Excerpt from the article: I’ve been fascinated by the concept of Product/Market Fit for quite some time. The reason why it’s such an interesting and important concept is that getting to Product/Market Fit (PMF) marks a critical juncture in a company’s lifecycle. At least in theory, the life of a company can be divided into a “pre PMF” phase and a “post PMF” phase, with each of the two phases having very different objectives and requiring very different strategies. As Marc Andreessen famously said, “when you are before PMF, focus obsessively on getting to PMF”. Once you have PMF, you can start to focus on hiring, getting more customers, finding customer acquisition channels, optimizing pricing, and so on. In reality, there’s usually not a sharp line of demarcation that separates the “before” from the “after”. Rather, companies typically increase their level of PMF gradually. The problem with PMF is that it’s hard to precisely define and even harder to measure. So difficult, in fact, that I’ve heard several people resort to the “I know it when I see it” phrase (famously used by a Supreme Court justice to define pornopgraphy). Think about it. We have the concept of a demarcation line which calls for different strategies “before” and “after”, but we don’t seem to have a precise definition of that concept, nor the tools to measure whether a company is “before” or “after”! To make things worse, according to data from a Startup Genome Report “premature scaling” (i.e. spending significant amounts of money on growth before you find PMF) is the #1 reason why startups fail! Let’s look at what some of the smartest people in the industry have said and written about PMF.
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