Acclaim for THE LEAN STARTUP

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online.wsj.com/article_email/SB100014240527487048281045 76021481410635432-IMyQjAxMTAwMDEwODExNDgyWj.html 3. The term minimum viable product has been in use since at least 2000 as part of various approaches to product development. For an academic example, see http://www2.cs.uidaho.edu/ ~billjunk/Publications/DynamicBalance.pdf See also Frank Robinson of PMDI, who refers to a version of the product that is the smallest needed to sell to potential customers (http://productdevelopment.com/howitworks/mvp. html). This is similar to Steve Blank’s concept of the “minimum feature set” in customer development (http://steveblank.com/ 2010/03/04/perfection-by-subtraction-the-minimum-feature- set/). My use of the term here has been generalized to any version of a product that can begin the process of learning, using the Build-Measure-Learn feedback loop. For more, see http:// www.startuplessonslearned.com/2009/08/minimum-viable- product-guide.html 4. Many people have written about this phenomenon, using varying terminology. Probably the most widely read is Georey Moore’s Crossing the Chasm. For more, see Eric Von Hippel’s research into what he termed “lead users”; his book The Sources of Innovation is a great place to start. Steve Blank uses the term earlyvangelist to emphasize the evangelical powers of these early customers. 5. “To the casual observer, the Dropbox demo video looked like a normal product demonstration,” Drew says, “but we put in about a dozen Easter eggs that were tailored for the Digg audience. References to Tay Zonday and ‘Chocolate Rain’ and allusions to Oce Space and XKCD. It was a tongue-in-cheek nod to that crowd, and it kicked o a chain reaction. Within 24 hours, the video had more than 10,000 Diggs.” http://answers. oreilly.com/topic/1372-marketing-lessons-from-dropbox-a-qa- with-ceo-drew-houston/. You can see the original video as well as the reaction from the Digg community at http://digg.com/ software/Google_Drive_killer_coming_from_MIT_Startup. For
more on Dropbox’s success, see “Dropbox: The Hottest Startup You’ve Never Heard Of” at http://tech.fortune.cnn.com/2011/ 03/16/cloud-computing-for-the-rest-of-us/ 6. This description courtesy of Lifehacker: http://lifehacker.com/ 5586203/food-on-the-table-builds-menus-and-grocery-lists- based-on-your-familys-preferences 7. This list was compiled by my colleague, Professor Tom Eisenmann at Harvard Business School, Launching Technology Ventures for a case that he authored on Aardvark for his new class. For more, see http://platformsandnetworks.blogspot.com/ 2011/01/launching-tech-ventures-part-i-course.html 8. http://www.robgo.org/post/568227990/product-leadership- series-user-driven-design-at 9. http://venturebeat.com/2010/02/11/confirmed-google-buys- social-search-engine-aardvark-for-50-million/ 10. This is the heart of the Innovator’s Dilemma by Clayton Christensen. 11. For more, see http://bit.ly/DontLaunch Chapter 7. Measure 1. By contrast, Google’s main competitor Overture (eventually bought by Yahoo) had a minimum account size of $50, which deterred us from signing up, as it was too expensive. 2. For more details about Farb’s entrepreneurial journey, see this Mixergy interview: http://mixergy.com/farbood-nivi-grockit- interview/ Chapter 8. Pivot (or Persevere) 1. http://www.slideshare.net/dbinetti/lean-startup-at-sxsw-votizen- pivot-case-study 2. For more on Path, see http://techcrunch.com/2011/02/02/
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Acclaim for THE LEAN STARTUP
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—Geoffrey Moore, author, Crossing
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Copyright © 2011 by Eric Ries All
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Contents Cover Title Page Copyright
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Introduction S top me if you’ve h
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can be engineered by following the
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product vision. These supposed xes
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entrepreneurship, the movement has
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have neither. The second problem is
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shooting in the dark. We are relyin
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Part One VISION
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previous time in history. This has
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manufacturing is measured by the pr
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Every new version of a product, eve
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Products change constantly through
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2 DEFINE WHO, EXACTLY, IS AN ENTREP
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ecosystem regardless of company siz
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In 2009, a startup decided to try s
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accountable. In other words, cultiv
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signicant number of existing custom
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3 LEARN A s an entrepreneur, nothin
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ventures that had failed, and we we
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moving parts that we had to cut a l
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Out of desperation, we decided to t
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eight.” We had no idea how many i
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eliminate it has allowed lean compa
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trying to convince investors, emplo
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gathered suggested new experiments
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entrepreneur in residence. I’ve a
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FROM ALCHEMY TO SCIENCE The Lean St
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1. It had more accurate data about
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nicely. Yet despite all that work,
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second time? How many are willing t
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finding justified the significant e
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them to dry, which takes two to sev
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and innovation to make the agency m
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have the opportunity to closely mon
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Part Two STEER
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This Build-Measure-Learn feedback l
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objectively; they are also invaluab
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spent. In other words, Facebook als
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The problem with analogies like thi
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the biggest market opportunities in
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To demonstrate, take a look at the
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conversations were designed to answ
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6 TEST G roupon is one of the faste
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At IMVU, when we were raising money
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Most entrepreneurs approach a quest
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made a video. The video is banal, a
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sign up for a new service sight uns
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city?” and the technology flails.
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with humans replicating pieces of t
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we are not even sure who the custom
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quality products, but only in servi
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of these cases, there is an easy so
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7 MEASURE A t the beginning, a star
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changes we’ve made are related to
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For example, a startup might create
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INNOVATION ACCOUNTING AT IMVU Here
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This graph represents approximately
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might, we were getting straight C
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When I meet with those teams, there
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much more exciting. That’s why I
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important connection: “I have thi
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equirements of the product owner (t
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was judged by its ability to improv
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The questioning inspired the team t
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I have implemented this system with
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Even more important than reducing w
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from their actions. Human beings ar
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metrics, “auditable,” is so ess
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8 PIVOT (OR PERSEVERE) E very entre
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1. Customers would be interested en
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easy; it is to make sure that there
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@2gov had a slightly dierent set of
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leap-of-faith questions, David conc
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the U.S. population and has deliver
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pivot or persevere, whether to chan
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THE PIVOT OR PERSEVERE MEETING The
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2. The game would grow using the vi
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not launched its current product, t
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A customer segment pivot is an espe
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incorrectly as a synonym for change
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Value Capture Pivot There are many
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similar to that of a successful com
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Part Three
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Start Your Engines Most of the deci
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accounting method described in Part
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is so named because it has a batch
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producers. Over time, that capabili
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they immediately would release a ne
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in consumer electronics. The latest
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Small Batches in Education Not ever
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change, you could roll it out immed
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The original version had been years
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warehouses immediately shrink, as t
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This has enabled Alphabet Energy to
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THE STARTUP WAY
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companies had used their early succ
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We saw in Part Two how important it
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suited to testing the value hypothe
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and its speed is determined by a si
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Imagine that the rst company uses G
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those were all services the company
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ying out of the factory as fast as
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Chapter 6 emphasized the importance
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11 ADAPT W hen I was the CTO of IMV
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eward extreme polarization, that’
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what we have learned to get to work
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3. Why was it not lubricated sucien
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I used the example of engineering t
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When blame inevitably arises, the m
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sometimes will devolve into the Fiv
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game players in the world. More tha
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Page 243 and 244: successful startup expect to have y
Page 245 and 246: Scarce but Secure Resources Divisio
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Page 249 and 250: spent debating the data because, in
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Page 253 and 254: are considered real and the innovat
Page 255 and 256: Once the market for the new product
Page 257 and 258: to train new team members in the ne
Page 259 and 260: It took a constant eort to consider
Page 261 and 262: online, and suggestions for how you
Page 263 and 264: extremely harmful and required the
Page 265 and 266: century, too, before people knew ab
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Page 269 and 270: spawned to correct those deficienci
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Page 273 and 274: vision but not to abandon it. We wo
Page 275 and 276: yourself. The Lean Startup Wiki Not
Page 277 and 278: • Ash Maurya has emerged as a lea
Page 279 and 280: The idea of the Build-Measure-Learn
Page 281 and 282: 350000-downloads-for-snapt
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Page 287 and 288: you move the pile around between st
Page 289 and 290: article2/0,2817,35549,0
Page 291 and 292: Acknowledgments I owe a tremendous
Page 293 and 294: Telepathy, designed and built the w
Page 295: About the Author ERIC RIES is an en
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Acclaim for THE LEAN STARTUP

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