Application of lean startup principles to a traditional retail platform

Abstract

Startups are mushrooming all across the world. There are a number of startups in almost every industry, especially in contemporary ones such as technology and telecom. Smaller and Lean companies are giving established organizations a run for their money. In such an ecosystem the need for getting a satiating product to market before the competition does is crucial. The startup environment as it exists today has given rise to a number of contemporary principles of management. One such principle is the Lean Startup methodology, which provides for a scientific approach to creating startups and methods to get a product to the customer s hands faster. Most startups begin with an idea for a product, spending months or years perfecting it without ever showing the product to the prospective customer. When they fail it s often because they never demonstrated the product to prospective customers and determined whether or not the product was interesting. Hence, when we decided to start a company of our own wetook a conscious decision of following Lean Startup principles. Fabvia, the online street, seeks to integrate offline retail stores into a single platform. The value proposition of the startup is to allow people who live away from the central business district of the city an opportunity to shop at their favorite store.