A Behavioral Approach to the Lean Startup/Minimum Viable Product Process: The Case of Algorithmic Financial Systems

International Journal of Innovation Management, Online Ready, 2019

54 Pages Posted: 22 Apr 2019 Last revised: 23 Mar 2020

See all articles by Ben Van Vliet

Ben Van Vliet

Illinois Institute of Technology - Stuart School of Business

Date Written: 2019

Abstract

This paper theorizes about the behavior of firms engaged in complex product systems innovation and engineering under the lean startup / minimum viable product process. In doing so, it fills a gap in the literature at the intersection of innovation management and behavioral economics. By deconstructing the concept of commercial value, we assemble, define, and structure the relationships among seven values that innovation teams encounter along the path of innovation. Then, we demonstrate the usefulness of the proposed framework by applying it to the case of algorithmic financial systems. As a quantitative implementation, the model of capability developed for this domain may have broader applicability. For innovations where performance is probabilistic and achieves a steady state, capability can define what counts as “good enough” commercial value.

Keywords: lean startup, minimum viable product, behavioral finance, cybernetics, innovation management

Suggested Citation

Van Vliet, Ben, A Behavioral Approach to the Lean Startup/Minimum Viable Product Process: The Case of Algorithmic Financial Systems (2019). International Journal of Innovation Management, Online Ready, 2019, Available at SSRN: https://ssrn.com/abstract=3357027

Ben Van Vliet (Contact Author)

Illinois Institute of Technology - Stuart School of Business ( email )

Stuart Graduate School of Business
565 W. Adams St.
Chicago, IL 60661
United States

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