Michael Kravshik, founder of LumiQ, shares findings from conducting customer discovery interviews with CPAs while developing an accounting recruitment marketplace.
“And I'd say the biggest insight that we came to in accounting through this process of Interviewing tons and tons of CPAs was that most of them didn't know what they wanted, but they did know what they didn't want.”
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Insight
Kravshik: Thinking you are 'pretty close' to PMF means you lack it
“Number one, and this is the thing, this really pissed us off when we were on the other side of this, but I'm going to say it anyways, because we recognized how true it was now that we're on this side of it, which is, you know, when you see it. And because we w…”
Michael KravshikApr 3, 2023▶ 17:27Michael Kravshik, Founder of LumiQ | How to Pivot to Product Market Fit · PMF Show
Insight
Kravshik: Partial product-market fit traps founders in endless minor iterations
“When you have no product market fit, it's obvious when you have real Product market fit. It's obvious where we were was kind of in this gray area where we had just enough product market fit to fool ourselves into feeling like it was enough and feeling like, yo…”
Michael KravshikApr 3, 2023▶ 16:15Michael Kravshik, Founder of LumiQ | How to Pivot to Product Market Fit · PMF Show
Insight
Kravshik: Customers buy new products out of frustration, not incremental improvement
“People don't buy new products because something is slightly better. People buy new products because they're pissed off at their current product.”
Michael KravshikApr 3, 2023▶ 29:46Michael Kravshik, Founder of LumiQ | How to Pivot to Product Market Fit · PMF Show
Insight
Kravshik: Without product-market fit, business plans and investor meetings are irrelevant
“Going through the previous startup experience, I recognized just how really everything else actually doesn't matter if you don't have Product market fit, all the rest of the stuff, every business plan, every investor meeting, every, anything else you can think…”
Michael KravshikApr 3, 2023▶ 2:10Michael Kravshik, Founder of LumiQ | How to Pivot to Product Market Fit · PMF Show
What-if
Kravshik: Broader discovery questions would have led to LumiQ faster
“I think had we been more broad, we probably would've come to this faster.”
Michael KravshikApr 3, 2023▶ 29:30Michael Kravshik, Founder of LumiQ | How to Pivot to Product Market Fit · PMF Show
AssertionNot checkable as stated
Kravshik: Luminari founders did over 500 customer discovery interviews with CPAs
“At the end of it, we ended up having over 500 one-on-one conversations with 500 different CPAs, and then we'd also talk to the other side as well, the hiring managers, about what was broken with the hiring process.”
Michael KravshikApr 3, 2023▶ 5:35Michael Kravshik, Founder of LumiQ | How to Pivot to Product Market Fit · PMF Show
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