How It Works
π‘ Step 1: Identify an opportunity β Any team member can propose a business update, operational change, or new initiative.
π Step 2: Define success β The proposer sets clear, measurable success metrics that determine whether the wager is won or lost.
π° Step 3: Put something on the line β To ensure commitment, the proposer stakes something personally meaningfulβthis could be a percentage of their bonus, a leadership challenge, or even an office trade.
β Step 4: Get buy-in β The idea goes through a structured process of peer and leadership approval before implementation.
π Step 5: Measure results β If the proposed initiative hits the agreed success metrics, the proposer wins their wager (often with a significant upside reward). If it fails, they own the loss.
Why It Works
- Encourages bold, high-impact thinking β Employees propose ideas that truly matter, knowing their own skin is in the game.
- Filters out weak or unfocused initiatives β Proposals must be measurable, specific, and outcome-driven to even qualify for a wager.
- Drives team engagement & accountability β When someone wagers 75% of their bonus on an idea, itβs no longer a suggestionβitβs a commitment.
- Creates a fun, competitive company culture β Proposals are high-stakes but playful, reinforcing both performance and camaraderie.
Examples of Wagers in Action
π Project Raving Fan β A viral referral system that rewards users for sharing the app, with a team member wagering 75% of their bonus that it would drive a 12% increase in downloads & 4% increase in stickiness.
π No-Meeting Tuesdays β A proposal to ban internal meetings on Tuesdays, backed by anonymous surveys. If it failed, the proposer agreed to run a marathon in a Still Life t-shirtβif successful, they won an office trade.
STAGE 1: INTERNAL REVIEW
FEATURE
THEORY
FUNCTION
HYPOTHESIS
Segment / Market
Problem to be solved
Solution
Metric of success
Proposed Hypothesis
CUSTOMER JOURNEY
FEATURE FLOW
VISUAL
WAGER
PRESS RELEASE
APPROVAL:
STAGE 2: EXTERNAL REVIEW
DESIGN
- Is a design phase necessary?
CODE
- Is this within the realm of possibilities?
- How labour intensive in working man days is the project?
- Do we need to add more people to the agile agreement to complete this?
MILESTONES
- What are the key milestones and dates for the project?
BUDGET
- What is the proposed budget for the project?
STAGE 3: CUSTOMER RESEARCH
INSIGHTS
- Is a design phase necessary?
PIVOTS
- Is this within the realm of possibilities?
MEASURES OF SUCCESS
- What are the key milestones and dates for the project?
BUDGET
- What is the proposed budget for the project?