Based on the success of the live, interactive course, I have developed a self-guided version, combining project-based learning with comprehensive tutorials to ensure every founder can master PMF at their own pace. I’ve put everything I’ve learned into this course. And, I will continue to evolve it over time.

Introducing Product Market Fit Master Class

This self paced video course has eight modules, organized to be taken one per week, with over 6 hours of video, 80 lessons and 10 + worksheets. All the materials you need to make progress at your pace. Check it out

Product Market Fit Master Class

Key Benefits:

A clear assessment of your current PMF: Gain a baseline understanding and score of your PMF, identifying strengths and areas for improvement.

A new customer and company story: Develop a sharper company narrative ready to test with customers, investors, or partners, built around your value hypothesis.

An actionable PMF plan: Create a smarter PMF plan ready for market testing, reducing key risks of failure.

Testimonials

This is what a few students who took my live class had to say about the videos and materials.

Summary of Course Modules

Module 1: Setting Your Baseline

• Objective: Establish a clear understanding of your current PMF status.

• Key Activities: Conduct a baseline PMF audit, identify gaps and strengths, and score your current PMF using the Five Factors Framework.

• Project: Complete the Baseline PMF Scorecard to assess your current position.

Module 2: Calibrate - Who is Your Hungry Customer?

• Objective: Identify and engage the right customers.

• Key Activities: Define your ideal customer profiles, segment early adopters, and develop targeted engagement strategies.

• Project: Develop and submit your Ideal Customer Profile (ICP).

Module 3: Calibrate - What is Your Magical Product?

• Objective: Position your product effectively in the market.

• Key Activities: Craft a compelling value proposition, differentiate your product from competitors, and communicate the unique benefits.

• Project: Create a Value Proposition Canvas for your product.

Module 4: Calibrate - Where is Your New Game in Category?

• Objective: Develop a unique category point of view (POV).

• Key Activities: Establish a compelling category vision, articulate your category narrative, and position your product as a leader.

• Project: Write a Category Point of View (POV) Statement.

Module 5: How To - Create & Test Your Value Story

• Objective: Build and validate your brand story.

• Key Activities: Create a value hypothesis, test your brand story with customers, and refine based on feedback.

• Project: Develop and test your Brand Story with potential customers.

Module 6: Calibrate - How to Find Repeatable GTM?

• Objective: Develop effective go-to-market (GTM) strategies.

• Key Activities: Build GTM pathways, prioritize GTM strategies, and integrate these with your overall business plan.

• Project: Outline a GTM Strategy Plan.

Module 7: Calibrate - With Whom to Build Ready Talent?

• Objective: Assemble the right team for successful execution.

• Key Activities: Assess and acquire key talent, align team roles with PMF goals, and plan for scalable growth.

• Project: Create a Talent Acquisition and Development Plan.

Module 8: How To - Build & Test Your PMF Risk Mitigation Plan

• Objective: Identify and mitigate risks associated with achieving PMF.

• Key Activities: Develop a risk mitigation plan, identify potential risks, and strategize on how to lower these risks effectively.

• Project: Develop a PMF Risk Mitigation Plan.

Module 9: Your Final Cut - Testable PMF Calibration

• Objective: Prepare your PMF plan for market testing.

• Key Activities: Review and refine your PMF story, finalize your test plan, and prepare for execution in the market.

• Project: Complete and submit your Final PMF Calibration Plan for market testing.

Additional Course Features:

• Multiple FREE chapters within the module allow you to preview

• Lifetime Access: Revisit course materials anytime to refine your strategies.

• Reference Materials with links to dig deeper

• Special Offers for Students to pursue additional courses and workshops

• 1:1 (email) feedback from me to students completing the course and submitting their final worksheets

Try Now

Ready to master Product-Market Fit?

🔗 Enroll Now

COMING SOON

While I still enjoy live cohorts, I’ve reduced the frequency of my live PMF course to twice a year. My main focus now is coaching CEOs on AI-driven growth. For the past six months, I’ve been developing frameworks and patterns on how AI disrupts B2B companies in product, GTM, and operations, providing guidance for CEOs to navigate these changes. I’m excited about this work and will share more soon.

