The Build-Measure-Learn Feedback Loop is the Core of the Lean Startup Methodology

The Build-Measure-Learn feedback loop is a fundamental process for startups to navigate uncertainty and learn their way to a sustainable business. It emphasizes speed and learning, and consists of three core activities:

1. Build: The first step is to build a Minimum Viable Product.The goal is not to build a perfect product, but to build something that can be used to start the learning process as quickly as possible.
2. Measure: Once the MVP is built, the next step is to measure how customers respond to it. This involves collecting data and feedback from early adopters. The goal is to gather empirical evidence to validate or invalidate the hypotheses being tested. This requires a form of Innovation Accounting to avoid being misled by vanity metrics.
3. Learn: The final step is to analyze the data and feedback collected in the "Measure" phase and learn from it. This learning should inform the next iteration of the product. Based on what was learned, the startup can decide whether to pivot (change direction) or persevere (continue with the current strategy).

The goal of the Build-Measure-Learn feedback loop is to accelerate the learning process. By iterating through this loop as quickly as possible, a startup can systematically de-risk its business model and increase its chances of success. This is the core mechanism for achieving Validated Learning.