Leveraging Lean Startup Principles: Developing And Testing Minimum Viable Products (Mvps) In New Business Ventures

Abstract

This paper examines business models as mental tools to identify cognitive bridges among digital entrepreneurs employing LSAs. Six key activities, including opportunity identification, BM hypothesis definition, and experiment design, are found to require BM heuristics in this multiple-case study of three digital firms. It also differentiates four cognitive processes: the imprinting, the process of transfer of a common language, intensity of attention, and the cognition in the frames of a science, that define the creation and usage of these heuristics. MVBMs are defined anew as the concept of complete experimenting and are introduced as the Minimum Viable Business Models. The results presented in this study offer theoretical contributions for the field of digital entrepreneurship as well as practical implications and contribute to the enhancement of knowledge concerning the way entrepreneurial cognition and action operates under resource-scarce conditions.