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Eric Migicovsky, partner at Y Combinator, explains why classic qualitative descriptions of product-market fit are unhelpful when iterating on early-stage products.
“Paul Graham's definition for product market fit is when you've made something that people want. Marc Andreessen also has an amazing blog post about product market fit where he describes it as when the product is just being pulled out of you, when you no longer have to push the product on customers they're just pulling it from you. But the problem with these definitions of product market fit is that they're vague. They're also retroactive in that you have to already have product market fit in order to know that you've reached it. So they're not as useful for helping you figure out which features you can use, which features you need to build in order to iterate, in order to improve your product to get to product market fit.”
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“Magic Leap raised lots of money and spent just 11 years working on a product, versus Oculus, which raised two million dollars on Kickstarter, shipped a, you know, an early development kit that was not amazing, but they iterated and they got through, and now th…”
Eric MigicovskyOct 12, 2018▶ 33:00A Conversation on Hard Tech with Eric Migicovsky · Y Combinator
Insight
Migicovsky: Pivot to building end products if customers won't buy your technology
“If you're in a situation where you're building something that's, like, mind-blowingly cool and revolutionary, but you're finding that customers don't want to buy it, pivot your company so you're actually doing what your customers would have done, and just use …”
Eric MigicovskyOct 12, 2018▶ 36:18A Conversation on Hard Tech with Eric Migicovsky · Y Combinator
Insight
Migicovsky: Patents are not a critical initial step for startups
“This is, like, one of those things that people who are not in the startup world think is a critical piece of starting a business, because they may have heard of, like, someone else who got screwed out of their idea or something like that. But if you're startin…”
Eric MigicovskyJan 24, 2020▶ 50:00YC SUS: Michael Seibel and Eric Migicovsky discuss How to Launch an MVP · Y Combinator
Opinion
Migicovsky: Overhyped hardware crowdfunding campaigns usually fail to ship
“Most of those campaigns, even if they do succeed at raising money, usually fail to produce and actually ship their product.”
Eric MigicovskyOct 12, 2018▶ 13:58A Conversation on Hard Tech with Eric Migicovsky · Y Combinator
Insight
Migicovsky: Early hardware startups cannot pay contractors enough to care like founders
“Some of the most painful moments of my early career were, ah, not having full-time co-founders, and having to work with contractors or consultants who, honestly, like, you can't pay someone enough to care. I mean, firstly because you probably don't have that m…”
Eric MigicovskyOct 12, 2018▶ 18:19A Conversation on Hard Tech with Eric Migicovsky · Y Combinator
Insight
Migicovsky: Hardware startups should hack existing products instead of hiring design firms
“Don't hire, like, An industrial design firm to build you some new design. Don't hire, like, an engineering firm that promises to do a custom design for you, because that'll cost hundreds of thousands of dollars, and it probably will be the wrong product, versu…”
Eric MigicovskyOct 12, 2018▶ 42:14A Conversation on Hard Tech with Eric Migicovsky · Y Combinator
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