How “important” is important enough, and how can it be measured? How much “better” is better enough, and how can it be measured? And so on. There are no clear answers to these questions and — sorry — I don’t think there is a razor-sharp way of defining and measuring PMF.

Some companies clearly have PMF, some clearly don’t. Others are somewhere in the middle — they have indications of PMF but it’s not clear if they will ever get to strong PMF. Most seed investments that we’re considering fall into the last bucket.

Here’s an overview of the most important factors that we’re looking at when we try to assess the degree of PMF of a SaaS company. In isolation, none of these factors can tell you if you have PMF or not. But taken together, it can hopefully give you at least a good indication:

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