Written by: Jakub Kruszelnicki
Introduction
The Lean Startup methodology revolutionizes business development by treating every innovation as an experiment. Instead of merely asking, “Can this product be built?” the Lean Startup focuses on the crucial questions: “Should this product be built?” and “Can we build a sustainable business around this set of products and services?”
These experiments are not just theoretical; they form the basis of the first product. If successful, the benefits can be endless:
Sector | Impact |
| Rapid Experimentation | Quickly test hypotheses and iterate based on results |
| Validated Learning | Make data-driven decisions and refine products based on customer feedback |
| Resource Efficiency | Minimize waste by focusing on what works and pivoting away from what doesn’t |
| Market Readiness | Develop products that meet real customer needs and are ready for wide distribution. |
| Sustainable Growth | Build a sustainable business by continuously adapting and improving. |
The Lean Startup Approach
The Lean Startup provides a scientific approach to creating and managing innovations, delivering desired products to customers faster. This methodology is not limited to CEOs; it can be adapted by anyone in their daily work. The Lean Startup method teaches us at FundingBox how to steer, when to pivot, and when to persevere, driving rapid growth. According to Eric Ries, writer of the book: “The Lean Startup”, “The success of a company can be designed by following this process, which means that you can learn it and communicate it clearly.”
Key Concepts in Lean Startup
| Term | Definition |
| MVP (Minimum Viable Product) | The simplest version of a product that can be released to test a hypothesis |
| Pivot | A strategic change in direction based on validated learning |
| Build-Measure-Learn | A feedback loop that drives continuous improvement and innovation, fostering constructive product development |
Find out more in The Lean Startup – Eric Ries – Animated Book Review
Lean Startup in Action at FundingBox
At FundingBox, we embrace the Lean Startup approach, experimenting with Early Adopters to refine our innovative products and services. We have adopted the Build-Measure-Learn philosophy, which has already proven successful in projects like INTEGRADDE and DIMOFAC. Our latest projects, such as i4Q, AIDEAS, AgileHand, Penelope, R3Group, ZDZW, and Zero-SWARM), showcase a full deployment of the Lean methodology.
| Phase | Description | How? |
| Build | Create initial product/service versions (prototypes) for testing and feedback | Adjust the Value Proposition to right a Buyer Persona and match with a market testing hypothesis |
| Measure | Validate traction through our internal marketplace using Open Call mechanisms-> Early Adopter’s Program. | Use https://techfinders.io/ for gathering Early Adopters |
| Learn | Analyze Early Adopters’ profiles and assess their willingness to pay, iterating based on feedback. | Assessing customer feedback and refining products |
This iterative loop can be repeated as often as needed to improve the product or explore new customer segments, even challenging the business model when necessary:
Lean Approach with External Companies
At FundingBox, we are passionate about the Lean approach and encourage everyone to adopt it. Our beneficiaries’ feedback highlights show our technologies are transforming their work processes.
Join the Lean Experience with FundingBox
We are committed to using the Lean methodology to tackle our internal challenges and invite you to join us. Our acceleration program Miro Board can help you define your Value Proposition, create Buyer Personas, map Customer Journeys, and build hypotheses. With our support, you can start experimenting with your customer-centric vision of your deep tech product. We are a versatile team of specialists in technology transfer, marketing and project management:
See real case studies of deep tech solutions adopted by manufacturing companies, By going to https://techfinders.io/ our platform where the technologies meet real users.