Fail Fast and Cheap: Right or Wrong Approach? | Corporate Lab

The fail fast and cheap approach, popular among entrepreneurs, means accepting failure and being prepared for it when trying to create a product and find its market fit. However, the approach often leads to delivering half-baked products, which can send the wrong message. To avoid this, it is crucial to follow the whole design thinking process, including carrying out extensive market research and developing a proof of concept. While failing fast and cheap can be the right approach if there is a correct strategy in place and a budget dedicated to innovation efforts, it shouldn't be an excuse not to do extensive research before launching an MVP.