Businesses with market fit reposition if the opportunity to gain a ‘meaningful’ share of a much larger, faster growing or more profitable market presents itself. Such businesses can, in given circumstances, convert their new target audience and simultaneously retain existing customers.
The past 10-15 years has seen record amounts of investment in design firms. While this has been led by Accenture, Deloitte, IBM, Google and Facebook, many equally well known brands have followed suit. You can read the highly illuminating Kleiner Perkins Design in Tech 2016 report here.
Cicero, Martin Luther, Blaise Pascal, Benjamin Franklin, Henry David Thoreau and President Woodrow Wilson agreed on one thing; the shorter the message, the more time you need.
Founders describe the decision to prioritise repositioning or raising funds as a Catch-22. But, it really isn’t. Would you prefer to invest in a startup that wants to spend your money on finding product market fit (PMF) or one that has already secured it, and just needs the funds to scale?