Hi ,
When ChatGPT was released, late last year, it was far from
perfect. Yet, it was good enough to serve the needs of most people, and as a result, whole industries have changed.
Similarly, when the first iPhone was released, back in 2007, that was also far from perfect. Yet, that didn't stop people from buying it. And because of that launch, 26 years later,
there's a good chance you're reading this email on a smartphone now.
Here's the thing...
There's a concept in finance known as the time value of money, whereby $1 today is worth more than $1 a year from today. This arises from the fact that having $1 now brings with it the opportunity to use that money for things that wouldn't be possible if you had to wait.
You may think you're helping your stakeholders by delaying the release of a model until it's absolutely perfect. But really, you're costing them the opportunity to do something with a less-than-perfect model now.
Now has value, which will often outweigh perfection. And that value shouldn't be
ignored.
Perfection is over-rated. Ship your model NOW!
Talk again soon,
Dr Genevieve Hayes.
