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I have recently been involved in alot of conversations on this topic. Is Lean startup still relevant? With ThinkX Global Pedagogy, Lean startup does not come alone. All methodologies out there have their own pros and cons, and similar to a startup journey, the methodology pivots with the startup's journey. The resilience mindset in entrepreneurs should be what defines the type of suitable methodology. My own take is that the pros of each methodology complement each other, and it depends on the objectives of the startup. Hence, it is very important to know the 'WHY" in entrepreneurship education. Similarly, for innovation training, Lean startup helps to identify a definitive area of focus, but does not help with the innovation of ideas. Seeing more than 1000 pitch decks last year alone, more than 50% actually have similar ideas, with reasons going back to the lack of emphasis on pivoting with methodologies to derive with an innovative solutions. Adam Ihsan | Angie Ang | Oh Robin | Ismail Ariffin | Reynold Lam
“𝘛𝘩𝘦 𝘤𝘭𝘦𝘢𝘳𝘦𝘴𝘵 𝘴𝘪𝘨𝘯 𝘰𝘧 𝘪𝘯𝘵𝘦𝘭𝘭𝘦𝘤𝘵𝘶𝘢𝘭 𝘤𝘩𝘦𝘮𝘪𝘴𝘵𝘳𝘺 𝘪𝘴𝘯’𝘵 𝘢𝘨𝘳𝘦𝘦𝘪𝘯𝘨 𝘸𝘪𝘵𝘩 𝘴𝘰𝘮𝘦𝘰𝘯𝘦. 𝘐𝘵’𝘴 𝘦𝘯𝘫𝘰𝘺𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘥𝘪𝘴𝘢𝘨𝘳𝘦𝘦𝘮𝘦𝘯𝘵𝘴 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦𝘮.” Saw this on my calendar today (thanks to Harminder Singh) and it got me thinking about a conversation I had regarding Lean Startup. 𝗜𝘀 𝘁𝗵𝗲 𝗟𝗲𝗮𝗻 𝗦𝘁𝗮𝗿𝘁𝘂𝗽 𝗠𝗲𝘁𝗵𝗼𝗱𝗼𝗹𝗼𝗴𝘆 𝗦𝘁𝗶𝗹𝗹 𝗥𝗲𝗹𝗲𝘃𝗮𝗻𝘁 𝗧𝗼𝗱𝗮𝘆? In the spirit of engaging in intellectual discourse, I sought inputs from my network and online in an attempt to answer this question. The Lean Startup methodology, pioneered by Eric Ries, provides somewhat of a scientific approach to developing startups and getting a desired product to customers faster. The Build-Measure-Learn framework encourages startups to launch a Minimum Viable Product (MVP), test hypotheses, and pivot based on data. This reduces risk, minimises costs, and ensures businesses solve real customer problems. At SUSS Entrepreneurship, we guide learners to apply this framework across our programmes. Here are some of the feedback I got: “Lean Startup still applies well in the region given tight capital conditions, where founders do have to eliminate waste, go to market and test for traction. The traction is key for funding, and minimising costs is a great way to ensure a longer bootstrap runway.” - Elmer Jun Wei Yap, Founder, Surety “It is still very much relevant as a concept - we need to explain that it may not work on disruptive ideas but on incremental innovation.” - Ellen Goel Despite its merits, I suspect Lean Startup may have been misinterpreted over time. Common misconceptions: #1: Fail Fast is the Objective There are times where ideas are abandoned prematurely, causing startups to miss out on a potentially valuable opportunity. The focus should be on validated learning, not just failure for its own sake. Which brings me to… #2: Pivoting as a Strategy Some founders pivot too often, losing sight of long-term vision. Pivoting should be data-driven, based again on validated learning. On top of wasting resources (time + money), constantly shifting focus may cause teams to struggle with motivation and execution. Can we do without Lean Startup? Today, Lean principles have evolved into variations which build on Lean Startup. “If we throw out lean startup, Design Thinking and Agile has also got to go. It's a whole system of iterative approach called the scientific method.” – Bryan Long “Additional framework has been added to help deep-tech find customer/problem based on their (fixed) solution.” – Patrick Ng In my opinion, Lean Startup remains relevant but should be applied with nuance. Entrepreneurs must understand the core philosophy. The real goal should still be in creating sustainable impact-driven businesses by learning fast and building smart. What’s your experience with Lean Startup? Let me know! P.S. More info in comments below.