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(If you can't see the embedded slides above, you can also download the PDF here) A few months ago, I spoke to a group of entrepreneurs at Stanford whose seed stage companies were still struggling to get product/market fit. I wrote down a few thoughts on the topic and turned it into slides.

  • MB

    Morgan Brown

    over 5 years ago #

    Did anyone hear Andrew give it or is there video of this talk? The biggest downfalls of things like SlideShare is that there is too infrequently the supporting audio that goes with the deck.

    I'd love to hear Andrew's thoughts along w/the slides.

  • AA

    Anuj Adhiya

    over 5 years ago #

    One of the biggest take aways from this presentation for me was the idea of "too much minimum in MVP".
    Prior to reading it here, I'd never seen anyone address this point.

  • MB

    Morgan Brown

    over 5 years ago #

    Here are his notes from the presentation, via his email newsletter:

    Here’s some notes on the slides, to add some color:

    Traction is everything, but it’s a reflection of getting product/market fit
    You can’t get growth and traction without nailing fit first
    P/M fit is when people who know they want your product are happy with what you’re offering
    Then you’re ready to shift your focus from product to distribution and win the market
    (Woz/Steve photo) This is why 20-something year olds often build awesome new companies in Silicon Valley- they make lots of stuff, hit product/market fit, and the capital/talent comes to help them scale
    P/M fit metrics for SaaS and consumer- but it’s good to look at other comparable products and see if you’re close
    Consumer (non-commerce) P/M fit based on DAU/MAU, organic growth rates, D1 and D30 retention rates, etc.
    SaaS based on conversion rates, CPA/LTV ratio, churn rates
    And if you have P/M fit, you should email me :) I can connect you with capital/people to help scale
    These days, most startups fail because of lack of P/M fit, not technology risk
    Product/market fit is actually easy to get
    Everyone knows how to get P/M fit on a coffee cup
    There’s not too many variables in designing a cup
    However, digital products are complex and people take too much market and product risk
    Some heuristics on making P/M fit easier
    Pre-existing product category
    Large # of customers “pulling” for that product category
    Successful competition
    Clear axis of competition
    Build for yourself
    One way to P/M fit. Just clone something
    Lots of problems though- it’s uninspiring
    Playing for #2
    More balanced approach is to innovate on 20%, ideally a core thing
    What happens after hitting P/M fit?
    Summon the power of Silicon Valley!
    Throw capital and people at the problem
    Scaling distribution is about feedback loops- either with paid ads or viral loop or SEO loop

  • VG

    Vlad Gidea

    over 5 years ago #

    I would love to hear it as well. I find it a bit hard to believe that in order to reach p/m fit you need 3 out of 7 days usage if your product is a medium retention, high engagement. I was looking more into this these days due to the presentation.
    oh,
    Fred Wilson's 30/10/10: http://www.avc.com/a_vc/2011/07/301010.html

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