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Daniel Eric

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2020-06-05
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2020-06-05
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  1. “In five years, PMF will be the main metric that product teams track to gauge success, much like NPS now is for support and operations teams. ViableFit will have rocketed out of the tech industry and gained a foothold in enterprise companies across all industries. And for me specifically, I hope that I continue to grow into the kind of CEO that can run a high-growth company. In order to tackle those goals above, I'm going to have to change myself a lot. And I'm sure focusing on my habits and keeping a beginner's mind is going to help me there, though.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “So I think this is quite dependent on the company that you're trying to build. Different companies are going to target different qualities in investors. But as a fairly product focused and technical team, I look for investors who can augment those skills by helping us take this product to market and by introducing us to the right contacts in their portfolio or providing advice on marketing and sales.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Interestingly, Jeff and I have never really been the type to argue, even growing up, we were very much more collaborative than competitive. And I think bringing that collaborative mindset in is really, really important when you're working with somebody who's so close to you. It can be really good because you know each other really, really well. But the downside is sometimes you can kind of anticipate what the other person's thinking and even like preempt them sometimes when really it might be better for the team or for the situation that you're in to let them express those things.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Already, but that once you have it, it's yours for good. Product market fit is like any other metric. It can rise and fall as your product and market changes and grows. And it's not this static thing that once you get it, you've got it. What's your biggest advice to founders when it comes to round construction? So I would say in the early stages at least, don't worry too much about valuation. It's a good idea to keep an eye on dilution, but it's better to raise less at a lower valuation and a lower dilution than to raise at a larger amount at a high valuation early on. You need to make sure that you're keeping enough headroom for the valuation of the next round to make sense. Listen, I love that and I wholeheartedly agree with you there. Tell me, Ian, you obviously started in Portland now in the valley and been in the valley for a number of years. What would you most like to change about Silicon Valley today? I'd love to see the Silicon Valley ethos uploaded to the cloud. So COVID has shown us that distributed teams can still achieve outstanding results. There's no longer a need to keep us all co-located, and I'd love to live in a world where the best ideas get funded no matter where the team is.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Ready to rock and roll. Let's do this. Okay, so I really need to read more, especially in quarantine. What's your favorite book and why should we be rereading it? So my favorite book to now is Atomic Habits by James Clear. It's the most actionable book that I've read. It really helps you understand how habit loops work and how they drive your behavior and how to change them. And when I said actionable, literally every chapter has something that you can apply to your life to help you better shape your own habits. I love that. I get so bored of the business books, which stay 5,000 feet for so long. Tell me, what do you know now that you wish you'd known at the beginning? So to be honest, I still feel like I'm at the beginning, but something I've learned over the years that ties into this question really well is that you should learn to keep a beginner's mind. Don't make assumptions and make sure you're asking questions when they come to mind. Embarrassment is temporary, but knowledge is forever. So it's best to just get that embarrassment out of the way so that you can get to that knowledge. What do you think you're the biggest misconceptions around product market fit? I think we touched on it.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “In the space, I would say we're sort of forging a new category here, and it's basically qualitative product intelligence. So we augment those analytics tools. So really, anybody who is a customer of mixed panel, amplitude, any of those product analytics tools can get a lot of value out of viable fit for understanding how their customers are thinking about their products. I mean, for me as an investor, being an incredible slide two is your product market fit score or your viable fit score in every single deck. That to me would be kind of the end vision. I don't know if that's quite the end vision for you. That is definitely the dream. We want to make PMF next NPS and specifically have it focused on product success instead of the more customer service and operations teams oriented approach that NPS takes. Totally. And as an investor, I would love to see that in every deck. It would help me in terms of judgment so much. So please, Daniel, make this happen. I do want to move into a quick fire around this. So I say a short statement and then you hit me with your immediate thoughts.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Listening to how each customer talks about the product and understanding how much they love your product will give these teams superpowers. Listen, I love that in terms of this expansion within the org. I guess my question for you is one that I'm sure you've had a lot, especially kind of when speaking to investors, is I totally understand this. It's one of those products which totally makes sense. But I guess directly, it feels like a startup product. Why do you believe that there's a massive company to be built in the kind of more PMF assessment space? Yeah, so first off, while we do assess product market fit, I wouldn't say that we're in the PMF assessment space. I'd put a squarely in the product intelligence category. So like mix panel and amplitude, we help you answer tough questions about your product. But we're focused on getting solid answers to fuzzy questions using qualitative data instead of getting quantifiable answers to specific questions using quantitative data. In short, we can tell you what your users love about your product and what your users need from it, and tools like Amplitude and Mixpanel can tell you how those users use your product. So we're really complimenting.