Lagos, Nigeria – April 27th 2014
What is Lean Startup?
“Lean startup” is a method for developing businesses and products first proposed in 2011 by Eric Ries. Based on his previous experience working in several U.S. startups, Ries claims that startups can shorten their product development cycles by adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and what he calls “validated learning“. Ries’ overall claim is that if startups invest their time into iteratively building products or services to meet the needs of early customers, they can reduce the market risks and sidestep the need for large amounts of initial project funding and expensive product launches and failures. [Wiki]
The Lean Startup Machine.
The Lean Startup movement is spreading very fast and has proven to be the best approach to starting new ventures in today’s fast changing and highly dynamic business world. The Lean Startup machine is an organization born out of the works of Eric Ries and other experts like Steve Blank.
Trevor Owens and the rest of the LSM team are doing a great job of showing the value of Lean Startup via a 3 day workshop across major cities, and have just reached Lagos, Nigeria.
Lean Startup advocates for validating your idea before investing in it to avoid waste of time and resources in what could be a big failure. We consider it the best starting point for any entrepreneur looking to getting into a venture. However, it is by no means limited to small or starting businesses. There is the concept of ”Lean Enterprise” which big organizations practise. More insight can be seen on how General Electric applies Lean Practices here – http://blogs.hbr.org/2014/04/how-ge-applies-lean-startup-practices/ .
With our tech-ecosystem that is just emerging, this is a valuable resource for local technology entrepreneurs.
Stake holders in the Lagos tech ecosystem are invited to execute the task of bringing Lean Startup Machine workshop to Lagos for the benefit of all. It is a paid workshop for participants, and it is one that tackles the issues concerned with building a startup from the customer level, rather than a solution level. It is a shift from what is common in the tech startups world today and is a more viable approach to startup building.
We have Buffer, Dropbox and many more successful technology companies attest part of their successes to the application of Lean Startup methodologies.
Unlike the usual hackathons, this 3-day workshop is immersive and customer centric, taking cue from customer development.
It is essentially about validating your idea to see if it is viable, before even trying to build it.
Learning fast and de-risking the venture early-on to eliminate the chances of wasted efforts, time and resources.
Participants learn how to validate their customer target, the problem they are trying to solve, the proposed solution and other intricacies of startup building in 3 days.
This helps them eliminate a lot of guess work/assumptions in startup building and what could be months or years of wasted execution. It helps them avoid building products nobody wants or become a solution looking for a problem.
This ultimately helps us all reduce the failure rates in startups, which is currently very high (9 out of 10 startups would fail) and this is why we are collaborating with the Lean Startup machine to have more startup success stories in Nigeria. You are invited.