117. Lessons from the Lean Start-Up by Eric Reis

"Successful entrepreneurs don't have better ideas, they have a better process," says Eric Reis in The Lean Start-Up. To learn how to innovate with speed, listen to this week's episode.

Learning notes from this episode:

• “A start-up is a human institution designed to create a new product or service under conditions of extreme uncertainty,” says Reis.
• Do not to apply your corporate experience to start-ups.
  • Corporates have:
    • Departments
    • A known business model
    • A known problem
  • Start-ups have:
    • 3 people and a dog
    • No proven business model
    • A problem hypothesis
• To test new ideas in conditions of extreme uncertainty, follow the Build-Measure-Learn cycle:

(Diagram from The Lean Start-Up)

• This process is not only for tech products. Use it to invent new products and services, and if you get traction with existing tools, then consider investing in tech.
• If you do not have a technical background, you will not know how to build a product so you could measure and learn. This is why The Lean Start-Up is a great theoretical guide to innovation, but does not present a clear path to product for non-technical innovators.
  • The Non-Technical Founder's Introduction To Tech course shows how to apply Build-Measure-Learn in practice. 

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(Pictured: Eric Reis, photo credit: Wikimedia commons)