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “To read through every response that comes in, we actually dig in and pull out keywords and themes from all of these things, and we help you visualize those at a bird's eye view to really understand how sentiment is changing across your different market segments. We've spoken about kind of the core product there and we've spoken about the product launch, so to speak. If we have an external company with multiple product lines, where else in New York do you think kind of this PMF assessment can really come into play and move the needle? Yeah, so PMF scores, especially when combined with segmentation, can help a growing product grow even faster. For example, account executives at a freemium SaaS company can identify which customers are getting the most value out of their free tier and target them to upsell them to the paid product. Marketers can see which segments really love their product and build campaigns to target them specifically, resulting in more efficient ad spend and more effective ads. Outbound sales can target only the segments that love your product when doing customer outreach.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Strengths, you're showing your customers that you really understand what the value in your product is. So, yeah, this is a cycle that you should continually do, even after you reach product market fit. And I think that's one of the coolest things about the framework, because it can help you prioritize your projects even after you found it. So the simple answer is just keep the cycle going. Stay in touch with your users, identify which ones are in your target market, double down on your strengths, continue to remove reasons for users not to love you. You can even transition to feature market fit. So testing each of your features that you release to see what effect it has on your PMF score. Basically, you compare it with AB testing to understand how each feature that you release is affecting how your customers are perceiving your product. This ensures that really only the features that actually move the needle make it into your product. Can I be blunt? Does this really scale? Because absolutely you get some incredible user data, but when you have 500 users, it's very different when you have 50,000 users. How scalable is that as a model in terms of data ingestion? So super scalable because we've actually layered on some data analysis tools on top. So you're not required.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Sure, to help you figure out what to build next, we add three additional questions to the survey. So those are what kind of person would get the most benefit from this product? This one digs into how the customers describe themselves. So they'll describe themselves as busy executives that have a lot of email, for example, for superhuman. But this will help you understand how the market that you're targeting talks about itself. The next question is, what is the main benefit you receive from this product? This shows you your product strengths. And the last one is how can we improve this product for you? This shows you the holes that you can target to fill in to help more people become really strong fits for your product. These questions are aimed at helping you understand your market, discover what your target market loves about your product, and what you should build to grow within that market. We surface themes in responses to the question, what is the main benefit you receive from this product and filter it down to just the customers who would be very disappointed if they could no longer use your product to show you your product's biggest strengths. By doubling down on those”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “So, when it's been steady for a little while, now that could be two weeks or two months, depending on how often your users are actually interacting with your app. You know, if it's something they're logging into once a week, you're probably gonna wanna wait for a couple of months or so before you start expanding just so that you can get more data around which segments to expand into. If it's something daily, like say superhuman, you're in that multiple times a day, then I think you could even do it almost at the same day that you reach product market fit. Yeah, no, I totally agree, especially in terms of frequency of usage. If we think about kind of getting that data in though, now we have this kind of actionable user data that we can really engage with, what questions should founders be asking of that data to make it”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Yeah, I think that's true. I think closed betas are super interesting for a subset of products. Pro sumer tools and consumer apps are specifically well suited for this, and that you can just keep bringing more people in. If you use the PMF score, it allows you to only bring in users who are the right fit for your product's current feature set, and it allows you to expand that user base as your product appeals to new customer segments. So measuring the PMF of each customer segment can help you figure out which segments to bring in at which time. If you take this approach, you may see that you reach product market fit much faster, albeit with a smaller initial target market. Can I ask, how quickly, and again, or schedule, how quickly do you advise founders in terms of expanding segments? So we have our core users and more than 40% would be very disappointed if it was taken away. Do we wait two weeks? Do we wait two months? When's the right time to expand that segment?”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Three different answers. This ensures that we get up to about a 40% response rate for that first question. Wow, that's incredible. 