Professor Steve Blank gave a speech on the topic of innovation and entrepreneurship at the Dong-A Business Forum 2021. I was invited to moderate his speech in December, 2021.

Steve is a serial startup founder and entrepreneur educator. He founded 8 startups in 1980s and then developed the concept of Customer Development. In 2011, Steve designed a class of Lean LaunchPad by combining his Customer Development with Agile Engineering and Business Model Canvas. His Customer Development is known to inspire Eric Ries and the basis of Lean Startup. His curriculum has been adopted by multiple universities and NSF Innovation Corps, in particular, the departments of defense and diplomacy. Steve is currently working as a researcher and teacher at Stanford University, UC Berkeley, and Coumbia University.

In our conversation, he mentioned that “Don’t just come up with a business plan in your head.” Instead “go to the field, meet customers in person, and verify hypothesis quickly.” This is a so-called Lean Startup. He advised large corporations in Korea to “separate the teams who implement existing business models and the teams who are free to experiment with innovation.”

While he stressed Voice Of Customers (VOC), he highlighted pivot particularly in the post-COVID era. “If you meet a piece of information which tells you that the concept is wrong, you need to revise your business model quickly. In the 20th century, doing so was impossible. However, doing so saves money and time now. It prevents you from going to the wrong direction.”

He claimed that pivot is more than a methodology. “A culture where everyone including executives can openly communicate about what went wrong with the initial plan. No business plan can survive if it is reprimanded for pointing out something is wrong. So I think pivot is a cultural issue not a methodological one.”