Lean LaunchPad: A Crash Course in Startup Success
Stanford University engineering student Lee Redden thought his team’s robotic lawnmower had the makings of a successful business idea. Then he talked to potential customers.” All of them told us they would not buy this thing,” Redden says. “They were really happy with the people doing lawn-mowing now, and it wasn’t that expensive.” While such feedback from potential customers isn’t always easy to hear, testing ideas in the marketplace early can help set up a business for success. It’s also a core tenet of a groundbreaking course in entrepreneurship introduced at Stanford this past spring. The class, called Lean Launchpad, throws students head-on into creating a company and tweaking its business model — making changes called “pivots” — as they test it in the real world.Lean Launchpad blows up the traditional approach to entrepreneurship education. Instead of writing lengthy business plans in the classroom, students are charged with developing a viable business concept in eight weeks flat.
Strange Random Invention Quote:
“Doubt is the father of invention.” – Galileo Galilei (Italian natural Philosopher, Astronomer and Mathematician who made fundamental contributions to the development of the scientific method and to the sciences of motion, astronomy and strength of materials. 1564-1642)
- Lean startups vs. fat startups (venturebeat.com)
- The Startup Genome Report (sophisticatedfinance.typepad.com)
- A Conversation with Steve Blank: Why Entrepreneurship is an Art (thenextweb.com)
- The Lean LaunchPad at Stanford – Class 4: Customer Hypotheses (xconomy.com)
- A New Way to Teach Entrepreneurship – The Lean LaunchPad at Stanford: Class 1 (businessinsider.com)
- Fifty Top Startups to be Recognized in Startup Open Competition During Global Entrepreneurship Week (kauffman.org)
- White House Announces Startup America Partnership to Foster Innovative, High-Growth Firms in United States (kauffman.org)
Posted on June 14, 2011, in Article and tagged Business, Business model, Business plan, Education, Entrepreneur, Entrepreneurship, Galileo Galilei, Scientific method, Silicon Valley, Stanford University, Steve Blank, United States. Bookmark the permalink. Leave a comment.