During a class I was giving the other day over at Edtech, we were looking at possible risks that might affect the theoretical products we were discussing. One team of students was hotly debating the relative importance of one of the risks. They couldn’t agree how much of a problem it would be if they discovered that something similar already existed on the market. I call this The Coffee Shop Problem.
Product-market fit is one of those concepts that seems relatively straightforward in theory but ends up being elusive in practice. Finding your way to product-market fit is an iterative process reliant on lots of appropriate, good quality research and validation, also known as customer development. But what does product-market fit actually look like when you get there?