Share

https://x.com/naval/status/1794574861987434883

Here’s a set of tweets, seven in total, that neatly define what product-market fit is for an early stage founder. As with all the work of Naval Ravikant, it is pithy but packed with insights, worth reflecting on. Like a good shloka (a hymn) it has layers of meaning. 

Let’s unpack some of the ideas behind product-market-fit as described in this shloka. 

A product is a theory of how to solve a problem

Typically, the most common way of thinking about a product is to view it as a utility, a tool in a toolbox. This is the perspective of the job-to-be-done theory popularized by Clayton Christensen in which the product is “hired” by a user to get a job done. 

This verse defines a product very differently from this utility view. Here a product is NOT defined as a set of capabilities or a utility.  Of course, a product can be all of these, yet in this formulation, the product is called a theory. And what is this theory good for? To solve a problem. 

So the product is defined in terms of an aim, its purpose, And the purpose is to solve a customer problem. How does a product solve a problem? Instead of defining its capabilities, a product is defined as a theory, a set of hypotheses, and assumptions that will solve a problem if implemented. This is a powerful way to conceive a product.

A theory of product includes not just a set of features, capabilities, architecture, user experience, data model, and supporting implementation, but ALL of these things combined as a way to solve a problem.

Once deployed, the product solves the problem according to the theory embedded within it.

In fact, this is an Aristotelian view of an entity. A product has a unique form and function directed at a final cause, which is to solve a problem. Its form and function embodies the theory of how it solves the problem, encompassing all the elements and their arrangements that go into achieving its purpose. 

Another way to think about a product as a theory of how to solve a problem is by considering the view of W. Brian Arthur, a complexity theorist and economist. In his book, The Nature of Technology, he defines a technology product as a way of encapsulating a phenomenon in a new configuration for a commercial purpose. According to Brian Arthur, the phenomena captured in the product can be of three different types: digital (such as an algorithm), physical (as in chips and sensors), or social (such as sharing messages). This perspective aligns with the vision of a product as a theory for solving a problem.

In summary, the first verse establishes the foundation for product-market fit: the primacy of the problem and the role of the product in solving that problem.

Marketing is a unique explanation of a solution

If a product, with its unique theory of addressing and solving a problem, is the first foundation of PMF, the second foundation is how exactly the solution creates customer value. 

Typically, solution explanations focus on the capabilities of a product, with marketers spending a lot of energy discussing these features, use cases and so forth. Sometimes, they might emphasize the multitude of benefits that a product unlocks. However, in most cases, marketing can be off the mark, inadequate, or not credible. 

According to this verse, what is needed is much simpler and harder: a unique explanation of how the solution solves the problem.

Such an explanation must be unique, if the product is to be seen as a better alternative to existing solutions or alternatives.

Once again, consider what this verse is not emphasizing. It is not emphasizing the typical market considerations, like the large addressable market (TAM) or a technology-led opportunity, such as genAI in a domain. Instead, it focuses on whether the solution to address the problem can be explained in a unique way. This uniqueness can stem from two sources: either from the new theory of the product (e.g. a new phenomenon your product captures) or from a unique insight into the problem that competitive products and their inferior theories don’t address. Today, most AI startups suffer from solution explanations that are not different from their AI competitors. 

In summary, the second verse establishes the second important aspect of product-market fit: the need to have a solution with an explainable difference against alternatives.

A founder is uniquely qualified to build a company. 

Some founders start with the ability to build a product, others from their experience of a customer problem. A rare few may have a deep tech-based vision (a unique explanation). What makes a founder uniquely qualified to build a company? 

When the founder has the right mix of these three elements: a clear view of the problem, a unique theory of the product that solves the problem, and an ability to explain the uniqueness of the solution.

