Session on Achieving Problem Solution Fit and Product Market Fit

On 6.12.2024 a session on “Session on Achieving Problem Solution Fit and Product Market Fit” was organized by the Entrepreneurship Development Cell and IIC in association with the Department of Electrical and Electronics Engineering. The session was handled by Dr. K. Vinukumar, Assistant Professor, Department of Mechanical Engineering, Francis Xavier Engineering College from 01.30 PM – 4.30 PM. 40 students and 2 faculties participated. This event was coordinated by Mrs. M. Mary Sumitha AP/EEE. This event was conducted with the guidance of Dr. Lourdes Poobala Rayen, EDC Director.

The program began with a welcome address and the introduction of the guest speaker by Mrs. M. Mary Sumitha, Assistant Professor of Electrical and Electronics Engineering at Francis Xavier Engineering College. The resource person started with a brief introduction to the concepts of problem-solution fit and product-market fit. He explained that problem-solution fit refers to the process of identifying a problem and developing a solution that effectively addresses it. Product-Market fit, on the other hand, involves ensuring that a product meets the needs of its target market. He emphasized the importance of achieving both problem-solution fit and product-market fit in the development of successful products, noting that failure to achieve these can lead to the failure of the product itself. The speaker then introduced various tools and techniques to help achieve these fits, including customer interviews, surveys, market research, and prototyping. Additionally, he discussed strategies for achieving product-market fit and provided participants with practical tools and techniques. He stressed the significance of understanding the target market and creating a product that aligns with their needs.

The session was highly beneficial and motivating for young innovators planning confidence to apply these concepts in the future entrepreneurial ventures. Participants asked various questions during the session, which further enhanced their understanding and enthusiasm.