Lean start-up strategy can help introduce new innovative ideas into the market while minimising risks and reducing failure rate compared to the traditional method of pitching concepts, securing investments and selling it as hard as you can.
The lean start-up focuses on contentious experiments and interactions between consumer’s early stages to gain valuable insights using various prototypes and contentious feedbacks from customers. Many companies aim to “execute” a business plan that is a theory but the start-ups “looks” for one in a practical manner.
Protecting intellectual property to maintain competitive advantage is on the decline. I believe this is due to companies cannot sustain their business without customers, therefore, they actively interact with potential customers for their feedback and expose many “secrets” of the product or service in order to gain a better understanding to develop more customised proposition. Having said that, due to evolutionally change in technology and how we communicate makes extremely difficult to contain company specific details about new products and services. For example, car manufacturers conceal new models and conduct testing in secrecy, however, pictures and specs of the new model is often available online before it is released to the market. The lean start-up method may take advantage of this and will release initial design/concepts and interact with customers so that they can design a new model incorporating customer feedback and preferences throughout the process so that the product will sell itself when launched.
Regardless of the size or reputation of the company, a lean start-up approach can be implemented in a variety of industries and different stages within business development cycle.
To find out more about lean start-up and how it may help you build your business, please feel free to get in touch with us.