Product-Market Fit

This should be the main focus of an organization launching based on a new product, or an existing organization launching a new product.

There are several sources of data, citing new companies fail at a rate of about 40-45%, based on not achieving a product-market fit. This is quite an alarming number. There are many reasons for this, but the most common we’ve seen is the lack of unbiased external validation of assumptions made during the creation of business plans and go-to-market strategy development and plans.

Techcrunch.com has an interesting article on the topic: https://techcrunch.com/2020/01/31/you-need-a-minimum-viable-company-not-a-minimum-viable-product-2/. Their take is that true product-market fit is a minimum viable company. You need a minimum viable company, not a minimum viable product. Trying to scale growth without first addressing this major point, contributes to a faulty foundation for the business., leading to failure for nearly half.