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How can lean startup help you test your innovation assumptions faster?

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If you are working on a new product, service, or business model, you probably have some assumptions about what your customers want, need, and are willing to pay for. But how do you know if your assumptions are valid, and how do you test them quickly and cheaply before investing too much time and money into development? That's where lean startup can help you.

Lean startup is a methodology that applies the principles of scientific experimentation, customer feedback, and iterative learning to innovation projects. It helps you validate or invalidate your assumptions faster by building a minimum viable product (MVP) that you can test with real customers in the market. By measuring the results and learning from the feedback, you can then pivot or persevere with your idea, or generate new hypotheses to test.

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Carlo Rivis

Visionary, Strategy & Innovation enabler | LinkedIn Top Voice, Influencer, Blogger, Speaker | Startup> Guru, Founder…

1 Build an MVP

An MVP is not a prototype or a demo, but a version of your product or service that has enough features and value to solve a customer problem or meet a customer need. It should be simple, cheap, and fast to build, and it should allow you to test one or more of your key assumptions. For example, if you are creating a new online learning platform, your MVP could be a landing page that describes your value proposition and invites people to sign up for a beta version.

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2 Test with customers

Once you have an MVP, you need to expose it to your target customers and collect data and feedback. You can use different methods, such as interviews, surveys, usability tests, analytics, or experiments, depending on your goals and resources. The main objective is to test whether your MVP solves the customer problem or meets the customer need, and whether customers are willing to pay for it or use it. You should also test whether your assumptions about the customer segments, the market size, the channels, or the competitors are accurate.

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Carlo Rivis

Visionary, Strategy & Innovation enabler | LinkedIn Top Voice, Influencer, Blogger, Speaker | Startup> Guru, Founder, Advisor, Board Member | Fortune 500 Trainer | Looking for Visionaries!
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In my experience, one of the most revealing stages of innovation is when a concept meets its audience. While a vision can be alluring, it's the market's response that truly guides an idea's path. The real test for any MVP isn't just its novelty but its alignment with a genuine market need. How often have we seen great ideas flounder for being ahead of their time or slightly off-target? Engaging with your target customers isn't just about validation; it's about co-creation. By integrating their feedback, we refine our product and sculpt a more precise market fit. Innovation isn't just about thinking outside the box, but ensuring that box resonates with the needs of those we aim to serve. Does your MVP align with this ethos?

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3 Measure the results

After testing your MVP with customers, you need to analyze the data and feedback you collected and compare them with your expectations and hypotheses. You should use quantitative and qualitative metrics that reflect the value you are delivering and the behavior you are influencing. For example, if you are testing the demand for your online learning platform, you could measure the number of sign-ups, the conversion rate, the retention rate, or the net promoter score.

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4 Learn and pivot

Based on the results of your measurement, you need to decide what to do next with your innovation project. You have three main options: pivot, persevere, or kill. A pivot is a change in one or more aspects of your product, service, or business model based on what you learned from the customer feedback. For example, you could change your target market, your value proposition, your pricing model, or your distribution channel. A persevere is a continuation of your current direction based on positive validation from the customer feedback. For example, you could add more features, improve the quality, or scale up the marketing. A kill is a termination of your project based on negative validation from the customer feedback. For example, you could realize that there is no market fit, no customer demand, or no viable business model for your idea.

Lean startup is a powerful tool that can help you test your innovation assumptions faster and reduce the risk of failure. By applying the build-measure-learn cycle, you can create products, services, or business models that customers actually want and need, and that generate value for your organization.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can lean startup help you test your innovation assumptions faster?

1

2

3

4

5

1 Build an MVP

2 Test with customers

3 Measure the results

4 Learn and pivot

5 Here’s what else to consider

Business Innovation

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How can lean startup help you test your innovation assumptions faster?

1

2

3

4

5

1 Build an MVP

2 Test with customers

3 Measure the results

4 Learn and pivot

5 Here’s what else to consider

Business Innovation

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