We track Product so you don't have to. Top Podcasts summarised, the latest AI tools, plus research and news in a 5 min digest.

Hello, Product fans!

Here’s today’s sumptuous edition of Product Tapas! 🌮

Following feedback, from next week we’ll be shifting to 2-3 Tapas instances per week. If you’re crying out for more let me know by completing the poll below. If there’s enough demand we’ll do two subscription versions….👇️ 

📰 Not Boring: Stay ahead of the curve with the latest developments in the product world. Messenger finally enhances user privacy with default end-to-end encryption, while crypto markets show renewed vigour and PlayStation’s shows us how digital ownership is still broken.🌐

🤖 GPT & Tool Time: 💻🔍 Today’s key time saver is very meta: a GPT for finding the ideal GPT. I wonder what it will give you if you ask it to find a GPT finding GPT?

🎙️ Product Bites: This section is brimming with a heap of summaries all around the Lean Startup:

1. Challenges With The Lean Startup Methodology: We dive into Sachin Rekhi’s critique of the Lean Startup, exploring the potential pitfalls of this popular methodology and offering alternative perspectives for more effective “Deliberate Startup” product development.

2. Case Study - Superhuman’s Journey to Product Market Fit: Explore Rahul Vohra's journey with Superhuman, an exemplary case study of the Deliberate Startup in action. Understand the process of achieving product/market fit through systematic segmentation, feedback analysis, and continuous iteration.

3. Lean Startup - the come-back: We finish with a summary of Eric Reis’ excellent stint on Lenny’s Podcast where he answers many of the critics and covers more ground on building businesses aligned with human flourishing.

Stay tuned as we dissect these methodologies, providing insights and actionable strategies to elevate your product management game.

Remember, your insights and feedback fuel our community’s growth. Share your thoughts, bring friends to the Product Tapas family, and continue to enrich our collective journey in product innovation.

Time to tuck in! 🍽️ 👇️ 

📰 Not boring

• Messenger is finally getting end-to-end encryption by default

• Signs of life in the crypto markets as Bitcoin and Ethereum Surge To New 2023 Highs

• PlayStation keeps reminding us why digital ownership sucks with content removals and account bans (another use-case for Web3 if you’re interested)

• From Unicorns to Zombies: Tech Start-Ups Run Out of Time & Money - c.3,200 VC-backed US companies went out of business in 2023

• Google Introduces Gemini: its Largest and Most Capable AI Model - API is still a week away though

  • Check this video showcasing it

    View more →

📰 Time-Saving Tools & GPTs

1. ChatGPT - GPT Finder 🔍🌐

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🫦 Product Bites

😲 Challenges With The Lean Startup Methodology

The Lean Startup is by far and away my favourite Product book of all time. Partly, because it was my introduction to Product and so much of it resonates with me to this day. This summary however covers Sachin Rekhi’s article on some of the challenges with the approach and suggests some different approaches.

📖 Read the full article here

What's The Buzz? 🐝

The article revisits Eric Ries’ "Lean Startup" methodology, initially embraced for its concepts like MVPs and rapid prototyping. The author reflects on his own startup experience, Anywhere.FM, and contrasts it with Spotify's success, despite seemingly contradicting Lean principles.

What's The Big Deal? 🌟

Sachin Rekhi, founder & CEO of Notejoy, discusses the limitations he observed in the Lean Startup methodology. He identifies four primary challenges:

1. Agnostic Experimentation Over Strategy: Lean Startup's emphasis on rapid experimentation often overlooks the importance of a compelling initial strategy.

2. MVP Focus Leading to Premature Failure: The focus on MVPs can lead to abandoning potentially successful ideas too early, based on initial feedback.

3. Incremental Improvements vs. Breakthrough Innovations: The methodology's reliance on customer feedback can hinder truly innovative product development.

4. Neglecting Deliberate Growth Focus: A product-centric approach underestimates the importance of sales, marketing, and user acquisition strategies.

