Become OBSESSED with the Problem
The other day I was on a call with a client company and the CTO/CPO spent an entire hour and a half explaining the previous tools they have built to their new CEO. This company was on the brink of a pivot and hired on a new CEO to help champion a significant fundraise so the company could continue to build out their unique solution.
One hour and a half later, the CTO/CPO asked the new CEO “do you feel like you understand the tool and how it works well enough to pitch it to VCs?” The CEO paused for a second and said “it may be because I’m new here, but somehow I understand the problem far better than I understand the solution and products we’ve built.”
“I understand the problem far better than I understand the solution and products we’ve built.”
He looked at me and said, “Melissa, do you understand the solutions of have anything to add?” Me: “I think your intuition is right, I truly think your perspective is exactly what VC want to hear and how it should be pitched — with a clear and concise problem first. I think you should continue to refine and define the problem that exists in the market, and THEN the product team can come back with technical solutions to solve said problem.”
People do not invest in solutions without fully understanding — or can relate — to the problem that said solution solves. If you really want to build a product that drives change and mass adoption — you MUST become OBSESSED with the problem far more than you are with the solution.
Understand the needs of your audience. Why is this a pain point? What lengths do the customers have to go through because the pain point currently doesn’t have a solution?
The more you understand the user’s pain, the better you’ll be able to understand the value your solution brings (i.e. how much a customer will be willing to pay for your solution) and in turn you will have a solid head start on finding product-market fit.
