In this hyper-competitive age, enterprises are not only dealing with stiff competition from their peer enterprises, but also dealing with competition from startups that are trying to disrupt the market that those enterprises dominate.   It is for this reason that Enterprises need to get better at building products. And they need to be able to build them faster, and at the same time, fail faster in the event that a product doesn’t work out.  This is especially critical as most startups are very nimble and can pivot quickly to build a better product.  Enterprises have difficulty doing anything quickly.  In fact, it is so difficult that this according to this Harvard Business Review article, 75% of consumer packaged goods and retail products fail to earn $7.5 million in their first year!

We have many examples of failed products right in front of us (see: Microsoft Vista or Blackberry Playbook).  So, how can enterprises become better at this?

Enter the Lean Startup Methodology.   Although this methodology was primarily created for helping startups build a product quickly, it is beginning to be adapted to work in different industries. .  As such, enterprise are beginning to adopt the Lean Method to help them build successful products faster.

James Donnelan has an excellent blog post which explains what the Lean Startup Model is all about.  He writes:

…the lean startup model, when you boil it down, simply says that when you launch any new business or product you do so based on validated learning, experimentation and frequent releases which allow you to measure and gain valuable customer feedback. In other words – build fast, release often, measure, learn and repeat.

The ability to “build fast, release often, measure, learn and repeat” is the core principle to the Lean methodology, and is a critical element that many large corporations are missing today.   James goes on to list the principles of the Lean Startup Methodology:

• “Use a continuous delivery model to release new features quickly with the least amount of friction.
• A/B test different versions of the same feature on different user segments to identify which is more valuable.
• Act on metrics – if you can’t measure it you can’t act on it to ensure that you are always improving the product.”

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We’ve already seen some companies adopt this methodology.  Facebook and their release of code 2x a day being a very popular example of how this methodology is working in the enterprise.   But companies like Facebook and Google are quite innovative and therefore not the best example of your common enterprise.  The typical company will need assistance in learning how to implement LSM and will need access to tools that will keep them committed to this methodology.

I strongly believe that most companies will have to adopt this methodology, in order to succeed in today’s competitive market, and that is why I’m thrilled to announce Clippership’s investment in a company that is at the forefront of this movement.   Along with Upfront Ventures and others, we are proud to be investing in  Lean Startup Machine.   Trevor Owens, the founder and CEO of Lean Startup Machine has been a thought leader in this area, and the company is already offering hundreds of Lean Startup workshops over the world.  Trevor and his co-founder/CTO Obie Fernandez have also written a book about how the LSM can be implemented in the enterprise.  It is a must read for all those that are looking to get a head start on learning this methodology.

Key Takeaways:

• Enterprises are facing stiff competition not only from their peers, but also from startups that are trying to disrupt markets.
• Enterprises will need to get better at creating/updating products quickly.
• The Lean Startup Methodology will be the new de factor methodology that enterprises will use to create and deliver successful products.