The publication of The Lean Startup in 2011 introduced a methodology for entrepreneurial management that debuted at number two on The New York Times Best Seller list. Eric Ries, an American entrepreneur and author, established his career by applying principles of rapid feedback and lean manufacturing to the software development cycles of early-stage technology companies in Silicon Valley.
Early Ventures and Education
Before completing his Bachelor of Science in computer science at Yale University, Ries authored a book titled Black Art of Java Game Programming while still in high school. During his undergraduate studies, he co-founded Catalyst Recruiting, an online platform designed to connect students with employers. Although the venture secured funding, it ultimately ceased operations during the dot-com market contraction.
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Ries relocated to Silicon Valley in 2001 to work as a software engineer at There, Inc., contributing to the 2003 release of the 3D virtual world product There.com. Following the company's failure, he co-founded the social network IMVU Inc. alongside Will Harvey in 2004. Under the guidance of investor Steve Blank, Ries integrated customer development methodologies with lean software practices. This strategy involved deploying code updates nearly 50 times per day to facilitate rapid product testing. By 2006, the firm had secured $1 million in initial venture capital, eventually raising a total of $19 million before Ries stepped down as CTO in 2008.
Codifying the Lean Methodology
Following his departure from IMVU, Ries transitioned into an advisory role at the venture capital firm Kleiner Perkins before pursuing independent consulting. He began formalizing his management theories on his blog in 2008. His approach merged lean manufacturing techniques, which prioritize the elimination of waste, with iterative customer development cycles. His advocacy for these concepts led to a role as entrepreneur-in-residence at Harvard Business School. In 2015, he utilized Kickstarter to raise $588,903 for the self-publication of The Leader's Guide, followed by the 2017 release of The Startup Way, a text focused on implementing entrepreneurial management within larger corporate structures.
The Long-Term Stock Exchange
Ries conceptualized the Long-Term Stock Exchange (LTSE) as a mechanism to align corporate goals with the requirements of long-term investors. After years of development, the organization filed for registration as a national securities exchange with the Securities and Exchange Commission on November 30, 2018. The commission granted final approval for the exchange on May 10, 2019.
Fast facts
- Born: 1979
- Citizenship: United States
- Education: Yale University
- Notable Book: The Lean Startup (2011)
- Professional Role: Entrepreneur and Author
- Major Initiative: Long-Term Stock Exchange
Questions readers ask
What is the core principle of the lean startup methodology?
It combines lean manufacturing principles, which aim to eliminate wasteful practices, with Steve Blank's customer development method to test product versions rapidly.
What is the function of the Long-Term Stock Exchange?
It is a national securities exchange designed to improve the public company experience by aligning the interests of corporations with long-term investors.
Achievements
- Educated at Yale University
