A frequent conversation topic that comes up with founders is that of individual employee performance. Once a company nears Series A, team size crosses 30 — I haven’t heard of too many Indian companies with low team counts (this is a topic for another post!) – and invariably the founder’s attention is drawn to managing employee performance or the impact of this. Almost every month or two, someone is being …
Venture Capital / Startups
The Congruent Square
Of late, I have been thinking of a concept I call the Congruent Square (or Rhombus for the math-purist) to better explain to founders why some of them are struggling with hitting product market fit (PMF).

Defining the Congruent Square
Congruent Square says there has be a broad alignment / congruency in the product you are taking to market, the team that is taking it there, the consumers / market …
Defining ‘Product-Market Fit’
Two discussions, one with a founder, and another with an experienced operator, both around the definition of product-market fit (PMF) encouraged me to write this post.
Product-market fit (hereafter PMF) is seen variously as the ‘holy grail’ for startups (Elizabeth Yin, Hustle Fund) to the ‘only thing that matters (Marc Andreessen) to ““arguably the most critical milestone for a startup” (Jill Soley & Todd Wilms, …
Down the ‘product-market fit’ rabbit hole!
An innocent google query around the origins of the term ‘product-market fit’ sent me down the internet rabbit hole a few nights back.
‘Product-market fit’ (or PMF hereafter) is a seminal concept in startupland. It is considered as a turning point in the life journey of every successful startup, and not being able to achieve PMF is considered the leading cause of failure (see here and here).
The term …
VCs making fun of VCs, and what it says about VC.
A twitter theme I have noticed of late in Valley VC tweets is the self-deprecating VC tweet, where VCs make fun of themselves, for wearing Patagonia vests (!), or spouting philosophy, or the way they interact with founders.
Take these two tweets.
Nailing Capital v Scaling Capital
Thoughts and reflections inspired by the frenzied pace of investing and dealmaking we are seeing in the early stage in India, and specifically the trend of traditionally later stage investors playing early.
Two, or maybe three types of capital
All money in venture capital is not similar. We can distinguish between
- Nailing Capital: money required to get you to nail your product proposition + GTM (Go To Market) approach and
What startups can learn from India’s fastest growing edtech startup, Classplus
One of the startups I lead, and manage, Classplus, has been on fire of late. It is seeing a lot of customer and investor love. I wrote out a tweet thread, to explain, their secret sauce; at the heart of which is an obsession with customer feedback, and ensuring everyone in the company is continuously talking to customers. Later, as the tweet got popular, I converted the thread into …
Unbundling Humans, or, Unbundling Human Creation
“There are two ways to make money in business: You can unbundle, or you can bundle.” – Jim Barksdale, cofounder of Netscape
As frameworks for identifying opportunities in startupland go, unbundling / (re)bundling is amongst the most seminal ones out there. Here is an example of how it works.
Visualize a product that helps you read (for a fee) any magazine / newspaper story – effectively you have unbundled or …
‘Exhaust Fumes’, or, Understanding Startup Valuations
“Early stage valuations aren’t really valuations. They are the exhaust fumes of a negotiation about two things – the amount raised and the amount of dilution.” – Fred Wilson; source.
“Those guys are morons,” says Palihapitiya of many value investors. The historic way of determining value by looking at balance sheets and discounted cash flow no longer works, he asserts. “Today, when money has no value, because we’ve essentially …
How founders should think about product-market fit
Product Market Fit or PMF is amongst the most discussed and evergreen startup topics. Popularised by Marc Andreessen in a celebrated post titled ‘The Only Thing That Matters’, PMF has become a keen topic of study and analysis in the startup community. Not a year or a quarter passes by without a celebrated article or twitter thread offering a new take or slant on it. After all PMF …