Omar Sultan and Jacob Butters of Sultan Ventures and XLR8UH shared the benefits of the Lean Startup methodology, a principled approach to new product development during MEDB’s Business Model Canvas & Lean Startup Overview workshop on February 15th at the MEDB Malcolm Center in Kihei.
Photo by: Linn Nishikawa
The old adage, “if you build it they will come” flew out the door during Maui Economic Development Board’s “Business Model Canvas & Lean Startup Overview” workshop held on February 15th. In its place, came the advice to all entrepreneurs and small business owners, “Best to not build anything until you figure out first what your customers want.”
Such was the advice of Omar Sultan, Founder & Managing Partner of Sultan Ventures and XLR8UH, one of the workshop’s speakers who touted the many benefits of the Lean Startup methodology, a scientific approach to creating and managing startups and growing businesses.
“The Lean Startup approach encourages people to come up with their hypothesis first on what products and/or services they think their customers want,” said workshop speaker Jacob Butters, Venture Analyst for Sultan Ventures and XLR8UH. “From there, they need to test their hypothesis by speaking to others including their potential customers. Once they gather this critical input, they can then reevaluate their original hypothesis and either change or keep going to create their business model. The idea with this method is you’re constantly learning by communicating with potential customers and improving upon what you’re building.”
Butters further emphasized that the Lean Startup process is critical to establishing a strong foundation whether you’re a startup or an existing business looking to branch out or thinking about doing things differently. This method provides tools to test a vision continuously, preventing wasted money, resources and time.
During MEDB’s workshop, attendees learned about the steps in developing a new or existing business model; how to outline their firm’s or product’s value proposition, customers, and finances; and how to align and evaluate their business activities by recognizing potential tradeoffs in a much easier and effective way.
“The Business Model Canvas and Lean Startup Overview workshop provides valuable tools that will allow businesses to focus on essential building blocks to create a successful business,” observed Frank R. De Rego Jr., Director of Business Development Projects at MEDB. “This workshop was a great preparation for Startup Weekend Maui where the participants will use the business model canvas as a guide to their startup formation.”
Online registration is now available for MEDB’s Pitch Bootcamp on May 16 and the popular Startup Weekend Maui on May 19-21, 2017. For more information and to register online, visit http://bit.ly/SUWMaui17.
Startup Weekend is part of a global grass-roots movement of active and empowered entrepreneurs with various skill sets who are determined to learn the basics of founding startups and launching successful ventures.
The Startup Weekend Maui Series was sponsored by the County of Maui Mayor’s Office of Economic Development, Sultan Ventures and XLR8UH.