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Product Market Fit (PMF)

Can your offering meet the needs of a widespread set of customers?

Value Hypothesis

A value hypothesis is an attempt to articulate the key assumption that underlies why a customer is likely to use your product. Identifying a compelling value hypothesis is what I call finding product/market fit. A value hypothesis identifies the features you need to build the audience that’s likely to care, and the associated business model required to entice a customer to buy your product.


Startups often go through many iterations before they find product/market fit (if they ever do fin it).

‘When a great team meets a lousy market, the market wins. When a lousy team meets a great market, the market wins. When a great team meets a great market, something special happens.’

‘If you address a market that really wants your product — if the dogs are eating the dog food — then you can screw up almost everything in the company and you will succeed. Conversely, if you’re really good at execution but the dogs don’t want to eat the dog food, you have no chance of winning.’ ~ Andy Rachleff

Fit (5:00)

A. Chiu

Start with a set of hypotheses to be tested with customers.

NOTE: video starts & stops at pre-assigned times

PMF Checklist

  1. When at least 10 customers are paying, at or close, to standard pricing (or on an annual contract).
  2. When the majority of customers are telling you there is a level of dependency on the product; there is a direct link between the product and the success of their business.
  3. When the majority of customers have been using the product for at least 6 months, and there is clear evidence of growing user adoption and engagement.
  4. When there is a clearly defined market segment, and that segment is big enough to build meaningful value.
Source: Notion Capital


Worksheet: Product Market Fit Template (pdf)


PMF Checklist

Using the PMF Worksheet Template, complete a PMF analysis of your startups.

Worksheet: PMF Template (pdf)

Do PMF Analysis Now!

Source: CC Attribution Share Alike

Customer Acquisition (9:00)

Steve Blank

Once you achieve product/market fit, you then need to acquire customers.

NOTE: video starts & stops at pre-assigned times

Course Curator: Dr. Gerard L. Danford

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