In this presentation, David talks about how the key ideas of the Lean Startup movement can be applied to product and service innovations in any industry.
The book ‘The Lean Startup’ was written by Eric Ries and has become the ‘bible’ for Silicon Valley startups.
But the principles apply much more generally, not only in tech startups.
What to do next:
– Consider how you can adopt the principles of Lean Diversification profitably, by experimenting with ‘rapid prototypes’ or samples to test markets and get feedback from customers for new products or services.
– Decide how you can get some ‘traction’ or engagement with customers, even for free samples. This is an early and effective test of the validity of a new product or service.
– If a new diversification product or service is going to fail, make sure you ‘fail fast’ with minimum expenditure of cash, time, energy and resources.