Not all of these are needed at inception.  Which of these are important to have from the start, and which may be acquired during the product-market-fit process varies by each situation. But the founder must build these capabilities on their own or bring them together within their team until they have fine tuned their instincts across each of these three areas. Over time, this requires the founder to build their judgment across each of these areas.

In summary, the third verse establishes the uniqueness of the founder in building a one-of–kind company. 

Good products are hard to vary. 

What does it mean that a good product is “hard to vary”? Wouldn’t a product that is hard to vary be fragile? To understand this, we need to understand the idea of “hard to vary” explanation in science. 

A “hard to vary” explanation is a powerful concept articulated by the physicist David Deutsch and influenced by science philosopher Karl Popper. An explanation that is hard to vary loses its coherence and explanatory power if any of its elements is altered.

Consider the theory of evolution by natural selection. This theory is hard to vary because its explanatory power relies on specific mechanisms (variation, inheritance, and selection). Altering these core components would lead to a fundamentally different and less coherent explanation of biological diversity. 

Naval applies this concept to product, marketing and founders. A good theory of product should be hard to vary. If major elements of your product can be modified arbitrarily without affecting how the problem is solved, then your product is not a good fit for solving the problem. That is, your product should be designed precisely to solve the core customer problem elegantly.  

Good marketing is hard to vary. 

Similarly, good marketing should be hard to vary. Your explanation of how your solution works should be cogent, rational and clearly linked from your product theory (how your product works) to the problem resolution.  Too much irrelevant detail of features or too many tall claims (“10X ROI”) weaken the story. A “hard is vary” explanation is also hard to copy by others by simply using the same words or claims. 

Good founders are hard to vary. 

Each company is built to solve a hard customer problem with a unique theory of product. A “hard to vary” founder brings their unique talent to building a company, based on their judgements on problem space, product theory and its explanatory power. Therefore a good founder is hard to replace, since their judgment can not be replaced especially during inception and growth stages of a company. If founders were fungible, you would not be able to build a good company.

Founder, product, market, fit.

When done right, the founder, the product and the market fit together in a coherent relationship. The Product-Market-Fit (PMF) emerges when the founder builds a one-of-a-kind company based on their talent, anchored on a new product theory they build to solve a hard customer problem with a unique explanation in the market. 

This view of PMF is not counter to conventional PMF views, such as finding repeatable customer growth in an early market niche. In fact, it underpins these views with philosophy of scientific explanations. 

REFERENCES

David Deutsch 

Explanatory Power

Brian Arthur

Please share with tech founders who may benefit from this; or they can email me directly at aw@anuragwadehra.com

This course is for the tech founders & CEOs who are serious about speeding up their PMF plans to improve their chances of success, especially in this economic climate. 

It was gratifying to see that founders from different domains (hardware, regulatory compliance, and traditional SaaS) found the course valuable.

I cover several topics like customer archetypes, company story, product positioning, category point of view, go-to-market strategies and finding the right talent. 

The testimonials have also been encouraging. 

“Dramatically helped with every aspect of our company, and subsequently, with fundraising.” Nawar Alsafar, Founder - Bytez, AI research discovery company

“As a super busy founder, it can be challenging to carve out the time for deep thinking strategy and flow work. This class was a mechanism for me to carve out that time -- both during class sessions and later in the week to review material. This was invaluable.” Hannah Sieber, Founder, ArtyC, a cold-chain shipping company

“Not many founders have gone thru this much rigor in PMF. They absolutely need to.” Navneet Singh, Co-Founder & CEO - StepFunction, Customer SaaS company

Check out the course here. https://maven.com/anurag-wadehra/productmarketfit

Please share with others who may benefit from this; or they can email me directly at aw@anuragwadehra.com

In this course, I cover several topics like customer archetypes, company story, product positioning, category point of view, go-to-market strategies and finding the right talent. 

I’m gratified by the ratings from the two cohorts of tech founders and CEOs: 

The testimonials have also been encouraging. 

