Nothing is less productive than to make more efficient what should not be done at all.” ~ Peter Drucker
We provide strategic insights to help you make the right set integrated set of choices that uniquely positions your firm in its industry to create sustainable advantage and superior value relative to the competition.
Don’t Let Strategy Become Planning
I must have heard the words “we need to create a strategic plan” at least an order of magnitude more times than I have heard “we need to create a strategy.” This is because most people see strategy as an exercise in producing a planning document. In this conception, strategy is manifested as a long list of initiatives with timeframes associated and resources assigned.
Somewhat intriguingly, at least to me, the initiatives are themselves often called “strategies.” That is, each different initiative is a strategy and the plan is an organized list of the strategies. — Roger Martin, former Dean of Rotman Business School
Strategy is not planning. There is one strategy for a given business. It is the integrated set of choices that collectively position you to make to deliver superior results. Before you start on planning, initiatives, investments, and budgeting focus on strategy. It makes these initiatives coherent. Our governance alignment program provides the tools you need to achieve your strategy,
Ultimately, strategy about is about making specific choices to win in the marketplace, including the choice to create a discipline of strategic thinking and strategic practice within your organization. Our approach is effective in all manner of industries and all sizes of organizations, including start-ups, not-for-profits, and government agencies.
Strategy means deliberately choosing a different set of activities to deliver a unique mix of value. — Michael Porter
It is the integrated set of choices that uniquely positions the firm in its industry so as to create sustainable advantage and superior value relative to the competition.
Ineffective leaders
Mission and vision statements are elements of strategy, but they aren’t enough. They offer no guide to productive action and no clear roadmap to the desired future. They don’t include choices about what businesses to be in and not to be in. There’s no focus on sustainable competitive advantage or the building blocks of value creation.
Plans and tactics are also elements of strategy, but they aren’t enough either. A detailed plan that specifies what the firm will do (and when) does not imply that the things it will do add up to sustainable competitive advantage.
The world is changing so quickly, some leaders argue, that it’s impossible to think about strategy in advance and that, instead, a firm should respond to new threats and opportunities as they emerge. An emergent strategy has become the battle cry of many technology firms and startups, which do indeed face a rapidly changing marketplace. Unfortunately, such an approach places a company in a reactive mode, making it easy prey for more-strategic rivals. Not only is strategy possible in times of tumultuous change, but it can be a competitive advantage and a source of significant value creation. Is Apple disinclined to think about strategy? Is Google? Is Microsoft?
Many leaders try to optimize what they are already doing in their current business. They create efficiency and drive some value. But it isn’t strategy. The optimization of current practices does not address the genuine possibility that the firm could be exhausting its assets and resources by optimizing the wrong activities, while more strategic competitors pass it by. Think of legacy airlines optimizing their spoke-and-hub models while Southwest Airlines created a transformative new point-to-point business model. Optimization has a place in business, but it isn’t strategy.
Every industry has tools and practices that become widespread and generic. Some organizations define strategy as benchmarking against competition and then doing the same set of activities but more effectively. Sameness isn’t strategy. It is a recipe for mediocrity.
Play to Win
Roger Martin, in his book Playing to Win, states that making choices is hard work, and it doesn’t always fit with all the other work to be done. In our view, far too few companies have a clear, choiceful, and compelling winning strategy in place.
Too often, CEOs, in particular, will allow what is urgent to crowd out what is really important. When an organizational bias for action drives doing, often thinking falls by the wayside. Instead of working to develop a winning strategy, many leaders tend to approach strategy in one of the following ineffective ways:
Innovation
Innovation is critical to growth, mainly as the speed of business cycles continues to increase. Most companies understand the importance of change but fall short when it comes to execution.
Creativity plus delivery equals innovation We help you transform your innovation performance by focusing on four requirements for innovating: strategy, ideas, execution, and organizational alignment.
Profitable innovation
Innovation depends in part on your ability to get valuable ideas into your pipeline. We help you identify the areas of your business that are ripe for innovation and find insights in those areas. We then support you in rapid prototyping and business-case development to build those ideas quickly into profitable businesses. We also help you reap the benefits of "open innovation," positioning you to look beyond your boundaries to gain access to ideas, knowledge, and technology that add to the value of your resources.
