My invited talk at SAP Startup Studio on Aug 11. The talk was part of the Inspire Us series at the startup studio and was well attended by SAP employees as well as the startups.
7. — Marc Andressan (2007):
— Product/market fit means being in a good market with a product that
can satisfy that market.
— When you are BPMF, focus obsessively on getting to product/market
fit. Do whatever is required to get to product/market fit. Including
changing out people, rewriting your product, moving into a different
market, telling customers no when you don't want to, telling
customers yes when you don't want to, raising that fourth round of
highly dilutive venture capital -- whatever is required
— Paul Graham (2008):
— Make things people want.
— Sean Ellis:
— Achieving product/market fit requires at least 40% of users saying they
would be “very disappointed” without your product.
— PMF as a pre-condition to scaling up business!
— Michael Seibel (2016):
— Focusing on market first!
13. 1. Determine your target customer
2. Identify underserved customer needs
3. Define your value proposition
4. Specify your MVP
5. Create your MVP
6. Test your MVP with customers
It is an iterative process. Iteration leads to feedback
on MVP, which gets revised. When you MVP is
valuable, easy to use, etc., you have found PMF!
http://medium.com/lean-startup-co/a-playbook-for-achieving-product-market-fit-434a644a9b91#.k8b6q93dp
24. 1. Your product is NOT “the product”
2. Brainstorm multiple models and prioritize where to start
3. Understand the three stage of a startup
4. Focus on the right macro metrics
5. Formulate falsifiable hypotheses
6. Architect for learning
7. Architect for speed
8. Go only as fast as you can learn
9. Validate qualitatively, verify quantitatively
10. Systematically test your model
http://www.slideshare.net/ashmaurya/10-steps-to-productmarket-fit