cracking product-market fit lessons from founders and At TechCrunch Disrupt 2025, industry leaders Rajat Bhageria, Ann Bordetsky, and Murali Joshi provided valuable insights on achieving product-market fit, a critical milestone for startups seeking traction.
cracking product-market fit lessons from founders and
Understanding Product-Market Fit
Product-market fit (PMF) is a term that has gained significant traction in the startup ecosystem. It refers to the stage where a product meets the demands of a specific market, resulting in sustainable growth and customer satisfaction. Achieving PMF is often considered one of the most challenging aspects of launching a startup, as it requires a deep understanding of both the product and the target audience. The discussions at TechCrunch Disrupt 2025 highlighted various strategies and frameworks that founders and investors can use to navigate this complex landscape.
The Role of Founders in Achieving PMF
Rajat Bhageria, co-founder of Chef Robotics, emphasized the pivotal role that founders play in identifying and achieving product-market fit. He noted that founders must be deeply involved in understanding customer needs and preferences. “You can’t just rely on data; you have to engage with your customers directly,” Bhageria stated. This hands-on approach allows founders to gather qualitative insights that data alone may not reveal.
Bhageria also discussed the importance of iterating on product features based on customer feedback. “Your first version is rarely your best version,” he remarked. By continuously refining the product in response to user input, startups can better align their offerings with market demands. This iterative process not only enhances the product but also fosters a sense of community and loyalty among early adopters.
Investor Perspectives on PMF
Ann Bordetsky, a partner at NEA, provided insights from the investor’s perspective. She highlighted that investors are increasingly looking for evidence of product-market fit before committing capital. “We want to see traction, whether that’s in the form of user growth, engagement metrics, or revenue,” Bordetsky explained. This shift in focus underscores the importance of demonstrating PMF to attract investment.
Bordetsky also shared that investors often look for a clear value proposition. “Startups need to articulate why their product is better than existing solutions,” she advised. This clarity helps investors understand the market potential and the startup’s competitive advantage. Furthermore, she emphasized the significance of a well-defined target audience. “Knowing who your ideal customer is can make or break your chances of achieving PMF,” she added.
Strategies for Finding Product-Market Fit
The panelists shared several actionable strategies that startups can implement to find product-market fit more effectively.
1. Conducting Market Research
Market research is a foundational step in identifying product-market fit. Bhageria stressed the importance of understanding the competitive landscape. “You need to know who your competitors are and what they offer,” he said. This knowledge enables startups to differentiate their product and identify gaps in the market.
Additionally, Bordetsky suggested using surveys and interviews to gather direct feedback from potential customers. “Don’t be afraid to ask tough questions,” she advised. This feedback can provide invaluable insights into customer pain points and preferences, guiding product development.
2. Building a Minimum Viable Product (MVP)
Creating a minimum viable product (MVP) is a crucial step in the journey toward achieving PMF. An MVP allows startups to test their hypotheses with real users while minimizing resource expenditure. Bhageria noted that the MVP should focus on core functionalities that address the primary needs of the target audience. “The goal is to validate your assumptions quickly,” he explained.
Joshi, a partner at ICONIQ, added that startups should be prepared to pivot based on the feedback received from MVP testing. “If something isn’t working, don’t be afraid to change direction,” he advised. This flexibility is essential for adapting to market needs and refining the product offering.
3. Engaging with Early Adopters
Early adopters can provide critical insights and validation for a startup’s product. Bhageria encouraged founders to actively seek out these users and engage with them throughout the development process. “These individuals are often more forgiving and willing to provide constructive feedback,” he noted.
Furthermore, Bordetsky emphasized the importance of building relationships with early adopters. “Creating a community around your product can lead to organic growth,” she said. By fostering a sense of belonging, startups can enhance customer loyalty and encourage word-of-mouth marketing.
4. Measuring Key Metrics
To assess progress toward product-market fit, startups must track key performance indicators (KPIs). Joshi highlighted several metrics that can provide insights into user engagement and satisfaction:
- Customer Acquisition Cost (CAC): Understanding how much it costs to acquire a customer is crucial for evaluating marketing effectiveness.
- Customer Lifetime Value (CLV): This metric helps determine the long-term value of a customer, guiding pricing and retention strategies.
- Net Promoter Score (NPS): Measuring customer satisfaction and loyalty can provide insights into how well the product meets user needs.
By regularly analyzing these metrics, startups can make informed decisions about product adjustments and marketing strategies.
Challenges in Achieving Product-Market Fit
Despite the strategies outlined, achieving product-market fit is fraught with challenges. The panelists discussed several common obstacles that startups may encounter.
1. Misalignment with Market Needs
One of the most significant challenges is misalignment between the product and market needs. Bhageria pointed out that startups often fall into the trap of building features based on assumptions rather than actual customer feedback. “You have to be willing to listen and adapt,” he cautioned.
2. Overlooking Customer Feedback
Ignoring customer feedback can lead to missed opportunities for improvement. Bordetsky emphasized the importance of creating a feedback loop. “Establish channels for customers to share their thoughts and experiences,” she advised. This ongoing dialogue can help startups stay attuned to evolving market demands.
3. Scaling Too Quickly
Another challenge is the temptation to scale too quickly before achieving product-market fit. Joshi warned that premature scaling can lead to resource strain and operational inefficiencies. “Focus on solidifying your product-market fit before expanding,” he urged. This cautious approach allows startups to build a strong foundation for future growth.
Conclusion: The Path Forward
Achieving product-market fit is a complex but essential journey for startups. The insights shared by Rajat Bhageria, Ann Bordetsky, and Murali Joshi at TechCrunch Disrupt 2025 provide a roadmap for founders and investors alike. By engaging with customers, conducting thorough market research, and measuring key metrics, startups can navigate the challenges of finding PMF more effectively.
As the startup landscape continues to evolve, the importance of product-market fit will remain a critical focus for entrepreneurs seeking to build sustainable businesses. The lessons learned from industry leaders at TechCrunch Disrupt 2025 serve as a valuable guide for those embarking on this challenging yet rewarding journey.
Source: Original report
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Last Modified: September 20, 2025 at 1:39 am
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