Lean Startup Approach

Overview

MVP

  • definition
    • minimum viable product
  • schematic diagram
  • case - DropBox
    • its MVP is online video
    • details

Comparison

  • decade old formula
    • initiate business plan
    • pitch your idea to investors
    • assign the process to the right team
    • launch
    • roll your sales, marketing and profit making process
    • hit or miss
  • lean startup
    • build minimum viable product
    • measure
    • understand customer feedback
    • pivot or persevere
    • launch
    • sure to hit

The startup founder’s map

  • important points
    • value propositions, customer segments, and relationships between them are all hypothesis
    • we need to convert these hypothesis into facts

Summary

  • the Lean Startup Approach is a fast, iterative, circular process for startups based on learning, building and measuring your product/service’s value proposition via an MVP
  • many success stories like DropBox show the effectiveness of fast experimentation and hypothesis testing vs. other approaches
  • the Business Model Canvas starts as “hypotheses” and a living record or startup founder’s map of the “pivots” required over time