Ola Sundell, CEO of Hub Helsinki, introduced lean startup practices for SID students in November 2013 and gave a few hands-on tips and advices on how to increase your odds on building a successful business. Ola Sundell’s message for startup entrepreneurs was to build the minimum to learn the maximum and hit the markets as early as possible. This can be achieved by following Lean thinking and Lean startup practices.
Ola Sundell explained to us that on today’s markets good ideas alone don’t matter anymore. It’s all about creating value for your customers by solving their problems. If you want to be a successful startup you have to concentrate on entering the markets fast and finding your customers.
“If there aren’t a market for you, you have to fail. And you have to fail fast!”
– Ola Sundell
The term lean was first introduced by a research team headed by Jim Womack, Ph.D., at MIT’s International Motor Vehicle Program to describe Toyota’s business during the late 1980s. Toyota’s production system (TPS) is well-known for its focus on reduction of the original Toyota “seven wastes” to improve overall customer value. Since the lean thinking is based on lean manner of manufacturing has caused some to think that lean thinking can’t be utilized with product or service development but isn’t true. Lean thinking can be adopted into any type of business or process.