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Startup progress barometer

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Er. Raju Bhardwaj

Introducing the Startup Progress Barometer, How we define the progress of startups towards product/market fit...

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Introducing the Startup ProgressBarometer How we define the progressof startupstowardsproduct/marketfit Ever since we introducedourNEXTProgressCanvas,we have beenthinkinghow we candefine atwhichstage a startup ison its pathtowards product/marketfit.A fewweeksago,we readaboutSteve Blank’s InvestorReadinessIndex andit reallyhelpedusturnourideasintoa model thatworksfor us. If you lookat the NEXT ProgressCanvasthere are roughlyfourphases.Foundersstartwithanexplorationphase tofind the problemtheyare solvingandthe earlycustomerstheyare solvingitfor.Afterthattheywill testsome solution experimentsanddiscovertheirmainvalue propositions.Thisisthe momenttheyhopefullyreachproblem/solution fit and isit time tostart validatingarevenue model.Tofindaworkingrevenue model,itisimportantthatthe keymetrics for the startupalso have solidvalues.We usuallyadvice tostartoptimizingthe retention,since happycustomersare more likely topay.If there isa workingrevenuemodelandthe metricsare solidas well,we speakof product/marketfit and the startupcan start to workon theirscale phase byfindingtheirgrowthengine andthe correspondingchannels. As youjustread,it isquite a longexplanationonthe stage of a startup.Wouldn’titbe nice if we couldput a numberof 1 to say 7 on it? That wayit isalsoeasierforus and our co-investorstodeterminewhetheritisthe righttime toinvest. So,withoutfurtherdue, we’dlike tointroduce our StartupProgress Barometer: Startup Progress Barometer 1. Found problem and early customer 2. Ended exploration phase 3. Validated first solution experiment 4. Found problem/solution fit 5. Solid key metrics (KPIs) 6. Validated revenue model 7. Found product/marketfit In our experience,itusuallytakesthreemonthstogetto step2 (endof explorationphase)andanothersix monthsto getto step4 (problem/solutionfit).Thenthe real hardpartstarts: Findingproduct/marketfit.Itusuallytakesseveral iterationsandupto 15 monthsto getthere,totalingtoamountof time to24 monthstill step7. In an almostideal
situation,because oftenittakesfarlongerthanthat.We have writtenmore aboutitin The 24 monthjourneyto product/marketfit.

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Startup progress barometer

  • 1. Introducing the Startup ProgressBarometer How we define the progressof startupstowardsproduct/marketfit Ever since we introducedourNEXTProgressCanvas,we have beenthinkinghow we candefine atwhichstage a startup ison its pathtowards product/marketfit.A fewweeksago,we readaboutSteve Blank’s InvestorReadinessIndex andit reallyhelpedusturnourideasintoa model thatworksfor us. If you lookat the NEXT ProgressCanvasthere are roughlyfourphases.Foundersstartwithanexplorationphase tofind the problemtheyare solvingandthe earlycustomerstheyare solvingitfor.Afterthattheywill testsome solution experimentsanddiscovertheirmainvalue propositions.Thisisthe momenttheyhopefullyreachproblem/solution fit and isit time tostart validatingarevenue model.Tofindaworkingrevenue model,itisimportantthatthe keymetrics for the startupalso have solidvalues.We usuallyadvice tostartoptimizingthe retention,since happycustomersare more likely topay.If there isa workingrevenuemodelandthe metricsare solidas well,we speakof product/marketfit and the startupcan start to workon theirscale phase byfindingtheirgrowthengine andthe correspondingchannels. As youjustread,it isquite a longexplanationonthe stage of a startup.Wouldn’titbe nice if we couldput a numberof 1 to say 7 on it? That wayit isalsoeasierforus and our co-investorstodeterminewhetheritisthe righttime toinvest. So,withoutfurtherdue, we’dlike tointroduce our StartupProgress Barometer: Startup Progress Barometer 1. Found problem and early customer 2. Ended exploration phase 3. Validated first solution experiment 4. Found problem/solution fit 5. Solid key metrics (KPIs) 6. Validated revenue model 7. Found product/marketfit In our experience,itusuallytakesthreemonthstogetto step2 (endof explorationphase)andanothersix monthsto getto step4 (problem/solutionfit).Thenthe real hardpartstarts: Findingproduct/marketfit.Itusuallytakesseveral iterationsandupto 15 monthsto getthere,totalingtoamountof time to24 monthstill step7. In an almostideal
  • 2. situation,because oftenittakesfarlongerthanthat.We have writtenmore aboutitin The 24 monthjourneyto product/marketfit.