Leadership starts with good governance
We inspire and develop leaders to find and achieve the strategy for long-term success. We support leaders through coaching, providing advanced tools and connecting them with services for strategic execution.
Leadership starts with the board working with management to develop the strategy — what to change → what to change to. This takes generative thinking to understand the current realities and what is possible. Then the board and management must have the courage to support change and strategically allocate resources to achieve the change.
First of all, entrepreneurial leadership is a primary force behind successful change. Moreover, wealth-building, entrepreneurial leaders are not merely "executing better" – they're radically changing the rules of the success game in the workplace. For the entrepreneurial leader, creativity is a continuous activity … always seeing new ways of doing things with little concern for how difficult they might be or whether the resources are available.
Organizations make strategy harder than it needs to be
The three biggest problems are:
- Organizations focus on the tools: environmental scans, SWOT analyses, customer analyses, competitor analyses, financial modelling, and so on.
- Leaders think it’s all about the broad, conceptual, future-oriented, big picture stuff — not to be confused with tactics.
- Executives think that strategy is what happens when we think about changing directions.
You can’t do a satisfactory job with your analysis alone, or your big picture alone, or your changes alone. You must do a bit of work on all of them. That’s a lot easier than it sounds.
Our preferred approach is to treat strategy-making as developing a set of answers to six interlinked questions. The questions cascade logically from the first to the last.
- What are our broad aspirations?
- How will we measure success?
- Where will play?
- How will we win?
- What capabilities must be in place?
- What management systems are required?
Our approach makes strategy easier and more meaningful. It saves you from endless visioning exercises, misdirected SWOT analyses, and lots of uninformed big thinking. We help you in crafting your strategy in concrete chunks through iteration of the answers to the five questions through. The result is that you get a better strategy that you can carry out, with much less pain and wasted time.
Innovation increasingly crucial for long-term business survival
Despite innovation frequently being seen as integral to the survival of businesses, it remains relatively difficult to achieve. A new report from PA Consulting Group, titled ‘Innovation Matters’, explores the importance of innovation to businesses and looks into the current approaches used by organizations to embrace innovative products, services and ways of working. Considers critical areas in which innovative leaders set themselves out from the pack. Our post Innovation increasingly important for long-term business survival — Consultancy.uk summarizes the key highlights of the report.
Innovating in today's environment requires vision and resilience. Most leaders know innovation is essential for long-term survival but struggle with forces that can stop innovation becoming a reality in their organizations. So, how can you:
- Maintain your belief that innovation can transform your business?
- Did battle learn behaviour and institutional inertia?
Our approach to achieving strategy helps you every step of the way.
Advanced analytics give leaders an edge
Leaders have useful governance models to keep their programs on track. They use available data and apply advanced analytics to meet their goals. Leaders access available data and do not dwell on the gaps. Their focus is on the data needed to advance an opportunity or solve a problem. Strategic leaders focus on using the right platforms to make sure the right analytics are available for their decision-making.
We help you understand how to use data to make sure you are executing strategically. Our Goal Alignment Program provides detailed operating plans and the right allocation of resources to achieve your vision.
We help you put your insights to work and alter structure and business processes as needed. Your operating environment becomes a learning lab.
We transfer knowledge and state of the art tools
We help you:
- strengthen governance
- develop and monitor strategic execution
- realign the organization
- achieve operational excellence
- find and develop exceptional leaders to support your efforts
- manage risks
- make sure all anomalies in financial reports are known and understood
Especially relevant is that we have expertise within the private, utilities, non-profit and professional regulation sectors.
Success requires a relentlessly driving strategy. Achieving strategy is difficult. It is a continuous activity … always seeing new ways of doing things to fulfill your vision.
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Technology — Creating a Remarkably Safe Robot-Human Workplace
Agile Leadership is a leadership style where the leader values the need to adapt to constantly changing conditions, with the ability to embrace new effective behaviors based on new requirements and the challenges of a chaotic, even volatile marketplace driving a magnitude of change, with the potential to confound by it daunting complexity and uncertainty.
Agile leaders (“We need Learning Leaders who have the ability to stay flexible, grow from mistakes, and handle a magnitude and diverse range of challenges.”)
- Agile leaders possess the ability to sense an organization’s needs for major change and responds to opportunities or obstacles through planning, swift execution without loosing momentum or alignment.
