In this episode of Entrepreneurship in Latam 101, we invited three entrepreneurs to talk about Product Market Fit. This step is fundamental on the road to success, as analyzing how the product you want to offer fits with market demand helps startups avoid many headaches.
While it will always be necessary to iterate a product, knowing its validation in the market can save the entrepreneur time and money. In this episode, we talk to our guests about how the Product Market Fit helps save time and money and works as a key indicator that funds take into account when looking to raise capital.
Our guests are:
- Ximena Aleman: Uruguayan entrepreneur, co-founder and Co CEO of Prometeo, the largest Open Banking platform in Latin America that provides a single point of access to information and transactions. Prometeo’s goal is to create a new technological infrastructure for the financial services of the future.
- Estefania Hernandez: CEO and founder of Mi Dulce Hogar, a platform that focuses on formalizing the employment of domestic workers. Through Mi Dulce Hogar, users can hire reliable help for cleaning services and at the same time generate formal employment opportunities.
- Ingrid Briggiler: Argentinean gynecologist, founder and CEO of Nuevo Método, a company that offers a monthly subscription service to access birth control pills, condoms, and more. With Nuevo Método, Ingrid seeks to decrease the rate of unwanted pregnancies and teenage pregnancies, and that is why the company provides easy access to contraceptive methods.
Outline of this episode:
- [00:37]-Introduction to the episode
- [01:11]-Introduction to the three guests
- [06:00]-What is Product Market Fit?
- [10:11]-How can we apply it?
- [13:32]-The importance of product iteration
- [18:25]-Their experiences validating products
- [25:44]-The influence of PMF in raising capital
- [30:02]-Mistakes and successes in market validation
- [33:46]-Final recommendations from the three entrepreneurs
People & resources mentioned: