Lean Startup is a methodology of developing the businesses by “validated learning”. Eric Ries, Founder of Lean Startup talks about the importance of finding what customer wants, by validation processes while starting up/launching the product to primarily reduce the market risk. More about Lean Startup:can be found here.
Lean Startup Machine is a product of Javelin which is founded by Trevor Owens, a close associate of Eric Eries. LSM is an intensive three day workshop that helps entrepreneurs and innovators build disruptive products by using lean methodologies. It teaches a process for discovering which products will succeed in the market place and which won’t. It is not a startup workshop as such, but a idea validation place where people from different backgrounds come in and learn to validate their idea if they have one or join others to just learn the processes if they don’t one. LSM on the whole is a 48 hour immersive, educational experience.
How It Works
The workshop kicks off with a series of product pitches that help attendees organize into teams. Everyone works on a NEW idea. Each team then develops its problem hypothesis, solution hypothesis and a series of assumptions which are core to the success of the business. Next, each team creates an MVP, or “Minimum Viable Product.” The goal of the MVP test is to “Get Out Of the Building,” speak with real customers and to collect cash or non-cash currency which serves as validation.
The process promotes a problem-centric approach to business ideation. By continuously validating and invalidating assumptions, teams are forced to pivot their solution (and even problem) toward a true customer pain; rather than creating a solution and after-the-fact seeking customers with a problem. The event culminates with each team pitching its new solutions and its experience using the process. In this competition the winning team is not selected based on who has the best idea, but instead on which team honors the process and gains the most insights through its pivots.
LSM is happening in Hyderabad this year making it the 2nd LSM destination in India after Bangalore on 6th June – 8th June 2014 at a yet to be decided corporate location.
Transportation: Every LSM attendee gets Uber ride promo codes for free during the event.