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See you this year TechCrunch Disrupt, we assembled a panel of venture capitalists working across the growing range of startups and got their ideas on assessing product-to-market fit – an eternal and ongoing challenge for entrepreneurs to all levels of experience.
Heather Hartnett of Human Ventures, David Thacker of Greylock and Victoria Treyger of Felicis all shared their perspectives on what makes a good product-to-market fit, how to spot it and how to use it to your best advantage both for the market. growing your business and raising capital.
What to look for before there are even metrics
Product-to-market fit becomes easier to assess as you advance through the business development process; it’s much easier to determine if what you’re offering is what your users want once you actually have users. But what was it before?
Especially for new founders, assessing the suitability of the product for the market at a stage where it is mostly anticipation can be as much an art as it is science, but our panelists provided some advice on how to prepare yourself for the future. success.
Hartnett:
Our take on product-to-market fit is at the very beginning, really at this point you’re looking for metrics that aren’t even there yet, right? You look for the first metrics that customers even want from your message and your value, then you have a strong assumption about that value, and you have a strong assumption about how you can increase that value over time. And then it’s just a lot of experiments to determine if you can even see some of those early indicators. You know my dad used to say, “You don’t have to tell a thirsty man he needs water.” So we always think, “What aren’t you trying to duplicate sell?” But it’s the one-time sale that people really want.
Thacker added that while it may seem counterintuitive, it is actually up to entrepreneurs to raise as much money as possible on a concept in order to have the right resources to find and maximize the product-to-market fit.
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