40% is well done for that. I guess my question is, you know, speaking of kind of engaging with those customers very, very early, we've seen a massive rise of closed beta products with everything from superhuman to clubhouse more recently. Do you make of the closed beta model, and how does that impact your early PMF score? I guess it would mean much higher response rates”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “When you're digging into your segmentation, you should be looking at which different customer groups are interacting with you and which one of those would be most disappointed if they could no longer use your product. And then just really target in on that customer base. Even if it's small, it gives you a foothold. And from there, you can expand that into a larger market. Can I ask, and again, off schedule, but I'm too intrigued. When you think about kind of asking this core question, what's the right way to ask it? And do you see differences in terms of response rates between SMS versus email versus Facebook message? How do you see the different mediums playing into response rates? Every medium has a different response rate. We're very focused on email because surprisingly, you actually can get a really high response rate through email. People are used to going through their email and checking things out. And you can actually make the email really focused on answering that first question. So what we do actually is we embed the first question in the email itself and give users three buttons that they can click for the”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “We asked one simple question at the very beginning of this survey, and that is how disappointed would you be if you could no longer use this product? We give the user three options, not disappointed, somewhat disappointed, and very disappointed. This single question allows us to calculate your product's PMF score. Segmentation is key here, though. Some of your users might not actually be in your target market. Without defining a target market and marking each user as in or out of that market, you won't know your true product market fit. Can I ask, in terms of that segmentation, and this is off schedule, but I'm too intrigued, founders often think like, oh, it needs to be a huge market, and so I can't segment to affluent prosumers creating content on a daily basis because that's not a big enough market for VCs. How would you advise founders in this segmentation phase to think about the right size market to kind of fit into their segmentation? So start with where you're most passionate users are. You should really be targeting the largest segment that you have that has the highest PMF score. So”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Product is resonating with your customers. It tells you when to start focusing on CAC and LTV. Once you reach product market fit, that's the time when you can really start thinking about positioning of your marketing messaging to drive down your CAC. That's also when you know the LTV is going to be long enough because you're not going to have as many people churning. So in my mind, PMF is a much better metric for those kinds of companies. Okay, so I need to track it now and PMF is like the best metric to track for these kinds of companies. I'm a startup founder and I'm like, shit, I need to start tracking PMF. In terms of like putting that into a process, what's the one simple question? Who do I ask it of? And what options do I give them? Sure. So we recommend that you send a survey out to all of your users. And this is generally right after they've been able to see the value of your product. So if you're a transactional startup like a marketplace, it might be after their first purchase. If you're a enterprise SaaS company, it might be a couple weeks after they've been using it for a while. Same with something on the consumer side.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Stage and growth stage, and even later stage, if you're expanding into different product lines or wanting to understand your customer segmentation a little bit better. You mentioned that kind of tax being high, LTVs being low. I totally agree with you. And you kind of really see that, especially kind of in a lot of companies today. My question to you is, I often laugh when I hear about investors really trying to understand the granular minutia of tax and LTDs at seed stage. Really, it's so transient and, you know, CAC volatility is so high, especially with platform costs being where they are. Would you agree with me in terms of kind of actually denigrating focusing so exclusively on Catan LV at seed? And how do you approach the centrality of Unit Econ and CAX at Seed? So in my opinion at least, Seed Stage is definitely too early to start measuring CAC and LTV, but they're still super important to keep in mind. You want to be sure that once you find product market fit, your unit economics can work out for you. PMF is a much better seed stage metric because by showing you how much your”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Well, without product market fed, your marketing won't resonate with its audience, so it's not going to be cheap to acquire new users. Users will churn when they're Your customers won't refer others, so viral growth pathways will be closed to you. No one will be talking about you. So landing a story in a publication or landing an investment is going to be tougher. So it's important to track your PMF even before you start measuring other indicators like CAC and LTV or even growth and engagement. Can I ask then, if you think about timing, when's the right time to start measuring for PMF? Is it in literally the beta when you have your first few customers on boarding? Or is it when you kind of raise your seed round and you've got multiple thousand or multiple logos on board? When does one start measuring? So no matter where you are in the product development cycle, the answer to this question is the same. The right time is now. If you're already growing like crazy, you never know when your market's going to change. I mean, look at the current COVID situation. People's markets are changing from under them right now. If you're in early stage startup and still in the wilderness, you're going to need a North Star metric, and PMF is the only metric that's going to tell you how close you are to hitting that growth stage. So it works for both early”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Sure. Like Rahul did with superhuman, we use Sean Ellis' definition. You have product market fit when at least 40% of your users say that you would be very disappointed if they could no longer use your product.