Proposed in 2011 based on Eric Ries’s experience across cross functional startups, this theory is claimed to be super efficient. He puts his belief into iterative models; if it is done for the product development could result in a reduction in risk, production costs or funding and also in failure. It evidently suits any business where new release of products or services is planned.
The developer of this strategy, Ries has himself been an entrepreneur, worked and gained experience with many startups, and hence developed this strategy which he calls The Lean Startup. He has also written a book which has remained to be a best seller till date. Now when the two startup companies he worked for did not do very well in spite of the vigorous planning and too much of hard work into production, Ries decided to learn from the mistakes and thus developed this concept taking advice from his mentors and the already existing Lean techniques. He first created a blog and started writing his experiences and the lessons derived, which soon turned out to be ‘The Lean Startup’. It concentrates mostly on planning, interaction with suppliers and customers to understand what they actually want thus eliminating the waste.
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