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Entrepreneur Eric Ries coined the term "lean start-up" to describe organizations that follow the principles of hypothesis-driven entrepreneurship. In these ventures, entrepreneurs use experimentation: first, translating their vision into a business model hypotheses, then testing the hypotheses using a series of minimum viable products (MVPs), each of which represent the smallest set of features or activities needed to validate a concept. Founders of a lean start-up also know that time counts among their scarcest resources. Put simply: speed matters. Like lean manufacturing, the lean start-up method accelerates the tempo of innovation by using rapid iteration, small batches, and short cycle times. Experimenting in the Entrepreneurial Venture begins by contrasting the hypothesis-driven entrepreneurship approach with other methods. The Reading also explains, step-by-step, how to formulate business model hypotheses, test them, and act on the test feedback. In the final section, the Reading considers what settings are best suited for hypothesis-driven entrepreneurship. The Reading also includes a section on special topics, a glossary of key terms, and suggestions for cases and articles for further reading.

Describes the role of business development (BD) managers in technology companies, detailing the following: 1) BD managers' key responsibilities at each step in the process of creating a partnership agreement, 2) how the nature of the BD function evolves as a technology startup matures, and 3) the attributes of effective BD managers.

Firms that follow a hypothesis-driven approach to evaluating entrepreneurial opportunity are called "lean startups." Entrepreneurs in these startups translate their vision into falsifiable business model hypotheses, then test the hypotheses using a series of "minimum viable products," each of which represents the smallest set of features/activities needed to rigorously validate a concept. Based on test feedback, entrepreneurs must then decide whether to persevere with their business model, "pivot" by changing some model elements, or abandon the startup. This note describes, step-by-step, how to follow the hypothesis-driven approach when evaluating entrepreneurial opportunity; explains how the approach mitigates cognitive biases that otherwise can contribute to poor decisions; and considers conditions that are best suited for lean startup methods.