Suggestions
Kaustubh Patekar
Product and Strategy Consulting - Advising ambitious Founders and CXOs building products and IP - MIT, IIT Bombay - Mentor NASSCOM DeepTechClub
Kaustubh Patekar is the founder of The ProdZen, a company that focuses on providing innovative solutions in the tech startup space. He has a background in product management and has been involved in various aspects of startup consulting, capital raising, mergers and acquisitions (M&A), and revenue operations (RevOps) for technology startups.15
In addition to his entrepreneurial endeavors, Patekar has a notable academic background, having been a student and researcher funded by NASA. His work involved building experiments and mathematical models related to the thermal degradation of composite materials from 1991 to 1995.1
Patekar actively shares insights and updates related to startups and product management on LinkedIn, engaging with the community through posts about his experiences and industry trends.2346
Highlights
The first time I had to do this I spent a sleepless night I knew what I had to do, there was no doubt But I was also well aware of the consequences Which were very likely to be loss of business
Few years ago, we had a #startup client This business was already running for a few years Had some very interesting tech Had big name customers too Growth was steady but not fast
We were hired to estimate the market size for their target and refine strategy (Growth did not seem to match their estimates and expectations) And also doing the usual market landscape, competition, product evaluation We started our systematic process of doing the meetings, reading the documents, studying the product, competition, looking up analyst reports...
As usual, there was a mix of good news and bad news
What was terrible news was the size of the market they were targeting It was just not big enough to support their growth targets It was growing for sure, but did not support the kind of investment It was just too small
I remember the look on the faces of their team when we presented our findings CEO had a look of disbelief (Only the sales people were nodding) He was clearly not happy with what we found There were a lot of questions We had most of the supporting work in place They pushed us to do some more digging, we went back
The following session we presented the same thing, and also a path for possible growth - other target markets with strategies for getting there... They remained disappointed While in theory they could target other markets, they had burnt too much money going after the current target...
As feared, that was the end of the engagement
Since then, we have run into this kind of situation where we have to deliver bad news Sometimes it's about the target market, sometimes it's the product, sometimes it's the team In almost every case, that spells end of the engagement
The only thing that has changed is I don't lose sleep over it It is tough to deliver this kind of information But it would be far worse to sugarcoat or lie, just to extend the work Integrity and intellectual honesty above all
Have you run into something like this? What did you do?
#consulting #productmanagement #gotmarket
ProdZen Bhavish Sood Devayani Purohit Manu Gupta Amit Khanzode Sukanya Bharati
