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How to build your product team from scratch, attract top product talent, go multi-product, and more | Rohini Pandhi (Mercury, Square)
- Rohini Pandhi, product leader at Mercury and co-founder of startup bootcamp Transparent Collective, shares insights on building the early product team, attracting top talent and going multi-product.
- Early on, founders should take on the product management role until they cannot do the job, says Pandhi.
- Signs that indicate it’s time to hire a product manager include bottlenecks in decision-making, confusion or overwhelm among the team engineering and design teams, and when businesses are diversifying into new product areas.
- Pioneers, town settlers and city planners are the three types of product manager recommended for different stages of product growth, according to the Wardley model.
- When hiring senior product managers, try to understand where they are on a career S-curve scale and tailor the job offer accordingly, says Pandhi.
- Pandhi recommends looking at de-risked opportunities when evaluating new products and to focus resources on fewer ideas rather than trying many new things at once.
- One way to evaluate market potential is to look for adjacent spaces near a product's core offering and to assess total addressable market and long-term revenue potential.
- When going multi-product, consider creating separate organisational structures for each new product to avoid the gravitational pull back to the core business and ensure each team has the resources to test and learn.
- Organisations should treat new product teams as seed-stage companies to enable quick learning and pivoting. Evaluate progress effectively but with sufficient time for learning.
- Multi-product expansion should focus on building products that customers love rather than optimizing for immediate revenue, says Pandhi.
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