Introduction The Lean Startup is a new approach to business that’s being adopted around the world. It is a movement that is transforming the way companies are built and new products are launched.
5 Principles The 5 principles:
Entrepreneurs are everywhere Entrepreneurship is not management Validate your learning Build-Measure-Learn Practice innovation accounting Why Startups Fail Startups fail because of uncertainty; forecasting only works when there is a long established pattern that can be relied on.
Inclusive design is:
…[t]he design of mainstream products and/or services that are accessible to, and usable by, as many people as reasonably possible … without the need for special adaptation or specialised design.
– British Standards Institute1
i.e. a design methodology that considers everyone, including the 20% of the population who identify as having a disability (“difficulty” in Microsoft parlance).
“Inclusive”, then, means designing products that may address the needs of a wide® range of potential customers/users, including those with disabilities and/or difficulties e.
A minimum viable product is “…that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.”1 i.e. a product or offering with the smallest amount of functionality that (dis)proves something about the viability of the product. The term gained popularity in 2009 thanks to Lean Startup1.
(Compare to an MMP: minimum marketable product, which is focused on earning revenue as opposed to learning something about the product viability.
In 2009, Eric Ries released The Lean Startup, outlining his methodology for spinning up a startup that can iterate and adapt to the (“blue ocean”) market, without the overhead and expense of a long development pipeline.
The “lean” methodology advocates early experimentation and feedback loops (over forecast planning) as a way to reduce the risk of business failure.
From the diagram, lean looks very much like agile software development, with a strong focus on the completion of an MVP.
After last week’s presentation we move our focus to ‘going out of the building’, testing the problem as well as the solution. For that we will introduce the concept of prototyping and the need to not only test your value proposition but also your business model. We start with the minimum requirements for your financial part of the canvas and will introduce a market (niche) strategy, including ways to cross the chasm.
I’m studying opportunity discovery for ENT60006 as part of an MBA from Swinburne Online.
In this unit you will design and develop your own startup. This unit aims to equip you with the knowledge and skills you need to study or work as an innovator and/or entrepreneur. The activities, processes and evaluation techniques taught in this unit can be applied to entrepreneurship and innovation in any context: new businesses, existing businesses (small or large), not-for-profit, or public service.
This week we will look at ‘blue ocean’ strategy. It is a niche strategy that helps you analyse competitors in a different way. We will not do a standard benchmarking exercise (features/benefits) but will reduce/eliminate certain competitor elements and raise/create remarkable value which may be attractive for existing or new market segments. The blue ocean value approach fits in well with our value proposition driven process. Again think of it as a kind of plug-in.