Prioritize Like a Pro: The RICE Method for Growth

Hey curious mind,

Here’s today’s dose to become smarter in 5 minutes:

• The Growth Insight: The RICE Method for Growth

• What’s Up with Tech: TikTok's Countdown, Meta Vision

• Tools to Unlock Your Peak Potential

The Growth Insight 🌱

Prioritize Like a Pro: The RICE Method for Growth

Two companies with the same product could have vastly different fates – one withering away, the other becoming a unicorn.

The key? Their ability to generate creative ideas and prioritize them effectively. That's where the RICE prioritization framework comes in.

Many startups use RICE to rank initiatives based on four factors: Reach, Impact, Confidence, and Effort. The ones with the highest scores get top priority.

Let's break RICE down:

1. Reach: How many customers would see the change (product) or how many new potential customers would it attract (marketing)? You can either provide an exact number (50, 1k, 50k per month/year) or rank it like this:

• Most/All = 10

• About half = 5

• A fraction = 2

2. Impact: How much would it boost your business if it worked? Think potential revenue increase for the year. Rank it on a scale of 1-3, 1-5, or something like:

• Small (<5%) = 3

• Medium (5-10%) = 5

• Large (10-20%) = 10

• Massive (>20%) = 20

3. Confidence: How likely is it to succeed? Use a percentage confidence level like 10%, 25%, 50%, or 80%.

4. Effort: How much time, money, or energy will it take? This is the only "negative" factor – you want it to be low. Rank it on a scale of 1-5, estimate hours/days/weeks, or use something like:

• Trivial (XS) = 1

• Few Days (S) = 2

• 1-2 Weeks (M) = 5

• 1 Month+ (L) = 20

• Quarter+ (XL) = 60

By breaking it down into these components, RICE helps you objectively evaluate and prioritize your initiatives for maximum impact.

What’s Up with Tech 🖥️

 ⌛ TikTok's Countdown: The bill to ban TikTok in the US unless ByteDance sells it has reached President Biden's desk.

🦄 Billion-Dollar Search: Perplexity AI, the San Francisco-based search engine startup, just achieved unicorn status with a $1B valuation.

🪙 Dorsey's Mine: Block, Jack Dorsey's company, is planning to develop a full-fledged Bitcoin mining system.

💡 Meta Vision: Meta's smart glasses now boast multimodal AI for instant text translation and object identification via the camera.

Tools to Unlock Your Peak Potential 🛠️

Sonia- AI-powered therapist iOS app

DataMotto- Preprocess, clean, and enrich your data with AI

Jumprun- AI-powered research as stunning, interactive canvases