I spend a lot of time at the intersection of “business modeling” and “lean startup” and have been looking for the right label to describe this type of work. It’s not enough to simply call it one or the other.
Business modeling helps deconstruct big ideas into their component pieces, while lean startup techniques help test those component pieces through experiments. But there is a third part to the process — a systematic framework for prioritizing which components you test first.
After much deliberation, I’ve settled on the label: “Innovation Management”.
Yes, I am aware that “innovation” is an already overloaded term and more corporate sounding than startup sounding. The other alternative I considered, “Entrepreneurial Management”, is a mouthful and I’m willing to temporarily risk losing you — provided I win you back by the end of this post.