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Ann Miura-Ko: Running Out of Iterations

Name: Ann Miura-Ko: Running Out of Iterations
Uploaded: 2010-11-23T22:54:51+00:00
Duration: 1 min 16 s
Channel: GHION.AI
Description: In this talk, Ann Miura-Ko explains how the democratization of innovation is driven by three pillars, focusing on the third: the lean‑startup process…

23 Nov 2010 · 1 min

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1:16

In this talk, Ann Miura-Ko explains how the democratization of innovation is driven by three pillars, focusing on the third: the lean‑startup process popularized by Steve Blank and Eric Ries. She describes how combining customer development, agile programming, and rapid iteration lets entrepreneurs experiment quickly. The key insight is that a startup’s limiting resource is not cash but the number of iterations it can run. By squeezing more iterations out of the same capital, founders can extend their runway without taking additional funding or diluting ownership.

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The third pillar of the democratization of innovation comes from the fact that we have now a really nice process because of Steve Blank and Eric Ries for lean startups, right? And this process has been talked about quite a lot over the last couple of years. But this notion of customer development and agile programming and how you put it together to create really rapid iteration. The reason why that's really important is that it enables you to experiment effectively and very quickly. And what that's meant for the entrepreneur is that if you raise X number of dollars, that X number of dollars goes a little bit further. Because it's not that you're running out of cash when you're an entrepreneur. You've run out of iterations. And that's a really important point to recognize. If you run out of iterations, you don't have any hope anymore. But if you are able to do a few more iterations with the same amount of cash, you've extended your runway without taking additional dilution. You've extended your runway without having to take additional cash.