Why the Lean Start-up changes everything

Why the Lean Start-up changes everything

1. Lean start-up (process of starting a company less risky)

   • Experimentation over elaborate planning
   • Customer feedback over intuition
   • Iterative design over traditional "big design up front" development

2. Fallacy of business plan

   • Business plans rarely survive first contact with customers
   • No one requires five- year plans to forecast complete unknows
   • Start-ups are not smaller versions of large companies

3. 3 key principles

   • Summarize their hypotheses in a business model canvas
   • Customer development to test their hypotheses
   • Agile development

4. Stealth mode vs. lean start-up

   • Lean start-up: holds that in most industries customer feedback matters more than secrecy and yields better results
   • Stealth mode: exposing prototypes to customers only during highly orchestrated "beta" tests

5. Factors that constrain the number of start-ups

   • High costs of getting the 1st customer and the product wrong
   • Long technology development cycles
   • Limited number of people with an appetite in working in a star-up
   • Structure of the venture capital industry
   • Concentration of real expertise in how to build star-ups

6. Breaking down the barrieres of start-up formation

   • Open source software have slashed the cost of software development
   • Decentralization of access to financing
   • The instantaneous availability of information

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