Reviewing Product Funding
Reviewing Product Funding is the periodic assessment and realignment of financial resources allocated to product teams, ensuring they are in sync with the overarching ecosystem strategy and the product's performance and market needs.
Goal
The goal is to optimise resource allocation to enhance product development efficiency and effectiveness, supporting product teams in becoming self-sustaining.
Context
Products move through three different horizons on their way to becoming self-sufficient. Horizon 3 products are brand new and require upfront funding. Horizon 2 products are in the growth phase and require funding to scale and grow. Horizon 1 products are already delivering a return on investment and are self-sufficient.
Inputs
| Artifact | Description |
|---|---|
| Product Vision | A high-level and inspirational description of where the product will be in 5 - 10 years. |
| Product Strategy | A high-level plan for achieving the product vision within the next 1-3 years. |
| Product Roadmap | Visual management tool to track the progress of key initiatives across the product. |
| Product Dashboard | A dashboard that provides a high-level overview of the Product Team's progress and performance against their key metrics. |
Outputs
| Artifact | Description | Benefits |
|---|---|---|
| Updated Product Budget | The financial resources allocated to the product, including budget constraints and funding availability. | Ensures the product team has he necessary resources for development and growth. |
Anti-patterns
- Set and Forget: Assuming that once funding is set, it no longer needs adjustment.
- Reactionary Funding: Only reviewing funding in reaction to problems rather than proactively.