The Importance of Having a Good MVP

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I think one of the very tricky things in the first month, six, 12, 18 months of building a new product is figuring out how fleshed out that product actually has to be. So there's not a clear cut answer. What is the fidelity of your MVP? Because the technology matters and the deep technological capabilities that we had to create and engineer in some cases invent, they really matter as well. One way to get around it for us was to instead of having these AI algorithms that are highly accurate that took many years to develop and perfect, we had an application where you had a human expert on the other side provide that level of expertise.

Our guest today is Artem Kroupenev, VP of Strategy at Augury.

Augury is a leader in a category they helped to define known as “machine health.” The company sells products that combine hardware, AI, and SaaS within industrial manufacturing.

Artem joined the team at the very beginning of its journey and helped shape strategies for how the team measured product-market fit, go-to-market, and eventually, a strategy for designing a brand new market category they could compete in.

In our conversation today, we dive deep into measurable product-market fit and category-creation strategies. Artem shares particular wisdom on:

Augury’s storyboard-based approach to product vision
How to sell to a limited pool of customers
The REV (revenue, engagement and value) model from measuring product-market fit
When founders should start exploring creating a new category to operate in

You can follow Artem on Twitter at @artemkroupenev You can email us questions directly at review@firstround.com or follow us on Twitter @firstround and @brettberson.