Table 2. Product–market fit – summary of...

Table 2.

Product–market fit – summary of the findings and illustrative excerpts from the data

Characteristics	Examples from the data
Main aim: refining and validating the value proposition in face of the market responsiveness to the offer
As markets are being created and change fast, assessing the market response ex-ante is difficult Entrepreneurs resort to any data sources available to reduce uncertainty, but data gathering activities are unstructured and informal Other more purposive actions to ensure the product market-fit include informal conversations, direct observation and real tests involving product or service usage Defining and adjusting prices to the market ascribed value is another important objective of this fitting phase	«I think that market research studies are very valid, but for more mature areas. When you work on innovation, you do not have anything mature» (#28: Engineering) «When I am in a sales meeting I am doing market research… I will present the customer a proposal according to what I am learning his/her needs are at that moment» (#40: Business Services) «We asked them [friends] to test the product… If everyone says no to the product, it does not mean that I will give up, but I start thinking on what could be wrong» (#18: Textiles) «[Pricing] is the most difficult thing… You have to understand the market value, … it is trial and error. For innovative products, there is no other way; you may make a million market research studies…» (#28: Engineering)

Characteristics	Examples from the data
Main aim: refining and validating the value proposition in face of the market responsiveness to the offer
As markets are being created and change fast, assessing the market response ex-ante is difficultEntrepreneurs resort to any data sources available to reduce uncertainty, but data gathering activities are unstructured and informalOther more purposive actions to ensure the product market-fit include informal conversations, direct observation and real tests involving product or service usageDefining and adjusting prices to the market ascribed value is another important objective of this fitting phase	«I think that market research studies are very valid, but for more mature areas. When you work on innovation, you do not have anything mature» (#28: Engineering)«When I am in a sales meeting I am doing market research… I will present the customer a proposal according to what I am learning his/her needs are at that moment» (#40: Business Services)«We asked them [friends] to test the product… If everyone says no to the product, it does not mean that I will give up, but I start thinking on what could be wrong» (#18: Textiles)«[Pricing] is the most difficult thing… You have to understand the market value, … it is trial and error. For innovative products, there is no other way; you may make a million market research studies…» (#28: Engineering)

Characteristics

Examples from the data

Main aim: refining and validating the value proposition in face of the market responsiveness to the offer

As markets are being created and change fast, assessing the market response ex-ante is difficultEntrepreneurs resort to any data sources available to reduce uncertainty, but data gathering activities are unstructured and informalOther more purposive actions to ensure the product market-fit include informal conversations, direct observation and real tests involving product or service usageDefining and adjusting prices to the market ascribed value is another important objective of this fitting phase

«I think that market research studies are very valid, but for more mature areas. When you work on innovation, you do not have anything mature» (#28: Engineering)«When I am in a sales meeting I am doing market research… I will present the customer a proposal according to what I am learning his/her needs are at that moment» (#40: Business Services)«We asked them [friends] to test the product… If everyone says no to the product, it does not mean that I will give up, but I start thinking on what could be wrong» (#18: Textiles)«[Pricing] is the most difficult thing… You have to understand the market value, … it is trial and error. For innovative products, there is no other way; you may make a million market research studies…» (#28: Engineering)

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