- Agile leadership is inclusive, democratic, and exhibit a greater openness to ideas and innovations. With a passion for learning, a focus on developing people, and a strong ability to define and communicate.
- The core of the Agile leadership style’s intent is not just surviving in the midst of chaos but quickly adapt and create a new future through demonstrating imaginative and insightful leadership when the status quo is challenged.
Competencies Demonstrated:
- Sustains profits — Seeking profitability and personal wealth with a keen sense of risk in order to achieve financial success.
- Seeks Innovation — Thinking expansively and demonstrating intense imaginative insight to identify wise but innovative solutions.
- Embraces Change — Being responsive and open-minded in unpredictable times with a willingness to adapt to rapid change.
- Thrives In Chaos — Enthusiastically thriving under seemingly a chaotic demand and overlapping priorities. Displaying a preference for multi-tasking.
- Focus on Results — Making personal sacrifices and expending extraordinary dedication and work ethic for one’s career.
- Drives Achievement — Desiring to achieve exceptional results under competitive scenarios for high ambition’s sake.
We off the following TOC applications:
Managing People—Winning Collaboration
Winning Collaboration builds four day-to-day management skills to get people working together in organizations facing change. Every manager and employee must be able to resolve conflicts, within and between departments and functional areas, in a win-win way that meets organizational goals. Another essential skill is in better understanding and preventing adverse effects that can occur from change—from implementing ideas that are not well enough thought through. A third skill is in being able to formulate project plans for change that incorporate significant concerns of team members and stakeholders. Finally, managers must increase their effectiveness with buy-in, meetings, and procedures. These are the skills that Winning Collaboration builds.
Sales—Selling the Compelling Marketing Offer
Compelling offers to the market do not sell themselves. To be effective, salespeople must overcome a root problem of many sales failures. This root problem is described in Neil Rackham’s book entitled SPIN Selling—the tendency to jump too quickly into solutions before the customer agrees with you about their issue. The TOC approach to sales rigorously works at overcoming the layers of resistance to change, through a formal process. Learning how to involve the customer and take a step-by-step approach, Salespeople go through extensive role plays to perfect the TOC sales skills.
The 4x4 Strategic Planning Process
This process creates a comprehensive strategy designed to meet the company’s goals. The techniques first build the commitment of all key members of the senior management team. Using Goldratt’s general analysis of each part of an organization and supply chain, the facilitator carefully translates this material to the participant organization. The first four days build, through a powerful combination of participant interaction and Goldratt lectures, a shared understanding of the cause-effect relationships across an organization. In the second 4 days, each executive defines their major problem blocking them from meeting the Viable Vision. The issues are analyzed using Theory of Constraints Thinking Process tools, and the collection of ideas that comprise the strategy is developed. The session concludes with a plan that designates the milestones necessary to accomplish the goals, the sequence, the responsibilities and estimated duration. Documentation of the entire effort, including a Critical Chain project plan, is provided.
The TOC Thinking Process and Five Focusing Steps
The TOC Thinking Process, in combination with the Five Focusing Steps, give an individual the ability to take any organization and improve it, making a significant contribution to that organization’s goals. An expert in these processes, or ‘Jonah,’ has the skill to analyze any situation and get others to buy-in to their logic. To learn and understand these processes, an individual must apply them with success to their organization or client. Furthermore, to avoid re-inventing the wheel, these methods should be used in conjunction with the applications of TOC already invented in the areas described above and below (i.e., production and distribution logistics, etc.). In a Viable Vision effort, these processes are used to deal with issues that do not have generic solutions. In most implementations, it is normal for such problems to arise.
The “Mafia” Offer
As Goldratt explains, Marketing is bringing the ducks to desire the corn in your field. In fact, if marketing is doing their job, the ducks should be sitting in your area with glue on their feet. Sales’ job is to shoot the sitting ducks. To create such a compelling offer to the market, Marketing people must analyze the undesirable effects that customers experience, NOT WITH YOUR COMPANY, but rather with the entire industry. The proposal is based upon overcoming industry-wide adverse effects. Such a scheme is never based on price reductions or inherent product modifications. The solution is intended to give a minimum two-year competitive advantage. It documents the components to enable salespeople to effectively overcome the layers of resistance to change in selling the solution to the market.
