The Institution Innovation Council of PiMSR organised a session on Lean Start-up on Friday, 16th August, 2024 for the management students pursuing PDDM. The session was conducted by Ms. Tanvi Dandawate Auti, Managing director of Dhruv consultancy Service. The session was a part of the Leadership and Entrepreneurship Series by the Business Leadership League titled Fuelling Ambitions, Shaping Futures. The objective of the session was to educate students on creating a product in a way that minimizes waste and reduces risk. Ms. Auti began the session by sharing her journey from an engineer to joining the family business. Her key learning there was that good decisions made by you will give you success, but bad decisions will give you experience.
The Lean Startup is a method for building businesses developed by Eric Ries. It focuses on creating a product in a way that minimizes waste and reduces risk. Instead of spending a lot of time and money developing a full product, startups start with a Minimum Viable Product (MVP). This is a basic version of the product that can be tested with real customers. By gathering feedback from these early users, startups can quickly learn what works and what doesn’t. This allows them to make changes, or “pivot,” before investing too much. The goal is to find the best path to success while using fewer resources and making decisions based on actual customer feedback. The Lean Startup method helps entrepreneurs build products that people really want, faster and with less waste. 68 students, four faculty members and 4 external guest faculty were present for the event. The benefit of the session was that students understood the concept of Lean Startup. The sessions were followed with a panel discussion.
