So those components – Business Model Design, Customer Development and Agile Engineering – make up the Lean Startup. Customer Development says, look, there are no facts inside your building so get the heck outside! Eric Ries’ contribution was realising that the way you should build products is incrementally, using agile engineering, and when you do that, you can build Minimum Viable Products. It allows you to test as you go along. Step two is getting out of the building to test those hypotheses, and that was my contribution, using something called Customer Development. Osterwalder put together the Business Model Canvas to articulate what hypotheses are necessary to build a successful company. The Lean Startup says that all you have on day one, though you believe they’re facts, are actually a series of untested hypotheses. We’ve had tools for 100 years on how to execute but had no formal methodology for searching for a business model until recently. So Eric Ries, Alexander Osterwalder and I individually developed methodologies that together became known as the Lean Startup. They’re about searching for a business model, and the Lean methodology is an aid to do that. The major failure was not understanding that large companies are about execution of a known business model, but startups are actually quite different. In the 20th century, investors implicitly told startups they were nothing more than smaller versions of large companies and should go and do everything that large companies do, write a business plan and raise money. So Steve, what is the Lean Startup method? Now, Steve advises large corporates and government agencies in the US on cultivating innovation from within. Steve spent the first half of his working life as a serial entrepreneur, racking up a total of eight tech startups before turning to academia spending his time developing the Customer Development approach to new venture creation creating the Lean LaunchPad entrepreneurship course and teaching at Stanford, UC Berkeley and Columbia. Steve kickstarted the Lean Startup movement with his seminal text, The Four Steps to the Epiphany and his follow-on, The Startup Owner’s Manual, is considered the founder’s reference. D/srupt chats to Steve Blank about life in Silicon Valley, Customer Development, the ups and downs of his entrepreneurial journey and how use of the Lean Startup method continues to evolve. This experience gave him the insight to revolutionise the way ventures are created. Originally published in D/srupt, Issue 1, the magazine for innovators and entrepreneurs at Imperial College London.įrom serial entrepreneur to losing £35 million, Steve Blank used his experience to bounce back and make his next venture a multibillion-dollar success.
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