Notes from #WebSummit: The future of lean startup

A conversation with Steve Blank

Details
Date: November 8, 2017
Time: 12:10
Conference stream: Startup University

Speakers
Steve Blank, Associate Professor, Stanford University, @sgblank
Eric Schurenberg, President & Editor-in-Chief, Inc. Magazine, @ericschurenberg

Web Summit Summary
What’s next for the lean startup? Steve Blank, lean startup pioneer, will share his predictions for the future of the lean startup model.

Main Theme

A conversation with Steve Blank, one of the originators of the lean methodology, on the current state of entrepreneurship.

The Key Quote

“I said Mom I lost 35 million dollars and she said ‘where’d you put it?’”
- Steve Blank on failing as an entrepreneur

Key Points

1. Agile techniques work even if you have a non-tech product. All companies at their start are faith-based organizations. Entrepreneurs must first believe in what they’re attempting to deliver. Lean is a methodology that turns this faith into facts through a series of logical steps taken to afford, build and deliver something to the right market.
2. VCs on the east coast continued to act like bankers; VC in silicon valley began to act like pirates. That’s what changed to enable steeper growth trajectories in technology. It remains the case that a supportive culture isn’t enough to foster radical innovation, capital is what allows entrepreneurs to build and scale.
3. Funding innovations like Kickstarter present a trade off between accessing funding immediately and stunted customer discovery and learning. Lean learning ends when you receive that money. A big mistake would be to chase after the money rather than the learning and seeking the right product-market fit.
4. ICOs are interesting because they allow access to venture capital at scale. Entrepreneurs should pay attention seek them out but beware that they come without supervision and put the onus on entrepreneurs to spend wisely.
5. Failure is only good if it turns into learning. Entrepreneurial learning and the risk that comes with it is key to lean startup. If your cluster doesn’t understand that and appreciate risk then go elsewhere.

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