The session on Product Market Fit (PMF) introduces the concept of Product Market Fit and its importance in the early stages of the business. The lecture, also highlights the importance of achieving PMF early on. This is Part A of the three (03) segments on the topic. Video lecture can be found at: https://youtu.be/uATQAqM7Mug

1. Product Market Fit &
Lean Methodology
For New Ventures

4. Everybody has a plan until
they get punched in the face
Mike Tyson

5. GET OUT OF THE BUILDING
and VALIDATE !!!What to Do After First Pass
Canvas?

6. The right product at the right
time for a market that is in
search for a solution to
problem(s)
Product-Market
Fit

8. How to assess if the time is right for the idea or
not?

9. MarketProduct

10. The mantra, at Paul’s successful
startup incubator Y Combinator,
is “make things people want.”
In the book, Four Steps to the
Epiphany he writes: “Customer
Validation proves that you have
found a set of customers and a
market who react positively to
the product”
Paul Graham
Steve Blank

11. “…the life of any startup can be
divided into two parts – before
product/market fit and after
product/market fit.” He goes on to
write: “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.”
Marc Andreesen

12. What is the first thing to consider for achieving Product-Market
fit?

13. Are Customers Interested in Your Solution?
Identify
Customer
Need
Understand
the Customer
Pain Point
Know what
the customer
wants
Are they
willing to
Pay?

14. What is the benefit of focusing on customer’s
perspective early on?

15. User
Application
Data
Buyer
Framework of achieving
product-market fit

16. Online
 Email Surveys
 Landing Page surveys
 Hotjar
Offline
 Phone Interviews
 Customer Meetings
 Primary Research
Tools to Know What to
Build

17. How can making small changes help startups
achieve better product market fit?

18. Pivot!
Can't Find Product Market
Fit?

19. Course Correction or
adaptation to new
realities
Pivot

20. Based on customer feedback
Allows adapation to market
Helps break out of routine & monotony
Ensures sustainability
Benefits of Pivot

21. Its not the survival of the fittest rather of the
most adaptable!

22. Building Your Startup - The Lean Methodology

23. Perfect is the Enemy of the
Good!
Prove your market with
minimal spend
Lean Methodology

24. Determine Your Target Customer
Identify under-served customer needs
Define Your Value Proposition
Specify your MVP feature set
Create Your MVP
Test your MVP with customers
Lean Product Process

26. What is the Problem?
How can I solve it?
What is my solution?
Can I build and deploy quickly?
Build

27. How many users?
Are users engaged?
What is being used most?
What are my key KPIs?
Measure

28. Why are users engaged?
What is its worth?
What can I prove?
What can I get rid of?
Learn