The Mission-Driven Venture. Lane Marc J.

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      Once the hypotheses have been identified, the founder then goes out and determines empirically whether or not he can build a sustainable business around the product or service he envisions. Fully consistent with the mission-driven entrepreneur's unwavering commitment to both transparency and accountability, would-be customers and partners are canvassed about every aspect of the business model. Their reactions help inform the founder's course corrections, or “pivots,” to assumptions that will then be revised accordingly and presented in their new form for customers and partners to consider. While never forsaking research and analysis, the founder repeats the cycle as necessary – building, measuring, and learning – until consensus is reached. The idea is to validate customer interest in a “minimum viable product” (MVP) with just enough features to see whether it will work in the real world without the expense of building a “finished” product from scratch. The MVP is the right-sized product for the entrepreneur and his customer, big enough to invite customer adoption, satisfaction, and sales, but not so big as to be bloated and risky.

      While traditional startups implement systematic business plans, lean startups are hypothesis-driven quests for the optimal business model. While traditional startups introduce products into the marketplace only after a step-by-step product development process is concluded, the lean startup – through the very process of testing hypotheses – is designing its product. Lean startups enlist early adopters, add employees as hypotheses are refined, and already have customers in place by the time their product is ready for wide distribution. This “hit the ground running” approach is likely to help the mission-driven entrepreneur innovate rapidly and eventually to transform business as we know it.

      Maximizing the Prospects of Financial Success and Meaningful Social Impact

      Still, those who contemplate launching a mission-driven venture face unique challenges and must take extra care to avoid a misstep, or even a calamity, and maximize the prospects of both financial success and meaningful social impact.