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 zesty edition of Product Tapas! 🌮

🔥 What's Cooking? 🧑‍🍳 

📰 Not Boring: Dive into the EU's groundbreaking AI regulation and El Salvador's rollercoaster Bitcoin journey. Plus, discover how a Space Heater is revolutionizing home heating and perhaps more importantly news on CRIPSR therapy for sickle cell anaemia! 🌍💰 🌐

🤖 GPT & Tool time: Get a head start with our beginner’s guide to ChatGPT prompts, and meet the UX Researcher GPT, your new AI assistant for efficient user research.

🫦 Product Bites: Today we explore Atomico’s State of European Tech report and then have a doubleheader on UX and research. We revisit Michael Marhokis’ timeless UX Research guide for startups and follow up with a super practical crash course on UX for PMS and Founders - gain valuable customer discovery tips from industry giants like Zoom, Zapier, and Dropbox.

As always, your thoughts and feedback shape the future of Product Tapas. And please remember to keep spreading the word about Product Tapas! 🌟👥

Here we go! 🚀👇

📰 Not boring

• The EU has reached a historic regulatory agreement over AI development 

• El Salvador’s $100 million+ Bitcoin bet, now in the green

• Space Heater offers 50% cash back on heating by training AI or mining crypto in your home

• Breaking news….The color of the 2024 is “Peach Fuzz”

• Beeper mini (iMessage for Android) was 1st cancelled by Apple but your text bubbles can now be blue once again

• The FDA has approved the first CRISPR therapy to treat sickle cell anemia

• TikTok's year in review

• The spread of deepfake scams

• Atomico’s State of European tech is out

  • Read our summary below for more

More News →→click me→→

📰 Time-Saving Tools & GPTs

1. UX Researcher GPT (The Insightful Alchemist 🧙‍♂️🔍)

   • Description: This AI assistant is designed to help you plan, conduct, and analyze your user research effectively.

     • Conversation Starters:

       "Assist me in developing a user research plan for a new web application." "Analyze the feedback from our latest user testing session."

2. Product Tapas Product Audit tool: Our own comprehensive Product Management Audit tool 👀 👀 👀 allows you to thoroughly evaluate your organisation’s end-to-end product management practice, by gauging Product Maturity across four key areas:

   1. Strategy & Principles

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   3. Team Capabilities

   4. Data-Driven Insights

   Featuring 19 targeted questions, this audit tool generates a dynamic visual output making it easy to pinpoint strengths versus development areas.

   Tailored recommendations then provide clear direction on reaching the next level of product management maturity and help facilitate productive prioritisation conversations with cross-functional partners.

   The full spreadsheet tool equips you to independently conduct audits while accessing the GPT version simplifies the process further. Drive organisation-wide product excellence through objective assessment.

   Sound interesting? Snag your free copy just by bringing 5 friends to our Product Tapas family using the link at the end of the newsletter  [web users see newsletter for link] 🚀👇

🫦 Product Bites

🌟 The State of European Tech

Following our recent summary of the State of Crypto we’re covering the broader state of the European tech space below. This is another of Atomico’s annual reports that are well worth checking out in full.

 📖 Read the full article here 

📆 Published: 2023 ⏱️ Reading Time: <1minute

What's The Buzz? 🐝

The Atomico State of European Tech Report 2023 provides a comprehensive overview of the technology landscape in Europe. It highlights the resilience and adaptation of the European tech sector amidst challenging global economic conditions, including a slowdown in investment and changes in public market dynamics

What's The Big Deal? 🌟

Economic Resilience and Investment Trends

• Investment Levels: Although 2023 saw a significant drop in tech investment in Europe compared to the peak in 2021, the ecosystem showed many strengths and promising signs. There's an increasing depth in the pool of investors focusing on Europe, with over $50 billion in new funds raised since 2021​​.

• AI and Automation: These sectors attracted the most capital, with AI companies alone raising eleven mega-rounds of over $100M in 2023. Europe's ecosystem of late-stage AI companies is growing and maturing.

• Growth-Stage Companies: Nearly 3,900 growth-stage tech companies in Europe are showing potential to be global category leaders, with this number expected to double in five years. The focus is on improving access to capital, broadening expertise in key sub-sectors, and fostering innovation.

• Climate Tech: The Carbon & Energy sector, encompassing climate tech, accounted for 27% of all capital invested in European tech in 2023, marking significant growth ​and the single largest sector by capital raised.

Market Adaptation and Prospects

• Cautious Optimism: Despite market uncertainties, there's a sense of optimism for 2024, with 89% of global VCs and 87% of European VCs predicting an increase in deals.

• New Reality for Startups: The European tech sector has entered a new phase characterized by more challenging access to capital, customers, and talent. This shift has led to a focus on building companies dedicated to solving pressing global prob​​lems.

• Public Market Recovery: Publicly-listed tech companies are showing signs of recovery, with valuations stabilizing. This recovery is laying the groundwork for an expected increase in IPO activity in ​​2024.

• Private Market Valuations: Valuations in private markets are returning to normalized levels, reflecting a shift back toward longer-term averages. This shift is crucial for the long-term success and competitiveness of European tech on a global scale.

Why Should You Care? 💡

The resilience and adaptability of the European tech ecosystem are crucial for global economic growth and innovation. The shift towards solving real-world problems, coupled with a growing and diversifying investment landscape, positions Europe as a potential tech superpower.

