While the startup genome in Silicon Valley is always mutating, some formulas are becoming basic tenets in the science of startups. A critical mass of email about my use of the word “iterative” in my blogs prompts me to revisit one such startup fundamental—the so called “Lean Startup” formula.

Eric Ries, an engineer, entrepreneur, author and now an entrepreneur-in-residence at the Harvard Business School, coined this new concept, which has became a movement in the startup world. Steven Blank, a serial entrepreneur, lectures at Stanford about the model. In short he says: experiment in the marketplace from day one with the lowest-cost possible viable product and improve the product or service according to how customers react—the critical ‘pivot.’ This approach is less linear in the sense that students are no longer encouraged to follow the process of first drawing up a business plan, building a final product and then taking it to the marketplace. It is a lower-cost, much more “iterative” approach that quickly transforms mistakes and failures into business insight.

To read the full, original article click on this link: Iterative Startups - Entrepreneurship.org