Federico Mammano - Product-Market Fit Means Becoming Adult

1. Product-Market Fit
means becoming adult
Federico Mammano

2. Product Life CycleProduct-MarketFit
Idea
Retirement

3. Product-Market Fit
● What is it?
● How to get there?

4. Federico Mammano
Founder - VR Pioneer
Serial Entrepreneurial
Experience
TeachingEntrepreneurship.org
2 MSc & MBA

5. 8 volunteers
on the stage

6. Build the tallest
freestanding
structure
in 18 minutes!
20 sticks of
spaghetti
1m string
1m tape 1 marshmallow
The whole marshmallow
must be on top

7. I offer
$1000
for the winning team!
Up to $250 equivalent per team member

8. NO WINNER IF
the tallest structure
is lower than
75 cm

9. http:// bit.ly/aia18

11. Average
50 cm
-25
-13
cm
+ 5
Business
School
Students
Professionals C-Level
+50
Architects
&
Engineers
+25
(75 cm)
Kindergarteners
Comparing results

12. You didn't outperform
kindergarteners!
Why?

13. What were the
hidden assumptions
that limited your success?

14. Business processKindergarten process
Prototype
Refine
Prototype
Refine
Prototype
Refine
Understand
Plan
Execute
Launch!

17. Cognitive Bias
A cognitive bias refers to the systematic pattern of
deviation from norm or rationality in judgment
—Wikipedia
The brain imagines its own subjective world
that doesn’t correspond to the real world
—Me

18. “I know one thing;
that I know nothing”
—Socrates

19. Business processKindergarten process
● Curiosity & humility ● Cognitive Bias
vs
● Real world evidence ● Hidden assumptions
● Young ● Mature
● Small-f failureS ● 1 Big-F Failure
● Continuous prototyping ● Linear execution
● Planning
● Execution
● Learning
● Searching

20. Everybody
has a plan
... until they
get punched
in the mouth
—Mike Tyson

21. Innovation Is NOT
Business As Usual
Hidden assumptions hinder innovative initiatives

22. Product Life CycleProduct-MarketFit
SEARCH EXECUTEIdea
Retirement

23. SEARCH EXECUTE
Context Innovative Initiatives Existing Organizations
Goal Product-Market Fit Growth
Market
Early Market Mainstream Market

24. SEARCH EXECUTE
Management Innovation Business Administration
Activity Searching a Business Model Executing a Business Plan
Main Focus Problem Solution
Priority Empathy & Learning Optimization & Performance
Document 1 page Visual Canvas 50 pages detailed document
Duration Months Years
Progress Daily / Weekly Monthly / Quarterly
Product Minimum Viable Product Polished Featured Product

25. SEARCH EXECUTE
Uncertainty
Money

26. ?
?
Product-Market Fit means being in a
good market with a product that can
satisfy that market.
—Marc Andreessen

27. Your Product satisfies a Market that satisfies YOU
You Market

28. I will acknowledge my Personal Success when ...
Quantitative Definition Qualitative Definition
… I will achieve … and I will feel

29. I will acknowledge my Personal Success when ...
Quantitative Definition Qualitative Definition
● $10K/month
● 8 hours/week with my family
● 30 employees hired
● ...
… I will achieve … and I will feel
No reference to cutomer segments,
solutions/ideas or products!

30. I will acknowledge my Personal Success when ...
Quantitative Definition Qualitative Definition
● $10K/month
● 8 hours/week with my family
● 30 employees hired
● ...
… I will achieve
● Financially secure
● Proud of me because …
● Trusted to prove xyz wrong
● Perceived by xyz as …
● ...
… and I will feel

31. Failure Threshold
Minimum Success Metric

32. 10 Benefits of this exercise
01 Make decisions easier w/ a North Star
03 Avoid emotional attachment
05 Define your pricing
07 Prioritize your customers to target
09 Leave room to pivot
02Align and unify the team
04Define the metrics for your experiments
06Define how much money to raise
08Prioritize your product features
10Avoid living in the dead zone

33. Product-Market Fit means being in a
market with a product that enable us to
achieveMinimum Success Metric
—Your Team

35. The best innovator is
a
childlike scientist
—Federico Mammano

36. Thank you!
Federico Mammano