Eric Ries, Author of The Lean Startup and The Startup Way, shares the management practices that can help leaders inspire innovation and develop breakthrough products.
In 2011, Eric Ries published a book that you may have heard of. It’s called The Lean Startup. His book has not only become a staple on the product management reading list, it’s fundamentally transformed the way both startups and large companies build products.
Eric developed a scientific approach to making product decisions. He uses customer development and continuous iteration to increase the chances of building something that customers actually want.
Many of the startups that applied the practices Eric preached in The Lean Startup are no longer startups. They’ve built market-leading products and now have thousands of employees. The challenge, however, is that as companies grow, they lose sight of the entrepreneurial management practices that got them to where they are now. Companies need to reinstate those practices if they want to continue to deliver market-leading products. Similarly, large corporations are increasingly starting entrepreneurial initiatives so that they can create the next generation of innovation.
After advising and investing in several startups and consulting for companies such as General Electric, Eric developed strategies for applying Lean management practices, such as metered funding, small team sizes, experimentation, and metrics-driven development. That’s what his new book, The Startup Way, is about.
In this episode, Eric shares how he’s helped GE and other companies start practicing Lean product development and scale it across the organization.
Here are the highlights:
- Eric’s inspiration behind writing The Lean Startup (2:40)
- The most common challenges Eric faces when working with large companies (4:30)
- How Eric bridges the gap between how large companies currently work and the practices he’s developed in The Lean Startup (7:45)
- How executives can encourage experimentation (13:30)
- Eric’s advice for bracing key stakeholders for change (16:40)
- The most effective way for product leaders to get their company started in working The Startup Way (20:30)