Take Aways from Google Cloud's #SummerStartupSeries Finding Product Market Fit Panel
One of the easiest ways to grow as an entrepreneur and quite frankly in any area of life is through targeted educational content consumption. There are a few mentors and people I admire on the VC and the entrepreneur sides of the table who I make a point to follow as they are known for proving pertinent knowledge.
One of these people is Marlon Nichols, Managing Partner of Cross Culture Ventures. Marlon has an incredible track record as an investor and has made it his mission to invest in underrepresented founders in their seed and Series A rounds. I had the opportunity to meet Marlon this past February in Atlanta at a private dinner where he was fundraising to close his latest $100 million fund organized by one of my mentors, Rodney Sampson. Marlon recently shared a few key take aways initially noted by Larry James - a former partner at Andreessen Horowitz - that could be useful for early stage entrepreneurs to know.
1. There are a lot of solutions without a problem. The secret to finding product market fit is finding a problem first.
2. Value retention over virality. DAUs/MAUs > 50% is great.
User activity in a given week > 3 days is great.
Day 1 retention > 30% is solid.
3. Fix the leaks in your acquisition funnel. Leaky funnels lead to higher CAC and unfavorable unit economics. Identify drop-off points, observe customer behavior, and plug the leak by either re-engaging the user or changing the product.
Hopefully this content helps an entrepreneur along her/his journey! If you ever have questions about my content or are interested in engaging, please don't hesitate to reach out to me at firstname.lastname@example.org