Tue, 25 October 2022
Lean Startup Approach to Product Development
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
The lean startup approach seeks to discover a product and business model that works.
Unlike big companies which have a large staff to maintain an existing product line, the startup has little to no staff and works on finding new business opportunities.
Startups use the lean startup approach in product development.
They look for product market fit by focusing on the product and the customer rather than the larger market or internal processes.
The startup finds itself working with emerging technologies in newly defined fields.
The purpose is to create a minimum viable product and test it with the market.
The startup uses A/B testing to try out variations of the product.
The startup team focuses on interviewing customers, identifying needs, and proposing feature sets.
The product development process runs on a limited budget and a short timeline.
The lean startup process consists of building several MVPs and testing them out until product market fit is identified.
Quite often, the technical development team is outsourced to another company.
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