think about the type, intent, design/format, usage, and follow-up for the project communication tools that closely fit or complement your project. 

Project Communication Tools

Descriptions of several project communication tools that I have used personally with clients can be found below.

SCRUM Boards – SCRUM is an Agile methodology used in project management.  Although most frequently used in software development, I have used SCRUM boards to convey status of programs involving multiple projects or work streams with overlapping dependencies.  A SCRUM board is a fancy team “to-do” list for project stakeholders, usually divided into individual project work streams or individual projects as part of a greater program.  I use different, color-coded Post-It TM notes to identify tasks assigned to specific individuals or teams.  The list of tasks on the SCRUM board include which tasks are being worked on that day or that week, which tasks have been completed since the last SCRUM board discussion (usually brief, fast-paced discussion held either daily or bi-weekly), which tasks are considered Works in Progress (WIP), and which tasks are experiencing road blocks, either due to lack of funds, resources, delays, process inefficiencies, etc.  Roadblocks on the SCRUM board are usually identified with an additional symbol, such as a red arrow or red star.

Clients and stakeholders like SCRUM boards for their transparency.  Project managers like SCRUM boards because they are an easy tool for visualizing 1) which resources are being overutilized or underutilized, 2) which occurring roadblocks (issues) or pending roadblocks (risks) need to be eliminated by the project manager, and 3) which moving parts and interdependencies need to be monitored by the project manager.

Scrum Board image examples

Scorecards – Project scorecards are frequently used to compare status of the critical path on the current project plan versus the baseline project plan.  As a project manager, you frequently receive project updates from stakeholders and then update the critical path timeline on your project plan.  According to the Microsoft Project User Group, “Critical Path consists of a series of tasks that must be completed on schedule for a project to finish on schedule. It is the series of tasks (or even a single task) that dictates the calculated finish date. Each task on the critical path is a critical task.”

The following data points about the critical path can be recorded in a Scorecard table and shared with senior level stakeholders.  The background in each cell can be highlighted as red (not good), yellow (at risk), or green (good) depending on the agreed upon definition for each:

• Total number of critical path milestones
• Number of critical path milestones that are on track
• Number of critical path milestones that are at risk for being delayed
• Number of critical path milestones that are currently delayed (1 week)
• Number of critical path milestones that are currently delayed (4 weeks or greater)

Dashboards – Project dashboards present lots of information in an organized and succinct way, especially information that is quantitative (e.g. numbers, percentages, calendar dates, progress bars, status indicators).  Project managers carry dashboards around with them into meetings because they quickly convey the “pulse” of the project, and project managers keep stakeholders informed with the latest data by updating and using dashboards.  Dashboards help project managers hone in on the Key Performance Indicators (KPIs) and Return on Investment (ROI) attributes that project sponsors value.  KPIs and ROI attributes are used to define and measure what project “success” looks like and should align with the organization’s vision and mission.

Dashboard videos on YouTube

​Roadmaps – Project roadmaps are also referred to as High Level or Level 1 views within a project plan.  Roadmaps are great visual aids for all project stakeholders because roadmaps show the sequence, interconnectivity, and timing of key milestones and summary tasks along the critical path, and/or a roll-up of sub-projects or work streams in a larger program.  Every stakeholder can see how their individual “piece” fits into the broader “puzzle” of the project.  Roadmap timelines can be divided into months, yearly quarters, or even years depending on the size of the project.
           
Keystone Scientific, Inc. is in the business of connecting clients with the right people having the right skills to meet their project needs. How can we help you achieve your goals and solve your project problems? Please feel free to reach out to our team by calling 814-205-3393 or contact us online.

The Keystone Tech Corner Series resumes with Part Two of a three-part blog series to explore the usage of 1) Scope Management Tools, 2) Risk Management and Scenario Planning Tools, and 3) Communication Tools for first time project managers.  Scope Management Tools (Statement of Work, Project Charter, Phase Gates, and Change Review Boards) were described in Part One of this series; for more information, see here.

​Risk Management and Scenario Planning
It’s difficult to plan different project scenarios without considering the impact of risks.  Risks can either be helpful (opportunities) or harmful (threats) to your project.  As a project manager, your goal is to increase the probability of opportunities occurring and decrease the probability of threats occurring, especially those that impact project budget, schedule, scope, and/or quality.  According to the Project Management Body of Knowledge, consider the following sequence while predicting and preparing for project risks:

          Cause > Risk Event > Impact / Effect > Mitigation > Back-up (if the Mitigation Fails)

Risks can be caused by uncertain assumptions, complex or uncontrollable project dependencies, poorly-constructed processes, conflicting requirements between stakeholders, and even by the residual or secondary effects from the mitigations that are put in place to prepare for risks. 

