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CONFIDENTIAL PRESENTATION | PAGE1
The Search for Product-Market Fit
Jeff Bussgang
General Partner, Flybridge Capital
Senior Lecturer, Harvard Business School
March 31, 2016
CONFIDENTIAL PRESENTATION | PAGE2
Concepts
• What people mean when they use the phrase,
“Product Market Fit” (PMF), plus:
– Lean Start-Up Theory
– Customer Development Process
• Help you devise your approach to achieving PMF
and avoid wasting a lot of money
• What is great product management?
CONFIDENTIAL PRESENTATION | PAGE3
The Lean Startup
• Many startups fail because they waste capital and
time developing and marketing a product that no
one wants
• Lean startups rapidly and iteratively test hypotheses
about a new venture based on customer feedback,
then quickly refine promising concepts and cull flops
• Being lean does NOT mean being cheap, it is a
methodology for optimizing—not minimizing—
resources expenditures by avoiding waste
• Being lean does NOT mean avoiding rigorous,
analytical or strategic thinking
Source: Eric Ries
CONFIDENTIAL PRESENTATION | PAGE4
Lean Startup Principles
• No idea survives first customer contact, so get
out of the building ASAP to test ideas
• Goal: validation of business model hypotheses,
based on rigorous experiments and clear metrics
• Minimum viable product (MVP): smallest set of
features/marketing initiatives that delivers the
most validated learning
• Rapidly pivot your MVP/business model until you
have validation and product-market fit (PMF)
• Don’t scale until you have achieved PMF
Source: Eric Ries
CONFIDENTIAL PRESENTATION | PAGE5
“Lessons Learned” Drives Funding
Concept
Business
Plan/Canvas
Lessons
Learned
Series A
Do this first instead of fund raising
(or raise seed round to test hypotheses…rigorously)
Test
Hypotheses
Source: Steve Blank
CONFIDENTIAL PRESENTATION | PAGE6
Where are You?
Before Product-Market Fit:
Search & Validation
• Lean startup approach
• Hunch-driven hypotheses
• Minimum viable product (MVP)
• Customer development process
• Selling to early adopters
• Pivoting
• Bootstrapping
• Small, founding team
• Product-centric culture;
informal roles
• Early in sales learning curve
After Product-Market Fit:
Scaling & Optimization
• Building a robust, feature-rich
product
• Crossing the chasm
• Metrics, analytics, funnels
• Designing for virality &
scalability
• Challenges with corporate
partnerships
• Building a brand
• Scaling the team; more
formal roles
• Scaling a sales force
CONFIDENTIAL PRESENTATION | PAGE7
INBOUND15
Sales team hitting quota
Sales cycles short
40% test – if product disappeared
Product usage high, growing
LTV : CAC > 3
MRR growing > 10% MoM
Churn < 30% / year
NPS > 20
Criteria for Product Market Fit
CONFIDENTIAL PRESENTATION | PAGE8
Product Management Skills
• Responsibilities:
– Define the new product to be built
– Secure the resources to build it
– Manage its development, launch and
ongoing improvement
– Lead the cross-functional product team
• Attributes:
– Ability to influence and lead
– Resilience and tolerance for amibiguity
– Business judgment and market knowledge
– Strong process skills and detail orientation
– Fluency with technology and implications on product design, business
– Design/UX instincts
Mini CEO – with none of the authority
CONFIDENTIAL PRESENTATION | PAGE9
Leading Thinkers/Books/Blogs
• Geoffrey Moore: Crossing the Chasm (read this!)
• Steve Blank: Customer Development Process (read Four
Steps to the Epiphany)
• Eric Ries: Lean Startups (read this too!)
