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Product Market Fit with Clement Kao and Jerry Shen | Decode Academy UC Berkeley Course Fall 2020

Decode2020-10-02
2K views|3 years ago
💫 Short Summary

The video features a panel discussion with successful Cal alumni sharing their experiences transitioning from defense to tech, creating successful startups, and navigating various industries. They emphasize the importance of mentorship, learning from failures, and building strong teams. The speakers discuss market dynamics, negotiation tactics, and the value of continuous learning. Advice is given on balancing academic learning with hands-on experience, aligning products with customer needs, and prioritizing relationships in business. The video highlights the journey from idea to product launch, focusing on creating value for customers and building strong reputations.

✨ Highlights
📊 Transcript
✦
Panel discussion featuring Cal alumni Jerry and Clement sharing their experiences and advice with current students.
02:12
Jerry graduated in 2005 and worked in the defense industry before transitioning to tech.
Clement is a product manager at Land and founder of Product Manager HQ.
Both alumni offer valuable insights and relevant advice for students.
The panel provides a unique opportunity for students to learn from successful former students who have navigated similar paths.
✦
Speaker's journey from creating first iPhone app in 2009 to founding virtual events platform Welcome.
04:14
Emphasis on importance of working with the right team in entrepreneurship.
Speaker's experience with multiple startups with the same founder.
Welcome positioned as a competitor to Zoom in the virtual events platform market.
Ongoing discussions with Berkeley and background in electrical engineering and computer science.
✦
Speaker's interest in business administration and helping businesses grow.
05:58
Started as a management consultant to gain insights into various industries and executive problems.
Consulting approach involved a proprietary analytics platform for transaction data analysis and testing.
Taught clients to use the software to analyze performance changes such as menu variations and store openings.
Developed a more user-friendly platform for marketing analysts to reduce time spent explaining analytics to non-experts.
✦
Speaker's journey from consultant to user researcher and strategist in the real estate industry.
07:26
Transition involved gathering feedback, servicing product team, and conducting user research for a real estate brokerage.
Convincing executives to launch a new business for a specific customer segment.
Consideration of hiring a product manager for the new business but deciding against it due to potential risks.
Successful launch of the new business with the team's strategic decision-making.
✦
Unconventional journey into product management.
09:39
Transitioned from user researcher to successful product manager through mentorship.
Increased revenues for a new business and improved real estate finance products.
Emphasized the importance of gaining various skills and experiences for effective collaboration in product development.
✦
Importance of building products that cater to user needs.
12:11
One speaker shares their journey of creating a fantasy football app based on personal interest and feedback from friends.
Another speaker talks about a real estate startup where they struggled to understand the user's perspective.
Stories highlight the significance of aligning product development with user preferences.
Achieving success in the market through user-centric product development.
✦
Successful transformation of failed business idea into a thriving conference.
14:29
Initially focused on food delivery app and wholesale food market, but pivoted to organizing meetups for acquired entrepreneurs during pandemic.
Meetup evolved into a successful conference with speakers and production team.
Adaptation to challenges and pursuit of passion projects led to success and fulfillment for speaker and co-founder.
✦
Creation of Welcome virtual event platform with focus on production quality and user experience.
16:01
Success attributed to being end users and understanding what to build.
Decision to focus on virtual events driven by growth potential and opportunity to improve existing offerings.
Mention of younger brother as co-founder, showcasing familial involvement in the project.
✦
Importance of Recognizing Gaps and Seizing Opportunities in Events and Startup Investments.
18:16
Emphasizing feedback on mistaken identities and insights on product development.
Benefits of being the end user in building products and challenges in consumer finance.
Difficulty in identifying next steps in financial technology compared to event management.
✦
Importance of collaboration with customers in consumer finance industry.
21:55
Consumer finance industry is complex with multiple players and regulations.
Companies like U.S. Bank and Wells Fargo are resistant to changing profitable processes for new products.
Product development in consumer finance requires alignment with market needs and agility in meeting those needs quickly.
✦
Importance of understanding market and customer needs in enterprise SAS software development.
22:30
Collaboration with customers to build the product and ensure market fit.
Avoiding becoming a custom development shop by maintaining principled stances and offering innovative perspectives.
Creation of a two-sided platform for consumers to apply for loans through various channels.
Serving both the consumer and lender sides to provide a comprehensive service.
✦
Lenders prioritize creating value for consumers through discounts and streamlining the loan process.
24:32
Cutting costs is essential due to paperwork and inefficient systems in the lending process.
Borrowers struggle with providing required documentation, leading to delays and communication issues with loan officers.
Blend's solution enables borrowers to efficiently access and share financial information online, enhancing the borrowing experience.
✦
Improvement in loan coordination efficiency leading to reduced operational costs and loan creation time.
26:15
Borrowers now focus on achieving specific goals like purchasing a house or moving, rather than just obtaining a loan.
Emphasis on offering the lowest rates and quickest loan closure to enhance borrower experience.
