The very heart of the Lean Startup approach focuses on the overarching goal of producing a top-quality product (or service) and delivering it at a minimal cost while providing a great customer experience. In the business world, and particularly with hardware startups, the Lean Startup approach is synonymous with creativity, risk taking and quick acceleration.
Here we discuss three reasons why your business, at any stage, should embrace the Lean Startup method for product development.
Create order. Organization and order are fundamental pieces of the Lean Startup approach. A detailed, organized and methodical approach to product development creates order and ultimately saves hardware startups time and resources—thus adhering to the Lean Startup principals. “Using the Lean Startup approach, companies can create order not chaos by providing tools to test a vision continuously. Lean isn’t simply about spending less money. Lean isn’t just about failing fast, failing cheap. It is about putting a process, a methodology around the development of a product. (The Lean Startup Methodology)”
Learn when to pivot. Entrepreneurs understand that there is no shame in missing the mark with an initial idea, as long as you learn enough to pivot to something that works. “Successful entrepreneurs have found that the extreme uncertainty of a new product or service usually requires many course corrections, or ‘pivots’ to find a successful formula. (Eric Ries, author of the Lean Startup)”
Not all ideas are going to be great right off the bat, but with customer research, market feedback and adequate product testing you can build upon your initial idea and create a product that is true to the needs of your audience.
Continuous innovation. Startups embracing this lean approach understand the importance of failing fast and learning from past missteps. Quick adaptation based on customer feedback is something that lean startups thrive on. By continuous product testing and communication with the target market, lean startups can innovate at a rapid pace to meet customer needs.
With the help of the build-measure-feedback loop, startups are constantly gleaning new information about their product market fit and learning ways to augment the design so that the optimal, and most innovative, product is achieved.
Building a product is hard work—however, with the right tools in hand, strong partnerships and a “work smarter, not harder” business approach, you can successfully bring your product to market.
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.