![\"lean](\"https:\/\/railsware.com\/blog\/wp-content\/uploads\/2019\/02\/5LeanCanvas-illustration.jpg\")
<\/figure>\n\n\n\nThe lean methodology, known for the introduction of different product management tools like lean canvas (designed by Ash Maurya, based on the Business Model Canvas designed by Alex Osterwalder, Strategyzer.com<\/a>, licensed under CC BY SA 3.0.) example, became popular after these mentioned giants were already well on their way to success. And, it\u2019s most likely that their stories formed the backbone of this advanced mindset.<\/p>\n\n\n\n To some extent, the lean startup methodology was born from the ashes of the dot-com crash at the turn of the century. The irrational exuberance as Alan Greenspan named it led to the explosion of IPO prices and subsequent growth of trading prices. Around the turn of the millennium, the frenzy phase was replaced by the burning up phase during which the dot-com companies began to run out of cash rapidly.<\/p>\n\n\n\n As a result, many of them went bankrupt, and the aftermath affected various supporting industries like advertising. The bubble burst and caused a nuclear winter for startup capital – angel and venture capital investments almost disappeared.<\/p>\n\n\n\n There emerged a need for an advanced methodology that would allow entrepreneurs to survive in the age of risk capital deficit. The former approach of \u201cbuild first and wait for customers\u201d had outlived its usefulness. Now, startup founders had to adapt to a new concept, based on the principle \u201cbuild what customers want\u201d and, most importantly thing, don\u2019t rack up large costs for early changes in the pipeline.<\/p>\n\n\n\n The lean startup was a breath of fresh air. Though the name of this innovative approach was eternalized by Eric Ries in his book of the same name, he was not the only trailblazer. Steve Blank, Ian MacMillan, and others contributed to the invention of a new language that modern startups can speak.<\/p>\n\n\n\n Lean is an agile development methodology<\/a><\/strong>, where you need to shape a hypothesis about your product\/business first and then validate it with customers in service. For example, you build a minimum viable product, an iterative prototype of the would-be functional solution, and make it available for real customers to get their feedback. If it\u2019s negative, you have not failed. You can pivot and correct the course of your idea, or change the business model. At the same time, the methodology provides numerous tools for effective strategic management<\/a>, in which canvases play a significant role.<\/p>\n\n\n\n Ash Maurya\u2019s brainchild, lean canvas, is a revamped business model canvas<\/a> ( designed by Alex Osterwalder, Strategyzer.com<\/a>, licensed under CC BY SA 3.0.), which allows you to investigate business vistas using the problem-solution approach. This improved canvas was perfect for startups. It dovetails nicely with the lean methodology<\/a> and lets you understand your customers\u2019 needs, focus on actionable metrics and deliver a rapid idea-to-product transformation. The rise of the lean startup<\/h2>\n\n\n\n
What is a lean canvas?<\/h2>\n\n\n\n
Once your lean canvas clarifies your value proposition and business model, your strategy to investors becomes much easier with tools that help you structure your ideas into a compelling narrative, like Flipsnack pitch deck maker <\/a>or others.
If you are curious about its practical use, check this video<\/a> explaining how to work with the tool through the example of Uber. As you build your lean canvas and develop your startup idea, remember that a well-designed presentation can help convey your strategy clearly. If you\u2019re in need of high-quality visuals, you can always create custom PowerPoint slides<\/a> to ensure your pitch stands out.<\/p>\n\n\n\n