Product Innovation in 2017
In 2011 Eric Ries published a New York Times bestseller book titled The Lean Startup covering a selection of topics in entrepreneurship.
When starting a company it can be a lot like an experiment. Ries does an elegant job of showing how testing products in an effective manner to acquire feedback is extremely useful. He goes on to show how using feedback to help pivot in product development can help reduce cost and maximize return of investment.
It was one of the first books that I have read that focuses on business management. Overall, I find it an excellent introductory piece of literature for managers and business owners to use as a guide to refining products and business plans.
In the Google Talks video below, Ries points out that many business owners start companies to sell goods and services without always the proper planning and training in administration.
In connection to Crescent Vale News, we work on a very lean budget. Before reading The Lead Startup, I was unaware of the differences between bootstrapped companies, (without funding) and venture-backed companies. Business owners can go to a bank for a small business loan, as well as acquire loans from venture capitalists. The book doesn’t cover them as much, but there is also non-profit organizations. All of these are examples of different companies.
During my review of the book, I went to reviews on Amazon to get a transparent view from people that bought and read The Lean Startup. The overall reviews were positive. It give additional points of view. They share that the book is good for certain businesses and products. I could see that any manager or business owner could learn from The Lean Startup, but software companies, similar to the company Ries worked on, would gain more from the book in comparison to other companies.
His point on obtaining a minimal viable product to cut the fat from product development is insightful and informative.
Watch over Ries Talks at Google discussion on YouTube for additional information on startup culture. Stay connected with Ries on social media for updates to his upcoming projects.