In response, Rekhi introduces "The Deliberate Startup" method, an alternative that aims to address these challenges and provide a more comprehensive approach to achieving product/market fit.

Here are the key aspects of The Deliberate Startup:

1. Strategic Foundation Over Rapid Experimentation: Unlike Lean Startup, which prioritizes rapid experimentation, The Deliberate Startup advocates for starting with a well-thought-out strategy. This method involves creating a detailed Product/Market Fit Narrative, guiding entrepreneurs through six dimensions of a holistic product strategy.

2. Balanced Approach to MVPs: The Deliberate Startup acknowledges the importance of MVPs but cautions against using them as the sole basis for major decisions. It promotes a broader range of validation techniques, including customer interviews, prototypes, and smoke tests, to gather more comprehensive feedback.

3. Encouraging True Innovation: This methodology emphasizes the need for entrepreneurs to rely on their vision and insights, rather than solely on customer feedback, to drive groundbreaking innovations. It addresses the Lean Startup’s tendency towards incrementalism by urging founders to start with unique insights and develop these into compelling product strategies.

4. Integrating Product Development with Growth Strategy: Recognizing the importance of sales, marketing, and distribution, The Deliberate Startup integrates these elements into the initial product strategy. This approach ensures that user acquisition and growth are not afterthoughts but integral parts of the product development process.

5. The Product/Market Fit Loop: Central to The Deliberate Startup is the Product/Market Fit Loop, consisting of four key activities: defining the product strategy, validating assumptions, quantitatively measuring product/market fit, and developing traction alongside product iteration. This loop is designed to be a more holistic and systematic approach to finding product/market fit.

By addressing the shortcomings of the Lean Startup, The Deliberate Startup offers a more nuanced and strategic approach to building successful products. It emphasizes the importance of initial strategy, balanced MVP use, fostering innovation, and incorporating growth strategies from the outset.

Why Should You Care? 💡

For entrepreneurs and product managers, understanding the limitations of popular methodologies like Lean Startup is crucial. This article provides insights into why an alternative approach might be more effective in today's rapidly evolving business environment.

Even as a huge fan of Reis’ work I can see the merit in the tweaks and changes suggested. Although as Reis mentioned in a recent Lenny’s Podcast he’s supportive of changes to the original approach and goes so far as to debunk a few. See below for more on what he had to say.

📖 Read the full article here

🌟 How Superhuman Built an Engine to Find Product Market Fit

Finding Product Market Fit is the key final stage of the Deliberate Startup approach outlined above. And a core part of it is the definition and measurement. Rahul Vohra of Superhuman has written a case study on what he did at Superhuman which is summarised below!

📖 Read the full article here 

What's The Buzz? 🐝

This article, written by Rahul Vohra, the founder and CEO of Superhuman, delves into the journey of developing a reliable method to achieve product/market fit for his startup. It emphasizes the importance of product/market fit in the success of a startup and explores the challenges in identifying and achieving it.

What's The Big Deal? 🌟

Rahul Vohra describes his experience of using various definitions and measures of product/market fit. He identifies a leading indicator for product/market fit, inspired by Sean Ellis: the percentage of users who would be "very disappointed" without the product. This measure led Superhuman to develop a four-step process:

1. Segmentation and Identification: Focusing on users who would be "very disappointed" without the product to understand the specific market segment with better product fit.

2. Analyzing Feedback: Concentrating on feedback from users who found speed as the main benefit of Superhuman, while disregarding feedback from users who wouldn’t miss the product.

3. Roadmap Development: Balancing the development between enhancing features users love and addressing issues that hold back potential users.

4. Continuous Measurement and Improvement: Repeatedly measuring the product/market fit score and adjusting strategies to improve it.

This process led to a significant improvement in Superhuman's product/market fit score.

