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" The Lean Startup is a process for turning ideas into commercial ventures. Its premise is that startups begin with a series of untested hypotheses. They succeed by getting out of the building, testing those hypotheses and learning by iterating and refining minimal viable products in front of potential customers. "

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" Companies that acquire startups for their intellectual property, teams, or product lines are acquiring startups that are searching for a business model. If they acquire later stage companies who already have users/customers and/or a predictable revenue stream, they are acquiring companies that are executing. "

Steve Blank

Intellectual

Stage

Business

" Innovation in an existing company is not just the sum of great technology, key acquisitions, or smart people. Corporate innovation needs a culture that matches and supports it. "

" Founders have continually struggled with and adapted the 'big business' tools, rules, and processes taught in business schools when startups failed to execute 'the plan,' never admitting to the entrepreneurs that no startup executes to its business plan. "

" On Day One, a start-up is a faith-based initiative built on guesses. "

" Great founders live for chaotic moments. "

" Founders, presuming they know their customers, assume they know all the features customers need. "

" Most people appear to live an unexamined life, cruising through the years without much reflection about what it means, and/or taking what life hands them and believing it's all predestined. "

" At the end of the day, VCs have to provide their limited partners with great returns, or they aren't going to be able to raise another fund. "

" The business model is both the starting point and the scorecard for Customer Development progress. "

" At the commencements I attended, graduates were classified by their academic rankings. Outstanding academic performance was noted in the programs and awarded with special honors. "

" Very often, if a founder is waiting around for someone else to tell him what to do, the company is near death. "

" Measuring how hard your team is working by counting the number of hours they work or what time they get in and leave is how amateurs run companies. "

" Visionary CEOs don't need someone else to demo the company's key products for them. They deeply understand products, and they have their own coherent and consistent vision of where the industry/business models and customers are today, and where they need to take the company. "

" Visionary CEOs are not 'just' great at assuring world-class execution of a tested and successful business model: they are also world-class innovators. "

" The Lean Startup process builds new ventures more efficiently. It has three parts: a business model canvas to frame hypotheses, customer development to get out of the building to test those hypotheses, and agile engineering to build minimum viable products. "

" Companies that get started and built in New York City tend to be applied technology. "

" While 'The Owner's Manual' is not a formula for guaranteed success by any means, we're confident it will help reduce the failure rate of most startups that use our Customer Development process. "

" In a web/mobile startup, coding is not an outsourced activity. It's an integral part of the company's DNA. "

" Market type determines the startup's customer feedback and acquisition activities and spending. It changes customer needs, adoption rates, product features, and positioning as well as its launch strategies, channels and activities. "

" Once you establish what activities your company needs to do, the next question is, 'How do these activities get accomplished?' i.e. what resources do I need to make the activities happen? "

" Visionary CEOs are product- and business-model-centric and extremely customer focused. "

" Long hours don't necessarily mean success. "

" Customer discovery is the process of translating a founder's vision for the company into hypotheses about each component of the business model and creating a set of experiments to test each hypothesis. "

" Startups are companies that are still in the process of searching for a business model. Ventures that are further along and executing their business models are no longer startups; they are early-stage companies. "

" VCs like acquisitions as much as IPOs because the acquiring companies often can rationalize paying large multiples over the current valuation of the startup. "

" In the past, when venture-funded startups told their investors they'd found a profitable business model, the first thing VCs would do is to start looking for an 'operating exec' - usually an MBA who would act as the designated 'adult' and take over the transition from Search to Build. "

Steve Blank

Past

Looking

" The art of entrepreneurship and the science of Customer Development is not just getting out of the building and listening to prospective customers. It's understanding who to listen to and why. "

" It typically takes multiple iterations and pivots to find product/market fit - the match between what you're building and who will buy it. "

" Products are sold because they solve a problem or fill a need. Understanding problems and needs involves understanding customers and what makes them tick. "

" Everyone on the founding team ought to invest the time in a coding bootcamp. "