Happy New Year! Jan Update.
Happy New Year! Jan Update.
The road to PMF (product-market fit)
Shake the holiday cobwebs off; it’s time to rock ‘n roll. Our last update from mid-December (see below) covered 2 critical topics —our SDK going live and financing.
I’m skipping the recap and rehash of 2022; maybe next month. Let’s talk about what we’re doing.
Product Market Fit (aka PMF)
I’m going to assume (given this is our investor blog) ya’ll are familiar with the concept. As such, we all know it’s not a binary switch. It’s an exercise in being a bit better every day than the last.
So, let’s start with what does success look like?
A: Developer self-service discovery, sign-up, and deployment of TIKI’s infrastructure.
Let’s break that down. TIKI’s product (infrastructure) is targeted at developers. Developers who discover TIKI’s solution through content (SEO, blogs, videos) and community (meetups, discord, OSS, etc.). Once learning about what we’re building, developers should be able to sign up, add our infrastructure to their product/service, and roll it out to their users without TIKI intervention —self-service.
Ok. So how do we measure success?
KPI: ~10 companies onboarding every month.
Companies, not developers, because it’s normal to have several developers on a project.
Roughly 10 because we’re building for a market of hundreds of thousands of businesses, not a handful of major enterprises.
Every month —consistent repetitive growth proves we’ve not just keyed in on a problem but are providing a solution (self-reminder to keep an eye on churn).
So where are we now?
For starters, we are HERE, and we need to get »»»»»»»»» HERE.
What I mean is we’ve met with a slew of companies excited to be our first pilot customers, gathered their high-level requirements, and… well, we’ve got work to do (until they can onboard themselves). To help put it in perspective, the pilot use cases (generalized for privacy) we’re building for are:
Managing user opt-in and consent for training ML.
Privacy-centric authenticity and provenance for user-contributed data.
Loyalty/reward tokenization based on data events.
Increase data-sharing opt-in rates using rewards.
Open new secondary marketplace revenue streams with user-data licensing.
That really only leaves us with two questions. How long? and do you have the resources needed to get there?
In reverse order, yes, we have the resources, and the next stop is ~45 days away. I say “next stop” because PMF is a road, not a destination. It’s a series of iterations to meet customer needs. This first series we’re in will get us over the hump of onboarding our first pilot cos.
Will we be at our KPI of onboard ~10 companies per month at that point? Impossible to tell; safer to assume no. It’ll likely take a few go-arounds to hit the mark. This first gap analysis converted into our Q1 roadmap can be seen here:
This blog was more tactical than my typical update. Don’t overlook how pumped we are about where we’re at and where we need to get to —hope you are too. We’ll be out here building and publishing. It’s grind time.