People laughed at Eric Ries, startup guru and author of the Lean Startup, when he first pitched the idea of a long-term stock exchange. Initially Ries wanted someone else to run with his idea, he told Business Insider. But when no one did, he decided to start the Long-Term Stock Exchange, a competitor to Nasdaq and the New York Stock Exchange that requires companies to look beyond quarterly earnings. On May 10, the Securities and Exchange Commission approved the LTSE's application. Now it can finally get to work. Read more on the Business Insider homepage.