Gaining valuable customer insights as quickly as possible
One big difference between established companies and start-ups is the business model: most established companies have a business model that they are constantly improving to make it more efficient. In contrast, most start-ups are still looking for a marketable business model. The Lean Start-up method developed by Eric Ries describes a lean process from developing a product as quickly as possible, testing it on the market and finding a viable business model. At the heart of this approach is the development of a so-called minimum viable product (MVP) that is tested in the market. Validated learning is the goal: gaining customer insights based on real customer feedback to further develop the MVP through fast iterations. Lean Start-up is based on the principle that it is better to fail quickly and cheaply rather than late and costly – and that customer insights provide valuable insights for new and further development of products, services and business models.