Delivered to MBA students at Imperial College London. This session covered what Lean Product Development and Management entails, whilst covering the facets of lean including Agile, Lean Startup, Customer Development and more.
S&P 500 index has decreased from 61
years in 1958 to just 18 years today
ANNUAL PERFORMANCE TRAP
Jeremy Hope, 2003. Beyond Budgeting: How Managers Can Break Free from the Annual Performance Trap. Edition. Harvard Business Review Press.
UNCERTAINTY—IN THE ECONOMY, SOCIETY, POLITICS—
HAS BECOME SO GREAT AS TO RENDER FUTILE, IF NOT
COUNTERPRODUCTIVE, THE KIND OF PLANNING MOST
COMPANIES STILL PRACTICE: FORECASTING BASED
THE NEED FOR ADAPTIVE MANAGEMENT
“THE LEAN STARTUP METHOD TEACHES YOU HOW TO
DRIVE A STARTUP-HOW TO STEER, WHEN TO TURN, AND
WHEN TO PERSEVERE-AND GROW A BUSINESS WITH
BUSINESS MODEL CANVAS
Alex Osterwälder & Yves Pigneur
• Innovation Tool
• Lightweight, Visual and Flexible
• Collaborative And Responsive
YOUR PRODUCT IS NOT THE PRODUCT
1. It is important to realise that a product or service idea is not
sufficient for success.
2. You could have a good idea, but if you do not have a good
business model to support it, then your business will fail.
3. It is not enough to just have a good product, it must be
delivered to customers in a manner that is sustainably
A lot of people focus too much on just the product.
4. But the same amount of effort needs to be put into developing
the business model.
EXPERIMENTATION - LEARN FAST
1. Pick riskiest assumption from Business Model Canvas
2. Brainstorm a few different tests, offline and online
3. Try to break the test into even smaller units of work
4. Choose test & define testable hypothesis
5. Set a goal (minimum success criteria)
6. Run the test (try to hit the goal)
7. Review results and make a decision
“I/We Believe….” [target market]
“Will” [do this action/use this solution]
“For” [this reason]
“We will know we are right when ”
[minimum success criteria]
LEAN PRODUCT DEVELOPMENT
1. MVP is a process not a product
2. Searching and Executing are different
3. Product development and Product Lifecycle's are Non-Linear
5. Learn Fast By Delivering Often, testing your Riskiest
IT’S BEEN A PLEASURE