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> Do you have product market fit or not? If not, save as much money as you can, spend more time with your customers, and build a product they need. I'm still w
by mbesto 8y ago
> Do you have product market fit or not? If not, save as much money as you can, spend more time with your customers, and build a product they need.
I'm still waiting for the tech VC world to unilaterally agree on what "product market fit" is.
- zminjie 8y agoIt is defined in the linked blog post and I believe it's a pretty good definition. “The customers are buying the product just as fast as you can make it — or usage is growing just as fast as you can add more servers. Money from customers is piling up in your company checking account. You’re hiring sales and customer support staff as fast as you can.”
- mwseibel 8y agoI’m pretty sure Marc invented the phrase so he gets to define it: https://pmarchive.com/guide_to_startups_part4.html https://pmarchive.com/guide_to_startups_part4.html
- ttul 8y agoIn other words: your growth is so astonishing that it justifies paying >30% IRR to investors rather than growing from internal cash or borrowing what you can from a bank.
- mbesto 8y ago> It is defined There's not an agreement on a single definition though - that's my point https://www.quora.com/How-do-you-define-Product-Market-Fit https://www.quora.com/How-do-you-define-Product-Market-Fit
- wsy 8y agoGetting investment is a very subjective business. You can play it to your advantage that different VCs have different opinions. But not if you wait for them to deliver definitions to you. The first lesson to learn as founder is that you are not entitled. (side note: that is the trouble with using the word 'deserve')