20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 5 June 2020
⏱️ 27 minutes
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Summary
Daniel Erickson is the Founder & CEO @ Viable Fit, the startup that allows you to find product-market fit faster than ever by collecting structured user feedback to measure PMF on an ongoing basis. Daniel has raised funding from the likes of David Sacks @ Craft Ventures, Todd Goldberg and Superhuman Founder, Rahul Vohra and then also Brianne Kimmel @ Worklife Ventures. Prior to founding Viable Fit, Daniel was VP Engineering @ Eaze and before that spent time as CTO @ Getable and then also had a front-row seat for the hyper-growth of Yammer with a 3-year stint there.
In Today’s Episode You Will Learn:
1.) How Daniel made his way into the valley and startups from setting up a consultancy in Portland and how that led to founding Viable Fit?
2.) How does Daniel define product-market fit today? Why does Daniel believe it is the single most important metric for startups? What happens if you do not have product-market fit? How does Daniel feel about investors spending so much time analysing unit economics at seed?
3.) What is the single most important question one can ask to determine whether you have PMF? How does customer segmentation play a role in revealing the true PMF number? How do you productise this and put it in a process? What does Daniel make of the rise of closed betas?
4.) Once they have the customer data, what elements of the data should founders double down on to determine PMF? How do they determine between feedback to adopt vs discard? Why does Daniel believe PMF is transient and you always have to measure it?
Items Mentioned In Today’s Show:
Daniel’s Fave Book: Atomic Habits by James Clear
As always you can follow Harry and The Twenty Minute VC on Twitter here!
Transcript
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| 0:00.0 | You are listening to The 20 Minute VC and Founders Friday with me, Harry Stebbings, and diving straight into the show today, |
| 0:05.1 | what is one of the most confusing questions in technology and startups? |
| 0:08.9 | Product Market Fit. |
| 0:10.0 | How do you know when you have it? |
| 0:11.4 | There are so many different answers to this question. |
| 0:13.5 | But the founder joining us in the Hot Seat today has built a company and product that can and so much more. |
| 0:18.6 | So I'm thrilled to welcome Daniel Erickson, founder and CEO at |
| 0:21.5 | Viable Fit. The startup that allows you to find product market fit faster than ever by collecting |
| 0:26.5 | structured user feedback to measure product market fit on an ongoing basis. And Daniels raised |
| 0:31.6 | funding from the likes of David Sacks at Croft Ventures, Jeff Morris Jr., Todd and Rahul from |
| 0:36.1 | Superhumans Fund, and then also Brian |
| 0:38.1 | Kimmel at Worklife Ventures. And prior to founding viable fit, Daniel was VP of Engineering at ease, |
| 0:43.6 | and before that, spent time as CTO at Gettable, and then also had a front row seat for the hypergrowth |
| 0:48.2 | of Yama, with a two and a half year stint there. I'd also want to say huge thank you to Todd Goldberg and Jeff Morris Jr. for some fantastic |
| 0:54.3 | questions suggestions today. I really do so appreciate that, Chaps. But before we dive into the show today, |
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| 1:28.4 | make money, it's a total no-brainer. And speaking of total no-brainers, the team over at Pendo, |
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