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,

... See more

There are a few dimensions of PMF that are in tension with each other, requiring deliberate tradeoffs at each level . There isn’t just one element to emphasize above all else. And importantly, there are different times in a company’s lifespan where founders need to intentionally prioritize one over another.

Product-market fit progresses in levels . It’s not a binary state where you have it and you’re golden, or you don’t and you’re not on the path. But it’s also not a vague spectrum or fuzzy sliding scale, where you can’t be sure where you’re at.