07 Jun LEAN STARTUP
One thing we’re going to be talking about throughout the Young Innovators Northern Rivers Challenge is the concept of having a ‘lean startup’, or working within the lean startup methodology. Before we jump in, let us explain it a little bit:
The Lean Startup Methodology, developed by entrepreneur Eric Ries, is a pattern of learning where you rapidly develop a product or service, measure its success, and learn for the next round of iterations or development. This is a useful method for entrepreneurs because it allows innovators to test the response for their product with their customers, and figure out if they need to make any changes. Remember what we said earlier about having to know your customer to sell to them? Well, this is all connected! If you know your customer, you can test your product with them to see if they like it. If they don’t, you can measure why and learn from it. This will help you develop the best ideas you can to help make your business succeed.
When we talk about the Lean Startup Methodology, we also talk about failure – and how failure and making mistakes is a positive step in the right direction. How else will you learn? When we talk about the Lean Startup Methodology, we will also talk about Minimum Viable Products. Don’t worry too much if this is all a bit complex right – we’ll break it down for you over the course of the Young Innovators Challenge – but for now, watch the video below and see how they explain Ries’ Lean Startup Methodology: