THE STARTUP LIFECYCLE

STAGE TWO
PRODUCT DEVELOPMENT
Whether you are building a software, hardware or even non-product solution, a key component of this stage is to apply lean
principles to the development of a minimum viable product or MVP. Eric Miller, Principal of Phoenix Analysis & Design Technologies
(PADT), shares his top-10 principles for lean product development.
1) Clearly define requirements and design to them
2) Requirements should be focused on customer value
3) Frontload the process with exploration and iterations
4) Create a level product development process
5) Balance expertise and cross-function integration
6) Design quality in to the product
7) Involve suppliers in the process
8) Develop expertise in your technical staff
9) Build in a culture of excellence and relentless pursuit of continuous improvement
10) Use standardization when possible, without blocking flexibility
Some additional tips from Eric:
- Avoid feature bloat Entrepreneurs often become concerned with loss avoidance – or the inability to penetrate certain
markets or reach certain customer segments if a product feature is not included. This is a dangerous misstep as it can incite the
addition of unnecessary features into a product, taking it further from the true requirements of the customer.