Guy Turner: B2B product-market fit requires four sequential milestone steps
Guy Turner · 20 VC 056: The Life Cycle of Startups with Guy Turner, Partner @ Hyde Park Venture Partners · Jul 22, 2015 · at 5:22
Guy Turner, Partner at Hyde Park Venture Partners, outlines his four-step progression framework for validating B2B startup product-market fit.
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“So in the earliest stages of a startup, that's, can you get someone to pay for your product? And then it's, can you get more than one someone? So, Five, six, seven, 10, 15, a hundred customers, depending on your price point, to really prove, hey, you didn't just build this for one person or one company, you built it for a bunch. And then the next measure is, can you get those people to buy it again? Can you get them to renew? And at this point, you know, these three steps of first revenues multiple revenues, and then renewals are often driven by the founders themselves, and the next step is, can you train a salesperson to go do what the founders did and sell that product? If you can get through those four steps you know, you've generally got a business that is that has got real product market fit, and that is approaching a stage where it can scale.”
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