Tue, 13 December 2022
Product Market Fit Mental Model
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Product market fit is a mental model that demonstrates your product meets the market's requirements.
It’s a key milestone in the journey of the startup as it’s the point of inflection for growth and later scale.
Without product market fit the startup will most likely fail.
A startup has achieved product market fit when demand outweighs the supply.
In other words, customers demand your product faster than you can provide it and you know why they want it.
When you achieve product-market fit customers are spreading the word about your company.
If you stop providing your product your customers have a real problem.
When you don’t yet have product market fit you can change the product, the market, the team, or the value proposition.
Scaling before achieving product market leads to failure as you’re increasing your costs before you have your revenue growth machine in place.
Achieving product market fit is the primary goal of the early-stage startup.
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