Risk mitigations will vary depending whether the risks are opportunities or threats.  According to the Project Management Body of Knowledge, opportunities should be exploited, enhanced, shared, whereas threats should be avoided, transferred, or mitigated (anything that will lessen the effects thereof).  Alternatively, project managers can decide to accept both kinds of risks. 

Risks can be brainstormed while creating the project communication plan and project management plan.  To simplify the listing and organizing of risks, risks can be categorized by the work breakdown structure element(s) that may cause or would be impacted by the risk event.
​
Project managers can use the following tools to develop and plan scenarios affected by risk events: RADIO, Storyboarding, Governance, Lessons Learned.

RADIO
RADIO is an acronym, and it stands for Risks, Assumptions, Dependencies, Issues, Opportunities.  RADIO elements can come up in any project meeting or conversation, so project managers should get in the habit of listening for and documenting these elements.  In the project meetings that I facilitate, I keep a separate poster for RADIO elements, and I document these elements in front of the team and obtain their approval on the description, next steps, and owner(s) associated with each element.  Keeping a checklist or register of RADIO items will help project managers prepare for project risk management meetings.  Typically, project risk management meetings focus on the risks that carry the highest probability of occurrence with the highest impact (positive or negative) to the project.  Many risk and issue management chart templates can be found on the web if your organization is not already using a template, e.g. MindTools, Bright Hub, Key Consulting.

Storyboarding
A great way to identify project risks and think through the major or minor effects of executed risk mitigations is to storyboard or use visioning techniques to map out project scenarios from start to finish.  The storyboard can focus on an individual or team’s experience as they go through the project steps, tasks, decisions, outcomes, and exchanges with others.  Or the focus can be on inanimate project objects, e.g. like data or flow of goods/materials or services.  Storyboarding is a great visual tool for teams; by seeing these scenarios unfold, teams can identify potential RADIO (Risk, Assumption, Dependency, Issue, Opportunity) elements and their alternatives.  Remember, storyboard visuals do not need to be complex; most of us are not great artists! 

Governance
I have personally sat in risk management meetings that produced a lot of aggravation and very little results because there was no process to guide the team.  Before incorporating project risk management practices in your organization or company, I recommend to arrive at answers to the following questions (and not all questions may apply) to clarify outcomes and team expectations:

• What is the group’s risk threshold, or i.e., what is the company’s tolerance to risk?
• Who provides expertise with regards to risk identification and monitoring?
• How often should risk management be monitored?
• How are change requests to address risks managed and integrated into existing projects/programs?
• There should be contingency reserves for budget and schedule impacts.  What is the strategy for allocation, e.g. expected monetary value analysis, scenario planning?
• What are the authority levels for risk management decision making, and which roles will have these responsibilities?
  • These authority levels and responsibilities may depend upon the probability & impact levels from the risk identification register, or the contingency reserves that will be allocated.
• What stakeholders need to be involved in this process, and what is the communication plan?

Lessons Learned
Resourceful project managers refer to lessons learned from other projects to identify patterns of risks and/or issues that may similarly apply to their projects, and what mitigation actions can be taken as preventative measure.  RADIO (Risks, Assumptions, Dependencies, Issues, Opportunities) identification matrices or checklists can also be reviewed.  These types of resources from previous projects should be used by project managers as “watch lists”; study the early signs and symptoms of problems and put a plan in place to mitigate and manage them before they occur.

​Keystone Scientific, Inc. is in the business of connecting clients with the right people having the right skills to meet their project needs. How can we help you achieve your goals and solve your project problems? Please feel free to reach out to our team by calling 814-205-3393 or contact us online.

When a business just starts out and is in its initial growth stages, the business needs to distinguish itself through the creation of intellectual property rights, or IP rights. IP is useful to a business as IP is generally intangible property that derives value for the business based on its protected status. Patented inventions, copyrighted manuscripts, and trademarked logo designs are all common forms of intellectual property that generate a lot of value for a business.
 
One of the more frequently overlooked forms of intellectual property protection is copyright protection. It is often overlooked because many people mistakenly believe that the generation of enforceable rights is automatic upon the creation of a creative work, such as a drawing, design, or photograph. While it is true that rights are generated in a creative work the moment that the work is made in a tangible form of expression, it is challenging to prove the exact date that the work was created, and thus the copyright was established, in order to enforce the copyrighted work.

