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Product – Market Fit Jeff Bussgang, Flybridge Capital Angel Boot Camp June 14, 2011
Breakout Objectives Explain what people mean when they use the phrase, “Product Market Fit” (PMF), plus: Customer Development Process Lean Start-Up Theory Help you devise your approach to achieving PMF Making sure you don’t waste a lot of money before you find PMF
Leading Thinkers Geoffrey Moore:  Crossing the Chasm Steve Blank: Customer Development Process Eric Ries: Lean Startups Mark Leslie: Sales Learning Curve Sean Ellis: Lean Startup Marketing Tom Eisenmann:  Launching Tech Ventures (HBS)
Where Are You? After-Product Market Fit Before-Product Market Fit Building a robust, feature-rich product Crossing the chasm Metrics, analytics, funnels Designing for virality & scalability Scaling a sales force Challenges with corporate partnerships Building a brand Scaling the exec team Minimum viable product (MVP) Customer development process Selling to early adopters Pivoting Bootstrapping Small, founding team Product-centric culture Source:  HBS Prof. Tom Eisenmann, J.Bussgang
Crossing The Chasm
Lean Startup Principles Nail it then scale it Rapid hypothesis testing about market, pricing, customers (customers & markets unknown) MVP (Minimum viable product) Low burn by design (no scaling until revenue) Metrics, iteration, agile development Learn fast (fail fast) Source:  Eric Ries, Sean Ellis
Customer Developmentvs. Product Development Concept/Bus. Plan Product Dev. Alpha/Beta Test Launch/ 1st Ship Product Development Customer Development CustomerDiscovery Company Building CustomerValidation Customer Creation Source:  Steve Blank
“Lessons Learned” Drives Funding Test  Hypotheses Concept Business Plan Lessons  Learned Series A Do this first instead of fund raising Source:  Steve Blank
foursquare Case Study From inception, best practices in PMF: MVP Product-centric culture and founding team $1.35m Series A Responded to every email, tweet Hunch-driven, not metrics-driven The founders were the target customer Contextual factors Tech trends enabled success:  iPhone/apps, LBS/GPS, social media Impact of geography (NYC), launch (SXSW) and VC (Fred Wilson) Game mechanic, playful, entertaining Source:  Pikorski, Eisenmann, Bussgang, HBS Case Study:  “foursquare”
foursquare Case Study (2) Post PMF Challenges: Tech founder as scalable CEO $20m Series B - expectations Pressure to be more analytical Competitive response to Facebook, Yelp The founders no longer can do it all Monetization pressures – when to run experiments? How scale? Questions: Who is foursquare’s customer – the consumer or the business? What social failure is foursquare solving? When should foursquare focus on monetization vs. consumer scale? Has foursquare crossed the chasm? Source:  Pikorski, Eisenmann, Bussgang, HBS Case Study:  “FourSquare”
Product – Market Fit Jeff Bussgang, Flybridge Capital Angel Boot Camp June 14, 2011

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Product market fit - Angel Boot Camp 2011

  • 1. Product – Market Fit Jeff Bussgang, Flybridge Capital Angel Boot Camp June 14, 2011
  • 2. Breakout Objectives Explain what people mean when they use the phrase, “Product Market Fit” (PMF), plus: Customer Development Process Lean Start-Up Theory Help you devise your approach to achieving PMF Making sure you don’t waste a lot of money before you find PMF
  • 3. Leading Thinkers Geoffrey Moore: Crossing the Chasm Steve Blank: Customer Development Process Eric Ries: Lean Startups Mark Leslie: Sales Learning Curve Sean Ellis: Lean Startup Marketing Tom Eisenmann: Launching Tech Ventures (HBS)
  • 4. Where Are You? After-Product Market Fit Before-Product Market Fit Building a robust, feature-rich product Crossing the chasm Metrics, analytics, funnels Designing for virality & scalability Scaling a sales force Challenges with corporate partnerships Building a brand Scaling the exec team Minimum viable product (MVP) Customer development process Selling to early adopters Pivoting Bootstrapping Small, founding team Product-centric culture Source: HBS Prof. Tom Eisenmann, J.Bussgang
  • 6. Lean Startup Principles Nail it then scale it Rapid hypothesis testing about market, pricing, customers (customers & markets unknown) MVP (Minimum viable product) Low burn by design (no scaling until revenue) Metrics, iteration, agile development Learn fast (fail fast) Source: Eric Ries, Sean Ellis
  • 7. Customer Developmentvs. Product Development Concept/Bus. Plan Product Dev. Alpha/Beta Test Launch/ 1st Ship Product Development Customer Development CustomerDiscovery Company Building CustomerValidation Customer Creation Source: Steve Blank
  • 8. “Lessons Learned” Drives Funding Test Hypotheses Concept Business Plan Lessons Learned Series A Do this first instead of fund raising Source: Steve Blank
  • 9. foursquare Case Study From inception, best practices in PMF: MVP Product-centric culture and founding team $1.35m Series A Responded to every email, tweet Hunch-driven, not metrics-driven The founders were the target customer Contextual factors Tech trends enabled success: iPhone/apps, LBS/GPS, social media Impact of geography (NYC), launch (SXSW) and VC (Fred Wilson) Game mechanic, playful, entertaining Source: Pikorski, Eisenmann, Bussgang, HBS Case Study: “foursquare”
  • 10. foursquare Case Study (2) Post PMF Challenges: Tech founder as scalable CEO $20m Series B - expectations Pressure to be more analytical Competitive response to Facebook, Yelp The founders no longer can do it all Monetization pressures – when to run experiments? How scale? Questions: Who is foursquare’s customer – the consumer or the business? What social failure is foursquare solving? When should foursquare focus on monetization vs. consumer scale? Has foursquare crossed the chasm? Source: Pikorski, Eisenmann, Bussgang, HBS Case Study: “FourSquare”
  • 11. Product – Market Fit Jeff Bussgang, Flybridge Capital Angel Boot Camp June 14, 2011