Most startups fail because they build the wrong product and take too long to do so. The lean startup methodology addresses this by launching a minimum viable product as quickly as possible to get useful feedback. The company then continues testing hypotheses through incremental product refinements until achieving product-market fit. This lean startup process emphasizes launching early, testing ideas rapidly through customer feedback, and being willing to "pivot" or change direction based on lessons learned. However, applying the lean startup approach can be challenging for companies in industries like clean tech that require more time to develop workable products.

1. A HARVARD BUSINESS SCHOOL INSIGHT Source: hbswk.hbs.edu/
LEAN STARTUP STRATEGY
2- May - 2016

2. Most startups fail not because they can't build the product they set out to
build, but because they build the wrong product, take too long to do that,
waste a lot of money doing that, and waste a lot of money on sales and
marketing trying to sell that wrong product. HBS professor Eisenmann in his
new course introduced students to the idea of the lean startup—a
methodology that has proven successful for many young high-tech companies.

3. Rather than spending months in stealth mode, a lean startup launches as quickly
as possible with a “Minimum Viable Product" (MVP) -a bare-bones product -
that includes just enough features to allow useful feedback from early adopters.
The company then continues hypothesis testing with a succession of
incrementally refined product versions.
Launch with Minimum Viable Product

4. Lean startup executives do not invest in scaling the company until they have
achieved product market fit (PMF); the knowledge that they have developed a
solution that matches the problem.
Achieving Product Market Fit

5. In lean startup lingo, "pivoting" refers to major change in a company's direction
based on user feedback - how entrepreneurs can stay true to their vision while still
maintaining the flexibility to pivot.
Pivoting

6. Adhering to a lean startup strategy is especially challenging for companies
that require a great deal of time to launch a workable product, such as
clean-tech or biotech companies
Challenges Faced