What Can Be Copyrighted?
 
A copyright is an intellectual property right that can be sought for original works of authorship. These works must be created in a tangible form of expression in order to be registerable. A few examples of common forms of copyrightable materials typically found in business include original creative works such as:

• A written manuscript, employee training handbooks, instruction guides, etc.
• Artwork for websites, product packaging, product illustrations, etc.
• Movies, videos, films, and other video-based productions.
• Musical compositions, such as sheet music for a commercial jingle.
• Musical performances, such as an orchestral performance of music, or a band’s performance of a commercial jingle.
• Artistic performances, such as choreographed dances.  
• Sculptures, figurines, product prototypes, etc.  
• Architecture.

 
With a little creativity and the right guidance, it is easy to figure out how obtaining copyright protection could be beneficial to your business. Many businesses generate original creative works that contribute value to their business in some way.
 
Registration of A Copyright

That is why it is important to register copyrighted materials for your business with the United States Copyright Office. Registration is a fairly simply and affordable process that confers a specific copyright registration date to your copyrighted work. This registration date can then be used to enforce your copyright protection. Copyright registration can be made anytime, but it is important to understand the benefits of getting your business-related copyrighted works registered as soon as possible. For instance, a successful copyright infringement lawsuit can lead to statutory damages for the unauthorized use or copying of your registered copyrighted material back to the date of registration, if the infringing action was occurring as far back as that.
 
At Keystone Scientific, Inc., we make it our goal to help you and your business or development project to reach its full potential. Ask us about how we can help you achieve your goals and solve your project problems. Please feel free to reach out to our team by calling 814-205-3393 or contact us online.

It’s another typical day at work, and then your manager stops by and tells you about a “high visibility” project and asks you to lead it.  You think to yourself, “What a great opportunity!” and “This is what I have worked so hard to achieve!”; but you also wonder whether you have the skills to lead such an effort. 

A complex project will require a set of tools, used correctly, to effectively manage scope, budget, resources, and quality, and you want to deliver great results to the team and your organization.  What are some of the project management tools you can use to improve your chances of project completion and success, and how are they used?  This three-part blog series will explore the usage of 1) Scope Management Tools, 2) Risk Management and Scenario Planning Tools, and 3) Communication Tools.  This blog series is an introduction for first time project managers and hopefully a good recap for well-established project managers. 

Part I: Scope Management

I have observed projects that failed because: 1) project scope was not defined and agreed upon by all major stakeholders in the beginning (Note: stakeholders have different levels of influence in a project, and not all stakeholders are equal) and/or 2) scope boundaries were not respected throughout the project.  Thus, projects became too unwieldy to manage and end goals were always changing.  When this happens, project timelines lengthen, project budgets widen, and stakeholder and organizational tolerances shorten.

There are several tools project managers can use to define, unify, and communicate with project stakeholders about scope:

1. Statement of Work
   
2. Project Charter
   
3. Phase Gates
   
4. Change Review Boards.

Statement of Work

A Statement of Work is a contract or agreement between a project manager/team and the project sponsor(s).  A Statement of Work should be prepared, reviewed with the project team and approved prior to initiating any project work.  A Statement of Work can include the following (Note: this list is not exhaustive):

• A brief description of the project background (purpose, history, business case for change) so that all readers understand why the project is being initiated,
• Project Scope (what is in scope and out of scope) and applicable documents or references
• Goals and/or objectives (should be specific, measurable, actionable, realistic, and time-bound)
• Project Requirements (can be categorized by priority, e.g. “must have”, “nice-to-have”)
• Deliverables (can be organized by project work stream or by project phase)
• Additional project needs (e.g. physical resources, human resources)
• Anticipated period of performance or calendar length of project
• Project Entry (e.g. approved Statement of Work, approved budget)
• Project Exit Criteria (e.g. sponsor acknowledgement of completed deliverables)
• Project Manager specific deliverables (e.g. project plans, tracking of action items, dashboards / scorecards)
• Project Sponsor specific deliverables (e.g. access to training, tools, timely review and feedback)
• Project Budget
• Project Change Requests (see Change Review Boards paragraph below for more detail)

The more time spent up front defining the Statement of Work, the less headaches and finger pointing there will be throughout the project.

Project Charter

The Keystone Tech Corner Series previously featured a blog about project charters; for more detail, see here.

