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Start up from 0 to 1 : How to find your Product / Market fit ?
- 1. Startup from 0 to 1 How to find your Product / Market fit ? By Romain Berthomé
- 2. “A Startup is a social organisation that is looking to discover a profitable, scalable and repeatable business model” Oussama Ammar - CEO of The Family
- 3. “The life of any startup can be divided into two parts, before product market fit and after product market fit” Marc Andreessen - Founder of Mosaic
- 5. “Customer validation proves that you have found a set of customers and a market who reacts positively to the product: by relieving those customers of some of their money” Steve Blank - Lean Startup movement
- 6. Make sure your target audience understands your value proposition 1 Make sure understanding turns into buying 2 Make sure your customers become advocates 3 3steps for Product / Market fit
- 7. AIRBNB found product market fit after 36 months
- 8. It took 5 days to UBER to reach product market fit
- 9. “Product Market fit feels like stepping on a landmine” Drew Houston - CEO of Dropbox
- 10. Users’ emails are probably one of the best insight for validating Product / Market fit
- 12. The most common mistakes strartups make is to solve problems no one has “The most common mistakes startups make is to solve problems no one has” Paul Grahaam - Founder of YCombinator
- 13. 8 indicators to validate your problem
- 14. REALSeeing straight its impact
- 15. GROWINGThe problem will grow for the next 10 years
- 16. DEFINABLECould be explained in a few words to your customers
- 17. BIGMarket size for this problem is over 1 billion
- 18. DIFFICULTThe more difficult it is, the less competitors will succeed
- 19. VISIBLEThe problem really matters for people who get impacted
- 20. UNSOLVEDWhat is the remaining free space?
- 21. DRIVING YOUYou are impacted by the problem or you like it
- 22. Customer Segment
- 24. “You should focus on a niche and on dominating this niche before moving on” Oussama Ammar - CEO of The Family
- 25. “My biggest mistake was to be focused on Twitter during almost 2 years” Marc Zuckerberg - CEO of Facebook
- 26. How do I test my Product market fit?
- 27. Talking to users Not everybody should understand your product
- 28. Who gives me honest feedback?
- 29. “Don’t pitch your product, try to discover users’ needs” Peter Reinhart - CEO of Segment
- 30. “20K $ is the average amount of money spent by YC startups to reach product market fit” Paul Grahaam - Founder at YCombinator
- 32. mVp Build an incomplete product but a valuable one
- 34. What should I do if it’s not working?
- 36. A button you can press to tell teachers when you don’t understand 1 An analytics tool2 One API maps for all your customer data 3 What is a good pivot ?
Editor's Notes
- What is a company ? Why your risk management approach should change ?
- Peter Thiel, from 0 to 1 or from 1 to n When you are before product market fit focus obsesivly on getting this done, including raising money Becarefull with advice, identify if this in an advice before or after PMF
- 9 different blocks that explain how the company create and distribute value to customer Split into two part right side the revenues and left the costs Value proposition adress a segment throught customer relationship and chanel to produce revenue stream Value proposition : describe what the company is doing precisly Customer segments: Focus on niche, define them precisly Example of risk
- 80% of startups fail before product market fit Example of the cake and the cherry for the birthday party
- Atlassian example
- Dropbox case with pitching VCs 40 % should be your minimum conversion rate Example of the guy launching 21 startups and 20 of them have less than 5 % other one have 40 Success is obvious User emails is a good indicator
- It’s much more easy to define a project by a problem rather than a solution a solution can be changed and will be Much more difficult to evaluate a solution than a problem : What does it solve ? Does this solution solve the problem ? Séquance du loup de wall street
- Tricky
- Example sur le marche de la pollution et de la nourriture vs marche de l isolation 7 tendancy that are growing at this moment
- Picth elevator is 30 sec because it’s the time you have Snapchat : 3 students - communication is not secure, we can’t delete remotly some data - B to B first 23 years old guys with suit can’t sell serious solutions Exercice of defining the problem and defided it by 2 as iteration
- Maximize your risk because big or small problem have still the same difficulty to be solved 50 % of the entrepreneurs that made an exist in the valley have win less money than the first 1000 employee of facebook
- More is difficult more you are creating opportunities, more it’’s difficult less probabylity you have to succeed but other as well What’s app example : maintain in parallele 187 different device support in order to target niche market
- How fast anestesy was spread compare to sterilisation en milieux hospitalier
- Google example : WHo didn’t have find a result on google Next billion company will probably be an other search engines
- You have to be an expert on this domain, you will dedicated your life to it Mon propre example sur Art wink
- ™ / SAM / TAM Where do you meet competition One player market vs fragmented market (Google vs online course)
- Amazon Example of physical restaurant
- Do not loose the focus You will not know from where the mistake come from Differenciation example on vidaeo CV We didn’t say don’t copy / My example rocket internet
- Example of the 4 years old baby who shouldn’t understand bitcoin Eric rize lean start up Do not go on the street and select random people Identify and respect your customer segments (rocket internet)
- Draw a curve Do not listen to family and other entrepreneurs You can talk to them about finance or hiring process
- Talk to 5 users Don’t spend more than 40 min
- There is no entry barrier before people needed to Facebook targeting tools Google adwords
- Dropbox Landing page Hacker news Product hunt Be carefull with who his your audience on the two last one Pirates of silicon valley
- Minimum is not for quality but is simplicity and minimum of feature Example of PO building a lot of features that does work or adress the core problem What matter is to get feedback as soon as possible
- Early testable / Early adoptable / Early lovable