The art of pivot – the Lean Startup

Lean startup course, lecture 5 notes (see 1st post) – The art of the pivot
Eric Ries chats with David Binetti (@dbinetti) from Votizen

Part of the lean startup model is learn how to pivot quickly

For a startup, it’s not how much money you have left that matters, it’s how many opportunities to pivot you have left

Innovation accounting: a system to know when to pivot and when to perservere

The entrepreneur capability for self dellusion is unbounded and infinite

Entrepreneurs can see the future. And that is, at the same time, an incredible gift and a huge curse. Just because he can see it doesn’t mean everyone else can

The job of the entrepreneur is to validate that vision. The vision can be a beautiful butterfly but may start as an ugly caterpiller. Lean startup is about helping that transformation

The first product was crap, it was terrible and embaracing

But it was launched just the same because it was the only was to know if the idea was worth pursuing

The pivot is vision driven; it’s not metric’s driven

You can’t test or create a deterministic model to decide whether to pivot or not

You have to get out of the building and let your creativity come from talking to customers and feeling people’s real pain and figure out what are the creative solutions I can come up with

You can’t pivot the vision; the vision remains somewhat constant

What you pivot is the strategy; the product is the manifestation of that strategy

When you change the product, it’s just an optimization, it’s not a pivot

A pivot is a change in the strategy, not in the product

The worst thing that can happen to startups is not failure, it’s false-positives

Failure is transitory and there’s an opportunity to learn from them and to leverage on that learning and build something better or more important

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