Word of the month is a new series in The Hive where we present concepts or technologies that are meaningful to the work we do.
Lean start-up is a method to initiate an activity, for example, a ‘start-up’ or launching an offer.
The goal is to design products and services that will meet consumer demand as closely as possible, with a minimum initial investment. Inspired by the lean methods of companies in Silicon Valley, and designed by Eric Ries, this approach is now highly successful all over the world.
This iterative approach has a three-step cycle:
- First, there is an idea. This idea is used to BUILD a product ‘draft’ – a model, for example.
- Pilot users try out this product ‘draft’, so that its use can be MEASURED and feedback collected.
- The data obtained allows us to LEARN and to validate theories.
What we learn generates a new idea, and the cycle starts again. The more you build, the more you learn!