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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...
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