An Introduction to the Lean startup

methodology

What?

The Lean Startup Methodology (LSM) is an approach for launching products/services Based on Japanese lean manufacturing principles

The LSM relies on validated learning, experimentation, and iterative product releases to: Shorten product development cycles Constantly measure progress Gain valuable customer feedback

What is waste for a startup?

Why?

We eliminate uncertainty We work smarter, not harder We create order Shorten product development cycles

HypothesizeStep One: Create a hypothesis for your product or

service

Fill out the lean CANVASSpend 15min for the first version

Guess

Guess

Guess

Guess

Guess

Guess

Guess Gues

s

Guess

Build-Measure-Learn

Build

Step Two: Build a basic version of your product A minimum viable product (MVP) is the version of a new

product which allows a team to collect the maximum amount of validated learning about customers with the least effort Prototype Website Design Mockup Video Describing Your Product

MVP

MVPProduct

Measure

Step Three: Get your product out there and measure the results Web Page Analytics: How are people interacting

with your site Videos: Number of views and comments Landing Pages: How many people sign up? User Testing A/B Testing: What do people respond to?

Vanity Metrics

“Vanity metrics make you feel good but don’t offer clear guidance on what to do”

● Eric Ries, The Lean Startup

Learn

Step Four: Take your data and analyze it What did customers respond to? What didn’t they respond to? What created value? What diminished value?

Does my data validate my hypothesis?

Pivot vs. Persevere

Once we’ve analyzed our data we can decide to: Pivot

Something is fundamentally wrong and we need to change our hypothesis

Persevere Stay the course and continue on with our existing

hypothesis

Repeat