EIA2018Italy - Anu Nigam - Product - Market Fit
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Anu Nigam - Product - Market Fit
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EIA2018Italy - Anu Nigam - Product - Market Fit
- 1. PMF IS ALL THAT MATTERS! anu@etwadvisors.co Anu Nigam
- 2. Career #1: Start Ups Career #2: Angel Investing Career #3: Advisory Firm My Background
- 3. • Cerent Corp (Cisco-$7.2B) • Siara Systems (Redback- $4.3B) • Hi5.com (>60M MAU) • Best Apps Market (>10M Installs) Start-Ups Background
- 4. • >50 Angel Deals • 7 VC funds • Past President of Sand Hill Angels Angel Investing Background
- 5. Advisory Firm Est. 2014 • Start-up advisory firm • 25 current companies • From pre-seed to Series C • 20 Fundraises >$100M
- 6. Product Market Fit https://www.alacrityglobal.com/blog/spot-startup-lacks-product-market-fit/ ITS ALL THAT MATTERS!!!
- 7. What is PMF? • If you took it away from your customers, they would SCREAM!!!! • What you are selling WORKS • You know WHAT you are selling to WHO
- 8. Why is PMF Valuable? =
- 10. Product, Market or Team? Produc t Market Tea m
- 11. Market, Market, Market!! “the Market pulls Product out of the Team”
- 13. Who are Types of Innovators? • Thought Leaders – Want known for being first • Techie – Technology is cool • Influencer - Want to be known for spreading items • Business Owners – Need to be ahead of competition • Bloggers – Want to write about something first • Others?
- 14. Change Is the Only Constant
- 15. What are Types of Disruptions? • Government Regulations – Brexit, Trump Tariffs • Technology – Cloud Computing, AI, etc • Consumer Behavior – Share Location, Trust Strangers • Business Model – Rental, Monthly Delivery • Consolidation – Swiss Army Knife • Personalization – Personalized Medicine, • Distribution – Peer to Peer • Others?
- 16. Listening is the Key
- 17. How Do You Listen To The Market? • Customer Interviews • Build It for Yourself • Focus Groups • Surveys • Experiments • Others?
- 18. Different Ways to Listen • Customer Interviews • Build It for Yourself • Focus Groups • Surveys • Experiments • Others?
- 19. Android Market Test • Mobile Apps • Android is Untapped • Where is the Demand? Icons are borrowed
- 20. How do I know when I have PMF?
- 21. There Will Always Be Signals • Easy Sale – Solves A Clear Pain; A “Must Have” • Recruitment – People Want To Work With You • Growth – People Sign Up For Your Product • Engagement – People Use Your Project • Lack of Organized Competition – Enemies Are Fragmented • Unique Story – Novelty • Capital Efficient – Attractive Per Unit Economics • Others?
- 22. Time to Pitch Investors Confidential – ETW Consulting Services Inc. Jonathan Lowenhar
Notes de l'éditeur
- VERY INTERACTIVE PRESENTATION!!!
- Product Market Fit - ITS ALL THAT MATTERS!! -
- “At ETW Advisors, companies come to us and say they have Product Market Fit. How do you know?” Ask audience? “This is ETW’s Definition of Product Market Fit”
- Why is it so valuable? “PMF is the first signal that your company is ready to scale. Investors obsess about it and it has become the thing every investor tries to look for that signal” “Hit PMF and you will get money”
- He created HTML, the browser and he created PMF. Marc Andreeseen wrote this famous blog post and this post created the term “Product Market Fit” You can blame him for everyone obsessing about PMF. Read this blog post at 12:05pm. Very important.
- Like in the blog post. I’m going to ask everyone to raise their hands and answer the question, “Which matters most?”
- The answer is that Market Wins!!! Why does Market win? the market pulls product out of the startup. Really, look at that quote. How can that happen? It happens by Team listening to the market and then developing the product to solve that need. You have to talk to the market/customers!! You have to listen!!
- Investors are looking for patterns