The Lean Start-up
Three years after the business model canvas was developed, Eric Reis introduced the learn start-up concept and again, many were hesitant to try it out.
However, after it proved successful time and time again it fast became a logical way to develop products in our ever-evolving and demanding society.
“Don’t be in a rush to get big, be in a rush to have a great product.” – Eric Reis
The idea behind the lean start-up is that instead of spending months developing a product/ business concept only for customers to reject it, entrepreneurs should instead focus on experimentation, innovation and feedback.
The lean start-up simplifies the early stages of entrepreneurship by eliminating long development times and the need for large amounts of funding and instead building companies and launching products a lot quicker.
“The same products, services or technologies can fail or succeed depending on the business model you choose. Exploring the possibilities is critical to finding a successful business model. Settling on first ideas risks the possibility of missing potential that can only be discovered by prototyping and testing different alternatives.” Alexander Osterwalder
The below video will give you a good idea of what the lean start-up is all about.