Crowdfunding & the Lean Startup

Abstract

This paper connects the Lean Startup methodology to crowdfunding, while exemplifying the theories in a real world setting by use of a photography product in development. The Lean Startup methodology is used in two main tools, the Lean Canvas and the Validation Board, to test and create the foundation of the business plan. Market research is then summarized to extensively understand the customer and the competitive space. A marketing and business plan is prepared, which accommodates the crowdfunding aspects of the product and the transition to online retail. Through the marketing and business plan, the product is found to be a profitable and sustainable basis for a small business which can feasibly expand after crowdfunding success.