At the same time, the methodology provides numerous tools for effective strategic management, in which canvases play a significant role. You can pivot and correct the course of your idea, or change the business model. For example, you build a minimum viable product, an iterative prototype of the would-be functional solution, and make it available for real customers to get their feedback. Lean is an agile development methodology, where you need to shape a hypothesis about your product/business first and then validate it with customers in service. Steve Blank, Ian MacMillan, and others contributed to the invention of a new language that modern startups can speak. Though the name of this innovative approach was eternalized by Eric Ries in his book of the same name, he was not the only trailblazer. The lean startup was a breath of fresh air. Now, startup founders had to adapt to a new concept, based on the principle “build what customers want” and, most importantly thing, don’t rack up large costs for early changes in the pipeline. The former approach of “build first and wait for customers” had outlived its usefulness. There emerged a need for an advanced methodology that would allow entrepreneurs to survive in the age of risk capital deficit. The bubble burst and caused a nuclear winter for startup capital – angel and venture capital investments almost disappeared. As a result, many of them went bankrupt, and the aftermath affected various supporting industries like advertising. Around the turn of the millennium, the frenzy phase was replaced by the burning up phase during which the dot-com companies began to run out of cash rapidly. The irrational exuberance as Alan Greenspan named it led to the explosion of IPO prices and subsequent growth of trading prices. To some extent, the lean startup methodology was born from the ashes of the dot-com crash at the turn of the century. 5 Use Lean Canvas or BRIDGeS for your product!
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