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In the past few years, a new methodology for launching companies, called “the lean start-up,” has begun to replace the old regimen.
What is lean start-up?
Lean startup is a business and product development methodology that seeks to accelerate product development cycles and quickly determine whether a proposed business model is viable. This is accomplished by combining business-hypothesis-driven experimentation, iterative product releases, and validated learning. Lean startups prioritize flexibility over planning and customer input over intuition. Compared to conventional methods of product development, this methodology facilitates failure recovery more frequently.
The underlying premise of the lean startup methodology is that startup businesses can reduce market risks and avoid the need for significant initial project funding, pricey product launches, and costly financial failures by investing their time in iteratively developing products or services to meet the needs of early customers.
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