Chapter 2 · Startups as Investments

Product-Market Fit: Signals & Frameworks

Product-market fit gets talked about more than almost anything else in venture, and defined less. The point of this module is the best frameworks for spotting PMF during diligence: the Rahul Vohra '40% very disappointed' test, organic pull signals, retention curves. You can't measure PMF in a day. But you can learn to tell the difference between 'real early pull' and 'founder wishful thinking,' which is most of the work.