What is product market fit ?
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What is product market fit ? How do I know when I have achieved it ? I answer these questions in this presentation crafted for the Rise / Next startup program that took place at Cocoon HK in June / July 2014. Product Market fit is an essential milestone to reach at the end of the Customer Discovery process. The material for the workshop is here : https://dl.dropboxusercontent.com/u/18048904/Workshop%20-%20Have%20you%20reached%20Product-Market%20fit.pdf Most of the material inspired by Steve Blank's Startup Owner Manual, Eric Ries's Lean Startup and Alexander Osterwalder's Business Model Generation and blog.
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What is product market fit ?
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- 13. EXISTING MARKET KNOWN PERFORMANCE MANY BAIDUSOUTHWESTGOOGLE GROUPON BRANDING SALES DISTRIBUTION MARKET & PRODUCT REDEFINITION MISJUDGE LOCAL NEEDS EDUCATION CYCLE EVANGELISM FEW IF RIGHT MANY IF WRONG NONE NONE BETTER FIT LOCAL VERSION DISRUPTIVE IMPROVMENT POSSIBLY KNOWN POSSIBLY KNOWN UNKNOWN RESEGMENT MARKET CLONE MARKET NEW MARKET
- 15. ENTHUSIATS VISIONARIES CONSERVATIVES PRAGM ATISTS SKEPTICS EXISTING MARKET year 1 year 2 year 3 year 4 year 5 year 6 year 7
- 16. ENTHUSIATS VISIONARIES CONSERVATIVES PRAGM ATISTS SKEPTICS RESEGMENTED MARKET year 1 year 2 year 3 year 4 year 5 year 6 year 7 CHASM
- 17. ENTHUSIATS VISIONARIES CONSERVATIVES PRAGM ATISTS SKEPTICS NEW MARKET year 1 year 2 year 3 year x year y year z CHASM
- 18. BLUE OCEANRED OCEAN do the same think different compete in existing market Create uncontested market space Beat the competition Make the competion irrelevant Exploit existing demand Create and capture new demand Make the value-cost trade-off Break the value-cost trade-off
- 20. BLUE OCEAN