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An Evidence Based Approach to Business Startup

Use a Scientific Methodology to go from Bench to Market
Startup and spinou, from bench to market
8 Jan 2017

An Evidence Based Approach to Business Startup

 

What is a startup?

A startup is basically an experiment that’s been designed to deliver a new product or service under conditions of extreme uncertainty.

Unfortunately, the bad news is that most startups fail.

Startup and spinou, from bench to market

What is a Startup?

Failure can be due to a number of flaws including:

  • Not seeing the big picture
  • Lack of planning
  • Not measuring
  • Ignoring cash flow
  • Standing still – not evolving

But of course, many startups succeed and interestingly, of the successful startups, two-thirds of them report drastically changing their plans along the way.

The good news is that at least we know what often separates successful startups from unsuccessful startups. It’s not that the successful ones start with a better plan but rather that they are willing to adapt until they find a plan that works.

A Scientific Approach

A Scientific Approach

Lean startup takes a scientific approach to systematically get from your first idea to a working solution. Or as Ash Maurya in Running Lean states it’s about getting from “Plan A to a plan that works, before running out of resources”

The Skillfluence Business Bootcamp takes an evidence based approach to quickly get from an initial idea to a business plan that works. We give scientists the practical tools to test the viability of their ideas in the space of just one day.

Business Bootcamp training workshop for scientists

Skillfluence Business Bootcamp

One of the tools we use to do this is the Lean Canvas. The Lean Canvas is an adaptation of the Business Model Canvas that is particularly well suited for very early stage ventures and ideas.

An initial idea for a business is usually based on untested assumptions. It’s important to have a way of making sure that your idea has the greatest chance of success if you decide to progress it into a business.

Business Plan vs Lean Canvas

Business Plan vs Lean Canvas

But you don’t want to have to create an 80 page business plan before you even know whether it’s a good idea. The Lean canvas is a one page document with 9 sections that’s fast to use and requires you to be concise. It makes you articulate your idea which makes it easier to share and it’s easy to change and update.0-blank-canvas

The purpose of the canvas is to get you to write down your initial idea, work out which parts have the greatest risks and identify what assumptions you have made. Then you can test them in the external world.

 

If you’d like to find out more about Lean Startup and the Skillfluence Business Bootcamp, please get in touch.