The Lean Startup

A startup that experiments a lot and cocreates with the users, immediately collects feedback from the market and uses it to improve a product is a LEAN startup. Writing an extensive business plan and immediately launching a complete product on the market is out of the question for them. The founders of a LEAN startup first determine what is minimally needed as a prototype and immediately test this with the customer. The founder of the Lean startup method, Eric Ries, advises companies that the time for a large-scale rollout only comes when there is some certainty that the product is viable. Having finished a product perfectly and on time, only to find out that no one is interested in it, only means that everything has been for nothing.

“Think big. Start small. Scale Fast.”
Vivek Kundra

Some terms and concepts you’ll encounter with the LEAN Startup:

Minium Viable Product

It literally means the “minimum workable product,” that which you need to develop as a minimum in order to go to market. So it’s crucial not to focus on the end solution right away, but to remind yourself that you need to learn to listen first. To understand the market and to do so quickly, in order to lose as little time and money as possible.

A video about the minimum viable product you can find here.

Add Your Heading Text Here The Basis of the LEAN Start-up Method: Development by Users

The goal of the LEAN Startup is to receive feedback from your users about your minimum viable product. So you need to make sure you understand who they are, what caught their attention, what features they preferred (or, on the other hand, didn’t understand), and most importantly, where they would be more likely to use your product instead of another.

LEAN Canvas vs. Business Model Canvas

In fact, both tools were created to validate the relevance of a business model, but where the BMC emphasizes resources, partners and activities, LEAN canvas focuses on the alignment of the product with the market. In a sense, two approaches that complement rather than compete with each other. 

A video on the topic you can find here.

Additional reading on the topic you can find here.