“Clarity, confidence, and discipline in how to execute quickly and reach PMF.” Noemi Kis, Founder & CEO - Monittor

“Not many founders have gone thru this much rigor in PMF. They absolutely need to.” Navneet Singh, Co-Founder & CEO - StepFunction

“Dramatically helped with every aspect of our company, and subsequently, with fundraising.” Nawar Alsafar, Founder - Bytez

As you know, I have written about these topics in this newsletter for several years. And now, I am looking to teach them to a wider audience through this course.

Check out the course here. https://maven.com/anurag-wadehra/productmarketfit

This is a month-long bootcamp based on an approach to PMF I've developed called the Five Factor Framework where I systematically breakdown the factors - Customer, Product, Category, Go-To-Market and Talent - and show how they interact and shape PMF. 

This framework addresses the most common challenges I discussed in my webinar: Finding PMF: Five Traps to Avoid. 

I tested and developed this approach in December to positive reviews by attendees. 

The average recommendation score was 9.3 on 10. 

Founders’ quotes; “This course helped me stitch everything together.” “The most important part - it brought clarity” “Helped me understand how PMF looks like in real-world” “Sharp questions led to deeper insights”

This PMF BootCamp goes deeper than the previous course. I’ve incorporated the Seven Lessons From Tech Founders from the previous session.

The bootcamp is a cohort-based course spanning 5 weeks, and 6 sessions with more worksheets and hands-on practice among peers, guided by me. 

Please share with others who may benefit from this. 

Many thanks to avi@weavr.cafe and kirsty@weavr.cafe for partnering with me on building out the PMF BootCamp. 

Last month, when I gave a webinar to tech founders on the five traps to avoid in finding product market fit (PMF) in the U.S. I was delighted by the engagement and hunger for actionable insights on this topic by the SaaSBoomi founder community. In that talk I had laid out a framework of five factors that affect PMF: customer, product, category, go-to-market strategy and talent.  Based on the positive response from the community, I decided to develop a course. 

The Product Market Fit (PMF) Course 

Last week, I completed a 2-week course on Speeding Up Product Market Fit where I worked with a cohort of tech founders to further develop this framework into hands-on worksheets and guided discussions: all with the goal of building and accelerating their PMF plans.  

I am blown away by the work the tech founders put in, and by their commitment to the PMF journey. And I am glad they found the course valuable. 

Seven Lessons

Here are my top seven lessons from leading this cohort-based course.

1. Finding PMF is a complex problem. 

There are no standard answers, no fixed solutions: only heuristics. Sure, there are several principles, such as finding a powerful use case for early customers, or iterating fast on your MVP (minimum viable product), but these are hard to apply.  

2. Founders need a structured approach. 

Most first time founders are lost in how to navigate product market fit from first principles. Do you go for revenue or repeatability of customers? Do you build growth bottom up or top down? Even serial entrepreneurs, who are wiser, approach PMF with trepidation, especially in newer markets.  

3. A structured approach offers a map, a navigation guide - and a lot of questions.  

I found that all the five factors, both the external ones (customer, category, GTM) and the internal ones (product and talent) need to be taken into account. Importantly, the approach should be built on two premises: one, how these factors interact in the real world and two, how to guide founders through these factors with a set of tools that address gaps in their knowledge and the market risks they face. Throughout, the focus has to be on the right questions, not answers. 

4. Founders still need to do the heavy work, on their own or with the cohort. 

Since there are no ready answers, the founders have to do the work to break down their hidden assumptions, and build back a PMF plan that is grounded in reality. Here, a cohort of like-minded founders going through similar challenges can help each other get better with their PMF plans.  

5. Biggest benefit: strategic clarity for the founders and their teams. 

Coming out of the program, founders need to have a coherent value story, and a concise view of their key risks and unknowns. Such as, should they double down on a customer segment? Or should they redefine their product offering? And what is the key talent needed to achieve PMF? This clarity should drive focused actions to validate PMF in the market, which is the highest point of leverage for any founder. 

6. Innovation is guided, not hampered, by this process. 

Using a structured approach frees the founders to focus on innovation in areas that get them close to PMF. E.g. is my pricing wrong? Or is my growth pathway misaligned? Questions point to different areas to innovate in. 

