how to find product market fit - founder institute
TRANSCRIPT
HOW TO FINDPRODUCTMARKET FIT
1. Define Product-Market Fit2. Know your next step3. How to take it
Goals
Founder InstituteThank You
Push the envelope
TodayWe’re going to…
The PlatformLet’s Explore
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit4. Who are your Early Adopters?5. Wrap up
Agenda
WHO AMI?
My Background
18 months
Discovered
Lean Startup
ThingsWeStart
Success
Mentor Around the World
San Francisco San Juan
Seattle
LincolnCalgary
Singapore
Barcelona
ParisLondon
Sydney
Zagreb
San Francisco San Juan
Seattle
LincolnCalgary
Singapore
Barcelona
ParisLondon
Sydney
Zagreb
Startup Accelerators
Curriculum
Mentor & Speaker
FOCUS Framework
?’s
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit4. Who are your Early Adopters?5. Wrap up
Agenda
FindingProduct-Market FitIs hard…
1. Haven’t defined it2. Overwhelming3. How to do it?
"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
You get to define it.
Good Market?
…to achieve your goals.
Your startup is a vehicle
"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
"Being in a market that can achieve your goals with a product that can satisfy that market."
Product-Market Fit?
“Satisfying a market…that satisfies you."
Product-Market Fit
- Justin Wilcox
Satisfies you?1. All decisions are easier2. Confidence to pivot3. Unify your team
Declaring Victory
"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
"Being in a market that can achieve your goals with a product that can satisfy that market."
Product-Market Fit?
“Satisfying a market that satisfies you."
Product-Market Fit
Satisfies you1. All decisions are easier2. Confidence to pivot3. Unify your team
?’s
Takeaway
What’s your Victory?
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit4. Who are your Early Adopters?5. Wrap up
Agenda
Product-Market Fit?How do you find
Riskiet AssumptionTest your
Where do you start?
What tests do you run?
Questions
How do you run them?
??
?
?
??
??
?
FOCUSFramework
1. Concrete steps
1 23 45
6
…
2. Orders the steps 3. Instructions & tools for each step
FOCUS Framework
Riskiet AssumptionPath to…Product-Market Fit
FindingProduct-Market FitIs hard…
1. Haven’t defined it2. Overwhelming3. How to do it?
Riskiet AssumptionYour 5Riskiest Assumptions
ASSUMPTIONYou can find
people trying to solve the problem
They want your help solving it
They will "pay" you to solve it
You can solve it
You will achieve Product-Market
Fit
Riskiet AssumptionThe 5 Phases ofProduct-Market Fit
AssumptionYou can find
people trying to solve the problem
They want your help solving it
They will "pay" you to solve it
You can solve it
You will achieve Product-Market
Fit
Test
Manual solution
Ads,Cold EmailsLanding Page,Pre-Sales, LOIs
Product, large segments, etc.
CustomerInterviews
Utility Testing
Offer Testing
Currency Testing
Scaling to Fit
Finding Early Adopters
Phase
Riskiet AssumptionWhat PhaseAre you in?
Product-Market FitAssessment
1. What phase are you in?2. What’s your riskiest assumption?3. What’s your next step to test it?
Where do you start?
What tests do you run?
Questions
How do you run them?
??
?
?
??
??
?
Riskiet AssumptionYour 5Riskiest Assumptions
ASSUMPTIONYou can find
people trying to solve the problem
They want your help solving it
They will "pay" you to solve it
You can solve it
You will achieve Product-Market
Fit
Riskiet AssumptionThe 5 Phases ofProduct-Market Fit
AssumptionYou can find
people trying to solve the problem
They want your help solving it
They will "pay" you to solve it
You can solve it
You will achieve Product-Market
Fit
Test
Manual solution
Ads,Cold EmailsLanding Page,Pre-Sales, LOIs
Product, large segments, etc.
CustomerInterviews
Utility Testing
Offer Testing
Currency Testing
Scaling to Fit
Finding Early Adopters
Phase
?’s
Takeaways
1. What phase are you in?2. What’s your riskiest assumption?3. What’s your next step to test it?
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit4. Who are your Early Adopters?5. Wrap up
Agenda
AssumptionYou can find
people trying to solve the problem
They want your help solving it
They will "pay" you to solve it
You can solve it
You will achieve Product-Market
Fit
Test
Manual solution
Ads,Cold EmailsLanding Page,Pre-Sales, LOIs
Product, large segments, etc.
CustomerInterviews
Utility Testing
Offer Testing
Currency Testing
Scaling to Fit
Finding Early Adopters
Phase
Riskiet AssumptionWho are yourEarly Adopters?
Diffusion of Innovations
EarlyAdopters
EarlyMajority
LateMajority Laggards
Victory
Y
YYY
YY
Startup founders
“Not sure how to apply Lean Startup”
VictoryStart
Y
YYY
YY
“Not sure how to apply Lean Startup”
Goes to Lean Startup MachinePays for online coursesGoes to Lean Startup Conf.Makes calls on ClarityBuy’s Ash’s BookEnrolls in Founder Institute
Tweets about Lean Startup MachineReviews online courses
Leaves feedback on Clarity
Amazon review for Ash’s BookJoins Founder Institute Meetup Group
What are Early Adopters?
“Paying” to Solve It Know they Have ItHave the problem
Customers who…
Where are yours?
Externally Observable Behavior
Tweets about Lean Startup MachineReviews online coursesLeaves feedback on ClarityAmazon review for Ash’s BookJoins Founder Institute Meetup Group
?’s
Takeaways
Where are your Early Adopters?
1. Who am I?2. What is Product-Market Fit?
Recap
Declaring Victory
"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
"Being in a market that can achieve your goals with a product that can satisfy that market."
Product-Market Fit?
“Satisfying a market that satisfies you."
Product-Market Fit
Satisfies you1. All decisions are easier2. Confidence to pivot3. Unify your team
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit
Recap
Where do you start?
What tests do you run?
Questions
How do you run them?
??
?
?
??
??
?
Riskiet AssumptionYour 5Riskiest Assumptions
ASSUMPTIONYou can find
people trying to solve the problem
They want your help solving it
They will "pay" you to solve it
You can solve it
You will achieve Product-Market
Fit
Riskiet AssumptionThe 5 Phases ofProduct-Market Fit
AssumptionYou can find
people trying to solve the problem
They want your help solving it
They will "pay" you to solve it
You can solve it
You will achieve Product-Market
Fit
Test
Manual solution
Ads,Cold EmailsLanding Page,Pre-Sales, LOIs
Product, large segments, etc.
CustomerInterviews
Utility Testing
Offer Testing
Currency Testing
Scaling to Fit
Finding Early Adopters
Phase
Product-Market FitAssessment
1. What phase are you in?2. What’s your riskiest assumption?3. What’s your next step to test it?
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit4. Who are your Early Adopters?
Recap
Diffusion of Innovations
EarlyAdopters
EarlyMajority
LateMajority Laggards
Victory
What are Early Adopters?
“Paying” to Solve It Know they Have ItHave the problem
Customers who…
Where are yours?
Externally Observable Behavior
Tweets about Lean Startup MachineReviews online coursesLeaves feedback on ClarityAmazon review for Ash’s BookJoins Founder Institute Meetup Group
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit4. Who are your Early Adopters?5. Free Bonuses
Recap
BONUS #1
FREEEMAIL COURSE
BONUS #2
FOCUS FrameworkMay 3rd $20 OFF
?’s
#1 Takeaway
FOCUS FrameworkMay 3rd $20 OFF
HOW TO FINDPRODUCTMARKET FIT