Here's 3 vital ways to accelerate your startup's start up

The term “lean startup” was coined by entrepreneur Eric Ries in 2008 to describe low-burn and lean-thinking companies.

Since then, it’s gained a lot of popularity among entrepreneurs, particularly with web-app entrepreneur Ash Maurya who has since become a recognised startup thought leader in Silicon Valley, and well-known for his book “Running Lean”.

For the first time, Maurya is partnering with an accelerator outside of the US, and has chosen Australian startup Slingshot as the first business to expand his Bootstart program internationally.

Slingshot will also use the Bootstart content to provide participants with robust business models that are scalable, as well as leveraging its own resources to refine business models, marketing strategies and customer acquisition before pitching to secure additional capital for growth.

“We are looking to deliver the best accelerator program in Australia and the content from Ash Maurya allows us to offer our participants something that is globally recognisable but more importantly a proven curriculum that has been rigorously tested,” Slingshot co-founder Craig Lambert said.

Business Insider asked Lambert what the three biggest lessons entrepreneurs would learn during his eight-week program were.

Here’s what he said.

1. Clarity

“Entrepreneurs can discover whether their idea is worth pursuing. Many ideas, whilst they might be good ideas, do not translate into viable businesses.”

2. Finding the right plan for your business.

“How to identify a viable business model, because without this, you can’t create a business.

“We help identify appropriate customer segments, define the value proposition, differentiate between customers, suppliers and partners and break down the costs and revenues of the business.”

3. Discovering your Minimum Viable Product

“Learn step by step how to plan and implement the creation of a Minimum Viable Product. This is a crucial step and involves price testing, offer creation and rapid prototyping.”

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