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These questions are broken into 5 questions for each of the Five Factors developed by Anurag Wadehra.
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Sharp Questions are simple but not easy-to-answer questions meant to cut open your fuzzy assumptions in order to expose unclear premises, unspoken hypotheses, and gaps in your knowledge. Once exposed, you can change your premises, test your hypothesis in the market, and fill the gaps in your knowledge |
For the sharp questions below, EXPLAIN your answers and the logic behind it.
1.
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Hungry Customer Questions
CUSTOMER Questions | Response |
| Larger established organizations with compliance-related risks they need to resolve quickly, i.e., risk of failing an audit or not reaching an implementation deadline, etc. |
| Department head or executives whose compliance initiatives will be simplified, both in time and budget, by leveraging our product. |
| Mid to high-level project managers whose jobs will be made simpler and more integral to the compliance process by leveraging our product. |
| Lowering compliance-related risks by simplifying compliance initiatives |
| Simplifying risk and gap analysis of compliance initiatives. |
How HUNGRY is your customer to solve the problem?
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2. Magical Product Questions
PRODUCT Questions | Response |
| Simplifies compliance initiatives by using patented technology to linguistically analyze and compare compliance requirements across different compliance documents aka standards, regulations, best practices, etc. |
| Saas portal that hosts customizable Compliance Portfolios (compilations of compliance requirements from multiple compliance documents), xls & doc exports, API integration with GRC partner tools, APIs for building custom tools to consume Compliance Portfolios, developer docs, support. Demo accounts, basic subscription, developer subscriptions, and partner subscriptions. |
| We have patented technology to linguistically analyze and compare compliance requirements across different compliance documents, aka standards, regulations, best practices, etc. |
| Provides an aggregation of compliance requirements across different compliance documents that can integrate with additional GRC tools to help different teams manage compliance initiatives. |
| Provides a single source of data to collect information that can be used to perform risk and gap analysis of compliance requirements across different compliance documents. |
How MAGICAL is your product in delivering value to the customer?
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Product offering includes elements other than core tech/product, such as pricing, integration/deployment services, special terms, and any integration into the network/marketplace. |
3. New Game in Category
CATEGORY Questions | Response |
| Compliance initiatives relying on human-only or manual Compliance Requirement mapping are too subjective, inconsistent, and difficult to scale and maintain as compliance requirements change and evolve. |
| The future of compliance requirement mapping is in AI-assisted semantic analysis. |
| Compliance requirement mapping would require repeatable and scalable methods to meet evolving compliance needs |
| Large enterprises in the IT, Fin Tech, and Health Tech verticals. |
| Ingest their internal compliance requirements into the tool and provide quarterly or as-needed updates. |
How clear is your NEW GAME in the category?
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4. Repeatable GTM
GTM Questions | Response |
| $8k CAC, |
| It varies atm it is product-led. Plus, sales and account led, push to change to channel led. |
| Sales, metric is paid accounts growth and turn rates. |
| Market research, customer engagement |
| Atm, the user community is not integral part of the PMF. |
How REPEATABLE is your GTM?
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5. Ready Talent
TALENT Questions | Response |
| The founder has decades of experience in the technology space and compliance mapping space; however little in the AI space. |
| Pretty extensive in building product magic. |
| Unknown, who the GTM leader is. |
| Additional support specialist, additional customer success specialist |
| UX developer, additional product designer, data analyst |
How READY is your talent to execute on PMF?
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PMT Metric & Cycle Time
Step 1 | Step 2 | |
INSTRUCTION Go across each row below | IDENTIFY your top success METRICS for a factor that will confirm that you are succeeding in that factor. See examples below, but choose based on your business. | ESTIMATE how long would it take for you to test the factor in the market, regardless of whether you succeed or not. See examples below, but choose based on your business. |
Five Factors | Success Metrics | Cycle Time |
Customer | Choose your top metric # Customers, ARR (annual recurring revenue), #Users, DAUs (daily active users) NPS (net promoter score) | Time to close paying customer Time to acquire a user |
Product | Choose your top metric MVP (minimum viable product) capabilities, critical release,
Positive WOM (word of mouth) on product | Time to go-live with MVP Time to release iteration of MVP |
Category | Choose your top metric Category acceptance, extension or creation by X | Time to validate category |
Go To Market | Choose your top metric GTM metric - customer or user growth, sales yield, cost efficiency (CAC<LTV, Net Burn) (Customer acquisition cost, lifetime value) | Time to sales yield > 1 Time to organic user growth Time to cost efficiency |
Talent | Choose your top metric Hire/ rent missing talent | Time to hire/ rent key talent |
Step 3: Select the top metric & cycle time across all factors | ||
PMF Target | Choose The Most Critical Metric from above column; Give reasons | |
PMF Cycle Time | Choose the Longest Time from above column; give reason | |