If you’re already on a network with all your friends, you don’t want to switch to a new network without all your friends joining too. It was commonly accepted, almost obvious, that it’d be extremely difficult to make a new IM network succeed. History of IMVU with Eric RiesĮarly in IMVU’s history in 2004, Eric and his co-founders at IMVU wanted to build a social network around instant messaging (IM), which seemed attractive for its network effects – the more people who join, the more valuable the network is, which makes even more people join.īecause of network effects, the top IM products owned the vast majority of the industry. To help others succeed in innovation, Eric started the Lean Startup movement by publicizing the framework you’ll learn about here. Another inspiration was Japan’s lean manufacturing systems, made famous by Toyota.Įric Ries applied these concepts to IMVU, which became a roaring success, with millions of users and $50 million in annual revenues in 2011. One inspiration was Steve Blank’s idea of Customer Development: a rigorous methodology for the business and marketing side of a startup. So when he started his new company, IMVU, he wanted to try something different. In reality, they just spent a lot of time building things nobody wanted. As an engineer, he initially thought they failed due to technical problems, but this was never the right answer. The ideas in The Lean Startup came about when Eric got frustrated working on products that failed to get traction.
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Like this article? Sign up for a free trial here. Shortform has the world's best summaries of books you should be reading. This article is an excerpt from the Shortform summary of "The Lean Startup" by Eric Ries.
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