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>> Once you find product market fit and start thinking about business model, I suggest you take a step back and work with your team (and investors) to develop a
by callmeed 13y ago
>> Once you find product market fit and start thinking about business model, I suggest you take a step back and work with your team (and investors) to develop a crisp and well formed strategy for your business.
"and investors"? This is what annoys me about the VC world. They talk like this but, from what I can tell few VCs will invest in you unless you have product market fit already.
- smalter 13y agothere are degrees of product-market fit. as someone concisely put it in the comments on A VC, there's fit and there's FIT. If you're a first-time entrepreneur, you'll most likely need to demonstrate some amount of fit, some traction, to get interest from outside investors. Also, there are a wide range of investors, even within the VC world, some more comfortable with seed stage and others who only like to invest when a business is ready to move from initial traction to scale. Then it's a matter of getting from fit to FIT.
- il 13y agoYou don't need funding to get to product-market fit. The optimal strategy is to bootstrap to fit and raise money to scale and build the business.
- callmeed 13y agoI'm aware, I'm just pointing out how Fred is implying you already have investors when you find product market fit.
- fredwilson 13y agohow so?
- callmeed 13y agoAppears to be right there in the excerpt I quoted. You find product market fit and then work on strategy with your team and (already existing) investors.