Product Market Fit

For any new innovation, achieving the perfect Product Market Fit is the ultimate strategy,

which means a Value Guarantee That Counts is the ultimate tactic,

according to Henning du Preez, chief architect and co-founder TMARA

“The marketplace comes first, because you can’t change that, but you can change the people”, according to Pitch Johnson.

“The term product market fit describes ‘the moment when a start-up finally finds a widespread set of customers that resonate with its product’.” Eric Ries
“You know you have fit, if your product grows exponentially with no marketing. That is only possible if you have huge word of mouth. Word of mouth is only possible if you have delighted your customer”, writes Rachleff.
“The number one problem I’ve seen for start-ups, is they don’t actually have product market fit, when they think they do.” Alex Schultz
Even though tight product market fit and product-market scale help beat out the completion, that doesn’t mean that the struggle stops there. Markets and the actions of competitors in that market (which are not always visible to outsiders) are always changing. Constant adaptation is therefore required to retain PMF. Steve Blank observes
“Getting product right means finding product market fit. It does not mean launching the product. It means getting to the point where the market accepts your product and wants more of it.” Fred Wilson
One of the most common ways that start-ups die is “premature scaling,” a term first used by Steve Blank. A business is “scaling prematurely” if it is spending significant amounts of money on growth before it has discovered and developed PMF.
“In general, hiring before you get product market fit slows you down, and hiring after you get product market fit speeds you up. Until you get product market fit, you want to a) live as long as possible and b) iterate as quickly as possible.”Sam Altman
Nothing else you do is going to matter if people don’t like your product.”, Altman.
Andreessen argues that the life of any start-up can be divided into two parts: before product market fit (what he calls BPMF) and after product market fit (APMF)
Some venture capitalists want to see product market fit before they invest and leave it to angels to do the investing pre-product market fit. They would rather buy a business with product market fit than try to predict whether a founder will find it, Chris Dixon.
What product market fit does do, is help prevent businesses from spending money trying to grow a business (often inorganically) in a way that is doomed to fail.