"[1] It is a first step to building a successful venture in which the company meets early adopters, gathers feedback and gauges interest in its product(s).
"[6][7] Many people interpret product-market fit as creating a so called minimum viable product that addresses and solves a problem or need that exists.
[8][9][10] Product-market fit might be interpreted in terms of Alexander Osterwalder's Business Model Canvas paradigm as comprising value proposition, customer segment, relationship, and channel.
One metric for product-market fit is if at least 40% percent of surveyed customers indicate that they would be "very disappointed" if they no longer have access to a particular product or service.
For a fledgling startup, a minimum degree of product-market fit will not be adequate in order to achieve market traction and success.