The purpose of this document is to share the process of how I intended to build the consumer fintech startup I was hoping to work on and develop a roadmap of how I would have execute it.
The goal of the startup I am hoping to build is to have “Market Pull” simply put this is when there is stronger demand for a solution to the problem that the product solves than the supply of solutions to the problem.
<aside> 📍 Demand for Relief > Supply of Solutions
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We talk about Product-Market fit a lot in the startup community, and it is widely agreed that for an early-stage startup getting to this state is the only thing that matters.
But what happens sometimes is that founders build solutions to problems that are not deeply evaluated and end up building products seeking problems to solve.
Hence, what ends up happening is that founders build out a product (which becomes the constant) and then seek out a market (which becomes the variable) that deeply needs the product, while along the line making only slight iterations and optimisations to the initial product in a process of finding Product-Market Fit.
I’m hoping to flip this approach, by building this startup by first keeping the Market as the constant, while making the product variable. Building the product around the market.
I intend to do intensive research into understanding what the most painful problems in the consumer finance market are and then build and iterate on a product that utilises crypto to solve the problem adequately.
I will determine how well this problem is solved by these two conditions:
<aside> 📍 Find Retention Rates benchmarks by industry here
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In Brian Balfour’s 4 fits canvas, he expands on the Product-Market fit framework by including “Model” and “Channel” as two other variables to be considered in building a startup.