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How can lean startup principles support your project innovation?

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If you are working on a project that requires innovation and creativity, you might want to apply some of the principles of lean startup. Lean startup is a methodology that focuses on creating value for customers by testing assumptions, learning from feedback, and iterating quickly. In this article, you will learn how lean startup principles can support your project innovation in six ways.

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1 Validate your problem

Before you start developing your solution, you need to make sure that you are solving a real problem that your customers or users have. You can do this by conducting interviews, surveys, or experiments to understand their needs, pains, and goals. By validating your problem, you will avoid wasting time and resources on building something that nobody wants or needs.

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Michael McClintock, P.Eng.

Founder & Principal @ McClintock Group| Co-Founder EOCsmallAg | Enhancing Mineral projects| Unlocking opportunity in Agritech | Shareholder Advocate
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Understanding the problem is key. Be creative on how market intelligence can be gained cost effectively. Even imagining how the problem may affect potential customers and brainstorming practical solutions of current way to alleviate the issues are key. It is not how great a solution that fixes the problem, but the difference between the solution and the next best thing that drives adoption.

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Robert Padron

#gigcxguy ? Chief People and Experience Officer ? Versatile Executive Focused on Business Growth and Ops Excellence ? Powerhouse Speaker ? Marketplace Platform Builder ? Servant Leader ? Disruptor ? GenAI Enthusiast
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Extend your research efforts beyond your primary customer base to explore diverse customer segments. Different user groups may perceive and experience the problem differently.

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2 Build a minimum viable product

A minimum viable product (MVP) is a version of your solution that has the essential features to test your value proposition and get feedback from your customers or users. You can build an MVP using various tools and techniques, such as prototypes, wireframes, mockups, or landing pages. By building an MVP, you will be able to learn from your customers or users, validate your assumptions, and identify the most important features to improve or add.

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Robert Padron

#gigcxguy ? Chief People and Experience Officer ? Versatile Executive Focused on Business Growth and Ops Excellence ? Powerhouse Speaker ? Marketplace Platform Builder ? Servant Leader ? Disruptor ? GenAI Enthusiast
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Identify and engage with a group of early adopters who are enthusiastic about your solution. These early users can provide valuable feedback and insights during the MVP testing phase.

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3 Measure your results

To know if your solution is creating value for your customers or users, you need to measure your results. You can do this by defining key performance indicators (KPIs) that reflect your objectives and goals, and collecting data that shows how your customers or users interact with your solution. By measuring your results, you will be able to evaluate your progress, identify gaps and opportunities, and make data-driven decisions.

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Robert Padron

#gigcxguy ? Chief People and Experience Officer ? Versatile Executive Focused on Business Growth and Ops Excellence ? Powerhouse Speaker ? Marketplace Platform Builder ? Servant Leader ? Disruptor ? GenAI Enthusiast
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Incorporate user feedback loops as a crucial component of your measurement strategy. Actively seek feedback from your customers or users regarding their experiences and suggestions for improvement.

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4 Learn from your feedback

One of the most important aspects of lean startup is learning from your feedback. You can get feedback from your customers or users, as well as from your team, stakeholders, or mentors. You can use various methods to gather and analyze feedback, such as surveys, interviews, reviews, analytics, or experiments. By learning from your feedback, you will be able to discover what works and what doesn't, what needs to change and what needs to stay, and what value you are creating and for whom.

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5 Pivot or persevere

Based on your feedback and results, you need to decide whether to pivot or persevere. A pivot is a change in your strategy, direction, or approach, while perseverance is sticking to your original plan. You can pivot or persevere by using various frameworks and tools, such as the lean canvas, the pivot matrix, or the validation board. By pivoting or persevering, you will be able to adapt to changing conditions, customer needs, and market trends, and increase your chances of success.

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6 Repeat the cycle

Lean startup is not a linear process, but a cyclical one. You need to repeat the cycle of validating your problem, building your MVP, measuring your results, learning from your feedback, and pivoting or persevering until you achieve product-market fit. Product-market fit is when your solution meets the needs and expectations of your customers or users, and generates sustainable growth and revenue. By repeating the cycle, you will be able to continuously innovate and improve your solution, and create value for your customers or users.

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7 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 principles support your project innovation?

1

2

3

4

5

6

7

1 Validate your problem

2 Build a minimum viable product

3 Measure your results

4 Learn from your feedback

5 Pivot or persevere

6 Repeat the cycle

7 Here’s what else to consider

Business Strategy

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How can lean startup principles support your project innovation?

1

2

3

4

5

6

7

1 Validate your problem

2 Build a minimum viable product

3 Measure your results

4 Learn from your feedback

5 Pivot or persevere

6 Repeat the cycle

7 Here’s what else to consider

Business Strategy

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