Phase Gates

To guide and influence scope, project teams can participate in Phase Gate reviews with project stakeholders to ensure that deliverables are being shaped and completed according to the Statement of Work, i.e. to ensure there are zero “bad surprises” at project completion.  Stakeholders can identify risks or opportunities in these reviews and can help steer the team to more favorable outcomes.  Usually, a project team cannot move forward until Phase Gate follow-up items or action items are addressed with a satisfactory level of detail and planning.  A Phase Gate can take the form of a status update presentation, or can be more interactive, e.g. a Table Top Workshop or Solution Design Review.  Phase Gates can be scheduled after critical milestones are achieved or on a reoccurring basis, e.g. quarterly.
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Change Review Boards
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It is inevitable that there will be change requests on a project, e.g. a request to include something new in the final output which impacts the timeline, a request to switch vendors, a request for additional funds or resources, a request for different solution requirements, etc.  A Change Review Board is simply a means to formalize, document, communicate, and manage these requests, and get stakeholder buy-in to the change.  Change Review Board members typically consist of stakeholders that hold great influence and/or interest in the project outcome.  All Change Review Board topics for discussion must pass a defined set of criteria; otherwise, they will consume resource time and energy unnecessarily.  Criteria can be project specific and be defined by the Change Review Board.  Without a Change Review Board, large scope changes can be implemented without accounting for downstream impacts.

​
​Keystone Scientific, Inc. is in the business of connecting clients with the right people having the right skills to meet their project needs. How can we help you achieve your goals and solve your project problems? Please feel free to reach out to our team by calling 814-205-3393 or contact us online.

One of the earliest forms in intellectual property protection that startups and small businesses seek to obtain is trademark protection on their company name. Your name says a lot about your business, and you will ultimately build a brand around your company identity. Your trademark will grow into the image or word that the customer will come to identify with your company and your product. Trademarks are valuable business assets and they need to be protected from your competitors, and copycats.  
 
Four Trademark Categories
As a small business or startup, funds are limited, so you need to meet with success when you apply for a trademark with the United States Patent and Trademark Office. Since obtaining trademark protection involves applying, your application could be rejected if another, similar trademark already exists in your area of commercial use (i.e., the industries or commercial areas that you plan on using your mark in), or if your mark is not distinctive enough to warrant trademark protection.

A trademark must be worthy of protection, and as such, four categories of trademarks exist. These categories refer to the strength of the mark, and there is an undeniable correlation between the strength of a trademark, and its likelihood of being approved by a trademark examiner at the USPTO, and thus registered.

When it comes to applying for trademark protection, it is important to understand that some marks are more “trademark worthy” than others, and this is sometimes referred to as the strength of a trademark. The strength of a trademark is tied to how distinctive the mark. Trademarks are often broken down into four categories based on how distinctive the mark is. The more distinctive the trademark is, the more likely that the mark will be granted trademark protection by the United States Patent and Trademark Office.

The strength of a trademark lies in how the mark is perceived by consumers. There are four categories of trademarks, which include:
​

• Generic. Generic marks are overly simple marks that carry no special meaning and are thus not a protectable mark at all. Generic marks are usually phrases that simple represent the good or service.

• Descriptive. Whether a descriptive mark is granted trademark protection or not depends on the description of the mark in relation to the product. Descriptive marks are broken down into two groups:
  • Merely descriptive marks. Merely descriptive marks simply describe the product and don’t require any thought or imagination to understand what aspect or characteristic of the product or service the mark is trying to convey. A mark cannot simply describe the good or service.
  • Secondary meaning. When a descriptive mark develops secondary meaning that is distinctive in the eyes of consumers, then the descriptive mark could be protectable under trademark law. It is often hard to prove secondary meaning, and it usually takes a long time to develop secondary meaning a mark with consumers. When a mark is a surname, the surname must develop secondary meaning to the consumer in order to be trademarkable.

• Suggestive. Suggestive trademarks hint at some aspect or characteristic of the product or service that the mark represents. Suggestive marks are useful for marketing purposes, as they require the consumer to use thought or imagination to understand what the mark is conveying, such as the quality of a product or a characteristic of the product.

• Arbitrary or Fanciful. Arbitrary and fanciful marks are the most distinctive marks because they are so unique or distinctive that it is hard for the mark to represent anything by the product or service it is meant to represent.  
  • Arbitrary trademarks involve arbitrarily assigning a known word or logo to an unrelated product.
  • Fanciful trademarks involve a creative new word that is used solely as a trademark and has no other known meaning. 

