[$98M raised] @thoropass: De una startup fallida a encontrar su ajuste producto-mercado

🚀 Hitting Product Market Fit: Lessons from Thorough Pass Founder Sam

As a startup founder, hitting product market fit is the ultimate goal. It's the moment when you know you've found the right product for the right market, and customers are willing to pay for it. But getting there is easier said than done. Sam, the co-founder and CEO of Thorough Pass, knows this all too well. In this article, we'll explore Sam's journey to hitting product market fit, the mistakes he made along the way, and the lessons he learned.

📝 Table of Contents

- Introduction

- Sam's Journey to Thorough Pass

- The Importance of Product Market Fit

- Signs You've Hit Product Market Fit

- False Justifications of Product Market Fit

- The Skill Set Needed for Each Stage

- Sam's Superpower as a Founder

- Conclusion

Introduction

As a startup founder, you're constantly searching for the right product for the right market. It's a journey filled with ups and downs, and hitting product market fit is the ultimate goal. But how do you know when you've found it? And what mistakes should you avoid along the way? In this article, we'll explore the journey of Sam, the co-founder and CEO of Thorough Pass, and the lessons he learned on his path to hitting product market fit.

Sam's Journey to Thorough Pass

Sam's journey to hitting product market fit began with his first startup, a short-term tech company called Zinc Platform. Despite raising a seed round and having a great idea, the company made a lot of rookie mistakes, such as scaling before hitting product market fit and being too naive in the capital market. In 2018, after a failed fundraising trip, Sam and his co-founder made the difficult decision to wind down the company and return the money to investors.

This experience was a turning point for Sam. He realized the importance of being intellectually honest about bad results and not being afraid to pivot or make personnel changes. After spending a year at a venture capital firm as an entrepreneur in residence, Sam came up with the idea for Thorough Pass, a compliance-as-a-service company that helps growing technology businesses set up, maintain, and demonstrate their information security compliance program.

The Importance of Product Market Fit

Product market fit is the moment when you know you've found the right product for the right market. It's when customers are willing to pay for your product, and it's scalable. As Sam learned from his first startup, scaling before hitting product market fit is a mistake that many founders make.

To find product market fit, you need to be resourceful and find people who are willing to pilot your product. You need to do a lot of research, talk to people, and be intellectually honest about what you find. Once you hit product market fit, you can focus on building the go-to-market machine, scaling engineering and product, and making sure you have financial control.

Signs You've Hit Product Market Fit

There are several signs that you've hit product market fit. One of the most important is having real customers who are paying for your product. This is scalable and shows that there is a demand for your product. Other signs include having paying and growing customers, having a product that satisfies multiple customers in a certain vertical, and having people who are not founders or co-founders who are able to sell your product.

False Justifications of Product Market Fit

It's easy to falsely justify that you've hit product market fit. One way is by giving out your product for free or near-free and having no engagement on the product. Another way is by offering a bespoke consulting experience and racking up consulting fees. These are vanity metrics and do not show that you have a successful SaaS company.

The Skill Set Needed for Each Stage

The skill set needed for each stage of a startup's journey is different. To find product market fit, you need to be resourceful, curious, and open to exploring different ideas. Once you hit product market fit, you need to focus on building the go-to-market machine, scaling engineering and product, and making sure you have financial control. As the company scales, the skill set changes again, and it becomes important to focus on people, recruiting, and people management.

Sam's Superpower as a Founder

Sam's superpower as a founder is his ability to think in frameworks and explain complex concepts in a way that's tailored to the audience. He enjoys teaching and communication, which is important for any founder. He's also very curious and open to exploring different ideas, which is important for finding product market fit.

Conclusion

Hitting product market fit is the ultimate goal for any startup founder. It's the moment when you know you've found the right product for the right market, and customers are willing to pay for it. But getting there is easier said than done. Sam's journey to hitting product market fit is a testament to the importance of being intellectually honest, resourceful, and curious. By following these principles, you too can find product market fit and build a successful startup.

Highlights

- Hitting product market fit is the ultimate goal for any startup founder.

- To find product market fit, you need to be resourceful, curious, and open to exploring different ideas.

- Signs that you've hit product market fit include having real customers who are paying for your product and having paying and growing customers.

- False justifications of product market fit include giving out your product for free or near-free and offering a bespoke consulting experience.

- The skill set needed for each stage of a startup's journey is different.

- Sam's superpower as a founder is his ability to think in frameworks and explain complex concepts in a way that's tailored to the audience.

FAQ

Q: What is product market fit?

A: Product market fit is the moment when you know you've found the right product for the right market. It's when customers are willing to pay for your product, and it's scalable.

Q: What are some signs that you've hit product market fit?

A: Signs that you've hit product market fit include having real customers who are paying for your product, having paying and growing customers, and having people who are not founders or co-founders who are able to sell your product.

Q: What are some false justifications of product market fit?

A: False justifications of product market fit include giving out your product for free or near-free and having no engagement on the product, and offering a bespoke consulting experience and racking up consulting fees.

Q: What is Sam's superpower as a founder?

A: Sam's superpower as a founder is his ability to think in frameworks and explain complex concepts in a way that's tailored to the audience. He enjoys teaching and communication, which is important for any founder.