The Importance of a Business Plan

Retired serial entrepreneur Steve Blank, creator of the “Lean LaunchPad” methodology for startups, discusses Silicon Valley’s roots as the epicenter of electronic warfare in the mid-20th century and how the region’s innovation ecosystem formed. An adjunct professor in Stanford’s Department of Management Science & Engineering, Blank also walks through the lean-startup movement and how its principles are now helping the U.S. government innovate faster in the areas of basic science, health, national defense and international diplomacy.