Achieving startup Product Market Fit
Get your Free Guide
You’re a founder who wants to build a technology product to have an impact on the world. You have a view of a future world that others can’t yet see. So how do you prove your product will be successful before you’ve even started?
One of the key issues we see our founders face is being able to prove Product Market Fit (PMF). This is a critical element of any startups plan. Simply, it is being able to prove that you have a solution to a problem that people care enough about, that they are willing to pay.
Sadly, it’s a well-known fact that most startups fail, and it’s not always because of a lack of funding. 35% of startups fail because of a lack of market need (PMF failure), followed by being outcompeted (20%), and flawed business models (19%)*.
But you know people will want your product and are definitely going to pay it, right? Your friends and family love it and everyone you share your idea with encourages you to build it. But…
…have you asked your core audience? Do they have money to pay what you want to charge? Is the person you are building your product for, the person that will pay the bill? Potentially not. Customer discovery is critical to establishing PMF. It’s also not a binary process but something you need to continue to refine throughout your growth journey.
A key focus of your journey as a founder is to build a company that takes people on the journey from their current state to your future world - with the resources you have (and funds you can raise) to a product they cannot wait to buy.
So how can we help?
* https://www.ukmoney.net/how-many-new-businesses-fail/
Find Product Market fit, fast
Rascal is a small collective of experienced product and technology people who’ve spent their careers in startups and scale ups tackling just these challenges, working with over 30 pre-seed, seed and series A businesses to find PMF.
We now bring that experience into our work with founders in the early stages of their ventures to help them maximise their potential, navigating the cycle of iterating and refining your idea cost- and time- effectively, before building delightful, impactful technology products to have the impact at scale.
We are on a mission to help create impact where we can, and although we can’t help everyone that we want to in person, we’ve built this guide as a starting point to assist founders in navigating parts of the journey that aren’t so obvious. We have also added in some key LLM prompts to help you riff along with an AI like Claude or ChatGPT, so you can personalise this guide and really make a difference to your chances of success.
And if you prefer a human to explore and build with, we’re always here to chat at team@rascalventures.com.
