Summary of Lean Startup Machine in Singapore #leansgp
Lean Startup Machine came back to Singapore at the end of March. Lean Startup Machine is an intensive educational workshop where entrepreneurs learn how to build what their customers want.
All businesses, be it startup or an enterprise, need to adopt a “lean approach”.
Everyone is talking about “lean”, “minimum viable product” or “pivot”. But what do those terms actually mean?
What is Lean?
Lean has to do with speed and experimentation. Lean entrepreneurs reach the state of “product market fit” faster because they are more rigorous and methodical in the process they use.
What is a Minimum Viable Product?
As defined by Eric Ries, a Minimum Viable Product (MVP) is: “The minimum amount of effort you have to do complete exactly one turn of the Build-Measure-Learn feedback loop”.
What is a Pivot?
A pivot is a restatement of a business model. It is a high-level change in strategy or execution that impacts the whole business model. There are different types of pivots.
Now that we have defined the buzz words everyone talks about, here are some of the takeaways of the workshop:
The best way to experience Lean Startup Machine is to attend a workshop. You can find out the dates here