Determining your product-market fit with the Entrepreneurship & Commercialization Practicum

Jon and Mark are twin brothers. Mark returned to the farm after college while Jon went to graduate school for computer science at the University of Iowa. While there, Jon worked for a year developing an app to help farmers optimize their inputs: water, fertilizer, herbicides, etc. He believes he’s ready to launch a startup.

While proudly showing his app to his brother, Jon asked, “What do you think?”

 Mark is speechless. He doesn’t want to tell his brother that half of the things in the app he does not need and the other half he already gets. He is also confused and hurt; why wouldn’t Jon ask his input before putting in all that effort?

 Not wanting to be confrontational, he responds, “Nice.”

Entrepreneurs know their ideas are cool, but how do they bridge the gap between ‘cool’ and ‘successful’? What would you recommend for Jon the next time he starts a project?

OPTT’s Entrepreneurship and Commercialization Practicum will begin on July 9. The eight-week short course will teach students to look at their innovations objectively and from an outside perspective.

In module 4, Product Market Fit, students will interview prospective customers (stakeholders) regarding their problems and needs in order to obtain insight that will provide them feedback regarding their hypothesis about “Value Proposition” and “Customer Segment”. When there is interview evidence that the product/service is satisfying a need for a particular group or segment of the market, we say that there is Product-Market fit.  If no fit is found, the entrepreneur may pivot to a different value proposition, different customer segment or a totally different idea.

Register for the eight-week course at https://indico.fnal.gov/e/OPTTPracticum2020

Seats are limited.

Questions? Contact Laura Rogas, lrogas@fnal.gov.