Keynote: Intelligent Growth in Startups: Building More Than a Product to Get Product Market Fit, Ann Miura-Ko
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This document discusses the challenges of achieving product-market fit for startups. It argues that product-market fit is more complex than simply building an MVP and measuring customer usage and revenue. True product-market fit requires considering the product value, business model, and ecosystem in which the product exists. It emphasizes the importance of understanding customer needs deeply and solving meaningful problems, rather than focusing solely on product features or growth metrics. Achieving product-market fit is an iterative process of learning through building, measuring, and refining based on customer and market feedback.
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Keynote: Intelligent Growth in Startups: Building More Than a Product to Get Product Market Fit, Ann Miura-Ko
- 1. 1 Why Product Market Fit isn’t Enough Ann Miura-Ko, Floodgate @annimaniac Shutterstock | Bloomua
- 2. What is a startup?
- 4. No.
- 5. CORPORATION Business Processes Resources Management Supply Chain Customers
- 6. A startup has none of these things
- 7. Team
- 9. Strategy OKRs are almost certainly harmful for pre-P/M fit startups bc it causes teams to optimize towards goals as opposed to constantly asking if the goal is even the right one to begin with
- 10. Tons of resources about scaling a startup
- 11. But...
- 12. If your team looks like this: 📦 MVP minimal but not quite viable 💸 Revenue still pretty teeny 🐣 Company less than 2 years old 💰 Less than $1M raised
- 13. These founders may as well be on Mars 4900 employees 12 years old $4.9B Raised $2.2B Revenue 6600 employees 8 years old $122M Raised $1.5B Revenue 2000 employees 8 years old $ 161M Raised $152M Revenue
- 14. There are 2 distinct stages to starting up VALUE-SEEKING Unlock a delivery model of new product value in an ecosystem GROWTH-SEEKING Accumulate attractive customers with increasing speed and predictability. To be great, we need to HACK VALUE before we can HACK GROWTH
- 15. There are 2 distinct stages to starting up VALUE-SEEKING Unlock a delivery model of new product value in an ecosystem GROWTH-SEEKING Accumulate attractive customers with increasing speed and predictability. To be great, we need to HACK VALUE before we can HACK GROWTH PRODUCT MARKET FIT
- 16. Product Market fit is the critical moment to achieve If you address a market that really wants your product — if the dogs are eating the dog food — then you can screw up almost everything in the company and you will succeed. - Andy Rachleff I don't understand how you can have product- market fit and not a lot of people wanting your product. The two go hand-in-hand. - Michael Seibel In my view, product/market fit is the most important thing to get right as a startup entrepreneur. - Scott Cook The only thing that matters is getting to product/market fit. Product/market fit means being in a good market with a product that can satisfy that market. - Marc Andreessen
- 17. 17FLOODGATE | Proprietary & Confidential But no one explains how to get Product-Market Fit ❓💭 ❓ ❓ ❓ *Miracle happens* Product-Market FitStartup launched
- 18. 18FLOODGATE | Proprietary & Confidential Or what exactly it is... We want X Let’s ship X
- 19. Just that it feels like this...
- 20. So why is it so hard?
- 21. 21FLOODGATE | Proprietary & Confidential sdf Um... who do we listen to? “But X means fewer patients” Providers “Do you really need X?” Government “Does X improve my ROI?” Employers “I have to pay for X” Payers “Does X actually impact health?” Prof Med Associations So noisy… What about other patients? Patient Advocates “What if X goes wrong?” Quality Orgs It’s actually way more complicated...
- 22. And this? It’s a lagging indicator
- 23. Often times, this is the process to get there CustomersProduct Ideas Build Code Measure Learn Data
- 24. But you’re missing Product Value Business ModelEcosystem
- 25. ● Product promise ● Value Proposition ● Stickiness ● Moments of delight ● User effort Product Value Product value is much more than features
- 27. Ecosystem ● Users ● Buyers ● Supply Chain ● Distributors ● Regulatory Agencies ● Etc. Ecosystem represents the industry, not just the customer
- 28. Provider Insuranc e Patient Pharma Medical devices Testing Case Mgmt Hospital For example, our healthcare system Shutterstock | Bloomua
- 29. Business Model ● Pricing structure ● Margin structure ● Customer acquisition ● Customer support ● Customer education Founders often leave this as an afterthought
- 30. START UP Orders dinner Plans order Prepares food Delivers food Collects transaction fee $31 $18 $8 $1.5 $31Average Order Value -$18Rest. Reimbursement - $8Delivery payment -$1.5Transaction Fee $3.5Profit per order 11%Contribution margin
- 31. Business Model Product Value ● Pricing power demonstrates magnitude of product value ● Pricing often influences product decisions (e.g. freemium, enterprise mega license)
- 32. Business Model ● Determines order size and frequency ● Incorporates ease of customer access ● Margins and market influence how company will be valued Ecosystem
- 33. ● Overpowers detractors in the ecosystem ● Leverages more than just customer or end user to implement product impact Product Value Ecosystem
- 36. Ultimately, it is about the customer - the BEST customer
- 37. ...and working on problems that matter Shutterstock | themoderncanvas
Editor's Notes
- Org structure, communication, town hall, etc.