ABSTRACT
Agile and lean start-up methodologies reflect contemporary philosophies regarding how firms approach product development activities. The learnings of prior sprints offer teams a considerable head start in subsequent sprints, which results in significantly faster outcomes in later sprints. Agile product development places significant weight on obtaining customer input during the development process. Agile frameworks are based on a unique set of values and principles. To summarize, agile methodology in product development can be characterized as iterative, focused on incremental goals, helps reduce costs and time associated with product development, and allows teams to be dynamic and responsive. The agile framework is highly conducive to the hypothesis testing approach that lean start-up methods prescribe. The process of building out the marketing program, the manufacturing approach, and the overall business model is similar to the iterative approach common in the agile methodology.
