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A framework for finding product-market fit | Todd Jackson (First Round Capital)
- Todd Jackson, First Round Capital Partner, presented a four-level product-market fit framework in this podcast.
- Level 1: Nascent product-market fit is for finding the problem worth solving and to validate the solution
- Level 2: Developing PMF is finding scalable demand channels and making the product do the heavy lifting.
- Level 3: Strong product-market fit is when the business gains momentum, referrals coming in more easily and founders have a scalable demand channel.
- Level 4: Extreme product-market fit is achieved when the company has achieved significant milestones, metrics are robust, with the team more than 100 people.
- Todd also shared the timelines it takes to achieve each level, and the goals and challenges to beat.
- Todd discussed the common signs a founder can’t get past a level and what to do.
- Todd advised founders stuck at a level to reassess one or more of the four P’s: persona, problem, promise, product.
- Todd pointed out a focus on expanding the total addressable market (TAM) through new products or markets is crucial for sustained growth.
- The product-market fit framework by First Round Capital consists of coached sessions for startups through the PMF program.
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