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Published Jun 16, 2020

Build. Measure. Learn, w/Eric Ries of The Lean Startup and the LTSE

Eric Ries, author of The Lean Startup, delves into the power of business experimentation, the importance of long-term thinking, and how Lean Startup principles can transform innovation through the Build-Measure-Learn cycle.
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  • Scientific Method

    Applying the scientific method to business, transformed his approach to product development. He emphasized the importance of empirical data over assumptions, advocating for rapid experimentation and iteration. This method, inspired by lean manufacturing, helped his team at IMVU ship code more frequently and gather real-time user feedback 1. explains how Eric's approach, rooted in observing and testing, became a new business philosophy 2.

    You build a product that customers don't want, and then you're sad about it. Even though you made it perfect. And that just means you waited too long.

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    Eric's journey from startup founder to a movement leader showcases the power of scientific thinking in business.

       

    Build Measure Learn

    The Build-Measure-Learn cycle is central to Eric's Lean Startup methodology. He advocates for creating minimum viable products (MVPs) to test hypotheses quickly and gather customer feedback. This iterative process helps refine products based on real-world data, rather than assumptions 3. highlights how this approach allows startups to pivot and adapt efficiently, ensuring they stay aligned with their vision while adjusting strategies as needed 4.

    If you aren't embarrassed by your first product release, you released too late.

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    This cycle of building, measuring, and learning accelerates innovation and reduces wasted effort.

       

    Learning from Failure

    Failures are invaluable learning opportunities in Eric's framework. His early experiences at IMVU, where a product launch failed spectacularly, underscored the need for rapid feedback and iteration. This failure led to the development of his Lean Startup principles, emphasizing the importance of learning from mistakes and adapting quickly 5. notes that these principles, drawn from real-life experiments, have become foundational in modern entrepreneurship 6.

    We didn't crash a single computer because nobody downloaded the software. We didn't sell a single copy. Nobody even tried it for free.

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    By embracing failure as a critical component of the learning process, startups can pivot and innovate more effectively.

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