The concept of a lean startup is one of the central and most widely accepted ideas in Silicon Valley and other technology hubs. Learn how to start with a "minimally viable product" and to engage in relentless experimentation around all aspects of the entire business model.
- In early 2009, Jenn Hyman and Jenny Fleiss…co-founded Rent the Runway,…a rental service for young women's high-end dresses.…Their premise, on certain occasions,…like a prom, a wedding, or a graduation,…women would love to wear designer dresses,…but they often don't have the money to buy them.…Even if they could buy one,…it would just hang in the closet much of the time.…
What if they created a mail order rental service,…similar to what Netflix had done with DVDs?…While the basic idea seemed promising,…the pair knew they must find answers to dozens of questions…before they could be somewhat confident of success.…For instance, how large is the market for such a service,…what kinds of dresses, what rental price,…also what about operations and logistics?…Should they add other individuals to their two person team?…If so, who?…When should they seek external funding and many others.…
Questions like these represent sources of uncertainty,…not just for every start-up,…but also for every innovative idea…within an existing organization.…
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- Fundamentals of innovation
- Fostering creativity without losing control
- Design thinking
- Lean startup
- Redefining customer value
- Digital transformation
- Social innovation
- Frugal innovation