The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses · chapter 12 · id the-lean-startup-c12-04-ries-founded-the-long-term-sto

“Ries founded the Long-Term Stock Exchange (LTSE) to encourage companies to focus on long-term value creation over short-term quarterly earnings, embodying lean startup principles at the institutional level.”

needs contextconfidence: high⚠ extracted by pipeline, re-audit pending

Receipts

SEC EDGAR -- LTSE filingspaywalled — manual check queued

LTSE received SEC approval as a national securities exchange in 2019 but attracted zero exclusive listings as of 2025.

WSJ -- LTSE Launch (2020)paywalled — manual check queued

LTSE launched in September 2020 but struggled to attract listings. Companies saw no practical advantage over NYSE or NASDAQ for long-term governance.

LTSE official websitesource alive

LTSE pivoted to selling SaaS governance software (LTSE Equity) rather than operating as a securities exchange, effectively abandoning the exchange model.

This claim is a stable, citable object. If you can falsify a verdict, tell us — corrections are loud here.