Project firm that ultimately will create valueProject firm that ultimately will create value

Project working process background is most commonly
explained using methodology. This subsection will provide the merge of
theoretical Lean Startup Methodology (LSM) and our lessons learned report,
through reflection process. Our project group has been implemented into Telenor
Denmark company, and had to work like an entrepreneurial organism within the
corporation. Being a part of Telenor have its benefits and downfalls, due to
corporational processes which are within we faced some limitation, while on the
other hand we stand the possibility to work with professionals within the telco
industry, which was really beneficial knowledge-wise.

The lean startup methodology was
first introduced in 2008 by Eric Ries, an American entrepreneur, using his
personal experiences adapting lean management principles to high-tech software
companies. The methodology has since been developed in order to apply to any
individual or company looking to launch new products or services on the market.

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In his book, “The Lean Startup,”
Ries (2011) describes that the majority of businesses in the development phase
don’t use a specific or a “tailored process”. They have a” just do it” approach
to business that is disregarding any form of management. Eric Ries has provided
us with his own approach, developed after years of experience, to get a
product into the customers’ hands faster. “Lean isn’t just about failing fast,
failing cheap, it is about putting a process, a methodology around the
development of a product.”

According to Eric Ries, “startup
success can be engineered by following the process, which means it can be
learned, which means it can be taught.”

we know from our lectures, lean methodology is constructed out of 3 key
principles: business model canvas, customer development, agile development.
(Corporate Entrepreneurship, 2017)

than making a very complicated business plan, it’s more efficient for an
entrepreneur to make a summary from all the hypotheses and assumptions and put
them in the business model canvas. The business model canvas represents the
blueprint of the firm that ultimately will create value for itself and of
course, for its customers.

main idea within the Lean Startups is: “get out of the building”, in order to
approach test out hypothesis in the “real world”, with “real people”. In order
to create viable business, it is crucial to get known the customers and the
environment in which startup will grow, with significant pressure on business
model building blocks.

development, a management principle, is used in order to get the most out of
the firm’s’ resources and time by designing the end product in an iterative and
incremental manner. Throughout usage of those tools, startup business is
creating the minimum viable product (MVP), which is later faced with potential
customer opinion within the “real world”.

9: The Lean Startup process – diagram

is important to mention the insights we received from the IDEO way workshop
(Corporate Entrepreneurship, 2017), because in a way they were part of our
guidelines that we used throughout the semester. IDEO is a Silicon Valley based
international design and consulting firm. The company is using design thinking
methodology to design products, services and digital experiences. Design
thinking represents a strategy designer are using to overcome problems in their
work, but it has become a practice, entrepreneurs are doing it in order to
overcome their problems as well (“ABC Nightline – IDEO Shopping Cart”, 1999).

in the same way as a designer can revolutionize the way in which organizations
are developing products, services, processes, and strategies. This specific
approach, which IDEO calls design thinking, brings together what is desirable
from a human point of view with what is technologically feasible and
economically viable. (

IDEO way – looking at the problem from a different point of view. It’s all
about spotting opportunities and how to solve problems in a creative way with
limited resources. Here we can even say that the IDEO way and the Lean Startup
methodology are intertwining.

to David M. Kelly, the founder of IDEO, in the process of creation and
innovation, having the possibility to talk with experts or people with deep
knowledge in a specific field is what matter the most.  “The thing is to find experts, so you can
learn much more quickly, than you would be learning by yourself”. In our case,
having at our disposal Telenor’s assets and having the possibility to discuss
with their experts made a significant difference. They showed us how the
geofencing is working, the functionality of the iBeacon and how it can be
implemented. If we would’ve had to solve this by ourselves, it would’ve took
much longer.

M. Kelly is also emphasizing the importance of time constraints, saying that
without them, we won’t get anything done. Research is also an important aspect,
saying that „building on the ideas of others” will get you to the desired goal
faster and in ways you were not thinking in the beginning.

off, when using Lean Startup principles, we have to begin with the validation
of the initial assumptions or hypotheses. Steve Blank (2006) has argued that
those hypotheses must be constructed according to the customers’ problems.
Thus, we developed our first hypotheses based on our guesses about the problems
of the customers, in the same time bearing in mind the discovery of the
customer archetype. Usage of a validated data is the most important aspect of

though the validation of a viable customer problem has been conducted, there is
still a necessity to test out and validate the solution and its fit to the
customer needs. It has to result in a product or service, that will be
absolutely curing all the pains customer needs, and satisfying them in biggest
possible level. Thus, according to Ries (2011) there is necessity to keep
everything simple and minimalistic, starting with hypotheses which take into
consideration only the minimum characteristics, then to develop a MVP and in
the end to test out solution or pivot in the other direction.

Based on the insights we discovered
about our target segments, we have created 3 buyer personas, each with
different characteristics.