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Of chaos, and we had curveballs thrown at us every week. Sometimes these curveballs were more like cannonballs, like when adult use opened up in California in 2018. Ease had a product market fit in the previous market, medical only, but in 2018 we had to deal with both a changing market and regulations that forced us to change our delivery model. We spent the next couple of years moving in and out of product market fit, which taught me the importance of understanding how your market is changing.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “That Yammer we struck gold pretty early on. We were one of the first products to bring consumer thinking to the enterprise, putting the user first instead of the buyer. Yammer used the same tools that consumer startups were using to evaluate the success of our product. We measured virality, growth, engagement, and retention, and we ran A-B tests to make sure only the features that move the needle made it into the product. We could tell from these metrics that we definitely had product market fit, but we never had a leading indicator for it. My time at Yammer taught me the importance of validating your ideas through metrics and testing. Gettable, on the other hand, was a lot different. When I joined the team, we didn't have a product yet, let alone paying customers. We didn't have any metrics to track, but we did have a lot of ideas to test. So I spent my time talking to customers, literally wearing hard hats on job sites to watch them work, and iterating through many MVPs in search of product market fit. Though we never found it, I learned the importance of staying close to your customers and making them a part of your process. Ease, also a very different experience, was a rocket ship on a roller coaster. Being in the cannabis space, we had to deal with a”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “20 minute VC episode. In that episode, Ruhl explained the framework he used at Superhuman to measure and improve their product market fit. If you haven't listened to that one yet, by the way, I highly recommend it. It quickly became clear to us that this was a repeatable process, but that it requires dedication and a lot of work to pull it off as well as superhuman has. So Jeff and I got to designing the most magical take on this framework that modern technology would allow. We wanted to make it simple for you to run the survey in a continuous and automated way. Segmenting users needed to be quick and automatic. It needed to be easy to identify your product's strengths and surface the things that are holding your users back from really loving your product. Your roadmap should be automatically prioritized as you come up with project ideas, and it should help you strike a balance between investing in your strengths and working on the long tail of features and fixes that will help turn less enthusiastic customers into fanatical supporters. And that's what we built, a system to help products measure and achieve product market fit that automates away all the painful parts unless you focus on building.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “As simply everyone. So I got the itch to switch back to the early stage, and I joined Gettle as its CTO. Gettable was a construction equipment rental marketplace that was still in its infancy. I spent the next four years there trying to find product market fit, but we never really found it, so after Gettable, I moved into the VP of engineering role at ease. The cannabis delivery app. Jeff joined me shortly after. This was in 2016, so it was before California had legalized adult use. But Ease clearly had product market fit in the medical delivery market. I spent the next three and a half years there building the best software team in the cannabis industry and meeting the challenges of legalization. The dream had always been to start a company with Jeff one day, though, and product market fit was still on our minds. Specifically, the question, how do you find product market fit? And when you get it, how do you keep it? I found that answer to both of those questions when David Sachs tweeted out a link to Rahul's Vora's superhuman product market fit article on the first round blog. I read the article and I listened to Rahul's”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Sure. So my co-founder and I are identical twins, and we got our start in tech at around the same time. I went the engineering route and he went the design route, but we both love products. So we've been focused on product for a long time. Back in 2006, we co-founded an app development agency up in Portland, Oregon that built prototypes for super early stage products. We worked with dozens of clients to help make their vision come to life. Eventually, though, I got the edge to focus on a product for the long haul, instead of just helping founders prototype their initial MVP. So I moved down to the Bay Area in late 2010, and by early 2011, I was working at Yammer as an early engineer. When I joined, we didn't have a designer yet, so I brought Jeff on board to help on the design side. We were somewhere around 30 employees at the time, but it was pretty clear that we had product market fit, and we were growing like crazy. Two and a half years later, after growing from 30 people to about 550, we were acquired by Microsoft. But after the acquisition, I found myself in a 90,000-person company that not only had multiple products, but whose target market could be summed up.”

    2020-06-05 · The Twenty Minute VC · 20VC: How To Scientifically Measure Product-Market Fit, How To Efficiently and Accurately Segment Users Into Cohorts, Why Investors Analysing CAC's at Pre-Seed Is Not Useful & How To Determine Between Customer Feedback to Accept vs Reject with Daniel Eric · IDENTIFIED FROM THE TRANSCRIPT · source