For each of the 5 steps below, Peter Diamandis, Founder, X Prize Foundation shares the exact actions he took when pursuing my XPRIZE Moonshot.
You’ll find that to compete globally in the next five years and thrive you’ll want to consider including Moonshot thinking. This exercise is as actionable as possible for you.
STEP 1: IDENTIFY YOUR MOONSHOT AND TARGET
What exactly is your Moonshot? Once you’ve identified it, write a clear description of your 5-Year Target for that Moonshot.
Now in detail, answer this question: What will you have accomplished 5 years from now towards that Moonshot goal?
You want to use specific numbers and dates: What will you accomplish by when?
This will make it clear to YOU and others whether you have achieved your goal.
Peter’s Version of Step 1 for the Spaceflight XPRIZE:
I will raise a $10M prize purse. The purse will be offered to the first team to carry 3 people to 100 kilometers altitude in a privately financed rocket, and to do it again within 2 weeks, using the same vehicle. I will have at least 20 serious competitors in the competition.
Note: I typically use a 5-year horizon because it is close enough, but not too close. If you prefer to do this exercise with a 10-year horizon, you’re welcome to do that.
STEP 2: SPECIFY YOUR OBJECTIVE FOR YEAR 1
What concrete, measurable targets do you need to hit by the end of your first year of work to give you confidence that your Moonshot is on track?
Think: “If I achieve ‘X’ in one year’s time, I will have increased confidence that I could achieve my full Moonshot in 5 years.”
Peter’s Version of Step 2 for XPRIZE:
- Incorporate a non-profit to run the competition
- Get the support of the top leaders in space (NASA, FAA, astronauts)
- Raise $500,000 in operating capital
STEP 3: YOUR 30-DAY PLAN
What can you do in the next 30 days to test and “de-risk” both your 1-Year and 5-Year objectives?
Be as specific as possible!
Peter’s Version of Step 3 for XPRIZE:
- Talk to 3 experts and get their insights
- Present the idea at a space conference and get feedback
STEP 4: HOW ACHIEVABLE IS YOUR MOONSHOT?
What evidence can you provide to your team (and friends) to help them believe that your Moonshot is real and achievable?
Again, you want to be very specific. Give them reasons to believe. You can use first principles thinking or historical analogs to help.
My Version of Step 4 for XPRIZE:
There is a rich history of Aviation prizes that accomplished the equivalent. Research them and gather the comparative metrics.
STEP 5: WHAT CAN YOU DO RIGHT NOW?
What is one action that you can take right now to make immediate progress?
This should be something you can do in the next hour.
Peter’s Version of Step 5 for XPRIZE:
Peter called his friends Gregg Maryniak and Byron Lichtenberg, shared the idea with them, and asked for their feedback.
So, that’s the framework for your Five-Year, Five-Step Moonshot Planner!
If you’re serious about engaging in a Moonshot, PLEASE take the time to complete these 5 steps.
AND take your first action right now to initiate this journey: send an email, a text or make a call with someone to discuss your idea. Set up a meeting or do some research!
Does this framework help you clarify the next steps toward your Moonshot? What will you accomplish?
