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g a "business hypothesis," knowing when to go after the money, and how to "Fail Fast" while continuing to build a better product. We'd like to thank our sponsors Fenwick & West, and MozyPro--Protect your data, protect your business. For more, visit http://thisweekin.com/venturecapital Timecodes: 00:00 Welcome, our guest is Eric Ries, founder of the Lean Startup Movement. 00:45 Intro to Eric 01:17 Background, before the Lean Startup 01:53 Yale during the Dot Com Bubble 3:35 The real entrepreneurs come out during a down economy 4:15 Eric's startup history 6:30 Why did it take so long to ship? 8:17 How did you decide to go with either shrinkwrap or web only product? 9:14 What was the root cause of the failure of your first company? 11:00 Mark on over-hyping PR 11:50 Startup problems! 13:43 Why would you talk to journalist? Why waste energy? 14:20 People go too fast to internationalize 14:45 Eric: The vital function of a startup is to learn how to build a sustainable business 15:40 Discussion of Awe.sm 17:30 Can you make startups science? 19:30 A teachable moment for entrepreneurs: HAVE A HYPOTHESIS! What do you do better, different, or what do you want to achieve? 20:42 Looking for the "Up and to the Right" charts 21:20 Starting points for business should be a problem 22:10 Eric: Innovation Accounting 22:53 Eric's book: The Lean Startup 24:00 Big money vs. Little money 25:40 The fundamental goal should be to eliminate waste 26:44 Too much capital is not good 26:54 Mark on the negatives of the "Fail Fast" movement 27:45 Eric: The thing that is supposed to fail fast is your bad ideas, not your company 31:10 Mozy Pro Ad 34:00 Imvu 35:29 Why people use social media. Will these norms change? 36:30 Eric: Social media is great for people with social capital 38:00 Should you use avatars? 40:05 What happened after Imvu 41:00 Transitioning from software to writing 42:20 Did agile development influence you? 43:20 The inception of Lean Startup 44:45 Telling an entrepreneur to focus is like telling a fat person to lose weight 46:18 iOS Vs. Android 46:50 Engines of Growth 48:30 Vanity metrics 49:00 Startups are all naked in the mirror 51:10 Astrology and causality in startups 52:00 Actionable metrics 53:35 Opposition to departmental silos 54:20 Semi-autonomous teams 57: 00 How do you rectify company mission and customer demand 58:00 Apple is iterative 1:01:01 Why Steve Jobs got fired 1:01:45 Fenwick and West AD 1:03:03 So what comes next? 1:03:35 Eric: what is society going to do? Most people are working on failing ideas. 1:05:35 Middle class job of the next generation: software development! 1:06:05 The skills gap 1:07:15 The "College Deal" and why it needs to change 1:09:50 We need education!