by Daniel Dolan, BSc, MBA,
CIO Practice Partner
C-Level Executive Solutions has captured the components of the Lean Startup Model for business ventures that are being taught within the Canadian and US business schools, as well as most of the local incubators and accelerators in Atlantic Canada. We would like to share these techniques with the members of the Halifax Chamber of Commerce as they are applicable to grow your existing small to medium sized business. Once the Chamber members understand the process they can then begin working towards applying the techniques and following the path to overcome current obstacles that maybe hindering your journey towards achieving your financial and business objectives.
C-Level Executive Solutions is itself a new startup company, and is composed of a group of individuals that have come from large organizations and have held senior CXO executive level positions across the major functional areas of business. While doing research on the market dynamics within the Atlantic Provinces the company identified a significant opportunity to provide our experience and know how to assist new and existing companies as they progress through the various stages of their lifecycle, which should increase their success rate over a shorter period of time.
The market research indicates that 80-90% of startup companies fail within the first three years of their existence. This failure rate has a significant financial impact on the startup entrepreneurs, and the investment community. However there is a new startup methodology / process that has its roots in Silicon Valley, and is being taught at the tier 1 business schools within North America. This technique is called the LEAN Startup Model, and this model can be taught to entrepreneurs and then when successfully applied it increases their probability to accelerate their business growth. The model is targeted at launching all types of business ventures, and it is structured in a step-by-step process starting with creating a Business Canvas Model that generates a series of hypothesis or assumptions that are captured on the canvas and validated through a rigorous business planning cycle. In addition, there is a Value Proposition Canvas, that utilizes customer interview and market research techniques to identify customer problems (pain points), that then become the basis to develop a product or services that could resolve the problem. Using Lean Agile Development techniques a Minimum Viable Product (MVP) is created, and vetted with your targeted customer base. This cycle is repeated until you have a product or service that is generating revenue from your selected customers and your business has reached a critical crossover point, which is Product/Market Fit. If your business canvas model or value proposition assumptions prove to be incorrect and you are underachieving against your targets then you quickly Pivot and pursue a different opportunity. If you are on target, then with dedicated focus and effort, you can start to scale up, and your business growth and profitability is right around the corner.
These Lean Startup Model techniques that are being taught to potential entrepreneurs are applicable to any type or size of business.
About the Author: Dan Dolan, BSc, MBA
Dan Dolan is the Practice Partner for Information Technology and the head of our group of CIOs at C-Level Executive Solutions. Dan has extensive experience working in IT and has worked for large family organizations such as McCains and the Irvings.
Learn more about Dan by viewing his Executive Profile.