CALL US

  +91 8266041801

  +44 203 372 4609

  +1 408 454 6110

  evontech

Get Free Quote

Lean Start-up – Lean Product Development for Start-Ups

Lean Start-up – Lean Product Development for Start-Ups

 

Most Technology Start-ups take the following conventional approach in their endeavour to start a successful business :

 

- prepare an elaborate business plan

- pitch it to investors

- build a team

- develop and introduce a product

- sell the product

 

Research shows that 3 out of 4 start-ups end up failing in their endeavour somewhere along this path. In most cases, further the stage of the failure from the point of inception, higher is the cost of failure. 

 

The alternative Lean approach for Product Development by Start-ups is essentially based on the following philosophy :

 

- build a 'minimum viable product' based on continuous 'customer development'

 

In the Lean Start-up model the founders do not begin with a business plan, instead they begin with the search for a business model. In this approach, multiple quick iterations of experimentation and feedback are conducted which result in a business model that is executable.

 

This will typically follow the following sequence :

- Translate idea into business model hypothesis.

- interact with one or more customers to test the hypothesis and validate the assumptions about the customer needs.

- create a 'minimum viable product' to fulfill a customer need

- let your customers try out the product and get feedback

- based on the customer feedback develop the next iteration of the 'minimum viable product'

 

 

Business Model Hypothesis :

Founders are expected to briefly describe the hypothesis in a framework called Business Model Canvas. This involves listing out how the company will create value for itself and for its customers in the Business Model Canvas (shown below) provided by Business Model Generation. This is a template in which you need to answer a set of questions under 9 key areas resulting in the business model hypothesis.

 

canvas1.gif

Business Model Canvas

(SOURCE:WWW.BUSINESSMODELGENERATION.COM/CANVAS)

 

 

Customer Development :

Lean Start-up approach requires the founders to test their hypothesis with the potential customers. The founders reach out to the potential users, purchasers, and partners for feedback on all aspects of the business model including product features, pricing, affordable customer acquisition strategies and distribution channels. The feedback can result in the business model hypothesis being improved upon or an coming up with a new business model hypothesis by dumping the existing idea.

 

Agile Product development :

Lean start-ups practice something called Agile Development for product development. Agile development works hand-in-hand with customer development.

 

This approach does not involve the typical long product development cycles which run for several months and is based on assumptions of knowledge of customers’ problems and product needs. Agile product development aims to develop the 'minimum viable product' which include the minimum features for solving the specific customer problem. This minimum viable product is then tested with the potential users and customers to confirm that the objectives are achieved. This approach eliminates wasted time and resources by developing the product iteratively and incrementally and testing the 'minimum viable product' at the end of each iteration.

 

b2ap3_thumbnail_Agile-Development-Diagram.jpg

Agile Development

 

 

In conclusion, the Lean Start-up approach has the emphasis on nimbleness and speed and aims at reducing the cost of failure by the inbuilt mechanism of feedback and course correction at each stage.

 

New ventures can follow this approach to rapidly assemble minimum viable products and elicit customer feedback. This customers input is continuously used to revise their assumptions and then go through another development cycle, testing redesigned offerings and making further small adjustments (iterations) or more substantive ones (pivots) in case of ideas that are not working.

 

We at Evon Technologies have gained extensive experience in the above approach over the past eight years by working with many Start-ups. We can be a partner and service provider for Start-ups in their execution of the Lean Start-Up Model, by providing services in the following areas :

 

- Market Research

- Optimizing your Business Model

- Developing Market Requirements into Product Road-map

- Software Product Development and Quality Assurance

- Internet Marketing.

 

Learn More about Lean Startup Methodology : http://theleanstartup.com/#principles

 

Our Achievements Farewell 2014
Marketing Plans For A Product Should Start When Th...

Related Posts

Comments

 
No comments yet
Already Registered? Login Here
Guest
Friday, 24 January 2020
If you'd like to register, please fill in the username, password and name fields.

SEARCH BLOG

Cloud computing Big Data Big Data Analytics Web development Project Management IT developers IT consulting and software development Javascript Software development and testing Outsourcing Offshore development India Salesforce Cloud Services Product Development Start-ups business analysts Web app development Software development Offshore software development company Agile Development Salesforce Lightning App development EmployeeEngagement Node.js Salesforce customization Evon Technologies Digital Marketing Salesforce Mobile Development Scrum React.js QA and Testing QA services Findnerd Salesforce Consulting DevOps services Collaboration Python Project Manager Offshore software development services Offshore software development Agile Product Development project management methodology Reactive Programming Virtual reality EPLcricket Business Growth JUnit Big Data Cloud Database & Computing | Android development Recreationalactivity Social Media Marketing Artificial intelligence MVP Development Android apps AI in mobile apps Salesforce CRM Higher Productivity Mobile app development Real time data Staff Augmentation Resource Management Data security breach React Native marketing automation Devteam software application Hire QA experts in India Start Small Build Fast Oculus Rift business accomplishments Linux Mint Amazon AWS search engine optimization Website Development Salesforce Consulting Solutions Artificial intelligence in mobile apps PhoneGap Customer Feedback Project management software features How to secure your online data iOS apps Automated Testing Frameworks for PHP CRM integration Data Security Popular CMS React Importance of real time data Time Tracking Android and iOS app development Human Resource Department Main principles of Scrum Tech Startup Difference between Virtual Reality and Augmented Reality company news LInux Distributions Digital Marketing services project outsourcing Big Data Frameworks Project Management Outsourcing VMware Content Marketing

About Us

Evon is a software development consulting company based in India. We are a 250+ people company. We primarily service clients who want to either completely outsource a new idea or are looking to build an offshore team.

GoodFirms Badge

Recent Tweets

Evon Technologies

Why Switching to #Salesforce Lightning from Classic is important? and How Evon customize Salesforce CRM according… https://t.co/Qq4TqlUEF1

Evon Technologies

With over a decade of #consulting and implementation excellence, Evon offers #businesses #Salesforce consulting ser… https://t.co/XkBAzzxm8I

Get in Touch

  +91 8266041801

  +44 203 372 4609

  +1 408 454 6110

  evontech

 This email address is being protected from spambots. You need JavaScript enabled to view it.

   A- 5, IT Park, Dehradun, Uttarakhand, India, PIN - 248001.

follow us on

×
We use cookies on our website to provide you with a more personalised digital experience and for analytics related to our website and other media. For more information, please review our Privacy Policy and Cookies Policy.