March 12, 2024
Vision, mission and strategy play a crucial role in guiding a startup's journey, serving distinct purposes. They are absolutely central tools to give direction to the founder and the team, but it is so easy to mix them up. They risk to overlap and therefore might create confusion, which is why we share here a small guide on the topic. We also report our current view and statements. Feel free to comment and suggest how we can improve!
Vision
According to the wise words of Jeff Weiner, former CEO of Linkedin, a vision is the true north for any business or project: it is designed to inspire people, provide shared sense of purpose and show where to go.
In other words, we can imagine your vision as the ultimate destination. It's the ambitious and aspirational, long-term picture of what a startup wants to become in the future. It answers the question: "What impact do we want to make on the world?" A well-crafted vision statement guides your decisions and attracts passionate employees who share your dream.
Our vision here at Pantar.ai is "We craft adaptive investment strategies to navigate shifting financial markets more wisely. We help explorers and curious investors on the way - to build the life they love."
Selected examples:
=> SpaceX: "To make humanity a multi-planetary species." pushing the boundaries of space exploration and igniting a sense of wonder.
=> Airbnb: "To create a world where anyone can belong anywhere." fostering connection and cultural understanding between people across the globe.
=> Tesla: "To accelerate the world's transition to sustainable energy." tackling a pressing global challenge and participating in the clean energy revolution.
=> Slack: "To make work simpler, more pleasant, and more productive." focusing on improving people's daily work lives, a relatable goal for millions around the world.
Mission
Derived from the vision, a mission is the overarching tangible objective for every team member to participate-in.
Think of your mission as the roadmap to your vision. It outlines the core purpose of your startup and the "what" required to achieve your vision. It answers the questions: "What do we do?". It should be clear and communicate your value proposition to the world.
Our mission here at Pantar.ai is "to engineer an autonomous investment system interpreting markets, constantly adapting to changing conditions, re-allocating money to the right place at the right time and thus performing under all weathers"
Selected examples:
=> SpaceX: "SpaceX designs, manufactures and launches the world's most advanced rockets and spacecraft."
=> Airbnb: "Airbnb empowers people to unlock the magic of travel and belonging around the world."
=> Slack: "Be the leading collaboration platform where people can come together and accomplish more."
Strategy
This is the action plan that translates your mission into reality. It defines the specific steps, goals, and initiatives you'll need to take to get there. Answering to the question "How do we do it?", strategy involves allocating resources, setting deadlines and then short-term, making tactical choices. A good strategy will adjust to market conditions and competitor actions.
In other words, we can think of strategy as a roadmap to get from A to B.
To sum it up, we can use a helpful analogy: we can think of vision as the mountain we want to climb, mission as the chosen path up the mountain, and strategy as the specific steps to take on that path, from where we rest to what gear we use and how we go around the obstacles.
Thanks for reading so far and remember to share your thoughts with me: nico@pantar.ai
