So you have an idea for a company or social venture, how do you find out if it’s worth investing your time, energy, and money? Eric Ries, a Silicon Valley entrepreneur and author recognized for pioneering the lean startup movement, defines a startup as an organization dedicated to creating something new under conditions of extreme uncertainty. How do you strategically vet the idea over time minimizing investment and risk until you find the right model and market fit?
Lean thinking defines value as providing benefit to the customer, anything else is waste. When you launch any new business or product you do so based on validated learning, experimentation and frequent releases which allow you to measure and gain valuable customer feedback.
Build > Measure > Learn
Instead of making assumptions, you make testable hypothesis about a product or feature and test it in the market.
Minimum Viable Product
An MVP is not a minimal product; it is a strategy and process directed toward making and selling a product to customers. It is an iterative process of idea generation, prototyping, presentation, data collection, analysis and learning. One seeks to minimize the total time spent on iteration.