Everyone loves talking about finding product-market fit. But what if the real challenge in 2025 is keeping it?

In this solo episode, I riff on why PMF has become more fleeting than ever. I unpack what Harry Stebbings, Jason Lemkin and Rory O’Driscoll observed —companies that once had a five-year runway now fall out of PMF in five weeks. We explore AI-fueled growth curves, the myth of “escape velocity,” and why today's go-to-market edge can vanish overnight.

I also shares a brutal hill from a recent road race (and the startup metaphor it unlocked), plus a text exchange with a growth investor on the hunt for vertical SaaS alpha.

If you’re an operator, investor, or CFO trying to understand the new physics of scaling, this one’s for you.

Run the Numbers is sponsored by Gelt.

You already know tax season isn’t just a deadline—it’s a lever.

At Gelt, they work with CFOs who aren’t just looking to stay compliant—they’re looking to unlock strategic value from their tax position. Think: optimized entity structures, real-time visibility across complex ownership, and proactive tax planning that actually moves the needle on cash flow.

Gelt gives you quarterly strategy check-ins and proactive estimates, all designed to lower your effective tax rate, protect equity value, and drive long-term efficiency. You get direct access to your Gelt CPA and a clean, modern platform to track it all.

Learn if you qualify at go.joingelt.com/mostlymetrics and schedule a call to learn more.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com

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