According to data collected from product failure rate surveys sponsored by MIT Sloan, University of Michigan, Harvard and many others, the sad truth is that most products fail – some surveys suggest 80% or higher product failure rates. And, this dismal fact isn’t limited to startups. The number one cause for failure cited was “no market need”. In other words, you may think you have a vital and irresistible product, but the market may see it as entirely unnecessary.
Wildcat Venture Partners performed a survey across more than 2,000 companies, half from the technology sector and the other half across all industries. The findings suggest that instead of seeking product-market fit, startups and incumbents must seek market-product fit.
Without a market, there is no need for your product. You can only get market-product fit by adopting a market-first mindset and by using techniques that provide you with statistically-valid market input. In this presentation, Bruce Cleveland – founding GP of Wildcat Venture Partners – will show how you can use the Traction Gap Framework, developed by Cleveland and Wildcat Venture Partners, to enable you to generate healthy top and bottom lines through a market-first product line process.
View the original video post by Samsung here.