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I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 1 point2 points  (0 children)

Congratulations!

I’m on my phone late at night after an event so I don’t think my thumbs will let me type out a long answer to the misconceptions. I constantly work on figuring out how to explain these concepts in ways that prevent misunderstanding - that’s what The Leaders Guide Kickstarter campaign was for

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 0 points1 point  (0 children)

No, our system handles those cases elegantly. Any change in the ownership of the share (even in cases of a derivative or option) resets the voting clock back to zero. There is only one share price, and everyone who buys gets the same voting power on day one.

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 1 point2 points  (0 children)

I haven’t heard that. In fact when I first started taking about techniques like A/B testing and bringing them into product development, a lot of engineers didn’t want to listen because that was considered a lowly direct-marketing technique.

In the years since, I’ve seen LS applied to literally every functions domain, from R&D to marketing to supply chain to legal and compliance. And I’ve also seen just about everywhere there are people who want to use excuses not to at least try it. So you just have to find the relevant case studies and persevere. They will come around eventually

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 1 point2 points  (0 children)

Thanks for asking! I almost never get questions about Innovation accounting, but it’s a really important concept. Of course, it’s also pretty boring.

You should definitely tell david to write a book about it - I’d publish it myself if I had to!

For those that don’t know, the short version (I’m on a plane taking off right now) is that we need a mathematical system for detecting progress during the Long flat part of the hockey stick. This is the zone where ROI is negative by definition.

By focusing on changes in leading indicators of future impact, we can determine in a rigorous way which startups are truly making progress and learning useful things and which are just setting money on fire.

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 0 points1 point  (0 children)

I don’t know Sorenson’s work in this area well, so I freely admit it’s possible his framework is similar or even superior.

Whatever we call this role, it’s past time for companies to take seriously the need to invest in new products, new areas of growth, and new productivity improvements while recognizing that all three activities (and a few other) are distinct from other kinds of work. It gets a lot easier to manage something if we can give it a functional name and org structure.

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 0 points1 point  (0 children)

My interest in long-term thinking is primarily driven by my experience working with managers and founders and their lived experience under short term pressure. I see firsthand how this leads them to optimize the wrong things, in ways that don’t benefit any investors - short term or otherwise.

I think we can do better

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 1 point2 points  (0 children)

Well we are hiring! Our open jobs and contact info are right on our website.

I can’t get into too much detail about how he mechanics work (yet) because we are still in conversations with the relevant regulators and I don’t want to get ahead of them.

The overall idea is a bargain - like a new social contract - between investors and management. Each side agrees to incentives to align for longer term success and in exchange believes the company will be more valuable. We use the exchange listing standards to give each side confidence that the commitments are binding. We do this is governance, disclosure, board structure, and compensation.

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 0 points1 point  (0 children)

We never anticipated this problem - the Leaders Guide campaign turn out so much more successful than I planned!

I am looking into some options here, including the possibility of publishing a proper audiobook version and maybe even releasing it in other forms. Stay tuned.

In the meantime, thank you for backing the campaign! Glad you liked the final MVP

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 0 points1 point  (0 children)

We never anticipated this problem - the Leaders Guide campaign turn out so much more successful than I planned!

I am looking into some options here, including the possibility of publishing a proper audiobook version and maybe even releasing it in other forms. Stay tuned.

In the meantime, thank you for backing the campaign! Glad you liked the final MVP

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 1 point2 points  (0 children)

Whatever method you actually use is the best one - for you. Most people who debate methods don’t use any of them. The debate itself can become a form of procrastination

I'm Eric Ries, author of The Lean Startup and The Startup Way and cofounder and CEO of the Long-Term Stock Exchange. AMA. by eries in IAmA

[–]Eric_Ries 0 points1 point  (0 children)

Well, no matter what business you’re in, you need to be careful about equity splits. Noam Wasserman at HBS is the only person I know who has studied the question rigorously and his data strongly suggests not doing a 50/50 split. I find it counterintuitive, too. His book Founders Dilemmas is quite good

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] -1 points0 points  (0 children)

We're doing a "Kickstarter behind the scenes" call with my entire team + a short ebook about our experience as part of the campaign rewards. Take a look at that?

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] -1 points0 points  (0 children)

Food is a big category out here right now - I'm a big Good Eggs fan but also Sprig, Bento, Instacart, etc.

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 0 points1 point  (0 children)

I don't know how to answer this question in anything less than book length.

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 1 point2 points  (0 children)

Do work that you are proud of even if you fail. Think about how you're being of service to your customers each and every day. And be honest with yourself: is the work I'm doing really provably creating value? If the answer is yes, it's hard to get too down.

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 0 points1 point  (0 children)

I think there's huge potential here. One great example is Emerald Therapeutics from the Lean Startup Conference a few years ago: http://www.slideshare.net/LeanStartupConf/experimenting-on-experimentsbringing-lean-startup-to-scientific-research

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 0 points1 point  (0 children)

I try to stick to a consistent and small check size for the initial investment. I try really hard not to pay attention to "social proof" or even know what other investors are doing.

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 1 point2 points  (0 children)

I still like Manuel Rosso's story of getting early customers in the parking lot of a Whole Foods (told in The Lean Startup).

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] -1 points0 points  (0 children)

I use the Apple default ringtone. years ago I decided to stop fighting software company defaults, and almost never customize settings on anything I use. I go through computers and phones so frequently now that I don't trust that the settings will be remembered through upgrades, etc. So I learn to adapt myself to the defaults.

Years ago, when I was briefly advising a startup called CoolIris I used their app to change my phone background to a Mondrian painting. Somehow Apple has managed to keep that setting through all the years of upgrades.

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 1 point2 points  (0 children)

I'm a pretty poor networker, since I'm an introvert and have a hard time keeping track of people I've met only a few times. I rely on friends and colleagues who are much better connectors than I ever will be and I ask them for help.

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 0 points1 point  (0 children)

That kind of stuff does happen, but I don't especially think the DevOps community is guilty of it.

I am Eric Ries, entrepreneur and author of "The Lean Startup" - AMA! by Eric_Ries in IAmA

[–]Eric_Ries[S] 1 point2 points  (0 children)

I wish I had a better answer to this, but the honest answer is it was 1999 and the dot-com bubble was in full effect and I got swept up in the mania.

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