7. This approach can be applied to most tech domains. 

We had a cohort of founders building companies in various domains (sales and marketing, ecommerce, security), using multiple business models (SaaS to marketplace) in different software categories (apps, business platform, and infra tools).  Based across Bangalore, Tel Aviv and San Francisco, they found common ground in helping each other improve their PMF plans. I found this the most encouraging. 

Announcing PMF Bootcamp

Based on all this, I am launching an expanded 4-week intensive course in February 2023

Product Market Fit Bootcamp: A Market Based Structured Approach to Building & Testing Your PMF Plan.

This is for the founders who are looking to go deep and reconstruct their PMF plans to achieve faster time to success, especially in this economic climate. 

If you know tech founders who could benefit from this, please share with them. 

To join the waitlist, contact me. 

Special shout out and many thanks to Avi Harsh avi@weavr.cafe and Kirsty Hall kirsty@weavr.cafe of WeavrCafe for partnering with me on this course and on incubating a cohort-based community. 

Webinar: Finding Product Market Fit - Five Traps to Avoid

Recently, I gave a talk to India-based tech founders who are looking to enter the U.S. market. The talk was hosted live by the SaaSBoomi community. 

Introducing the Online Course: Speeding Up Product-Market Fit

Based on positive feedback, I am launching a 2-week cohort-based online course in December for tech founders/leaders on Speeding up Product Market Fit - A Structured Approach.

The course will help tech leaders break down the key success factors to finding PMF and help them speed up the time to reach growth stage.

Join or share with others.

Below are the talking points from the webinar. Check out the video for full discussion.

What is PMF in B2B, Anyway?

Product Market Fit (PMF) is a complicated topic for first time entrepreneurs. In B2B markets, even at the basic level, “product market fit” can mean many things: is it product-buyer fit? product-user fit? product-category fit? When we say, product do we mean MVP (minimum viable product) or the whole product offering, including pricing? 

What are we trying to fit? Against what?

Five Common Traps

There are five common traps that founders fall into as they assess PMF. 

These are:

1. Unclear category

2. Fuzzy customer profile

3. Incomplete product offering

4. Unproven go-to-market

5. Hopeful hiring

To avoid these traps, I define five factors of PMF, each requiring a different type of fit. 

These five factors are:

1. Market to Category Fit

2. Category to Customer Fit

3. Customer to Offering Fit

4. Offering to Growth Fit

5. Growth to Talent Fit

I ask twenty simple, but not easy, questions to check for PMF across each of these factors. These questions can help answer gaps. 

Twenty Simple (Not Easy) Questions

Market to Category Fit

1. What is your target market?

2. What’s your category? Existing or new?

3. What’s your market-category hypothesis?

4. What’s your insight to win in this market & category?

Category to Customer Fit

1. Who are your early adopter accounts in the U.S.?

2. Who’s your buyer champion? 

3. Who’s your ideal user in an account? 

4. What’s your value promise to each? 

Customer to Offering Fit

1. What’s your whole product offering (pricing, deployment, support, etc.)? 

2. How’s that different from others?

3. How does it deliver buyer value?

4. How does it deliver user value?

Offering to Growth Fit

1. What’s your GTM hypothesis? 

2. What’s your unit economics?

3. Which growth paths do you need? Product, Account or Channel Led? In what order?

4. How do you validate each?

Growth to Talent Fit

1. What talent do you need in the U.S.? Role in PMF?  

2. How are you building the local team? Top down, bottom up?

3. What will attract them?

4. How will you support them? 

Finding PMF Requires Iterating Across All Five Factors

Companies need to iterate across all of these factors to achieve PMF. Ideally, they need to do so simultaneously to ensure they are not falling into a trap. 

For bonus content on how to transition from PMF to Growth stage, check out the video.

Introducing 2-week cohort based PMF course.

I’m launching a 2-week, cohort-based online introductory course for tech founders/leaders.

Please join or share with others who may be interested.