The Startup Pyramid

The Startup Pyramid

The Startup Pyramid

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The 4 Levels of PMF

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Startup Handbook by Julian Shapiro

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

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,

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Lenny Rachitsky • A framework for finding product-market fit | Todd Jackson (First Round Capital)