What is a moonshot?
A moonshot is a long-term business goal, an audacious ambition, or an innovative project. The concept originates with the space race, and today, Google's subsidiary, X, the company’s research lab, uses it as their business practice to generate 10 x project ideas. A few familiar moonshots are bitcoin (2009)., Waymo's self-driving car without a safety driver (2017), Skywater/Skysource, pulling 2,000 liters of water out of the air per day using renewable energy (2019), and SpaceX Falcon Dragon bringing astronauts to the ISS (2020)
Why is it important?
1. The ability to make the world a better place.
A moonshot helps an enterprise create and articulate the realm of its Massively Transformative Purpose (MTP). Credit Unions have their fingers on the pulse of their member's financial condition. This unique perspective can be leveraged to have a profound impact on member's lives. To accomplish that, the credit union needs to think differently, and the best way is to moonshot.
2. Help your enterprise aim towards 10 x
By formulating a moonshot, an enterprise has started to think differently.
This shift in mindset provides leadership and culture the opportunity to plot courses to attain larger goals, ideally accomplishing 10x. Now mind you, this is 10x improvement, not 10x harder. The goal is to make this attainable, not wholly defeating.
3. Motivation and clarity
When an enterprise has a moonshot, the enterprise focus it creates can help motivate talent and attract new talent. This clarity and focus created by a moonshot also help solve small challenges to accomplish the big one. These small quick wins fuel the efforts to achieve a moonshot.
The world is an ever-changing place filled with people creating and chasing potentially life-changing ideas, and moonshots are a great way to join them.
Like to sample Big Data/Big Climb?
Written for credit unions by a credit union expert, Big Data/Big Climb has been hailed as a "must-have". The book cuts through techno-jargon and translates data transformation concepts into a playbook filled with real-world examples, assessment guides, and other tools needed to reduce member friction, analyze actual competition, and identify disruption to improve the lives of its members and gain competitive advantage.
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Where can I find a partner that will leverage data to uncover new sources of revenue, reduce member friction, and build a data consumption capability?
Yep, that is what we do, of course, and so much more. To learn more, please review our consulting services.