Throughput Accounting and Metrics
One of the keys to embedding new, positive behavior into an organization lies with financial reporting and measurements. A good measurement system must give every individual the tools to make correct, real-time decisions. Also, individuals must have simple, clear reports and information that show them the impact of their decisions on the goals of the company. TOC’s Throughput Accounting approach to achieving proper metrics and reporting does not replace existing accounting systems.
- Traditional systems are still used for external reporting.
- Throughput Accounting is used to help managers make better holistic decisions.
The primary metrics include the impact of any decision on Throughput, Investment, and Operating Expenses. Supply Chain metrics include Throughput Value Days and Inventory Value Days.
Information Technology—Necessary But Not Sufficient
Many companies made an enormous investment in technology over the past few years. How many CEOs have you heard bragging about their fantastic ERP and I.T. implementations and the incredible return on investment they provided? Annoyed CEOs are looking for the “sweet spot” of technology, and so are I.T. executives. However, I.T. and functional executives are often in conflict as they struggle to find common ground. Technology vendors are part of this battleground. TOC believes in the application of technology to help address the organization’s constraint. It asks a series of questions that help ensure that Technology is used in the right places and with significant changes in organization rules. This approach—changing rules to take advantage of changes in technology– helps to ensure the sufficiency of technology to yield outstanding, tangible results.
Critical Chain Project Management
After 40 years of Critical Path experience, projects are still frequently late, over budget and not within specifications. Critical Chain reveals new assumptions about human behavior and overloaded project environments and offers a breakthrough solution. Clients who have implemented Critical Chain claim that their project durations drop dramatically and that they can flow many more projects through without adding resources. Critical Chain uses a statistically sound method of protecting projects while removing harmful old metrics. The “Relay Runner Work Ethic” becomes the new way of project performance.
Production Logistics (Drum, Buffer, Rope)
Most people that face the daily challenges of a production environment blame their management problems on “Murphy.” Murphy occurs when, for example, suppliers deliver late or with poor quality, machines break down, tooling fails, and many other unanticipated problems occur. As illustrated in Dr. Goldratt’s best-selling book, The Goal, TOC proposes Drum, Buffer, Rope as a way to success in spite of “Murphy.” Through the application of the compelling Five Focusing Steps of TOC, clients claim to have reduced lead time by half, within a period of less than a year. Furthermore, the approach dramatically simplifies daily operations while providing a practical process of ongoing improvement on the shop floor.
Distribution Logistics
Establish a pull system, with just the right inventory in the right place at the right time. Increase total supply chain Throughput by reducing obsolescence, increasing shelf space variety, lowering stock-outs of favorite products and reducing lead time for replenishment. TOC’s distribution logistics provides a compelling alternative to the traditional “min/max” approach to inventory management. While significantly reducing overall inventories, the TOC Distribution Logistics method simultaneously raises the service level. Re-ordering is handled quickly and directly by rules, rather than by exception. Trends are noted and acted upon automatically, to reduce risk and increase sales across the supply chain.
The rapid surge in the price of Bitcoin has brought discussion on cryptocurrencies and distributed ledger technologies (DLT) into the mainstream. But why all the hype? Before diving into such topics, it is important to have a foundation on the technology behind cryptocurrencies: blockchain.
Blockchain is shorthand for a whole suite of a distributed ledger technologies that can be programmed to record and track anything of value, from financial transactions, medical records or land titles.
This video is an accessible introduction to blockchain technology: how it tracks and stores data, how it fosters trust, and how it facilitates peer-to-peer transactions without the involving middlemen like bankers or lawyers.
Blockchain’s potential for underpinning online interaction is limitless. But, much like the rise of the internet, this new technology brings with it complex questions around governance, international law, security, and economics.
The blockchain is a public ledger where transactions are recorded and confirmed anonymously. It’s a record of events that are shared among many parties. The blockchain is actually managed by distributed nodes. These nodes all have a copy of the entire blockchain. Nodes will forever come and go, synchronizing their own copies of the chain with those of other users. By distributing copies and access, the chain can’t simply “go down,” or disappear. It’s a decentralized system that is both sturdy and secure. More importantly, once information is entered, it cannot be altered. Here is blockchain explained in fewer than 100 words
You (a "node") have a file of transactions on your computer (a "ledger"). Two government accountants (let's call them "miners") have the same file on theirs (so it’s "distributed"). As you make a transaction, your computer sends an e-mail to each accountant to inform them.
