Product Market Fit - lessons from the hampster wheelPresentation Transcript
Creating Proﬁtable Mobile Relationships
Founders Institute Nov 2013
Assumption: The FI Teams are:
‣ Don’t have a product
‣ Looking for Tech Co-founder
‣Will be seeking Seed Funding
Begin with the End in Mind
(Or at least the end of the beginning)
Lesson 1: Dream Big
(with free cautionary tale at no extra cost)
Lesson 2: Andrew Chen will save you time
Go get zerototraction from AC - actionable steps in pre-product/market ﬁt
Lesson 3 :Nail the Problem on paper
Lesson 4: Revenue is a deodorant
Focus or Fail
In Australian you have limited resources and cash reserves
then focus is your most valuable discipline
if your hypothesis wrong at least you “fail fast”
Perfect be the
Enemy of the
(picture credit: Mick Liubinskas/Pollenizer)
david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
Get to the Core!
DON’T GET HYPOTHESIS BACKLOG
The mistake we all make is to generate product ideas without proving
they are so valuable that your customer “must have it”.
Have a look at Lean Canvas:
- Method is to break out biggest risk hypothesis
- Test first to prove/disprove
Lesson 5: People Lie
Validation Tip of the Day:
Look them deep in the eyes and ask for money
Lesson 6:Talk to the right people
Looking for 10x differentiation (paid or land grab)
Delusion: Picking the wrong metrics
speed though the loop before you run out of money and patience.
Product vs Sales Matrix
Calibrate the company to the product sales needs
Product needs selling, strong sales
piece. This is a sales-driven
Product sells itself, strong sales piece.
This is ideal.
Product sells itself, no sales effort.
Does not exist.
Product needs selling, no sales effort.
You have no revenue.