Drawer 09 · 291 notes · 89 people · 2005–2026

Startups & founders

Product-market fit, fundraising, early-stage building, and founder lessons

Q:
Answers from Startups & founders notes, cited
SVPG · Marty CaganAug 30, 2013

The Power of Reference Customers

Aug 30, 2013 · 5 min

Cagan argues that strong products are the foundation of a healthy business: weak products inflate acquisition costs, lengthen sales cycles, pressure prices and burden customer service. The most powerful antidote is a…

SVPG · Marty CaganJan 11, 2016

Devolving From Good To Bad

Jan 11, 2016 · 4 min

Marty Cagan describes an anti-pattern in which fast-growing, product-successful companies gradually lose their good habits after hiring senior leaders from large, brand-name firms that have stopped innovating. The…

Product Talk · Teresa TorresMay 3, 2023

Ask Teresa: How Can You Test a Customer’s Willingness to Pay?

May 3, 2023 · 6 min

“I recently read Monetizing Innovation by Madhavan Ramanujam and Georg Tacke. Overall, I can recommend this book, but with one major caveat. In the book, the authors recommend that for any new product idea, we need to consider the monetization potential from the very beginning. This I agree with. However,”

Product Talk · Teresa TorresAug 19, 2014

Ask About the Past Rather Than the Future

Aug 19, 2014 · 4 min

Teresa Torres recounts meeting a fitness-trainer founder at a startup pitch event whose customer definition was vague and whose validation relied on survey answers about hypothetical future purchases. She argues that…

SVPG · Marty CaganApr 5, 2005

Consumer Internet Services

Apr 5, 2005 · 7 min

Marty Cagan argues that consumer internet services differ sharply from traditional enterprise software: there is no sales force or distribution channel between the product and its users, so ideas can be tested and…

SVPG · Marty CaganAug 17, 2007

Charter Customer Programs

Aug 17, 2007 · 12 min

Cagan argues that strong products are the foundation of a sustainable business, and that weak products force sales and marketing into costly workarounds and frustrate customers. The remedy he proposes is a Charter…

SVPG · Marty CaganJul 13, 2006

The Next Big Thing

Jul 13, 2006

Marty Cagan argues that green technology is poised to become the next major wave of innovation, much as the Internet touched nearly every business. He points to advances from Xerox PARC in solar concentrator…

SVPG · Marty CaganMar 20, 2009

The Board of Advisors

Mar 20, 2009 · 4 min

Marty Cagan argues that after filtering out bad ideas, the next key tool for making hard investment choices is a Board of Advisors. Unlike a board of directors, which is shaped by investor duties and CEO oversight, an…

SVPG · Marty CaganJun 28, 2016

Technology-Powered Disruption

Jun 28, 2016 · 3 min

Marty Cagan extends Marc Andreessen's 'software is eating the world' thesis beyond software itself, arguing that modern product techniques are disrupting entrenched industries such as automotive, animation, and…

HEY World · Jason FriedOct 13, 2025

The next product

Oct 13, 2025

Jason Fried argues that a new product does not need to be revolutionary or disruptive to succeed. He describes how whole product categories can drift toward ever-greater complexity, with competitors one-upping each…

SVPG · Marty CaganAug 3, 2009

Lessons from Amazon

Aug 3, 2009

Marty Cagan highlights a talk by Amazon founder Jeff Bezos and draws out four principles that connect to his thinking on product portfolio planning. The core message is that great product companies focus relentlessly on…

SVPG · Marty CaganAug 24, 2011

Minimum Viable Product

Aug 24, 2011 · 3 min

Marty Cagan argues that the term minimum viable product is used so inconsistently that it confuses product teams, and proposes a clearer working definition. He defines an MVP as the smallest product that is valuable…

Lenny’s NewsletterAug 25, 2020

How to increase your retention

Aug 25, 2020 · 7 min
Subscriber post — summary only

This paid post explains how to measure retention using cohort analysis, including how to read cohort charts for trends and for signs of flattening that indicate product-market fit. It then previews a framework of seven…

SVPG · Marty CaganAug 10, 2020

Product Vision FAQ

Aug 10, 2020 · 6 min

Marty Cagan answers common follow-up questions about product vision, clarifying how it differs from a roadmap and how it should be scoped, owned, detailed and maintained. He argues a vision should describe a desired end…

Medium · Hiten ShahOct 12, 2025

When Everyone Builds in Public

Oct 12, 2025

Hiten Shah argues that building in public began as a risky, honest practice where founders shared unfinished thinking to find like-minded people and sharpen their own conviction. As audiences grew and tools for…

Lenny’s Newsletter♥ 41

How to build trust in a marketplace

Jun 14, 2022 · 15 min
Subscriber post — summary only

Lenny Rachitsky compiles lessons from founders and early growth leaders at marketplaces like Lyft, Thumbtack, Rover, and Udemy on how to earn trust between strangers. The core argument is that trust is built through a…

SVPG · Marty CaganFeb 29, 2016

Discovery Sprints

Feb 29, 2016 · 3 min

Marty Cagan introduces the discovery sprint, a one-week time-boxed effort to tackle a substantial problem or risk in a product's definition and validate a potential solution with real users. He explains that the…

SVPG · Marty CaganMar 10, 2016

Discovery Coaches

Mar 10, 2016 · 3 min

Marty Cagan argues that many Agile coaches come from delivery backgrounds and lack the product and design experience needed to help teams with discovery. He describes Discovery Coaches as typically former product…

SVPG · Marty CaganJan 22, 2013

Top-Down Dates

Jan 22, 2013 · 3 min

Marty Cagan examines top-down deadlines, where management sets a date for a major outcome such as a trade show debut or a startup's runway limit. He acknowledges that such deadlines can create a powerful sense of…

SVPG · Marty CaganApr 27, 2021

Product vs. Project Teams

Apr 27, 2021 · 4 min

Marty Cagan revisits the distinction between product teams and project teams, which he says he should have written about sooner, after hoping the problem had faded. A product team is durable and owns an outcome over one…

Lenny’s Newsletter♥ 135

How to determine your activation metric

Nov 8, 2022 · 17 min
Subscriber post — summary only

A follow-up on activation metrics explaining a three-step method: brainstorm candidate moments from usage data, test them with regression against retention, then run experiments to confirm causality. It adds real reader…