Lean Startup Company helps entrepreneurs and innovators build better products through the Lean Startup methodology and modern management techniques.
Lean Startup Week is a seven-day immersion into Lean Startup methodology led by star practitioners in big companies and hot startups from around the world.
On Oct. 31st, Hemant Elhence, CEO, Synerzip, attended the Lean Startup Conference with thousands of thought leaders and avid community members. It was a week of keynote talks, interactive workshops, speed mentoring, industry dinners, bootcamps, and startup tours at the scenic edge of San Francisco. The conference is unique in that it unites entrepreneurs and intrapreneurs from government agencies, international corporations, boot-strapped startups, and civic organizations in their mission to create radical change in their industries.
Hemant shares his top 10 take-aways from this year’s conference.
1. The Lean Startup framework is a management framework (Operating System), not just for building products. It is the most efficient operating system for achieving Product X Market fit. Customer = Ultimate Truth.
2. Every large company wants “Startup DNA” inside them. Increasing trend of company-wide adoption of Lean Startup by large companies, e.g. GE, Intuit, IBM, etc.
- Apply Lean Startup to those parts of business, which are riskier and disruptive, for rest of the core business, continue to follow traditional methods.
- Create an “internal VC” mechanism to fund larger number of small bets, and follow-up Lean Startup approach to iterate.
3. “The Lean Startup Way” is the mindset – the way people think and the way they act. It is not about the tools and the processes, but about people and culture. “You can’t fake culture, and sure as hell you can’t buy it.” For an organization, folklore & stories are much more effective way to articulate their culture than words and phrases.
4. Key differences in Lean Startup mindset (= Responsive) organizations vs. old school (= Industrial) organizations. They value,
- Learning (in Responsive orgs) over Efficiency (in Industrial orgs)
- Network over Control
- Principles over Process & Structure
- Iteration over Stability
- Harness Tension over Minimize Tension
- Leaders as Model over Leaders as Guides
5. Four principles for scaling Lean Startup in the organization.
- Customer Value = Business Value
- Value learning over delivering
- Radical transparency (i.e. access to real customer) in all things
- Humility (i.e. continuous learning) in all things
6. Diversity and distributed teams are the norm.
- Great talent is distributed worldwide, but opportunities are not. Hire the best people, anywhere in the world.
- Embrace broad range of diversity – skills, gender, race, etc.
7. While mission and social impact orientation is popular among millennial entrepreneurs, they should not confuse their objective to build profitable business.
- Successful entrepreneurs first made billions (for themselves and their investors) and then gave it away to philanthropic missions, e.g. Gates Foundation, Chan Zuckerberg Initiative, etc.
- Learning to make money is itself an important build-measure-learn loop that entrepreneurs need to practice and get good at it. Avoid or postpone external capital infusion as much as you can.
- For a business, profit = air, water, food. Profit allows a business to survive.
- Seek VC capital, only if you venture can increase 10x in value in 7 years.
8. To encourage and facilitate innovation at grassroots level in a company, need following five conditions:
- Leadership support
- Allowed free time (in regular work week)
- Open collaboration (across organizational boundaries)
- Experimentation culture
9. According to Steve Case (his recent book The Third Wave) we’re at the dawn of the next technological revolution unlike anything we’ve seen before—the Third Wave of the internet— that will transform the economy and the way we live our lives. First wave of internet was in mid 90s, with internet adoption, second was in 2000s with proliferation of apps (App Economy), and now we are at the dawn of 3rd wave – a period in which entrepreneurs will vastly transform major “real world” sectors like health, education, transportation, energy, and food—and in the process change the way we live our daily lives. The 3rd wave is more global (first two were more US/Silicon Valley centric).
10. Stay tuned to hear more on Eric Ries’ Long Term Stock Exchange (LTSE) idea in the works. LTSE promises to address the problems with short-term thinking that has been driven by capital markets, including Wall Street and others.
“Synerzip team is very responsive & quick to adopt new technologies. Team naturally follows best practices, does peer reviews and delivers quality output, thus exceeding client expectations.”
“Synerzip’s agile processes & daily scrums were very valuable, made communication & time zone issues work out successfully.”
“Synerzip’s flexible and responsible team grew to be an extension to the StepOne team. Typical concerns of time zone issues did not exist with Synerzip team.”
“Synerzip worked in perfect textbook Agile fashion – releasing working demos every two weeks. Though aggressive schedules, Synerzip was able to deliver a working product in 90 days, which helped Zimbra stand by their commitment to their customers.”
“Outstanding product delivery and exceptional project management, comes from DNA of Synerzip.”
“Studer product has practically taken a 180% turn from what it was, before Synerzip came in. Synerzip cost is very reasonable as compared to the work they do.”
“Synerzip makes the timezone differences work FOR the customer, enabling a positive experience for us. ‘Seeing is believing’, so we decided to give it a shot and the project was very successful.”
“The Synerzip team seamlessly integrates with our team. We started seeing results within the first sprint. And due to the team’s responsiveness, we were able to get our product to the sales cycle within 7 months.”
“Product management team from Synerzip is exceptional and has a clear understanding of Studer’s needs. Synerzip team gives consistent performance and never misses a deadline.”
“Synerzip is different because of the quality of their leadership, efficient team and clearly set methodologies. Studer gets high level of confidence from Synerzip along with significant cost advantage of almost 50%”
“Synerzip’s hiring approach and practices are worth applauding. Working with Synerzip is like
“What you see is what you get”.”
“Synerzip has dedicated experts for every area. Synerzip helped Tangoe save a lot of cost, still giving a very high quality product.”
“Synerzip gives tremendous cost advantage in terms of hiring and growing the team to be productive verses a readymade team. Synerzip is one company that delivers “co –development” to the core!”
“Synerzip is a great company to work with. Good leadership and a warm, welcoming attitude of the team are additional plus points.”
“Our relationship with Synerzip is very collaborative, and they are our true partners as our values match with theirs.”
“Synerzip has proven to be a great software product co-development partner. It is a leader because of its great culture, its history, and its employee retention policies. ExamSoft’s clients are happy with the product, and that’s how ExamSoft measures that all is going well.”
“They possess a great technical acumen with a burning desire to solve problems. The team always takes the initiative and ownership in all the processes they follow. Synerzip has played a vital role in our scaling up and was a perfect partner in cost, efficiency, and schedules.”
“As we are a startup, things change on a weekly basis, but Synerzip team has been flexible in adapting the same”
“Synerzip team has been very proactive in building the best quality software, bringing in best practices, and cutting edge innovation for our company.”
“We’ve been working for more than six years with Synerzip and its one of the better, if not the best, experience I’ve had working with an outsourcing company.”
“My experience with Synerzip is that they have the talent. You throw a problem at them, and someone from that team helps to solve the issue.”
“The breadth and depth of technical abilities that Synerzip brings on the table and the UX work done by them for this project exceeded my expectations!”
“Synerzip UX designers very closely represent their counterparts in the US in terms of their practice, how they tackle problems, and how they evangelize the value of UX.”
“Synerzip team understood the requirements well and documented them to make sure they understood them rightly.”
“Synerzip is definitely not a typical offshore company. Synerzip team is incredibly communicative, agile, and delivers on its commitments.”
“Working with Synerzip helped us accelerate our roadmap in ways we never thought possible!”
“While working with Synerzip, I get a feeling of working with a huge community of resources, who can jump in with the skills as needed.”