You want to bring that idea to the world. You are full of passion and excitement, you stay up all night thinking about the impact this will have. You dream of running your own company, raising funds, hitting the jackpot of a successful exit.
But you have read about the slim chances of success. What if you invest all that time and effort, spend all that money to develop and market your product, finally launch, and nobody buys it? What does it take to even get to that point? Fortunately the Lean Startup Methodology provides the answer. Each startup stage has distinct priorities and presents its own challenges. How do strategy and tactics change as the startup evolves?
This is the initial stage of a startup. There are plenty of ideas and excitement. It is often unclear which of these ideas has the best chances of becoming a great product and a successful business. There is minimal data to support assumptions. Capital is usually limited or nonexistent. The company wants to raise money but convincing investors is difficult due to the high risk.
The priority in the stage is to build a business case. This means validating an idea, collecting supporting data from the market, and demonstrating that the trade-off between risk and (potential) reward makes this a worthy investment.
In this stage you have validated your idea, you have a clear product concept or possibly an early prototype, and there is budget for development. This is an exciting place to be and it comes with a new set of challenges!
The focus shifts towards implementation. How can you best translate the concept into the desired features and look & feel of a working product? How do you communicate with engineers so that things don't fall through the cracks? How do you stay connected to the big picture while diving into the nitty-gritty? How do get maximum results with minimal resources?
Congratulations! You have launched your product and you see some early market activity (or not)! But it still takes substantial effort to acquire and maintain users or customers. Clearly you haven't fully "clicked" with them yet.
In this stage you have started a dialogue with the market through your product and its features. You are collecting data related to user/customer activity and how they respond to changes in the product. The focus shifts towards methodical data-driven iterations in order to continuously improve good parts, smooth out rough edges, and address points of resistance. The goal is getting to the coveted product-market fit!
At Emerging Humanity we believe that a good methodology is useful in general and invaluable when problems arise. To get out of trouble, it helps to know how you got there in the first place. Following a process allows you to learn from other people's mistakes; to trace your steps, backtrack, and try something different. You are still fumbling around to some extent (it IS a startup after all), but in a systematic and intentional way that guarantees you take your best shot possible!
Emerging Humanity's approach follows a step-by-step process that aligns Lean Startup Methodology and industry standard tools with your startup's needs. It creates a clear execution path. All you have to do is to walk it!
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