Finding “Product-Human Need Fit” in the Post-Covid Era

Finding “Product-Human Need Fit” in the Post-Covid Era

In the post-Covid era, individuals have become more vocal about their needs and expectations from products and experiences. They seek products that align with their unique identities and values. It is no longer enough for companies to focus solely on product-market fit; they must also consider "product-human need fit." The impact of the pandemic was felt by everyone, but it disproportionately affected under-represented communities. As the world changes and needs evolve, new opportunities arise.

The pandemic forced people to confront their most basic needs, regardless of their previous socioeconomic status. It was a rare moment in history when individuals were universally brought down to the most primal levels of the Maslow's hierarchy of needs. This realization has shed light on the deprivation of basic human needs that many people face on a daily basis. Movements like Black Lives Matter, Stop AAPI Violence, and Transgender Rights have further highlighted the need to address these fundamental needs.

While our constant pursuit of efficiency, performance, and achievement is commendable, it has blinded us to the struggles faced by a significant portion of our community. We cannot truly advance as a society if basic human needs are not met for all individuals. It is essential for companies to understand the motivations and needs of the consumers they serve, and to ensure that their products and services cater to these needs.

Introducing Not Boring Capital

Not Boring Capital is an $8 million venture fund that invests in companies with compelling stories to tell. The fund primarily focuses on Seed through Series B companies, with occasional investments in pre-seed and growth-stage companies. Packy McCormick, the founder of Not Boring Capital, believes that his writing enhances his ability to make informed investment decisions. This symbiotic relationship between investing and writing creates a positive feedback loop that benefits both aspects of his work.

Fintech is the leading vertical for Not Boring Capital, with the highest number of investments and dollars invested. The fund primarily seeks investments that have the potential to provide significant returns in the bull case. However, they also make smaller investments to gain access to future rounds or increase deal flow. These smaller investments offer high upside potential but may not individually be able to return the entire fund. Additionally, Not Boring Capital makes safer, later-stage investments that have a lower ceiling but a higher floor. These investments collectively have the potential to return the fund once.

The Power of Knowledge Sharing

Not Boring Capital recognizes the power of knowledge sharing and the impact it can have on their portfolio companies. With a readership of over 60,000 people, the fund's portfolio companies have the opportunity to leverage this network and gain support from a diverse group of individuals. This interconnectedness between readers and portfolio companies creates a virtuous cycle of mutual support and growth.

Three Actionable Advice for Post-Covid Success

1. Prioritize Product-Human Need Fit: In the post-Covid era, it is crucial for companies to understand and address the fundamental needs of their target audience. By aligning their products and experiences with these needs, companies can create a stronger connection with their customers and drive long-term success.

2. Embrace Diversity and Inclusion: The events of the past year have highlighted the importance of diversity and inclusion. Companies must actively work towards creating a more inclusive environment and ensure that the voices and needs of under-represented communities are heard and addressed. This not only fosters a more equitable society but also leads to better innovation and business outcomes.

3. Foster Knowledge Sharing: Encourage knowledge sharing within your organization and with external stakeholders. By creating a culture of learning and collaboration, companies can tap into a wealth of insights and ideas that can drive innovation and growth. Additionally, leveraging networks and communities, like Not Boring Capital's readership, can provide invaluable support and resources for your business.

Conclusion

In the post-Covid era, finding "product-human need fit" is essential for companies to thrive. It is no longer enough to focus solely on product-market fit; companies must also consider the fundamental needs and motivations of their target audience. By prioritizing these needs, embracing diversity and inclusion, and fostering knowledge sharing, companies can position themselves for success in a rapidly changing world.