I wanted to share something fun we have done. Today at the Bitmovin all hands meeting, I presented the fourth annual (at Bitmovin) Contractual Excellence Award. The award recognizes the Bitmover who most clearly typifies the Company's commitment to high-value, low risk contracting.
In past years, we have taken data from Ironclad and calculated risk adjusted contract values. I have done so by taking TCV and applying a multiplier for various types of contracts. Plain paper has a multiplier greater than 1. Negotiated contracts (especially on counter party paper) get a multiplier of revenue less than one. The sales critter with the most risk-adjusted revenue wins the prize. Totally objective.
This year we did something different. Since we just moved our principal commercial contract from an LE workflow to a WFD workflow, and since I write code for [expletive deleted], this year's Contractual Excellence Award was based on a bug-bounty program. Also, totally objective. This had the additional benefit of encouraging sales reps to practice with the new workflow in the non-production environment.
With a contract bug bounty program, I can truly say that we have reached peak Silicon Valley!!!
I hope that you will find this a helpful tool for your organizations to incent good contract hygiene.
