The Product Formula
In Singularity University’s accelerator program we work quite a bit with our founders on their product/market fit. It’s fascinating and sometimes hard work – especially given that the companies we have the privilege to work with, usually do some pretty crazy, far-out there stuff.
The one question I keep asking the entrepreneurs to dig really deep into their product and market story is:
Before [your product], people did. After [your product], people do.
Answering this question in a meaningful and well thought-through way requires you to have gained deep understanding of your market, your customers and your product. It is probably the single best question to sum up your understanding of the product/market fit for your solution.
Answering this question on the surface is easy. Answering it in a way that we can have a long, deep discussion about it is a whole different beast. The former pretty much any entrepreneur can do, the latter is reserved for those who have done their homework and deeply connect with their customer, their problems and how their solution fits into this space.
Try it out. The question seems harmless but has some real teeth to it.