Steve Blank Podcast
Summary: Steve Blank, eight-time entrepreneur and now a business school professor at Stanford, Columbia and Berkeley, shares his hard-won wisdom as he pioneers entrepreneurship as a management science, combining Customer Development, Business Model Design and Agile Development. The conclusion? Startups are simply not small versions of large companies! Startups are actually temporary organizations designed to search for a scalable and repeatable business model.
The landscape for how to turn life science and health care technologies into viable companies has changed more in the last 3 years than in the last 30. New approaches to translational medicine have emerged. Our Lean Launchpad® for Life Sciences is one of them. But a new class of life science/healthcare co-working and collaboration space is another.
Getting out of the building…by staying in the building!
Over the last three years the National Science Foundation I-Corps has taught over 700 teams of scientists how to commercialize their technology and how to fail less, increasing their odds for commercial success.
I-Corps at the NIH: Evidence-based Translational Medicine
The University of Maryland is now integrating the Lean LaunchPad® into standard innovation and entrepreneurship courses across all 12 colleges within the University. Over 44 classes have embedded the business model canvas and/or Customer Discovery including a year-long course taken by every single one of its bioengineering majors. It’s made a big bang.
The Big Bang. The Lean LaunchPad explodes at University of Maryland
NYU has adopted the Lean LaunchPad® class as a standard entrepreneurship course across twelve different schools/colleges within the University. Over 1,000 students a year are learning lean startup concepts. Impact!
Impact! NYU Scales the Lean LaunchPad
In the 20th century corporate skunk works were used to develop disruptive innovation separate from the rest of the company. They were the hallmark of innovative corporations. By the middle of the 21st century the only companies with skunk works will be the ones that have failed to master continuous innovation. Skunk works will be the signposts of companies that will be left behind.
Entrepreneurship is everywhere, but everywhere isn’t a level playing field. What’s the playbook for your region or country to make it so? Scalable startups are on a trajectory for a billion dollar market cap. They grow into companies that define an industry and create jobs. Not all start ups want to go in that direction – some will opt instead to become a small business. There’s nothing wrong with a business that supports you and perhaps an extended family. But if you want to build a scalable startup you need to be asking how you can you get enough customers/users/payers to build a business that can grow revenues past several $100M/year.
Product/Market fit now has its own book. Alexander Osterwalder wrote it. Buy it.
The Business Model Canvas Gets Even Better – Value Proposition Design
One of the great things about teaching is that while some students pass by like mist in the night others remain connected forever. I get to watch them grow into their careers and cheer them on. Its been three and a half years since I first designed and taught the Lean LaunchPad class and lots of water has gone under the bridge since then. I’ve taught hundreds of teams, the National Science Foundation Innovation Corps has taught close to 400 teams led by our nations top scientists, and the class is being taught around the world.
Watching My Students Grow
In Oracle’s early days Kathryn Gould was the founding VP of Marketing, working there from 1982 to 1984. When I heard that Larry Ellison was stepping down as Oracle’s CEO I asked Kathryn to think about the skills she saw in a young Larry Ellison that might make today’s founders winners.