Main Takeaways: -Product Managers are strategically focused while Product Owners are delivery/execution-focused. -A Product Owner is a hat worn by someone on the team during Scrum ceremonies. -Product Owners who function primarily as Project Managers working with Delivery Teams work in early stages when the CEO can be the Product Manager and the scope is very focused. When the CEO no longer has the time, ability, or desire to develop the Product Strategy or make detailed Product Trade-offs, then it’s time to start hiring Product Managers. Product Managers need to clearly define the handoffs between leadership on one side and Product Owners/Project Managers on the other in order to ensure a smooth, collaborative relationship.