Utilization of automated valuation models for property assessment, minimizing physical visits and borrower-appraiser meetings during COVID.
Overall objective is to streamline processes and improve experiences for both borrowers and lenders.
✦
Integration of ABM system to streamline processes and reduce manual work.
28:45
Emphasis on understanding customer needs and establishing deep partnerships.
Significance of detailed thinking and thoroughness in problem-solving, especially for new students.
Value of hearing detailed insights on a day-to-day basis.
Transition to student questions, prompting reflections on past professional experiences and the importance of learning from them.
✦
Importance of time management and energy in one's career.
30:53
Young individuals encouraged to make the most of their energy and take risks.
Startups seen as favorable for the younger demographic due to risk-reward profile.
Speaker wishes he had started entrepreneurial journey earlier.
Encouragement for young individuals to seize opportunities and take multiple swings at success while they are still young and resilient.
✦
Balancing Experience and Startups
33:50
Importance of balancing factors and considering growth potential in startups.
Value of experience emphasized, but benefits of early entry into startup world highlighted.
Parent perspective shared, using Shakespeare quote to illustrate youth and inexperience.
Taking risks in startups can result in valuable opportunities, despite the importance of experience.
✦
Importance of experience in recruiting top talent for startups.
36:11
Experience can provide connections and knowledge that facilitate building a strong team.
Young entrepreneurs may struggle to recognize and attract talent due to lack of experience.
Older entrepreneurs may have less energy but tend to make fewer mistakes and take more measured risks.
Consider joining an existing startup to gain experience and learn problem-solving before starting one's own venture.
✦
Importance of continuous learning and mastering the skill of learning efficiently highlighted.
39:35
Emphasizes the value of gaining knowledge and learning how to learn during academic years for enhanced adaptability and success later in life.
Ability to quickly master new subjects and domains seen as a valuable asset, reducing barriers to entry in various career paths.
Reflects on personal experiences and regrets during undergraduate years, stressing the significance of investing in education and skill acquisition for long-term growth and opportunities.
✦
Importance of continuous learning and skill improvement for effective industry pivoting.
40:06
Successful engineer transitioning into sales through entrepreneurship as a prime example.
Speaker's personal experience at Blend showcasing benefits of rapid learning.
Emphasis on value of learning about learning for long-term dividends.
Encouragement for students to apply study methods to real-world scenarios for maximum impact.
✦
Importance of Balancing Academic Learning with Hands-On Experience.
42:41
Seeking advice from alumni can provide valuable insights and accelerate learning.
Testing hypotheses through internships and job exploration helps individuals understand their professional interests and potential career paths.
Reaching out to alumni for guidance and knowledge can help make informed decisions about future career opportunities.
✦
The importance of thinking like an investor and customer to create value for customers.
43:46
Emphasizing understanding customer pain, providing value, and solving their problems.
Starting from the basics and achieving product-market fit.
Businesses exist because customers are willing to pay for value.
✦
Importance of problem-solving in business and job searching.
46:10
Businesses hire employees to solve problems, while individuals must identify problems they want to solve and accelerate learning to provide value.
Understanding customer needs and focusing on professional hypotheses is crucial for success.
Encouragement to ask questions, engage with others, gain insights, and drive innovation.
Specific job positions available in startups include sales, engineering, customer success, and customer support, with challenges in talent sourcing highlighted.
✦
Importance of Experience in Building Startup Teams
49:52
Senior team members should provide guidance and infrastructure for junior candidates.
Potential pitfalls of inexperienced college grads leading projects without considering crucial factors like testing and infrastructure.
Metaphor of being 'punched in the face' to emphasize learning from past experiences to avoid failure.
Strategy of recruiting individuals with prior experience for successful project development.
✦
Importance of mentorship and learning from older individuals in career development.
51:25
Wisdom and judgment gained from experience are invaluable in personal and professional growth.
Kobe's learning cycle involves learning, applying, receiving feedback, and course correcting for accelerated growth.
Personal experience in engineering and sales showcases the impact of effective coaching and feedback on professional development.
✦
Importance of Market Selection in Startup Success.
54:55
Success in startups relies on choosing a market with high potential and aligning product development accordingly.
Luck is a factor in market selection, but strategic decision-making and market analysis also play a significant role.
Key factors for startup success include market fit, product development, and problem-solving.
Continuous adaptation and innovation are necessary to navigate the constantly evolving market dynamics in the competitive business landscape.
✦
Importance of strong team and strategy in business success.
55:55
Luck is a factor in business, but creating opportunities and making strategic decisions are key.
Personal anecdote shared about negotiating the sale of a company to Yahoo as a solo founder.
Emphasis on reading others, making strategic decisions, and maximizing opportunities.
Focus on market selection, problem identification, and team composition for success.
✦
Negotiation strategy involving legal advice and expert consultation.
59:12
Speaker sought free legal advice from multiple lawyers in mergers and acquisitions, accumulating 40 hours of knowledge.
Engaging with experts gave the speaker confidence and insight into complex negotiation tactics.
