Most startups begin with an idea. After the idea comes months, sometimes years, of development of the product. The Lean Startup looks at this missed opportunity and strives to develop a better, more efficient way to work. The Lean Startup is a book and methodology created by Eric Ries. This scientific approach looks to create and manage startups and help them get their products to customers faster. It shows entrepreneurs how to be more innovative and more successful. It is not about making a more successful entrepreneurial business, it’s about learning to improve virtually everything you do within a business.
Imagine creating a product that you think is going to sell. Months and months of development and trials and the product is finally done. Then the product enters the market and no one wants to buy it or they do not care about the idea. This happens because the startup never spoke to prospective customers and determined whether or not the product was interesting. It is important to create the build-measure-learn feedback loop.
The Lean Startup approach allows companies to create order and not chaos by providing tools to test a vision continuously. This ensures the product is not going to fail in the long run. It puts a process around the development of a product. Additionally, this helps build the company and customers before the product is even ready to be distributed. By the time the product is ready to be widely distributed, there will already be established customers that have communicated with the company.
The first step in this methodology is to develop a minimum viable product. Once this is established, a startup can work on the product. This step will involve measurement and learning from feedback. Asking questions and solving problems along the way is very important because it shows the company is moving in the right direction, and when the product is completely developed, it will be perfected.
Additionally, progress in manufacturing is measured by the production of high quality goods. Under the Lean Startup methodology, a validated learning– a rigorous method for demonstrating progress when one is embedded in the soil of extreme uncertainty– is very important. This helps the entrepreneur focus on building what customers want and will pay you for. This allows plans to change easier as well. Instead of waiting for the beta product to realize the company wants to go a completely different direction, plans can be changed every step of the way.
This concept can be applied to many industries, including the med-tech industry. The Lean Startup can provide people in this industry with insight on what technology is needed and what technology is already readily available. Because this technology is very expensive to make and time consuming, the Lean Startup will help save money and time. By connecting with investors, customers, and potential employees, the company can get feedback on their product throughout the development stage. They can communicate with doctors or researchers to see what would make their medical technology better and more efficient which in turn helps the company create a better product. Then when the product is completed, they will already have potential customers to sell the product too. Saving money and time is extremely critical for this industry. The Lean Startup is a concept that all entrepreneurs, in the med-tech industry, and beyond, should apply when creating a new product.