With the advent of digital age, the publishing industry is facing several unprecedented challenges. As all content goes online, the traditional avenues for making money are fading out . It’s imperative that publishers reinvent themselves quickly, in order to join the digital era. As business models change, publishing houses find themselves increasingly dependent on partnerships with content providers, advertisers and technology providers to remain profitable. Besides the changing business landscape, digital content explosion in the recent years has made it difficult for publishing companies to get the attention of readers.
Eric Ries, author of the New York Times bestseller ‘The Lean Startup’ and the popular entrepreneurship blog ‘Startup Lessons Learned’, speaks at the recently held O’Reilly Media’s ‘Tools of Change for Publishing Conference’ at New York. Eric talks about the management ideas in his book and outlines how he used those ideas to launch his own book. He briefly discusses the five Lean Start-up Principles that he details in his book and explains how some of the challenges faced by the publishing industry are not unique, but rather common management problems.
For startups, the traditional concepts of planning and forecasting may not work as they depend on data from a long and stable operating history of the enterprise. Hence, Eric introduces a new kind of management style called entrepreneurial management. In this style, he talks about “pivots” or the course corrections that entrepreneurs make in order find the successful formula for their businesses. He discusses how the lack of pivots has lead to the failure of several books in the publishing industry, despite extensive marketing efforts and meticulously planned launches.
Speaking of his own experience of using pivots in the launch of his book, Eric outlines how empirical studies on the response from early readers on the content and appearance of his book have made it possible for him to bring out a book that a reader would pay for.
Eric Ries is an entrepreneur and author of the New York Times bestseller “The Lean Startup” and the popular entrepreneurship blog Startup Lessons Learned. He co-founded and served as CTO of IMVU, his third startup. In 2007, BusinessWeek named him one of the Best Young Entrepreneurs of Tech. In 2009, he was honored with a TechFellow award in the category of Engineering Leadership. He serves on the advisory board of a number of technology startups, and has consulted to new and established companies as well as venture capital firms. He is currently serving as an entrepreneur-in-residence at Harvard Business School and a Fellow for IDEO, the design consulting firm.
This free podcast is from our Tools of Change Conference series.