During the final negotiation, the speaker observed the opponent's nervous behavior, indicating vulnerability.
Thorough preparation and understanding of the situation allowed the speaker to leverage legal consultations for a successful outcome.
✦
Importance of Boldness and Conviction in Negotiations
01:01:47
The speaker anchored his price to a 14-year-old's company acquisition during a confrontational negotiation with Yahoo, resulting in a quadrupled evaluation the next day.
The speaker advises against emulating his aggressive approach but emphasizes the lesson of stacking the deck in one's favor during negotiations.
Bold and confident individuals tend to be successful in negotiations.
✦
Importance of conviction and strong decision-making in business.
01:04:06
Value of investors who take immediate action emphasized.
Double major in business and biology highlighted for meta-learning and mindset acquired.
Comparison between thinking in terms of systems in biology and business drawn.
Background in biology credited for teaching quick memorization and system thinking valuable in entrepreneurship.
✦
Importance of thinking like a scientist and understanding data and evidence in product management.
01:05:25
Learning negotiation skills involves realizing it's not a zero-sum game but about finding mutually beneficial solutions.
Expanding the pie by prioritizing different preferences and making everyone happy through negotiations.
Emphasizing customer discovery to understand others' needs and wants.
Business perspective teaches organizing, decision-making, and value creation collectively.
✦
Importance of understanding turn times and operational expenses for businesses.
01:07:14
Productive conversations are key to understanding customer and business needs.
Balance between hard skills and soft skills in product management is crucial.
Encouragement to work through technical issues in a measured way.
Emphasis on identifying meta learning from major and diversifying skill sets for enhanced capabilities.
✦
Importance of choosing a major aligned with interests and career goals.
01:09:21
Transition story from studying computer science to pursuing other opportunities, emphasizing adaptability and prioritization in shaping career path.
Emphasis on resilience from experience as an average student in a technical field, teaching valuable lessons.
Significance of self-awareness, learning from diverse experiences, and making informed decisions for career success.
✦
Reflection on challenges faced during CS61B at Berkeley and the development of critical thinking and problem-solving skills.
01:11:37
Application of these skills to sales and go-to-market strategies in a B2B SaaS company.
Emphasis on efficiency in business metrics for substantial market value and contrast with challenges in measuring engineering impact on the business.
Advocacy for creative problem-solving and thinking outside the box for impactful solutions.
✦
Lessons learned from engineering problem solving and optimization.
01:13:32
Collaboration with long-time friend Jerry since age 14, working together for over 10 years.
Transition from Yahoo to Databricks, a Berkeley startup, now running engineering with Jerry's brother.
Jerry's diverse skills and the enjoyable working relationship built over the years.
✦
Importance of collaboration in building projects.
01:16:10
Emphasize the importance of enjoying working with collaborators.
Highlight complementary energy and philosophy in partnerships.
Stress the significance of loyalty and strong relationships in business.
Prioritize long-term connections over career advancement.
✦
Importance of Building Relationships in the Startup World.
01:18:11
Building solid relationships early in your career is crucial for long-term success.
Prioritizing relationships over business can lead to valuable partnerships for startups.
Trust is a key component in successful partnerships in the business world.
Deep and long friendships can lead to potential business opportunities in the future.
✦
The journey from idea to product launch is highlighted, with emphasis on recognizing obvious solutions.
01:22:05
Despite initial struggles, the excitement of launching a successful product is evident.
The focus on high-end events attracted prominent investors, leading to rapid growth within the venture community.
By delivering value to customers and building a strong reputation, the company gained recognition and support from influential investors.
This resulted in further success and expansion for the company.
✦
Highlights of the Platform's Purpose and Features
01:23:15
The platform provides exclusive access to insights and events from CEOs and celebrities, including backstage passes.
Events like the All Raise conference are hosted to promote diversity and inclusion.
The platform's focus is on advancing causes and values, rather than just personal interests.
Users can scale products from niche audiences to larger markets and receive valuable feedback for product improvement through engagement methods like support tickets, coffee chats, and demos.
✦
Creation of Product Manager HQ with Kevin Lee to address struggles as new product managers lacking mentorship and resources.
01:25:08
Community on Slack established for product managers to share challenges and insights.
Newsletter started with curated resources for product management to expand knowledge beyond personal experiences.
Newsletter grew to 30k weekly subscribers, allowing for valuable information to be shared with a wider audience.
Feedback received from subscribers used to improve content.
✦
Identifying the target segment that would be most disappointed if your product didn't exist is crucial for success.
01:27:45
This segment is likely to evangelize your product and provide valuable feedback for improvement.
Use this feedback to continually iterate and improve your product from just an idea to something that serves a broader business space within the market.
✦
Alumni and professionals bridged with current students.
01:29:01
Various perspectives were shared, sparking thoughtful discussion.
Appreciation expressed for participation with excitement for future interactions.
Informative session concluded with gratitude towards attendees.
Successful and engaging event overall.
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