What is it about?
The Lean Startup provides a scientific approach to creating and managing startups and get a desired product to customers’ hands faster. The Lean Startup method teaches you how to drive a startup-how to steer, when to turn, and when to persevere-and grow a business with maximum acceleration. It is a principled approach to new product development.
Who should use it?
Lean Startup approached is used by start ups and mature companies who want to innovate and build a viable businessmodel as fast as possible.
Several examples e.g. Dropbox : With Lean Startup the company started iterating their product much faster in order to test what customers really wanted, early and often. Using Lean Startup principles, in just 15 months, Dropbox went form 100,000 registered users to over 4,000,000. http://theleanstartup.com/#casestudies
Lean is about minimize waste, maximize value and learn by doing, fail fast, learn fast.
In general using lean methods across a portfolio of start-ups will result in fewer failures than using traditional methods. Working with Minimal Viable Products means adding value, as an MVP already has market value (clients/cashflow).
Advice for starters
Take in to account the principles of Lean Start up:
- Entrepreneurs are everywhere
Entrepreneurs are at GE, in the IRS, in Hollywood. They are in Intuit, in healthcare and revolutionizing the government.
- Entrepreneurship is management
A startup is an institution, not just a product, so it requires management, a new kind of management specifically geared to its context.
- Validated Learning
Startups exist not to make stuff, make money, or serve customers. They exist to learn how to build a sustainable business. This learning can be validated scientifically, by running experiments that allow us to test each element of our vision.
- Innovation Accounting
To improve entrepreneurial outcomes, and to hold entrepreneurs accountable, we need to focus on the boring stuff: how to measure progress, how to setup milestones, how to prioritize work. This requires a new kind of accounting, specific to startups.
Where to find more information?