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The main theory and methodology is that of a Lean Startup, of creating a Minimal Viable Product, and then being agile and efficient, testing early and then iterating until what you have is right.
The author Eric Ries discusses that the Lean Startup helps avoid failure. He claims that with startups, people don’t always know exactly what the market wants. A startup should never make that assumption, which apparently is the reason for most failures. A lot of startups will invest loads of time and money building something on assumption instead of really understanding the market. Building a perfect looking product, which no one needs will ultimately result in failure.
Eric explains that startups should focus on a rinse and repeat type of cycle; build, measure and learn. Build an MVP with a couple of assumptions in the cheapest and fasted way, test it and measure the user's reactions, and then from there learn and iterate. If an assumption isn’t right, then the idea is that you’d pivot and adjust to the customer's needs.
