"In order to get to 10 million active users you need roughly 100 million people who download your app or use your website."

"To get to $100 million in ad revenues, you need dozens of millions of users."

"The first one is to have a product that is inherently social and has a high viral coefficient (Instagram, Snapchat, WhatsApp)."

"The second one is a ton of UGC (user-generated content), which leads to large amounts of SEO traffic and some level of virality."

"To acquire one million consumers or prosumers who pay you roughly $100 per year, you need to get at least 10-20 million people to try your application."

"Most SaaS companies that target small businesses charge something around $50-100 per month, so their ARPA per year is around $1k. To acquire 100,000 of these businesses you need something in the order of 0.5-2 million trial signups, depending on your conversion rate."

"There's no silver bullet, but the closest thing to a silver bullet is inbound marketing – besides having a fantastic product with a very high NPS (net promoter score) and being obsessively focused on funnel optimization."

"Another option is a an OEM strategy (i.e. getting your product distributed by big partners), which can work but comes with its own challenges."

"If you're a deer hunter and want to acquire 10,000 customers paying you $10k per year each, most of the rabbit hunting tactics still apply."

"This can work very well and we're very excited about these types of businesses, but to successfully execute this strategy, SaaS founders with a product/tech/marketing DNA usually have to bring in an experienced VP of Sales who has built an inside sales organization before."

"Jason M. Lemkin, another friend and co-investor, once said (I'm quoting from memory) that if you have a good solution for a significant problem experienced by large enterprises, building a $100 million business is relatively straightforward."

"The other part of the truth, though, is that it may take you several years and millions of dollars to find out if you really are solving a problem (a.k.a. product/market fit), and once you're at that point, you still need tens of millions of dollars or more to finance the enterprise sales cycle."

"“when you are before PMF, focus obsessively on getting to PMF”."

"The problem with PMF is that it’s hard to precisely define and even harder to measure."

"To make things worse, according to data from a Startup Genome Report “premature scaling” (i.e. spending significant amounts of money on growth before you find PMF) is the 1 reason why startups fail!"

"Marc Andreessen got more precise, saying that PMF means “being in a good market with a product that can satisfy that market”."

"“your product isn’t going to fit the entire market from day one. Minimum Viable Segment (MVS) is about focusing on a market segment of potential customers who have the same needs to which you can align.”"

"“It happens when the product (a set of features that have a clear value proposition) resonates with customers (which are of a certain type and have defined needs) that you know how to reach and convert (through marketing and sales).”"

"“when people who know they want your product are happy with what you’re offering”."

"“The term product/market fit describes ‘the moment when a startup finally finds a widespread set of customers that resonate with its product”"

"“I ask existing users of a product how they would feel if they could no longer use the product. In my experience, achieving product/market fit requires at least 40% of users saying they would be “very disappointed” without your product. Admittedly this threshold is a bit arbitrary, but I defined it after comparing results across nearly 100 startups. Those that struggle for traction are always under 40%, while most that gain strong traction exceed 40%.”"

"less than 2% monthly churn"

"Product/Market Fit means having a product that solves an important problem — without custom work and better than existing solutions — for a significant number of independent customers in a large market."