What the build-measure-learn feedback cycle is and what it does for innovation

The build-measure-learn feedback cycle is a methodology that transforms uncertainties into knowledge and solid facts to drive businesses forward. It involves developing and testing small products to assess potential responses and feedback from customers. The cycle helps in defining an idea and what information needs to be learned, testing ideas, selecting key performance indicators, and building a minimum viable product (MVP) to start the learning experience. It is a systematic approach that leads to confidence in business ideas, effective use of resources, elimination of doubts and uncertainties, gaining project knowledge, and validated learning. Applying the build-measure-learn feedback cycle to a business involves proper planning, developing an MVP, measuring client comments and reactions, and learning from the feedback to iteratively develop the initial concept.