Why measure? I believe the need for measuring is essential for this. Startup companies are a major part of the development of our society, creating new innovations, employing people, creating economic growth and driving disruption – that’s why we need to understand how to nourish these companies the best ways possible.
This post is about a topic that cannot be discussed enough – the startup ecosystem in Finland. Finland is often referred as “the Silicon Valley of Europe”. There has been a huge increase in the number of different players supporting startups and the startup ecosystem. I was approached last week with questions “What is the…
There are lot of dilemmas in creating a functional, reliable, versatile and easy to implement metrics. Many of the “old school” business metrics are measuring everything on “how much revenue it creates” or with metrics such as Return on Investment (ROI). This often dooms many new type of activities, where the activity is not creating additional sales at all. In marketing, such activities are often called “brand building” or “awareness creation”, and the metrics comes as one figure in brand surveys. Sometimes the argument says “this cannot be measured”.
We came up with the idea of metric called RFE (Return From Ecosystem). RFE would be a metric that can be set as an numeric objective for number of business and marketing activities and measured to see how various activities contribute to RFE.