Startups should target a Minimum Viable Segment before broader market fit
Michael Skok · 20VC: Why Valuation Is A Stupid Concept, VC Is Ripe For Disruption & Not All LPs Are Made Equal with Michael Skok, Founding Partner @ Underscore VC · Sep 21, 2016 · at 18:01
Michael Skok, Founding Partner at Underscore VC, explains why focusing on a Minimum Viable Segment is necessary prior to market-wide scaling.
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“MVP is great, but I'll tell you the next big milestone that most people miss is in product market fit. They say, Oh, well, you're going to go prove that that product's being accepted by the market. Yes. But the market's huge if you're going up to something significant. So you can't just say we're going to prove the whole market. You actually need to break it down another step into what I call a minimum viable segment. And you have to pick off your first segment that you can really dominate uniquely well, where customers have the same set of needs.”
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