how to find product market fit - founder institute
TRANSCRIPT
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HOW TO FINDPRODUCTMARKET FIT
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1. Define Product-Market Fit2. Know your next step3. How to take it
Goals
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Founder InstituteThank You
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Push the envelope
TodayWe’re going to…
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The PlatformLet’s Explore
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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
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WHO AMI?
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My Background
18 months
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Discovered
Lean Startup
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ThingsWeStart
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Success
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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
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Startup Accelerators
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Curriculum
Mentor & Speaker
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FOCUS Framework
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?’s
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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
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FindingProduct-Market FitIs hard…
1. Haven’t defined it2. Overwhelming3. How to do it?
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"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
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"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
![Page 23: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/23.jpg)
You get to define it.
Good Market?
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…to achieve your goals.
Your startup is a vehicle
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"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
![Page 26: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/26.jpg)
"Being in a market that can achieve your goals with a product that can satisfy that market."
Product-Market Fit?
![Page 27: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/27.jpg)
“Satisfying a market…that satisfies you."
Product-Market Fit
- Justin Wilcox
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Satisfies you?1. All decisions are easier2. Confidence to pivot3. Unify your team
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Declaring Victory
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"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
![Page 31: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/31.jpg)
"Being in a market that can achieve your goals with a product that can satisfy that market."
Product-Market Fit?
![Page 32: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/32.jpg)
“Satisfying a market that satisfies you."
Product-Market Fit
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Satisfies you1. All decisions are easier2. Confidence to pivot3. Unify your team
![Page 34: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/34.jpg)
?’s
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Takeaway
What’s your Victory?
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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
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Product-Market Fit?How do you find
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Riskiet AssumptionTest your
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Where do you start?
What tests do you run?
Questions
How do you run them?
??
?
?
??
??
?
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FOCUSFramework
1. Concrete steps
1 23 45
6
…
2. Orders the steps 3. Instructions & tools for each step
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FOCUS Framework
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Riskiet AssumptionPath to…Product-Market Fit
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FindingProduct-Market FitIs hard…
1. Haven’t defined it2. Overwhelming3. How to do it?
![Page 44: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/44.jpg)
Riskiet AssumptionYour 5Riskiest Assumptions
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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
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Riskiet AssumptionThe 5 Phases ofProduct-Market Fit
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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
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Riskiet AssumptionWhat PhaseAre you in?
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Product-Market FitAssessment
1. What phase are you in?2. What’s your riskiest assumption?3. What’s your next step to test it?
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Where do you start?
What tests do you run?
Questions
How do you run them?
??
?
?
??
??
?
![Page 51: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/51.jpg)
Riskiet AssumptionYour 5Riskiest Assumptions
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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
![Page 53: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/53.jpg)
Riskiet AssumptionThe 5 Phases ofProduct-Market Fit
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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
![Page 55: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/55.jpg)
?’s
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Takeaways
1. What phase are you in?2. What’s your riskiest assumption?3. What’s your next step to test it?
![Page 57: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/57.jpg)
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
![Page 58: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/58.jpg)
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
![Page 59: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/59.jpg)
Riskiet AssumptionWho are yourEarly Adopters?
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Diffusion of Innovations
EarlyAdopters
EarlyMajority
LateMajority Laggards
Victory
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Y
YYY
YY
Startup founders
“Not sure how to apply Lean Startup”
VictoryStart
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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
![Page 63: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/63.jpg)
What are Early Adopters?
“Paying” to Solve It Know they Have ItHave the problem
Customers who…
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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
![Page 65: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/65.jpg)
?’s
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Takeaways
Where are your Early Adopters?
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1. Who am I?2. What is Product-Market Fit?
Recap
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Declaring Victory
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"Being in a good market with a product that can satisfy that market."
Product-Market Fit?
- Marc Andreesen
![Page 70: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/70.jpg)
"Being in a market that can achieve your goals with a product that can satisfy that market."
Product-Market Fit?
![Page 71: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/71.jpg)
“Satisfying a market that satisfies you."
Product-Market Fit
![Page 72: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/72.jpg)
Satisfies you1. All decisions are easier2. Confidence to pivot3. Unify your team
![Page 73: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/73.jpg)
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit
Recap
![Page 74: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/74.jpg)
Where do you start?
What tests do you run?
Questions
How do you run them?
??
?
?
??
??
?
![Page 75: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/75.jpg)
Riskiet AssumptionYour 5Riskiest Assumptions
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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
![Page 77: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/77.jpg)
Riskiet AssumptionThe 5 Phases ofProduct-Market Fit
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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
![Page 79: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/79.jpg)
Product-Market FitAssessment
1. What phase are you in?2. What’s your riskiest assumption?3. What’s your next step to test it?
![Page 80: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/80.jpg)
1. Who am I?2. What is Product-Market Fit?3. Path to Product-Market Fit4. Who are your Early Adopters?
Recap
![Page 81: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/81.jpg)
Diffusion of Innovations
EarlyAdopters
EarlyMajority
LateMajority Laggards
Victory
![Page 82: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/82.jpg)
What are Early Adopters?
“Paying” to Solve It Know they Have ItHave the problem
Customers who…
![Page 83: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/83.jpg)
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
![Page 84: How to find Product Market Fit - Founder Institute](https://reader030.vdocument.in/reader030/viewer/2022012323/58a5756a1a28ab36768b5497/html5/thumbnails/84.jpg)
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
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BONUS #1
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FREEEMAIL COURSE
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BONUS #2
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FOCUS FrameworkMay 3rd $20 OFF
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?’s
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#1 Takeaway
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HOW TO FINDPRODUCTMARKET FIT