LEAN and BUSINESS MODELING FOR PROJECT START UP.

 

The harsh reality for many project start-ups is that they tend to burn through the company’s resources, and then disappear before anyone gets to find out what potential customers thought. The company attempts to perfect the product first, and assumes customer demand will be there automatically.

In this model you will learn to manage the startup differently, by building a prototype with minimum features (Minimum Viable Product) then introducing it to the market in order to learn about and validate customer demand.  The product or service is then modified, so that the customer is supplied with new and improved versions.

Notes about the model:

  1. Based on Eric Ries’ cycle of startups (Build – Measure – Learn).
  2. Supplemented with tools to make the model usable and transferable.
  3. The model is a combination of:

i)Start up cycle.

ii)CANVAS.

iii)Value proposition builder.

iv) Leap of faith tools (Innovation Accounting and Smart metrics).

So rather than wasting time and resources developing your product or service in isolation, you work towards creating a minimal prototype version, then introducing it to customers and building the rest according to customer demand.