Product Market Fit - lessons from the hampster wheel
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Product Market Fit - lessons from the hampster wheel

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Product Market Fit - lessons from the hampster wheel Product Market Fit - lessons from the hampster wheel Presentation Transcript

  • Creating Profitable Mobile Relationships David Jones Founders Institute Nov 2013 www.streethawk.com www.slideshare.com/djinoz ! @djinoz
  • Assumption: The FI Teams are: ‣ Professionals ! ‣ Non-technical ! ‣ Don’t have a product ! ‣ Looking for Tech Co-founder ! ‣Will be seeking Seed Funding ! True?
  • Begin with the End in Mind http://robgo.org/2013/10/29/a-seed-vcs-decision-tree/ (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 StreetHawk Example App Retention 100% 75% 50% Massive Opportunity 25% 0% 0 1 2 3 4 5 6 7 Months 8 9 10 11 12
  • 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” Don’t let Perfect be the Enemy of the Good (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 So………
  • 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 company. 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. Credit: Thiel http://blakemasters.tumblr.com/post/22405055017/peter-thiels-cs183-startup-class-9-notes-essay