Each accountant rushes to be the first to check whether you can afford it (and be paid their salary "Bitcoins"). The first to check and validate hits “REPLY ALL”, attaching their logic for verifying the transaction ("Proof of Work"). If the other accountant agrees, everyone updates their file.
This concept is enabled by "Blockchain" technology.
Surely it's more complicated?
Yes - but as a concept, not much more. Complexities come in the implementation and the journey to realize value from such implementations. The above example will, of course, be overly simplistic for some — but may be a starting point for others.
In a traditional environment, trusted third parties act as intermediaries for financial transactions. If you have ever sent money overseas, it will pass through an intermediary (usually a bank).
It will usually not be instantaneous (taking up to 3 days) and the intermediary will take a commission for doing this either in the form of exchange rate conversion or other charges.
The original blockchain is open-source technology which offers an alternative to the traditional intermediary for transfers of the crypto-currency Bitcoin. The intermediary is replaced by the collective verification of the ecosystem offering a huge degree of traceability, security, and speed.
In the example above (a "public blockchain"), there are multiple versions of you as “nodes” on a network acting as executors of transactions and miners simultaneously. Transactions are collected into blocks before being added to the blockchain. Miners receive a Bitcoin reward based upon the computational time it takes to work out:
- whether the transaction is valid and
- what is the correct mathematical key to link to the block of transactions into the correct place in the open ledger.
As more transactions are executed, more Bitcoins flow into the virtual money supply. The "reward" miners get will reduce every 4 years until Bitcoin production will eventually cease (although estimates say this won't be until 2140!). Of course, although the original blockchain was intended to manage Bitcoin, other virtual currencies, such as Ether, can be used.
How Blockchain Works
Why do I need to know about Blockchain?
There are three reasons why you need to know about Blockchain:
- Blockchain technology doesn\'t have to exist publicly. It can also exist privately - where nodes are simply points in a private network and the blockchain acts similarly to a distributed ledger. Financial institutions specifically are under tremendous pressure to demonstrate regulatory compliance and many are now moving ahead with Blockchain implementations. Secure solutions like Blockchain can be a crucial building block to reduce compliance costs.
- Block-chain technology is broader than finance. It can be applied to any multi-step transaction where traceability and visibility are required. The supply chain is a notable use case where blockchain can be leveraged to manage and sign contracts and audit product provenance. It could also be leveraged for votation platforms, titles and deed management - amongst myriad other uses. As the digital and physical worlds converge, the practical applications of Blockchain will only grow.
- The exponential and disruptive growth of blockchain will come from the convergence of public and private blockchains to an ecosystem where firms, customers and suppliers can collaborate in a secure, auditable, and virtual way.
Source: Blockchain explained... in under 100 words — Richard Bradley, Director, Deloitte
Aligning organizational structure with its strategy is essential for an organization to deliver its plans and achieve success.
Here is how we define:
- Strategy is how your organization goes about its work is its strategy (vs. your strategic plan document). This includes the plans that set out how your organization will use its major resources to meet specific goals.
- Structure is the way the pieces of your organization fit together to meet a common goal. The structure is much more than an organization chart. It is the people, positions, procedures, processes, culture, technology and related elements. It defines how all the pieces, parts and processes work together.
- Alignment means that every human, organizational, technical and financial resource increasingly supports and contributes to the achieving strategy in a fashion that is: demonstrable, measurable, efficient and effective, and comply with your principles, policy directives and constraints.
- Workforce is the resources to deliver your plans. It includes staff, partners, outsourced work, and consultants.
Do not view structure separate from strategy
Your organization’s structure is a powerful force. It can support your efforts or work against them. You cannot direct your organization to do something for any length of time unless the structure is capable of supporting your strategy. Task overlap creates confusion, inefficiencies and lack of accountability because it is not clear who does what by when. A strong foundation for long-term productivity requires you to structure your entire workforce to avoid task overlap and confusion.
With our Governance Alignment Program, you optimize your structure. It provides a platform to adjust the structure every time you adjust your priorities.
Aligning structure with your strategy improves efficiency, promotes teamwork, creates work together, and reduces cost. Structure and strategy are dependent on each other. You can create the most efficient and team oriented structure possible and still end up in the same place you are or worse if a good strategy is not adopted. Great your strategy right first.
