Applying Lean Startup seems to be the magic formula for innovation success in the enterprise, as we hear about it a lot. But do we actually know what works and what doesn’t work when it comes to applying Lean Startup in established companies?
To answer these important questions we talked with experts who work with big companies, as well as innovation practitioners from within these organizations – both applying the Lean Startup methodology [including Sonja Kresojevic].
“We have developed a set of criteria that we use to evaluate the investment, so when product teams have an idea, they submit that idea to a Product Council who use the framework to evaluate the idea and make an investment decision. And obviously the criteria used in early stage investment are very different; you care about a very different set of KPI’s. It’s all very data and evidence driven, you look at early business models and it’s all based on the build, measure, learn cycles.
But we’ve also worked hard to look at which of the Lean Startup principles apply to existing products, so that we ensure teams continue to experiment, continue to connect learnings to growth hypothesis so that we can distinguish where we need to continue to invest in products and where we need to sustain and retire them. And you know, as a business, ensuring that this methodology works with existing business processes was critical for us.”