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Todd Jackson

1 episode

Episodes

A framework for finding product-market fit | Todd Jackson (First Round Capital)

Apr 11, 20241h 27m

Guest: Todd Jackson - Partner at First Round Capital. Todd has a rich background in product management, having led products at Gmail, Facebook, Twitter, and Dropbox, and founded a company acquired by Twitter. Key Takeaways: Four Levels of Product-Market Fit: Understand the progression from nascent to extreme product-market fit, focusing on satisfaction, demand, and efficiency at each stage. Four Ps Framework: If stuck, consider changing the Persona, Problem, Promise, or Product. Examples include Lattice changing their problem and promise, and Vanta changing all four. Customer Discovery: Use dollar-driven discovery to assess the real value and willingness to pay, focusing on extreme value, ability to pay, and willingness to pay. Signs of Being Stuck: Recognize when you're plateauing at a level, such as struggling with demand or high churn, and be prepared to pivot significantly if needed. Program for Founders: First Round Capital offers a free, intensive program to help early-stage B2B founders find product-market fit, focusing on practical, actionable insights. Topics Covered: Product-market fit levels, Four Ps framework, Customer discovery techniques, Signs of being stuck, First Round Capital's program for founders.

Notable Quotes

โ€œFinding product-market fit is the single most important thing that your startup does in the first three years, and it's just underexplored and it's just underexplained as a topic.โ€

Product-market fit importance

โ€œThe thing about product-market fit is that I find it's mysterious to a lot of people, and people tend to think about it purely as an art rather than a science.โ€

Understanding product-market fit

โ€œYou really want to try to put them to some questions where you know they're going to answer honestly because you're asking them questions.โ€

Customer feedback