Organization:The Lean Startup Movement

Overview

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The Lean Start Up Movement (LSM) is a paradigm shift in product and business development that was introduced by Steve Blank and further popularized by Eric Ries, the author of the bestselling book The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses. This concept was initially Inspired by the Japanese “lean manufacturing” concepts from 1980s & 1990s  where companies would focus on processes that create value-- more specifically, features and services that customers are willing to pay for  .By producing minimal viable products, manufactures were able to bring the product to market quickly and iterate based on the feedback received. This is the core of the lean startup movement: rapid prototyping coupled with extensive analysis on customer interactions to pinpoint key values and product-market fit.

Purpose

Building off Steve Blank’s methodology on “customer development”, the Lean Startup Movement has since boiled down to a simple mantra: Build, Measure, Learn. The full lean startup methodology has three key phases. Modeled with the business model canvas .in mind, the first step begins with using the canvas to map out and organize business hypotheses. Founders test their theories by bringing minimal viable products to market and use real customer feedback to validate their hunches. Finally, using market insight and agile development methodologies, founders iterate and pivot their way to nirvana (product-market fit). Eric Ries is best known for his contributions to the third and final phase on his approach to agile methodology. The LS framework is one of the first to offer a clear understanding into successful startup development among investors, academics, and entrepreneurs (Interview with Bhavik Joshi).

Impact Achieved For Students and Campus

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