Abstract
Abstract Lean Startup is a new and exciting process to discover new business opportunities and new business models. However, the concept must be adapted before it can work effectively inside established companies. Just as startups are not tiny versions of large companies, so too are large companies not simply large versions of startups. Lean Startup inside large companies requires careful internal negotiations with senior management, as well as getting out of the building to find customers. Open Innovation can complement and extend Lean Startup processes. Both use resources efficiently, while Open Innovation also leverages other people’s resources and shares risk. Telefonica provides a good example of Lean Startup inside a large company. It has reduced costs by 48 percent per project, increased its speed to market by 260 percent, and pursued 45 percent more chances to innovate within the same budget.
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