According to him, efficiency is key and the only way to minimize the wastage of necessary resources. Why did Eric Ries create such an idea? Ries learnt from Japan’s streamlined process of making vehicles adopted following WWII as well as the lessons he gained when his businesses failed. By releasing an MVP, constantly experimenting and learning during the development process a startup is able to lower these risks. His goal was to introduce a method that minimizes inherent risks associated with launching a startup. Indeed, the lean startup methodology is geared towards minimizing the amount of resources you use during the production phase.Įric Ries published a novel in 2008 that emphasized innovation and creating successful businesses. They use the feedback to make changes and iterations on their products thus improving them gradually to fit the customers’ wishes.įurther, this feedback shields you from investing in services and features that they don’t need. For instance, a startup can succeed even without comprehensive business plans, increased funding or a product without flaws.Ĭompanies that tend to be successful when implementing a lean startup process are those that focus their efforts on obtaining customer feedback when they release their initial product. Generally, the initial stages of a company are characterized by wasteful practices however, by adapting a lean startup method, the company is put on a path with a higher possibility of long-term success. What is the Goal of the Lean Startup Method? They do this by going live with a minimum viable product (MVP) to the market or a section of the target customers and then improving it based on their real needs.

Taking a shorter period helps the creator to quickly determine whether to proceed with the business model or abandon it.įurther, businesses that opt for the lean startup method focuses on two elements, namely developing the product and collecting customer feedback.

Still, it’s a lengthy process.Įric Ries, on the other hand, introduced the lean startup methodology which helps businesses to develop products in a short period. It also prepares them on what to expect when they open the doors to their businesses. Although these processes are time-consuming and expensive they help these entrepreneurs to test waters. Aspiring Entrepreneurs get excited when researching and testing their ideas months before launching their business.

Eric ries the lean start up