INSIGHTS #8: Finding the Perfect Product-Market Fit

Jun 22, 2018 33 MIN

Subrata Mitra, one of the founding partners of Accel, has been a part of (and has even helped design and engineer) the startup ecosystem in India as it stands today. This week, we take a look at his exciting, ten-year-long journey as a hands-on investor. From the gaming industry to the fashion e-commerce market, Mitra has a world of knowledge to share.

Discussing how to find the perfect product-market fit, Mitra says, “If there is one customer who has a need that you can satisfy, that’s where you begin the product-market fit. Identify that one customer or company.” The problems, then, only arise when an entrepreneur attempts to scale. And trust us, Mitra has a lot to say about scaling; Behind every successful, groundbreaking project that seems like common sense now, exists a fair share of research, trial-and-error, and even failed attempts.

Whether it was Myntra’s initial stages: personalised mugs with your photo on them, or the very beginnings of Common Floor as a community-creation platform, finding the perfect product-market fit and its appropriate scalability model has always been a fruit of research and development. Like Myntra and Common Floor, you’ll be surprised to find out where and how some of India’s most prosperous startups, such as MuSigma and Virident, actually began. All this, right from someone who was on the ground, learning about the market, and influencing each company’s decisions.

Subrata also shares some valuable insight into the qualities of an entrepreneur who can turn a synergetic product-market fit into a scalable and monetizable venture. “There are outward facing and inward facing entrepreneurs,” Mitra says.

“There are a certain set of people who solve hard problems better and are also good entrepreneurs.” Could you be one of those “certain people” in the industry today? Well, if you’ve got the characteristics that Mitra identifies, that may be a possibility.

We also hear from one of Subrata’s early portfolio founders Mukesh Bansal, who spent ten years in Silicon Valley working for startups there. After quitting his job and moving from Chicago to the Bay Area in California, Bansal “bounced around, sleeping on friends’ couches” just so that he could learn more about startups. Well, today, as the founder of two successful startups Myntra and now Curefit, we think his plan definitely played out well. Not that you should be bumming off your friends as a startup founder, but listening to Bansal’s advice will certainly help. All this and more on this weeks #InsightsPodcast.