With a clear focus on what you want to do, align your structure in such a way to best do this. Be thoughtful. Divide responsibilities for optimal results, create branches and decide whether each effort or group participation is the best method for it to meet your goals. The structure needs to support strategy. The strategy is fluid. When you change your strategy, you must make sure your structure supports the new strategy. Otherwise, the existing structure pulls your organization back to its old strategy.
When you make major changes, you must carefully think out every aspect of the structure required to support the strategy. Every part of your organization, every person working for it needs to focus on supporting the vision and direction. Integrated all the effort and resources support the strategy.
It takes the right structure for a strategy to succeed
Management that is solely focused on results can have a tendency to direct everyone on what they need to do without paying attention to the current way your organization works. While members of the workforce may carry out these actions individually, it is only when their daily work supports strategy that your organization’s direction is sustainable over time.
To carry out such a strategic shift requires a change in your organization itself. A well-thought-out structural change is based on a detailed cause and effect analysis. You do not just change a structure to change it. Make sure the changes support your strategy and your workforce understands the reasons for the change. At the same time, do not just start a better leadership and engagement approach in your company or alter the organizational chart without evaluating how that will affect your ability to carry out your current strategies.
We cover this in detail in our "achieving strategy approach." Our "goal alignment program" provides robust tools and methodologies to create the structure that best supports meeting your strategic goals.
Our approach combines five processes, 25 years of achieving strategy as a CEO and the advance teaching of the Rotman School of Business. into our Achieving Strategy method. The methodologies are:
- Theory of Constraints – Eli Goldratt
- Strategic Doing – Purdue University
- Goal Alignment Program – J.A. Harcourt and Kim Allen
- Stats with Why – Simon Sinek
- Lean start-up
In his Harvard Business Review article Five Questions to Build a Strategy former Rotman Dean Roger Martin outlines his preferred approach. He treats strategy — making as developing a set of answers to five interlinked questions. The questions — which cascade logically from the first to the last — are as follows:
- What are our broad aspirations for our organization & the concrete goals against which we can measure our progress?
- Across the potential field available to us, where will we choose to play and not play?
- In our chosen place to play, how will we choose to win against the competitors there?
- What capabilities are necessary to build and maintain to win in our chosen manner?
- What management systems are necessary to operate to build and maintain the key capabilities?
The Theory of Constraints (TOC) is a management model that views any manageable system as being limited in achieving more of its goals by a very small number of constraints. There is always at least one constraint. TOC uses a focusing process to find the constraint and restructure the rest of the organization around it. TOC adopts the common idiom “a chain is no stronger than its weakest link.” This means that processes, organizations, etc., are vulnerable because the weakest person or part can always damage or break them or at least adversely affect the outcome. TOC views that all organizations exist to create shareholder value. There are two necessary conditions satisfied customers and satisfied staff. In our approach we expand the view to encompass the entire workforce. Organizations rely on the entire workforce to deliver value to customers.
Strategic Doing teaches people how to form collaborations quickly, move them toward measurable outcomes and make adjustments along the way. In today’s world, collaboration is essential to meet the complex challenges we face. Strategic Doing enables leaders to design and guide new networks that generate creative solutions. It is a new strategy discipline that is lean, agile and fast—just what organizations, communities and regions need to survive and thrive.
The diagram below combines TOC and Strategic Doing for a dynamic process of strategic execution.
For not-for-profit organizations defining shareholder value is often more challenge. In Associations, members may be the shareholders, workforce and customers all at the same time. Thus knowing who the shareholders, workforce and customers is essential to effectively achieving strategy.
The Goal Alignment Program is a rigorous, sustainable governance model where regulatory policy development is integral to the way organization does work. This model ensured that every human, organizational, technical, and financial resource supports and contributes to achieving the objects of the purpose of the organization in a way that is demonstrable, transparent, measurable, efficient, effective, and comply with its principles, policy directives, and constraints.
Starts with Why – Simon Sinek → The idea that great leaders inspire others by putting:
- the Why (the purpose) before
- the How (the process) or
- the What (the product)
These revolutionary philosophies on leadership can easily be used in any professional and personal situation that calls for inspiration and influence.
Lean Startup provides a scientific approach to creating and managing startups and get a desired product to customers’ hands faster. This method teaches you how to drive a startup-how to steer, when to turn, and when to persevere-and grow a business with greatest acceleration. It is a principled approach to new product development.