This Week in Startups E1041: The Lean Startup’s Eric Ries gives tactical advice for founders during an economic downturn: obligations of leadership, extending runway, handling layoffs with grace, finding new revenue opportunities, capitalizing on silver-linings & more!
Apr 1, 2020
In this engaging discussion, Eric Ries, the author of "The Lean Startup" and founder of the Long-Term Stock Exchange, shares invaluable insights for today's founders. He emphasizes the importance of compassionate leadership during economic downturns. Eric offers tactical advice on extending runway, handling layoffs gracefully, and discovering new revenue opportunities. He also weighs in on the advantages of authoritarian versus democratic governance in crises and discusses innovative solutions like his initiative at schoolclosures.org, blending entrepreneurship with social responsibility.
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Eliminate Wasteful Spending
- Analyze every expense to see if it directly contributes to your core learning goals.
- Cut any spending that doesn't get you through the build-measure-learn feedback loop.
People First
- Prioritize people over business outcomes, especially during crises.
- Focus on mitigating human harm before addressing economic consequences.
Test and Trace
- Test-and-trace programs require widespread testing and contact tracing to control outbreaks.
- They depend on technology like smartphones and social media for effectiveness.
