The Panel Discussion at StartupHouse
Insights from the Product market fit panel:
– do people want the thing I’ve built? Do people say “oh that sounds like a great idea!” but I then never see them in the app.
– you need to have the willingness to be honest to yourself and find out why it sucks. What I need to do to make it work?
– the biggest failure we had was we won “the best overall” prize in a big competition. So we thought look at that, everybody loves it, so let’s go full speed ahead and scale. So that way we rushed it and lost empathy with our customers. We were tracking analytics but lost empathy. We lost track of listening to our users and even forgot who our users were.
If I was to do it again, I would slow down and figure out who my real users were and why they loved it.
Don’t skip over things. Don’t pump too much money in too early before you have integrity.
– people hate failure. They say celebrate failure, but people only do that because they have to.
– do set in place metrics and quantitatively define how your product and business is going. Don’t copy other people’s metrics, every business is different. Ask yourself questions like: Are you trying to become profitable or get to very rapid growth?
– have a look at the focus framework (thefocusframework.com) It starts with the user and the market as opposed to the product.
-Earliest adopters are people that have the problem, they know they have it and are looking to solve it.