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Problem Solution Fit and Product Market Fit for Innovators

Event Report

The Institution Innovation Council (IIC) of PET Engineering College, Vallioor, in association with the Department of Electrical and Electronic and Management Studies, organized a webinar on either Innovation/Prototype Validation – Converting Innovation into a Start-Up or Achieving Problem Solution Fit and Product Market Fit for Innovators on Tuesday 26th March 2024, in the Power Simulation Lab, EEE Department. The main objective of the program was to identify the importance of developing new, original, or unexpected solutions with the primary purpose of being able to put themselves in the shoes of customers and develop a better understanding of customer needs. The webinar aimed to build entrepreneurship skills in students.

The expert, Dr. G. Gnananasekaran ICWA-INTER, Assistant Professor, Dept. of Finance and Taxation, Dwaraka Doss Goverdhan Doss Vaisnav College, Chennai, explained in his interactive session that the Problem-Solution Fit process is a marathon of identifying customer problems while hustling to find your early adopters to get early traction. The first stage of a successful startup begins with finding a Problem-Solution Fit. This is when the founders discovered a deep customer problem in an under served market. There is a lot of pivoting and working closely with a few sets of customers. The least glamorous but most important part of starting a successful business is determining whether the idea solves a real problem for people. This process is known as finding a problem-solution fit.

Dr. G. Gnanasekaran inspired the participants by highlighting various examples of companies that failed due to ignoring the concepts of Problem-Solution Fit & Product-Market Fit. He emphasized the importance of a company being flexible in changing markets, identifying strong market demand, re-purposing or reorganizing old ideas, meeting the needs of customers, and keeping an eye on the future. More than 100 students and faculty members attended the seminar. The session was coordinated by Mr. L. Yousuf Siddique, Coordinator- IIC PETEC, and Vallioor. Mrs. R. Kalai Selvi, HOD / EEE delivered the vote of thanks.

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