​Keystone Scientific, Inc. is focused on helping businesses grow and develop. We work diligently to place our clients in contact with professionals who possess the skills our clients need to accomplish great things. Please feel free to reach out to our team by calling 814-205-3393 or contact us online. 

​The information contained in this blog is for informational and educational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. The information contained in this blog reflects the most current legal developments at the time it is written; accordingly, information contained in this blog is not promised or guaranteed to be correct or complete. Please consult with a lawyer if you have any questions or legal matters that need addressing. 

Even though I have been a consultant for nearly 10 years, I still get asked the same questions by friends and family - “What exactly do you do?”

Consultants provide their clients with services that vary according to the need of the client and a consultant’s specific area of expertise (e.g. applied engineering, implementing quality or IT management systems, managing complex technical programs, developing curricula and delivering training, planning for and implementing organizational changes in the workplace, defining new business designs, processes, or strategies, etc.).  The role of a consultant can be strictly advisory, providing a physical product, providing a specific outcome, and/or a combination of everything; the latter is usually the case.  I understand that the services a consultant provides are not as widely visible or understood as the services provided by a lawyer or an accountant, but a consultant is a professional that can be a resource for any business.

The role of an independent consultant (e.g. note an independent consultant is not previously affiliated with any commercial products or services) is to apply their knowledge, expertise and process training solely for the benefit of their client and client’s organization.  The services delivered are tailored to the problem statement or project goals, organization, internal and external risks and environmental pressures, and client(s) involved.

Below are examples of how I describe the role of a consultant to those that are interested in pursuing careers in consulting.

• Consultants can specialize in sector(s) (e.g. Financial Services, Healthcare, Defense) or service(s) (e.g. project management, people and organizational change management, data analytics), or both!
• Consulting engagements are typically categorized as strategic implementations or tactical implementations.  Professional consulting firms can be known for one or both specialties.

• Consultants are trained both in the “science” and “skill” of consulting, and are known both for their technical and soft skills.  The soft skills include oral and written communication, listening, presentation, influencing and negotiation, and change management.

• Consultants may begin an engagement as the professional services provider, but over time should be identified as a client’s trusted adviser and representative. 
• A consultant’s role in an organization should be temporary.  Consultants should not be viewed in the organization as “crutches”.

In closing, as I was writing this blog, I came across several online definitions for the word “consultant” that had less than favorable connotations:

• “a person who gives professional advice or services to companies for a fee”.  (Source: Merriam-Webster.com)
• “Experienced professional who provides expert knowledge (often packaged under a catchy name) for a fee. He or she works in an advisory capacity only and is usually not accountable for the outcome of a consulting exercise.”  (Source: Business Dictionary.com)

​A good consultant delivers value that can be measured and is visible to the client. Additionally, services should not end with only the completion of deliverables.  Remember, value can mean different things to different stakeholders across the organization.  The delivery of services without implementation of ideas is often meaningless.  Another great indicator of a consultant’s value is the professional growth, success, and eventual promotion for a client due, in part, to a consulting engagement.

These are just a few of my thoughts regarding the role of consultants, and I look forward to your feedback.  Have you worked with consultants in the past, and what did you experience?  What would you recommend to a consultant that wishes to support your company?

​Trade secrets are one of the most affordable and useful forms of intellectual property (IP) protection that is available to startups and small companies that are on a tight budget as they start to build their business. Other forms of intellectual property protection, such as patents and trademarks, often require the skills of a specialized IP lawyer in order to secure protection, and there are fees associated with obtaining these IP rights. Trade secrets are an attractive form of intellectual property protection because the mere act of keeping useful business information secret and from being known by the general public is all that is required to create a trade secret. However, trade secret protection can also be just as easily lost if the secret gets out. As such, trade secrets can be one of the most useful and affordable, yet risky, forms of intellectual property protection that is available to small businesses.

What Are Trade Secrets?

Any information that gives a business a competitive advantage and has economic value due to the fact that the information is kept a secret can be considered a trade secret. Trade secrets can be knowledge, information, a device, a tool, a method of doing something, a recipe, schematics, or nearly anything. Trade secret protection is created when the holder of the trade secret actively takes steps to keep the information secret. So long as the information remains a secret, the trade secret holder can have trade secret protection - potentially indefinitely.

How To Protect A Trade Secret

Trade secret holders need to actively go about protecting their intellectual property. This means taking steps and precautions to ensure that the trade secret does not fall into the wrong hands, that the trade secret is not used in an unauthorized manner, or that the trade secret is not accidentally disclosed to the public. When the secret gets out, it is referred to as the misappropriation of the trade secret, and protection is lost from then on. However, trade secret holders may have a legal cause of action when their trade secrets are wrongly misappropriated.

