Startup Lessons on Product Market Fit
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Having been the founder of TaDaweb for 2 and a half years, I shared my personal experience of the sole most important factor for any founder: product market fit, at the first Luxembourg edition of Geek Girls Carrots.
Startup Lessons on Product Market Fit
- 1. Oh and: Mum, wife, foodie, jazz musician and runner Genna Elvin Co-Founder & CMO, TaDaweb @gennaelvin gelvintw.tumblr.com
- 2. Firstly! I am no startup God Yet anyway.
- 3. I am just another startup founder that simply wants to share what I wish I had known when I started this adventure.
- 4. So you wanna create a startup?
- 5. Dont do it
- 6. Dont do it
- 7. Dont do it
- 8. Just Kidding
- 10. Startups are an experience of a lifetime
- 11. ! An experience that can ! Crush your soul
- 12. ! An experience that can ! Break your heart and rob your sleep
- 13. ! An experience that can ! Take your stress to a level you didnt think was humanely possible
- 14. ! An experience that can ! Kill any form of social life out of work
- 15. ! An experience that can ! Make you question your reason for existing
- 16. ! An experience that can ! Be extremely rewarding if..
- 17. You know the secret?
- 18. A secret that might at least crush your sole a little less, let you sleep a little more, let you spend a bit more time with friends?
- 19. Would you want to know?
- 20. Three words
- 21. Product
- 22. Product Market
- 24. SoWhat is Product Market Fit? Ask yourself this: ! Is there sufficient demand in a clearly defined marketplace for my product? ! Does my product deliver a clearly defined value proposition that will enable me to scale?
- 25. What is Product Market Fit? Is your product appealing enough to the market to gain significant traction and scale?
- 26. What is Product Market Fit? Is your product appealing enough to the market to gain significant traction and scale? Or not?
- 27. Not everyone uses technology the way you do ! A good idea or technology is not an instant ticket to success ! You are not the customer. Research, test and measure everything! ! Fail quickly, pivot quickly Key things to remember
- 28. PMF and TaDaweb TaDaweb A first of its kind tech, based on over 10 years of research TaDaweb enables users to visually extract and mashup information from the Internet Can be used on any website, anywhere on the Internet
- 29. Before incorporation we demonstrated our PoC to a lot of people (friends, investors, workmates)
- 30. Before incorporation we demonstrated our PoC to a lot of people (friends, investors, workmates) They were impressed
- 31. But the thing was Everyone told us how many amazing things we could do with our technology including
- 34. Global Media Source Flow Analytics
- 35. Web Data Usage Analytics
- 36. The Pinterest of Web Data
- 37. Stock Flow and News Sentiment Detection
- 39. 酷看姻
- 40. B2B
- 41. B2B and B2C
- 42. B2B2C
- 43. B2B2B
- 44. B2B2B2C
- 46. So we created a solution that targeted all sectors for both B2B and B2C users
- 47. So we created a solution that targeted all sectors for both B2B and B2C users
- 48. Despite gaining a few thousand users, getting an article in TechCrunch, getting investment and being accepted in some pretty impressive Accelerators
- 49. We knew we were shooting a machine gun into a bunch of pigeons The product market fit was loose
- 50. If we wanted to scale properly, we would have to become snipers.
- 51. So we identified The most opportunistic market that was willing to fork out the cash A market that had a need A market that could fit with the current state of our product A market that we could expand
- 52. So we can obtain sufficient traction and scale
- 53. Before world domination That is.
- 54. A startup is only for crazy people. To sum up A good idea or technology does not make a good business, rather, a good idea, at the perfect time, with incredible execution and a lot of luck does. Selling ice to eskimos wont scale. Product market fit is crucial and arguably the sole most important job of any founder to ensure happens.