What To Do With This Information 🔗

• For Entrepreneurs and Startups: Think about opportunities for building companies with a long-term vision, particularly in AI, climate tech, and other high-impact sectors.

• For Investors: Explore investment opportunities in Europe's growing tech ecosystem, particularly in emerging sectors like AI and climate tech.

• For Policy Makers: Engage in discussions around digital regulation to foster a conducive environment for tech innovation and investment.

• For Product Fans: If you’re thinking of your next move, you’re now more on top of the areas that are likely to see the most growth in 2024!

📖 Read the full article here 

🌟 Field Guide to UX Research for Startups

This summary covers a great article from 2018 from Michael Marhokis that covers the typical areas of UX most startups undertake/need. It’s a great refresher and practical guide to help identify a startup’s objective and what kind of research they actually need.

📖 Read the full article here 

📆 Published: May 5, 2018 ⏱️ Reading Time: <1 min Time saved 10mins 🔥 

What's The Buzz? 🐝

Michael Margolis' article "Field Guide to UX Research for Startups" on Medium outlines the five primary UX research objectives for startups:

This guide aims to streamline the UX research process, offering actionable insights and North Star Questions for effective project management.

What's The Big Deal? 🌟

Key UX Research Objectives

1. Improve a Process or Workflow: Focus on streamlining existing processes or creating new systems to save time, money, and avoid mistakes. Key aspects include identifying pain points and efficient practices.

2. Better Understand Customer Shopping Habits: Aimed at enhancing online conversion by understanding how customers judge and choose items. It involves studying customer interactions on websites and physical stores.

3. Evaluate Concepts: This involves gauging interest and reactions to new ideas or concepts. The objective is to understand customer perceptions of new features and ideas.

4. Test Usability: These studies are designed to see if users can complete tasks using a design prototype or a live product, focusing on identifying and understanding usability issues.

5. Refine a Value Proposition: Helps in communicating the key benefits of a service or platform, distinguishing a company from its competition. It includes understanding what appeals to successful customers and why.

Application of North Star Questions

Each objective involves specific "North Star Questions" to guide research and ensure focus on the most critical aspects. These questions help in extracting the most relevant information from each study, avoiding getting lost in technical complexities or irrelevant details.

Practical Case Studies

The article includes practical case studies to demonstrate the application of these objectives and methodologies in real-world scenarios, such as improving clinical trial enrollment processes at Flatiron Health and redesigning the homepage for One Medical.

Why Should You Care? 💡

This guide is invaluable for startups, founders, designers, and researchers in understanding and applying UX research effectively. It helps in identifying key research objectives, designing appropriate studies, and extracting actionable insights to improve products and services.

What To Do With This Information 🔗

• For Startups and Entrepreneurs: Utilize this guide to focus your UX research efforts, align them with your business objectives, and achieve meaningful insights.

• For UX Researchers and Designers: Apply the outlined methodologies and North Star Questions to streamline your research process and deliver impactful results.

• For Educators and Students in Design: Use this as a teaching or learning tool to understand practical applications of UX research in the startup environment.

For more detailed insights and examples, refer to the full article: Field Guide to UX Research for Startups.

📖 Read the full article here 

🌟 A UX Research Crash Course for Founders - Customer Discovery Tips from Zoom, Zapier & Dropbox

This is a superb article full of practical help for Product people or founders wanting to get up to speed on research. Oftentimes Product Managers or teams know they need to speak with customers to better understand what to build and doing so sounds straightforward enough — but there are so many opportunities for this process to go sideways; which is where this article comes in handy.

📖 Read the full article here 

Reading Time: <1min. Time saved 9 minutes 🔥 

What's The Buzz? 🐝

The article provides a detailed guide on UX research for founders, emphasising the importance of customer discovery. Jane Davis, the Director of UX Research and UX Writing at Zoom, shares insights and common mistakes in the research process, covering early exploration, synthesizing findings, building products, and gathering feedback.

What's The Big Deal? 🌟

Early Exploration

• Mistake #1: Avoid research biased toward your own solutions. Focus on deeply understanding the problem.

• Mistake #2: Ensure proper scoping of research by narrowing down your audience.

• Mistake #3: Start research with no preconceived notions and dig deep into the problem.

• Mistake #4: Have clear objectives for what you want to learn from the research.

Synthesizing Findings

• Mistake #1: Don't chase apparent themes without validation. Test against counter-evidence.

• Mistake #2: Consider both stated and revealed preferences in feedback.

Building the Product

• Mistake #1: Don't skip evaluative work. Use design principles and heuristics for guidance.

• Mistake #2: Identify barriers to switching products and understand competitors thoroughly.

Getting Feedback

• Mistake #1: Address the root cause of problems, not just symptoms.

• Mistake #2: Distinguish between value and usage frequency; focus on user goals.

• Mistake #3: Prioritize user groups and make informed trade-offs.

Why Should You Care? 💡

For founders and product builders, understanding and effectively applying UX research is critical to developing products that meet customer needs and preferences. This article provides practical advice and common pitfalls to avoid, making it a valuable resource for anyone in the early stages of product development.

What To Do With This Information 🔗

• For Founders and Product Teams: Utilise the insights to refine your UX research approach, ensuring your product development is user-centred and addresses real problems.

• For UX Researchers: Consider these common mistakes and best practices to enhance your research methodology.

• For Anyone in a Startup Environment: Use this guide to understand the importance of UX research in building successful products.

📖 Read the full article here 

Please, one last thing - share the love!

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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 🍽️.