Startup founders are product managers. They are mostly product driven, too much to my taste, and the product occupies 80% of their brain power. So when comes time to raising money, creating all of the documents necessary for raising money is often perceived as a distraction time taken away from the product.
The reality is that the product matters a lot, but being product centric has a lot of downfalls.
Is there a market?
First, by obsessing on building a product, it’s easy to forget that there needs to to be a market for it. You think I’m crazy because entrepreneurs are better than that, right? Not according to CB Insights. Their latest survey pointed out that the number one reason why startup fail is because there is no market need. It’s the main cause of death for 42% of the startups!