“We don’t have product market fit.”  The board room fell silent. How could a rapidly growing company with a $50 million revenue in a hot category not have product market fit? Yet having invested over $100 million, we as the board had just realized that lack of product market fit imperiled the business.  Product market fit (PMF) has evolved as a concept over time. Moreover, PMF requirements increase as a business matures. Here is a schematic that my team uses to assess PMF prior to investment and among our portfolio companies:  We think of PMF in three stages: Product Validation,…

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