Todd Jackson (00:00:00): Finding product-market fit is the single most important thing that your startup does in the first three years, and it's just underexplored and it's just underexplained as a topic. Lenny Rachitsky (00:00:08): You've been working on a product-market fit framework. Todd Jackson (00:00:11): We've published dozens of articles on the First Round Review, and we have found a very consistent set of patterns, demand satisfaction, and efficiency. But the interesting thing is that you don't go for all three of them from the very beginning. Lenny Rachitsky (00:00:22): There's essentially four levels of product-market fit: nascent, developing, strong, extreme. Todd Jackson (00:00:27): Roughly, 60% are never going to get past L2. Lenny Rachitsky (00:00:29): These four Ps is essentially what you should try to change if you're stuck. Todd Jackson (00:00:34): You've got the persona, the problem, the promise, and the product. Lattice kept the first one but changed the others. Vanta changed all four. Lenny Rachitsky (00:00:41): Hearing level three tells me level two is basically your pivot from: I'm just grinding, selling, pitching. Todd Jackson (00:00:47): This is where it starts to get fun. Lenny Rachitsky (00:00:53): Today my guest is Todd Jackson. Todd is a partner at the legendary VC firm, First Round Capital. I rarely have VCs on this podcast, but as Todd shares at the top of this episode, Todd is a very special VC. Prior to moving into venture, he was product lead for Gmail for four years. He was product manager of Facebook's newsfeed, photos and groups, including leading a major redesign of the newsfeed. He's also a director of product management at Twitter and VP of product and design at Dropbox. (00:01:21): He's also a founder and sold his company to Twitter. This episode is a very different and special kind of episode. Todd and the team at First Round have spent the last year looking at all of their data and the journeys of the hundreds of ...