Product-Market Fit

The sad truth is… Most Startup Fails.

First, I would like to discuss the two leading reasons why startups fail.

1. Wasting time & money on things that customers don’t want.
2. Lack of skills and talents — inability to execute correctly.

So, what exactly is product-market fit?

The answer to this difficult question is very simple, product-market fit is Customers?… Customers?… Customers.

The next question is how to get those customers. The trick is to learn listening skills. You have to approach potential customers as much as possible, when you still haven’t got a product and speak with consumers/enterprises, depending on whom your product is targeted. During the conversation, you can learn if there is a product-market fit.

Now I would like to show you a successful real-life example:

1. Startup developing software with AI technology
2. The idea came from visiting a conference where the problem was discussed
3. The idea evolved after learning about the situation in several companies
4. Made research and conducted over 100 meetings with professionals from the industry
5. Presentation prepared and started POC & designed with continuous feedback from the customer
6. Followed up on feedback from prototype
7. Received purchase orders for the software for half a year BEFORE the product finished development

?? P.S. If you would like to discuss this topic in more depth,?please write in the comments.

Ela Kolis is an Entrepreneur | Innovator | Enthusiast of AI & Blockchain | Advisor | Startups & Doing Good in Society. She is Named Top 50 Women in AI. She is a co-author of the book Impact and Opportunities of Artificial Intelligence Techniques in the Steel Industry. You can find other articles on my?Medium?page and are welcome to follow me on?LinkedIn.

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