Lean Startup Machine (LSM) returns to Chicago for the fourth time since its debut in 2010. The intensive three-day workshop, which begins on Friday, September 20, 2013, will teach entrepreneurs and innovators how to apply the Lean Startup methodology made popular by Eric Reis–entrepreneur and author of “The Lean Startup.”
The Lean Startup methodology has reached the mainstream and is transforming how companies are built and new products our launched, says Trevor Owens, founder and CEO of Lean Startup Machine.
“Our mission is to be the leading edge of this movement, educating entrepreneurs and executives around the world on how they can innovate faster, with less waste, and a greater chance of success.”
The weekend begins with entrepreneurs brainstorming ideas for launching new companies which can potentially disrupt the marketplace. Participants are advised to start from scratch as those that come in with a pre-set idea tend to perform the worst. After a series of 50-second pitches, participants organize teams around their favorite ideas. Each team targets a problem, develops a solution, and a series of assumptions which are core to the success of the business.
Unlike Startup Weekend or hackathons, which focus on building a prototype, Lean Startup Machine emphasizes validation and customer acquisition. There is no hacking or coding at Lean Startup Machine. Participants are required to leave the building and talk to prospective customers before developing a product. They are advised to validate customer pain before devising a solution, and not vice-versa. Teams are constantly testing assumptions, capturing valuable insights, and frequently pivoting as they engage with prospective customers.
The event concludes with teams pitching their solution. The winning team is selected based upon who best executes the Lean Startup process and achieves the greatest amount of validation, not necessarily the most attractive idea or investment opportunity.
This year’s workshop will be held at the Inspire Business Center on West Jackson Boulevard. Since its inception in 2010, Lean Startup Machine has facilitated the launching of over 1000 startups. The company has already hosted 49 workshops in 2013. With 400 million entrepreneurs in the world, Lean Startup Machine has a lot of educating to do, and that number is expected to hit one billion by 2020. ❒