Startup Studios

How Studios Achieve PMF

An excerpt from the GSSN Boot Camp session on finding product-market fit

An excerpt from the GSSN Boot Camp session on finding product-market fit

by: Steve Hayton|

April 27, 2023

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Articles | Startup Studios | How Studios Achieve PMF

Polymath Ventures strives to empower underserved markets, with a core focus on the emerging middle class in Latin America. During a recent GSSN boot camp on finding product-market fit, CEO of Polymath, Wenyi Cai, emphasized the importance of insights into the consumer and the development of methodologies that lead to successful business models.

Building a minimum viable product (MVP) and verifying the willingness to pay within the target market are crucial aspects of achieving product-market fit. Moreover, having a handful of core features that create a 10x better product, backed by a clear understanding of the beachhead market, is essential.

Achieving product-market fit is all about learning and iterating. It takes numerous attempts and patience to fine-tune a product that truly resonates with the target market. During the early stages of a venture, external input from investors and the unwavering faith of founders can be instrumental in pushing for the next big pivot.

Senior staff at any studio should support founders throughout their journey to product-market fit, complemented by an emphasis on qualitative research and the “superhuman metric” – gauging the level of customer devastation if the service disappeared. According to Wenyi, strong ethnographic research is vital to a business’ success, underlining the need for studio members to have expertise in guiding founders.

Another essential factor is the alignment of people and processes within the studio. Lead business designers with problem-solving and learning methodologies help ventures navigate the complex journey toward product-market fit. Viewing qualitative feedback as highly as quantitative data is critical during the early stages, as is focusing on the business model and identifying competitive advantages.

This venture studio is revolutionizing the traditional approach to investment and company building, paving the way for a more inclusive and sustainable future. Their success in empowering the emerging middle class in Latin America speaks volumes about their commitment to creating lasting social impact.

Polymath Ventures is the Venture Studio for Latin America.

They are a group of entrepreneurs that build and augment human-centered companies to empower the middle class.

Operating since 2012 and with a presence in Colombia and Mexico, Polymath is the pioneer of the venture studio model in Latin America, bridging the talent and capital gap to solve the most complex challenges of the middle class.

Focus:

eCommerce, Environmental, Media/Entertainment, SaaS, Social Impact, Software, Technology

Location:

, Bogot√°, Cundinamarca

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