Finding Product-Market Fit in Industrial IoT and Space Startups
A Playbook for Founders, Product Managers, and Their Leaders
By Lee Garverick
Finding product-market fit matters because it ensures your startup is headed in the right direction, carefully managing precious time and funds.
Lee Garverick presents a three-part process to assist entrepreneurs and leaders in achieving product-market fit in space and IIoT markets. The primary objective is to build products that can be sold over and over, creating a far higher company valuation compared to a project approach, while meeting the unique needs of relatively narrow vertical markets in space and IIoT.
Comments of appreciation to Lee Garverick from attendees
“Thank you for the great presentation! This was very useful and I appreciate you all taking the time to do this.” – Corey
“This has been great, thanks Lee and everyone.” – Todd
“Thanks All!” – Lester
Resources that Lee Garverick shared in the talk
Lee Garverick’s paper: https://drive.google.com/file/d/1ZJyhCIZgYlCrLalCwGzS8MRUJm_6oMUD/view?usp=sharing
Comparing Product to Contract Development Services Companies, sources:
- https://softwareequity.com/blog/gross-margin-saas/
- https://onplan.co/blog/what-are-the-net-profit-margins-of-a-saas-company-startup/
- https://scholar.afit.edu/cgi/viewcontent.cgi?article=3348&context=etd (Page 17, “Profit Margin Results”)
The Opportunity, sources:
- Mrinal Menon and Jeff Decker, “Why the defense industry could be the most transformative market for startups”, Fast Company, May 10, 2021
Options for Startups Pursuing Defense Markets, sources:
Further Reading on Platforms:
- The Future of Platforms by Michael A. Cusumano, David B. Yoffie, and Annabelle Gawer, MIT Sloan Management Review, Spring 2020
Other Information Lee Mentioned in the Talk
- Dan Olsen, author of The Lean Product Playbook, https://dan-olsen.
com/ - Rich Mironov, author of The Art of Product Management, https://www.mironov.com/
- Theresa Torres, author of Continuous Discovery Habits, https://www.producttalk.org/
- In answer to Sean’s question about satellite market characteristics, “Who Owns the Most Satellites” infographic, https://www.visualcapitalist.com/who-owns-the-most-satellites/