TERM DESCRIPTION Example(s) of start-up/companies that

adopted this concept

MVP Is a version of a new product that allows for the most learning possible for Twitter: traces its origins to the podcasting
(Minimum
the least amount of effort. That is to say, an MVP allows for testing actual platform Odeo. When Odeo found the ground
Viable
Product) usage scenarios with customers. To this end, expensive market research underneath slipping away after Apple stepped
and subsequent product development is eschewed; instead, a rapidly-built into the podcasting game with iTunes, the
product with a minimum set of features is deployed to test assumptions company started running hackathons to come up
about customer requirements. with ideas of where to head next. One result of
this was an idea for sharing updates with a group
of people via text messages, codenamed “twttr”
Boot Is a situation where an entrepreneur or individual starts a business on Facebook: When Harvard dropout Mark
Strapping
company with his or her own personal finances without looking for Zuckerberg wrote the Facemash program during
investors. Bootstrapping also describes a procedure used to calculate the his second year at the university, he created the
zero-coupon yield curve from market figures. bootstrapped founders rely groundwork for the future of social media.
on personal savings, sweat equity, lean operations, quick inventory Facebook took off in 2004, spreading across the
turnover and a cash runway to become successful. world, potential for growth seemed unlimited
and the company finally received its first major
investment from PayPal co-founder Peter Thiel
later in 2004.

First Mover A sometimes-unconquerable advantages gained by the first significant Volkswagen: enjoyed the first-mover advantage
Advantage
company to move into a new market. Lieberman and Montgomery (1988) in the 1990s, and has the largest layout in China
have proposed the advantage of first mover as the first right to choose with a capacity about 1 million units per year
 suppliers, i.e. to create pre-emption of scarce resources to the late mover.
First mover is a player who is monopolist and gain higher profits than in a
competitive market place. Even after competitors enter, the first mover has
the established market position which may allow it to retain a dominant
market share and higher margins than later entrants.
Crowd Is a situation where a large number of people (a crowd) GoFundMe: is one of the most popular
Funding crowdfunding platforms for individuals to raise
financially support a project by giving a relatively small amount
money for almost any cause. This site makes it
of money either in return for a reward, as a donation, or easy for individuals to set up a campaign, and is
ideal for social sharing.
potentially in return for equity. It is a form of social networking
and uses the power of the Internet and online communities to
spread the word about a project or product.
Business Is a strategic management template for developing new or documenting Hewlett-Packard printers, Apple iPod & iTunes
Model Canvas combination.
existing business models. It is a visual chart with elements describing a
firm's value proposition, infrastructure, customers, and finances. It assists
firms in aligning their activities by illustrating potential trades-offs. A
business model canvas is nothing else than a representation of how an
organisation makes or intends to make money.
Customer Customer development is the process of gaining deep customer insights to Process: plan to improve the customer service
Development
inform product development decisions. It helps us learn about our process such as introducing a system of customer
and lean start-
up customers and potential customers. For example, what problems they advocates, a leadership program or a process for
have, how they understand those problems, and what’s actually of value to gathering feedback from dissatisfied customers.
them. Lean start-up is a methodology for faster, more targeted product and Buffer is a very interesting app which schedules
 business development and is an approach to business development that is all your social media posts. It’s a quick way to
based on the application of Lean production to innovation. organize your social media accounts and the
social media posts.
Accredited An angel investor or angel (also known as a business angel, informal Jeff Bezos: Like many top investors, Bezos
investor/Angel
investor, angel funder, private investor, or seed investor) is an affluent keeps just how much he's offered to a single
Investor
individual who provides capital for a business start-up, usually in start-up secret--however, he's gone on record to
exchange for convertible debt or ownership equity. say he "starts" at $1.5 million. Surprisingly, he's
only personally backed a handful of companies
including Everfi.

Growth is a process of rapid experimentation across marketing channels and LinkedIn : is a professional and business
Hacking network that utilizes growth hacking
product development to identify the most efficient ways to grow a
technique by allowing customers to create
business. Growth hacking refers to a set of both conventional and their own profile.
unconventional marketing experiments that lead to growth of a business.
Growth hackers are marketers, engineers and product managers that
specifically focus on building and engaging the user base of a business.