Organization:The Lean Startup Movement
Contents
Overview
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).
Distinct Differences From Other Offerings
In the past, all business development was taught in the same dry language-- business plan, expensive product development, and aggressive sales. But in the startup realm, this approach is as effective as speaking French in an English class. The Lean Startup Movement is the rosetta stone to improving the odds of success when developing a startup business. With the constant experimenting and iterating, founders turn failures into smart pivots that lead to product-market fit--- a key metric supporting hypergrowth, steady robust income, and future prosperity.
Impact Achieved For Students and Campus
(Include images, where possible, and campuses involved)
LSM is the supporting philosophy of several launch pads, accelerators, and incubators found on campuses around the country. Steve Blank has strong academic ties with both Stanford and UC Berkeley. Having created the Lean Launchpad, Blank’s example has spread to prominent other startup hotspots such as Launchpad Central and NYU’s Summer LaunchPad .
Steps Required To Bring Resource to Campus
Bringing the LSM to your campus is as easy as going to watching Steve Blank’s free lesson on Udacity, How To Build a Startup where he breaks down the key tools and steps to build a successful startup (or at least reduce the risk of failure) . Upon learning the basics and understanding the Lean Launchpad offering, students can replicate the framework on their own campus.
Contact Information
Bhavik Joshi - CEO / Co-Founder of LaunchPad Centeral
Email: bhavik@launchpadcentral.com