• Marty Cagan: Silicon Valley Product Group (great book
and blog)
• Sean Ellis: Growth Hackers (great blog)
CONFIDENTIAL PRESENTATION | PAGE10
The Search for Product-Market Fit
Jeff Bussgang
General Partner, Flybridge Capital
Senior Lecturer, Harvard Business School
March 31, 2016

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Fgvn 3 31-2016 search for pmf

  • 1. CONFIDENTIAL PRESENTATION | PAGE1 The Search for Product-Market Fit Jeff Bussgang General Partner, Flybridge Capital Senior Lecturer, Harvard Business School March 31, 2016
  • 2. CONFIDENTIAL PRESENTATION | PAGE2 Concepts • What people mean when they use the phrase, “Product Market Fit” (PMF), plus: – Lean Start-Up Theory – Customer Development Process • Help you devise your approach to achieving PMF and avoid wasting a lot of money • What is great product management?
  • 3. CONFIDENTIAL PRESENTATION | PAGE3 The Lean Startup • Many startups fail because they waste capital and time developing and marketing a product that no one wants • Lean startups rapidly and iteratively test hypotheses about a new venture based on customer feedback, then quickly refine promising concepts and cull flops • Being lean does NOT mean being cheap, it is a methodology for optimizing—not minimizing— resources expenditures by avoiding waste • Being lean does NOT mean avoiding rigorous, analytical or strategic thinking Source: Eric Ries
  • 4. CONFIDENTIAL PRESENTATION | PAGE4 Lean Startup Principles • No idea survives first customer contact, so get out of the building ASAP to test ideas • Goal: validation of business model hypotheses, based on rigorous experiments and clear metrics • Minimum viable product (MVP): smallest set of features/marketing initiatives that delivers the most validated learning • Rapidly pivot your MVP/business model until you have validation and product-market fit (PMF) • Don’t scale until you have achieved PMF Source: Eric Ries
  • 5. CONFIDENTIAL PRESENTATION | PAGE5 “Lessons Learned” Drives Funding Concept Business Plan/Canvas Lessons Learned Series A Do this first instead of fund raising (or raise seed round to test hypotheses…rigorously) Test Hypotheses Source: Steve Blank
  • 6. CONFIDENTIAL PRESENTATION | PAGE6 Where are You? Before Product-Market Fit: Search & Validation • Lean startup approach • Hunch-driven hypotheses • Minimum viable product (MVP) • Customer development process • Selling to early adopters • Pivoting • Bootstrapping • Small, founding team • Product-centric culture; informal roles • Early in sales learning curve After Product-Market Fit: Scaling & Optimization • Building a robust, feature-rich product • Crossing the chasm • Metrics, analytics, funnels • Designing for virality & scalability • Challenges with corporate partnerships • Building a brand • Scaling the team; more formal roles • Scaling a sales force
  • 7. CONFIDENTIAL PRESENTATION | PAGE7 INBOUND15 Sales team hitting quota Sales cycles short 40% test – if product disappeared Product usage high, growing LTV : CAC > 3 MRR growing > 10% MoM Churn < 30% / year NPS > 20 Criteria for Product Market Fit
  • 8. CONFIDENTIAL PRESENTATION | PAGE8 Product Management Skills • Responsibilities: – Define the new product to be built – Secure the resources to build it – Manage its development, launch and ongoing improvement – Lead the cross-functional product team • Attributes: – Ability to influence and lead – Resilience and tolerance for amibiguity – Business judgment and market knowledge – Strong process skills and detail orientation – Fluency with technology and implications on product design, business – Design/UX instincts Mini CEO – with none of the authority
  • 9. CONFIDENTIAL PRESENTATION | PAGE9 Leading Thinkers/Books/Blogs • Geoffrey Moore: Crossing the Chasm (read this!) • Steve Blank: Customer Development Process (read Four Steps to the Epiphany) • Eric Ries: Lean Startups (read this too!) • Marty Cagan: Silicon Valley Product Group (great book and blog) • Sean Ellis: Growth Hackers (great blog)
  • 10. CONFIDENTIAL PRESENTATION | PAGE10 The Search for Product-Market Fit Jeff Bussgang General Partner, Flybridge Capital Senior Lecturer, Harvard Business School March 31, 2016