A few measures that can be used to protect the secrecy of a trade secret include:

• Consistently and diligently using nondisclosure agreements with employees, contractors, vendors, suppliers, customers, etc.
• Limiting access to the trade secret information to only those employees or people that need to know the secret information.
• Keeping the trade secret information in a restricted place, e.g., locked up, password protected, etc.
• Labeling any trade secret documentation as “confidential.”

 
What Is, and Is Not, Misappropriation of a Trade Secret

Misappropriation is the improper acquisition of trade secret information, the unauthorized use of trade secret information, or the disclosure of trade secret information to the public. When a trade secret is wrongly misappropriated, either by deliberate theft of the trade secret, or inadvertent disclosure, and the trade secret holder has actively taken steps to prevent the loss of trade secret protection, the trade secret holder can seek to enforce the trade secret protection through the courts. The trade secret holder can request an injunction that will prevent the entity that misappropriated the trade secret information from disclosing it or using it, and can also seek damages for any losses that are the byproduct of the misappropriation.

Conversely, independent discovery of a trade secret, and reverse engineering of a trade secret, is not misappropriation. If trade secret information is learned from either independent discovery or reverse engineering, then the party who learned the trade secret information is free to use what they have learned for their own purposes.
 
Keystone Scientific, Inc. is in the business of connecting clients with the right people having the right skills to meet their project needs. How can we help you achieve your goals and solve your project problems? Please feel free to reach out to our team by calling 814-205-3393 or contact us online.

​In Part One of this blog, we discussed how facilitators can realize more value from team brainstorm meetings by:

• Doing their “homework” ahead of time, and
• Using good facilitation techniques.

(Click here to read Part One)
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Part Two of this blog will discuss how facilitators should:

• Not settle for just a “list of ideas”, and
• Follow through afterwards on meeting objectives.

Do not settle with a list, take it further!

There are several exercises you can try with teams to invoke new ideas or ideas that complement or deepen what others have already shared. 

For example, start with one person communicating their idea with the group and keep going around the room, letting each team member voice their idea until the team runs out of ideas and/or comments.  This is fruitful because we generate new ideas in our minds while listening to the ideas of others. 
If the team is stuck, try asking the question a different way. 

• What would happen if we tried to make the problem worse?  Why, exactly, is that an issue?  And so, what could we do to avoid that issue or the events/scenarios leading up to that issue?
• How would an idealist or pessimist respond?  / How would an extrovert or introvert respond?
• What would a colleague from a different department (i.e. Marketing, Manufacturing, or Finance, etc.) do to solve this problem?
• How would your customers feel about this solution?  How would they solve the issue?

As a facilitator, continue to ask open-ended questions for clarification of the ideas being discussed.  It can seem frustrating for some individuals when a facilitator keeps asking “Why?” or “How?”, but this is how robust ideas and more focused implementation plans are formed.  It is helpful to advise the team early in the meeting that you will be asking lots of questions for the sole purpose of learning more about their ideas.

Ensure that side comments and questions are not missed by assigning a member of the team to take copious notes, and rotate this task from meeting to meeting.  This is an important role during the meeting and follow-up deliverable after the meeting.  Ideas that are not documented will most likely be forgotten.

Follow through, be proactive!

While the team is present and energy levels are high, assign individual team members to take accountability for the different follow-up actions identified during the meeting.  Have each action item owner define and commit to a completion date.  As a facilitator, you can decide the best way to follow-up with each action item owner, e.g. team meetings, one-on-one discussions, task management tools.
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There are several ways to assist the team in progressing the project after the brainstorming meeting.  For example, for each question asked, group similar responses and ideas together and into categories.  Send a follow-up presentation or memo within 1-2 business days after the meeting, describing the key discussions and themes, main ideas, and action items.  Describe what follows next and how the team’s ideas will be used and by whom.  Team members that understand how their actions and ideas fit within the broader context and goals of the project are more likely to follow through on commitments.

Wrap-up of Part Two

As a recap, facilitating value-added brainstorming meetings is a wonderful challenge to accept.  I hope these blogs have helped prepare you, and I look forward to your feedback.  What examples worked or did not work?  How can Keystone Scientific help your team, either in brainstorming meetings, project review meetings, or strategy-forming workshops?  Please share your suggestions!