Some startups, in particular software companies, use the lean startup methodology (LSM) by Eric Ries as a method of refining their product and customer acquisition. This week, check out the videos on LSM in https://www.udacity.com/course/how-to-build-a-startup–ep245 (they are free, but you may have to create an account if you don’t already have one with Udacity). In particular, watch the videos: “1. Before You Get Started” (you can probably fast-forward through this) “2. What We Now Know” “3. Business Models and Customer Development” “4. Business Models and Customer Development” (not a typo – this is a continuation of the previous video) I will also upload the slides and reading by Eric Ries for you to reference to answer the below questions. I will also attach my business model canvas for you to use to answer the below questions Your startup concept is based on many pieces of information, like market need. Some of these pieces of information you might know to be correct, others you might question, and others might just be wishful thinking. LSM proposes that entrepreneurs consider their startup as a resource-limited experiment (limited cash, limited time) in which to verify assumptions in their business model. As you watch the videos, ask yourself 1. On what unverified assumptions does your startup concept depend? 2. What experiments can you conduct quickly and cheaply to verify your assumptions before investing further time and money into your startup?
