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Product Market Fit Series(7/10) - Case Study

PMF series - Case Study

I was trying to pick up a successful product to do a deep dive on Product Market Fit Case Study as part of my PMF Series. Then realized why not Figma they check everything to learn from for a first time founder except bootstrapping.




🎨🔄Market Need Identified: Recognizing a gap, Figma aimed to create a real-time collaborative design tool, challenging the norm of working on local files. 



Product-Market Fit (PMF): While they were founded in 2012 it was not until 2015 that they had their first MVP and the real general availability was in 2016.  Figma achieved PMF by addressing the crucial need for a cloud-based design tool, streamlining the design process and enabling remote teamwork.



Key Take Aways for Founders:



📚Learnings: Identifying a gap in the industry dominated by giants like Adobe, Sketch and yes Photoshop. Figma prioritized user feedback and continuous development.



🔄Continuous Development: Iterating and improving based on user feedback, Figma introduced regular updates and features to enhance its capabilities.



📣Community and Ecosystem: Fostering a vibrant design community, Figma's ecosystem thrived with shared resources, plugins, and templates.



📈If you need a PMF metric this is one, not revenue - Community Growth Metric: "87% of first-time Figma users were invited by a colleague”. In other words referrals for your product are the first indicators of PMF.



📊Product-Led Growth: The community approach not only transformed Figma but also served as a beacon for product-led growth in enterprise business. Canva is another example product in the same space.



While you look back now, it seems so obvious, but when you think of it, there are countless technopreneurs facing hurdles with comments like, The market is saturated, a multi-billion dollar entity, is already in that space. What is your IP? What is your advantage? You would be crushed.


The greatest advantage startups have is speed—all they need to do is find distribution channels.



Source: webarchive and figma



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