Embed Size (px)
DESCRIPTION
Having been the founder of TaDaweb for 2 and a half years, I shared my personal experience of the sole most important factor for any founder: product market fit, at the first Luxembourg edition of Geek Girls Carrots.
Citation preview
Oh and: Mum, wife, foodie, jazz musician and runner
Genna Elvin Co-Founder & CMO, TaDaweb @gennaelvin gelvintw.tumblr.com
Firstly! I am no startup God…
Yet anyway.
I am just another startup founder that simply wants to share what I wish I had known when I started this adventure.
So you wanna create a startup?
Don’t do it
Don’t do it
Don’t do it
Just Kidding…
Just Kidding…
…well kinda
Startups are an experience of a lifetime…
!
An experience that can… !
Crush your soul
!
An experience that can… !
Break your heart and rob your sleep
!
An experience that can… !
Take your stress to a level you didn’t think was humanely possible
!
An experience that can… !
Kill any form of social life out of work
!
An experience that can… !
Make you question your reason for existing
!
An experience that can… !
Be extremely rewarding if..
You know the secret?
A secret that might at least crush your sole a little less, let you sleep a little more, let you spend a bit more time with friends?
Would you want to know?
Three words…
Product
Product Market
Product Market Fit
So…What is Product Market Fit?
Ask yourself this: !
Is there sufficient demand in a clearly defined marketplace for my product? !
Does my product deliver a clearly defined value proposition that will enable me to scale?
What is Product Market Fit?
Is your product appealing enough to the market to gain significant traction and scale?
What is Product Market Fit?
Is your product appealing enough to the market to gain significant traction and scale?
Or not?
Not everyone uses technology the way you do !
A good idea or technology is not an instant ticket to success !
You are not the customer. Research, test and measure everything! !
Fail quickly, pivot quickly
Key things to remember
PMF and TaDaweb
TaDaweb
• A first of its kind tech, based on over 10 years of research
• TaDaweb enables users to visually extract and mashup information from the Internet
• Can be used on any website, anywhere on the Internet
Before incorporation we demonstrated our PoC to a lot of people (friends, investors, workmates)
Before incorporation we demonstrated our PoC to a lot of people (friends, investors, workmates)
They were impressed
But the thing was… Everyone told us how many amazing things we could do with our technology including…
E-Commerce Monitoring
Sports News Curating
Global Media Source Flow Analytics
Web Data Usage Analytics
The Pinterest of Web Data
Stock Flow and News Sentiment Detection
App Data Providers
For…
B2B
B2B and B2C
B2B2C
B2B2B
B2B2B2C
So we created a solution that targeted all sectors for both B2B and B2C users
So we created a solution that targeted all sectors for both B2B and B2C users
Despite gaining a few thousand users, getting an article in TechCrunch, getting investment and being accepted in some pretty impressive Accelerators…
We knew we were shooting a machine gun into a bunch of pigeons…
The product market fit was loose
If we wanted to scale properly, we would have to become snipers.
So we identified…
The most opportunistic market that was willing to fork out the cash
A market that had a need
A market that could fit with the current state of our product
A market that we could expand
So we can obtain sufficient traction and scale…
Before world domination…
That is.
A startup is only for crazy people.
To sum up
A good idea or technology does not make a good business, rather, a good idea, at the perfect time, with incredible execution and a lot of luck does.
Selling ice to eskimos won’t scale. Product market fit is crucial and arguably the sole most important job of any founder to ensure happens.
