Eric Ries is the creator of the Lean Startup methodology, author of the New York Times bestseller The Lean Startup, and founder of the Long-Term Stock Exchange (LTSE). He’s also a multi-time founder and currently advises startups, VC firms, and larger companies on business and product strategy. In today’s episode, we discuss:
• The current state of the Lean Startup methodology
• Common misconceptions about the Lean Startup methodology
• Understanding how to actually think about MVPs (minimum viable products)
• When to pivot and when to stay the course
• Thoughts on AI and how to deal with uncertainty
• How to structure your company around core values and create products that benefit humanity
• The philosophy behind Eric’s current big idea: the Long-Term Stock Exchange
• Much more
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In this episode, we cover:
(00:00) Eric’s background
(04:46) Eric’s recent activities and projects
(06:23) Eric’s start in advising and first-principles thinking
(10:56) Lessons from designing the Lean Startup process
(14:04) The current state of lean startup methodology
(22:33) Common misconceptions about the methodology
(24:28) Changes Eric would make in an updated version of Lean Startup
(27:52) An explanation of minimum viable product (MVP) and why Eric still stands by the process
(37:36) An example of “Less is more”
(41:24) More on MVPs and the importance of testing your hypotheses
(41:24) How LTSE had to pivot after a partnership fell apart
(48:37) Eric’s take on the concept of craft
(53:36) Why getting fired for standing by your conviction can be a career accelerator
(55:17) Tech’s mental health crisis
(56:28) Advice for founders stuck in a “zombie company”
(1:00:16) How continuous pivots shape a company’s vision, with a real-life story
(1:08:20) Challenges in assessing companies from an external perspective
(1:13:17) Practical advice for businesses considering a pivot
(1:18:42) The impact of artificial intelligence
(1:26:59) The current capabilities of ChatGPT and its potential use as an equalizer in the marketplace
(1:31:26) Eric’s current work with founders on human flourishing
(1:42:40) Advice for founders who want to build ethical companies
(1:49:37) Examples of first-principles thinking
(1:53:42) Why shareholder primacy theory is wrong
(1:55:19) The “spiritual holding company”
(1:58:12) Lightning round
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Lenny may be an investor in the companies discussed.
