7 Lessons from Andy Rachleff on Product-Market Fit

Benchmark founder Andy Rachleff on what most founders get wrong about product/market fit “When you’re starting a company, you need to develop a value hypothesis and then a growth hypothesis. The value hypothesis consists of the what, the who, and the how. What are you going to build? For whom is it relevant? And what’s the business model? That’s t... See more

The only thing that matters is getting to product/market fit.Product/market fit means being in a good market with a product that can satisfy that market.

First Round Capital’s PMF framework consists of four levels: nascent, developing, strong, extreme

1. Level one: Nascent product-market fit. Likely a pre-seed or seed-stage company. The goal in this stage is to find three to five customers with a problem worth solving, engage with them, deliver a solution, and validate that solution. [examples: Vanta, L

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If you ask entrepreneurs or VCs which of team, product, or market is most important, many will say team... On the other hand, if you ask engineers, many will say product. This is a product business, startups invent products, customers buy and use the products... Personally, I’ll take the third position—I’ll assert that market is the most important ... See more