Achieving Problem-Solution Fit and Product-Market Fit

On 21.3.24 a session was organized on the title a “Achieving Problem-Solution Fit and Product-Market Fit” by the Entrepreneurship Development Cell and IIC in association with the Electronics and Communication Engineering department. The session was handled by Dr. R Prem Ananth, IIC Convener, IIC Innovation Ambassador for "Design thinking & Innovations", Assistant professor, Francis Xavier Engineering College. 46 students and 1 faculty participated in the program. This event was coordinated by Mr Pradeep T Rajan, Assistant Professor, Department of ECE, Francis Xavier Engineering College.

The guest speaker in the morning session explained the process of identification of problem and the sources for identifying the problem. While giving details regarding the sources and process of identification of the problem, he gave number of live examples. He also said that a probable solution should also developed for the problem considering the end user and the market conditions for the same. Unless the market is not analysed properly in that situation also the product will fail in the market. Therefore, in order to avoid the failure of the product in the market, the end user and other marketing forces should be analysed properly before launching the product in the market. The resource person discussed the process of understanding customer needs, designing a solution that meets those needs, and testing it with users to determine if there is an adequate level of adoption. The speaker discussed how problem-solution fit is achieved through a process of understanding customer needs, designing a solution to meet those needs, and testing it with users to determine if there is an adequate level of adoption. The speaker then discussed the product-market fit, which they defined as “the degree to which a given market wants or needs a given product”.

The guest speaker in the afternoon session discussed 5 steps to product market fit. The steps are finding problem/solution fit and an audience, how to get started building an MVP, finding the right metrics to track, and a solid release cycle. The speaker also insisted the audience to build their MVP (Minimum Viable Product) fast and with minimum resources. The MVP should reach the market very fast for more reviews. This session was an informative and the speaker shared valuable insights based on the present trend prevailing in the market. All the students were benefited by the session. The interaction between the students and the resource person was highly appreciated.