Lean Innovation for Growth

Lean Innovation for Growth

Lesson
Our two previous posts introduced the Need for Lean Innovation and Lean Startup Thinking. In our conversations about Startup Thinking and Innovation, we want to clearly encourage that these innovation tools and strategies work for established companies equally as well as they do for start-ups. In fact, most of the companies Lean East supports are mature companies, not early-stage companies with a nascent product idea to test. In this post we will like to show that there are four primary types of innovation for existing companies, as presented by the Harvard Business Review article "You need an Innovation Strategy," Gary P. Pisano in 2015. The four types are described by whether they feature a business model innovation or technical competency innovation. Then we share three suggestions for existing companies who…
Read More
Lean Startup Thinking

Lean Startup Thinking

Summary
This blog post is a continuation of last month's 'The Need for Lean Innovation' where we introduce the concept of Lean innovation and make the case for why businesses and organizations need to prioritize learning through experimentation.  One recent book that captures many principles of Lean Innovation is The Lean Startup by Eric Ries. Ries applies several concepts of Lean thinking to the realm of startups, where there is huge uncertainty about the success of the innovation and business model. A few of the key ideas are: Working smarter, not harder: the key question is not “can this product be built?” but rather “should this product be built?” and “will this result in a sustainable business?” Developing a Minimal Viable Product (MVP): the MVP should be easy to build and…
Read More
The Need for Lean Innovation

The Need for Lean Innovation

Lesson
As recently as 15-years ago, most markets had few competitors and significant barriers to entry. Management would decide what product to build, budget the work and assign engineers and developers to the project team. New product development projects would often last for many years. Similarly, companies providing services would keep an eye on market competition and take the long-approach for releasing new offerings, often protected from competition by regional control and deep reputation. Today, the internet, open-sourced solutions, and social media have leveled the playing field. Consumers have one-click buying options for new products at their fingertips. New internet-based services disrupt long-standing businesses such as taxi transportation, insurance, legal services and healthcare. Customers will switch quickly and often to better solutions. Every day our world continues to become more complex.…
Read More