| When an entrepreneur sees a consumer need and sells a buyable solution, product market fit has been identified.
Product Market Fit refers to the market demand for a product. In other words, it measures the market’s ability to sustain a product’s growth and profitability. For example, Uber magnificently captured product market fit in 2009. The company founders recognized the taxi system was expensive, outdated, and dwindling in users. Uber saw a market need and created a simpler, more convenient option. To date, Uber has 93 million riders and proved Product Market Fit is key to a successful business. |
Product Market Fit:
The degree to which a product satisfies a market.
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