Why Should You Care? 💡

For startups and founders, achieving product/market fit is crucial. This article offers a concrete, measurable approach to finding and improving product/market fit. It’s a great tool and framework worth trying for anyone struggling to make their product resonate with their target market.

What To Do With This Information 🔗

Founders and product teams can apply this method to their products to assess and improve their product/market fit. Consider using the interactive tool mentioned in the article, which uses real Superhuman data, to visualize the impact of different strategies and inputs on product/market fit.

Read the full article here 

🎙️ Pod Review: The State of the Lean Startup Movement

Estimated Reading Time: 1 minute. Time Saved 133 minutes 🔥🔥🔥

In this episode of the podcast, Eric Ries, the creator of the Lean Startup methodology, discusses the current state of the lean startup movement and shares his insights on various topics related to startups and product development. The conversation covers a wide range of themes, including misconceptions about Lean Startup, the importance of mental health among founders, the impact of AI on product development, and building a business with values aligned with human flourishing.

🚀 The Misconceptions of Lean Startup

Ries starts the podcast by addressing the misconceptions surrounding the lean startup methodology. He emphasises that Lean Startup is not about being cheap or lacking a vision. Instead, it is about finding the most efficient way to validate hypotheses and gather feedback from customers. One common misconception is that Lean Startup is opposed to having a vision, but Eric clarifies that having a vision is essential and that experimentation and iteration are tools to achieve that vision.

💡 Practical Tip: Eric encourages entrepreneurs to focus on customer feedback and iterate based on their needs. He highlights the importance of understanding customer demands and using Minimum Viable Products (MVP) as a means to test hypotheses and gather valuable insights (interesting note, Reis actually coined the term MVP….!)

🧠 Mental Health Crisis Among Founders

Eric also addresses the mental health crisis among founders, a topic that is often overlooked. He shares his own experience of building a startup and the toll it can take on mental health. Eric believes that the stress of being a founder is hard, but what is even worse is being stuck in a company that you hate but can't leave. He urges founders to take mental health seriously and emphasizes the need for open discussions about the downside risks and challenges of entrepreneurship.

🌍 Building a Business with Values Aligned with Human Flourishing

Another important theme discussed in the podcast is the idea of building a business with values aligned with human flourishing. Eric expresses his concern about companies that become malign forces in the world, even if they achieve financial success. He encourages founders to consider the long-term impact of their businesses and to prioritize values that contribute to the betterment of society.

🔬 The Impact of AI on Product Development

Eric also delves into the impact of AI on product development in startups. He highlights the importance of understanding the governance and ethical implications of AI technologies (interestingly this was before the OpenAI saga of a few weeks ago). Eric has been working with top AI companies and believes that the questions of governance and corporate structure have become even more acute in the AI industry. He emphasizes the need for responsible and human-centred approaches to AI development.

🔑 Key Takeaways and Practical Tips

Throughout the podcast, Eric shares valuable insights and practical tips for entrepreneurs. Here are some key takeaways:

1. Lean Startup is not about being cheap or lacking a vision. It is about finding the most efficient way to validate hypotheses and gather customer feedback.

2. Mental health among founders is a critical issue that needs more attention. Founders should prioritize their well-being and seek support when needed.

3. Building a business with values aligned with human flourishing is essential. Consider the long-term impact of your company and prioritize values that contribute to a better world.

4. AI technologies have significant implications for product development. Understand the governance and ethical considerations associated with AI and adopt responsible approaches.

Oof so punches were thrown, counter punches back. Which side of the fence do you sit on? For me, there’s no doubt The Lean Startup took us out of the dark ages in terms of being much more customer-centric. So for that, I’ll place my allegiances to team Reis. How about you?

💬 Timestamps:

🔗 Link to the full audio: here

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That’s a wrap.

As always, the journey doesn't end here! Keep exploring, keep questioning, and most importantly, keep growing in your product journey. Until our next issue, keep savouring the bites of wisdom we've shared. 🚀👋

Alastair & the Product Tapas Team 🍽️.