

476: How to Pivot Quickly, with Steve Blank
32 snips Jun 22, 2020
Steve Blank, a Silicon Valley serial entrepreneur and the mind behind the Lean Startup movement, shares insights on how to pivot quickly in business. He emphasizes the creation of a Minimum Viable Product (MVP) and the importance of customer discovery for validating ideas. Blank discusses the necessity of rapid testing and refining based on customer feedback to adapt effectively to market changes. He also reflects on leveraging technology for customer interactions, showcasing how video conferencing tools can enhance discovery and feedback processes.
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Mass Extinction Event Analogy
- Traditional companies struggle while new niches emerge for entrepreneurs.
- The pandemic offers opportunities alongside downsides, similar to mammals rising after dinosaurs.
Lean Startup Methodology
- Start with the assumption that your initial product idea is a series of untested guesses.
- Test assumptions by creating a Minimum Viable Product (MVP), even just a PowerPoint or wireframe.
Drone MVP
- Students planned to spend $1M on a drone MVP to survey farms.
- Steve advised creating sample reports for $0.50, leading to a pivot using existing crop dusters.