The full conversation.
Pablo
0:00
There's
products
you
put
out
and
nobody
buys
it.
It's
just
like
in
your
face,
obvious,
this
is
not
working.
You’ve
got
to
do
something
else.
There's
a
lot
of
products,
and
it
sounds
like
this
is
where
you
were,
that
are
in
this
gray
zone
where
there
actually
is
customers.
There
actually
is
some
pool,
but
the
upside
is,
yeah,
at
least
you
have
something
going.
The
danger
is
you
can
convince
yourself
that
you
have
a
lot
more
than
what
you
really
have.
Welcome
to
the
Product
Market
Fit
Show,
brought
to
you
by
Mistrial,
a
seed-stage
firm
based
in
Canada.
I'm
Pablo.
I'm
a
founder
turned
VC.
My
goal
is
to
help
early
stage
founders
like
you
find
product
market
fit.
Today
we
have
Hongwei,
the
CEO
of
Mapped
In.
Mapped
In
provides
software
platforms
for
indoor
maps
and
wayfinding.
They're
based
in
Waterloo.
They
have
80
employees
and
they've
bootstrapped
their
way
to
almost
eight
figures
in
ARR.
Welcome
to
the
show,
Hongwei.
It's
great
to
have
you
here.
Hongwei
0:51
Yeah,
thanks
for
having
me.
Pablo
0:52
The
topic
of
today's
episode,
pretty
big
topic
actually,
is
how
to
find
product
market
fit.
We'll
be
going
through
really
the
entire
kind
of
Mapped
In
story,
but
we're
really
going
to
focus
in
on
the
details
and
the
steps
that
you
took
to
really
nail
down
product
market
fit
and
get
into
a
point
where
you
are
now
where
you
have
that
demand,
you
have
that
pool,
and
you
have
a
solution
that
you
feel
really
fits
what
the
market
needs.
As
I
understand
there
was
kind
of
–
you
started
with
one
solution
and
then
you
kind
of
had
to
shuck
and
jive
until
you
understood
what
the
pains
were.
That's
what
we're
going
to
go
through
today.
Maybe
for
starters,
if
you
could
take
us
back
to
the
early
days.
I
think
you
were
at
The Early Days of MappedIn
Pablo
1:31
Velocity,
an
accelerator
in
Waterloo,
and
when
you
came
up
with
the
idea,
what
was
that
like
and
just
what
was
the
first
idea
for
Mapped
In?
Hongwei
1:43
The
original
idea
for
Mapped
In
came
out
of
a
side
project,
right?
I
would
describe
myself
and
my
co-founders
originally
as
accidental
entrepreneurs.
We
were
bored
at
school.
We
joined
a
residence
that
said
you
have
to
work
on
some
side
projects.
We
wanted
to
do
that
anyway.
The
first
idea
was,
we
called
it
Google
Maps
for
the
indoors.
Let's
help
people
find
stuff
on
campus.
Let's
help
students
find
classes
on
campus,
know
where
stuff
is
basically.
That's
how
it
all
started.
We
kept
working
on
that
for
about
a
year,
an
hour
on
a
weekend
here,
hour
on
a
weekend
there,
until
a
random
collision
led
to
us
getting
introduced
to
the
general
manager
of
the
local
shopping
center,
Conestoga
Mall.
Sandra
Stone's
still
one
of
the
all-time
biggest
heroes
of
mine
because
she
said,
“Hey,
I
take
shots
on
stuff
like
this
and
digital
experience
is
important
to
us.
It's
September
right
now.
Can
you
guys
deliver
it
by
Christmas,
by
November?”
I
knew
in
my
head
we
could.
We
weren't
there
yet,
obviously.
That's
when
I
took
a
year
off
school,
wired
all
the
money
in
my
bank
account
at
the
time
as
a
second
year
student
to
some
California
company
that
provided
some
hardware
and
then
we
did
pull
it
off.
That's
really
how
Mapped
In
started.
Pablo
2:53
Did
they
pay
up
front
or
anything
like
that
or
you
just
took
a
complete
gamble
that
things
would
work
out?
Hongwei
2:57
No,
it's
a
gamble.
Basically,
it
was
the
biggest
number
I
could
make
up
on
the
spot
in
terms
of
an
annual
license
and
it's
a
really
small
number
by
today's
standards.
Because
there
was
hardware
at
the
time,
they
wanted
–
people
who
know
about
Mapped
In
might
know
us
as
the
company
that
does
those
big
shopping
center
directories
where
you
can
search
for
stuff
and
touch
the
big
screen.
Thank
goodness
we
don't
do
the
hardware
anymore,
haven’t
for
years.
Back
then
it
had
to
be
all
included.
We
charged
them
a
monthly
license,
but
we
didn't
charge
them
for
the
hardware.
I
financed
it
with
my,
again,
my
five
figure
life
–
low
five
figure
lifesavings.
It
was
basically
a
deal
where
we'd
make
that
back
over
the
first
12
months
and
then
the
second
12
months
would
be
a
little
bit
of
margin,
but
it
was
real.
Pablo
3:40
Okay,
and
so
that
first
solution
looked
like
what?
I
mean,
you
had
the
software
to
actually
enable
those
indoor
hardware
maps
you
clicked
through.
Was
there
an
app
as
well
that
came
along
with
it
in
terms
of
that
first
kind
of
idea?
Hongwei
3:52
Yeah,
so
the
original
idea
is
a
pretty,
I
call
it
a
pretty
dumb
one
at
this
point,
making
apps
for
wayfinding,
right?
The
mall
wanted
an
app
essentially
that
runs
on
that
big
touchscreen
so
that
you
can
search
for
stuff
and
get
a
map
for
like,
I'm
looking
for
shoes
or
I'm
looking
for
Aeropostale,
here's
how
you
get
there.
That's
super
intuitive,
right?
It
made
sense
to
turn
the
old
piece
of
paper
thing
into
a
digital
thing.
That
morphed
into,
okay,
I've
got
it
on
the
directory
now.
Now
can
you
put
it
on
my
website?
It's
an
app
for
the
website
essentially.
Then
can
you
make
an
actual
app,
which
we
did
as
well.
I
think
that's
the
fairly
obvious
idea
and
the
hard
–
the
thing
that
sucked
about
that
idea
was
it
was
essentially
consulting,
right?
Like
mall
A
wanted
it
their
brand,
their
color,
their
schema,
mall
B,
the
next
one,
wanted
it
totally
different,
but
we
didn't
realize
that
going
in.
Pablo
4:41
Yeah,
so
I'm
curious
how
that
plays
out.
Because
I
can
imagine,
I
mean,
you're
pretty
young
at
that
time,
second
year
student,
kind
of
in
your
early
twenties,
you
have
arguably
an
enterprise
contract.
I
don't
know
how
much
it
was,
maybe
it
was
$50,000,
$100,000,
but
it
was
probably
meaningful.
It
seems
to
be
working.
I
mean,
you're
selling
software.
Sure,
it's
custom
made,
but
it's
–
so
what
kind
of
mode
do
you
go
in
at
that
point?
Obviously,
you
build
the
first
version
of
that
and
I
assume
you
deliver
it
to
that
client.
Then
do
you
start
getting
into
kind
of
like
sales
mode?
You're
like,
okay,
let's
hit
up
all
the
malls
in
Canada
or
US
or
whatever.
Where
do
you
go?
Hongwei
5:11
First,
I
wish
it
was
$50,000
to
$100,000.
Clearly,
I
did
not
dream
as
big
as
Pablo
on
the
spot.
Pablo
5:17
I’m
a
VC,
man.
What
could
I
say?
Hongwei
5:19
I
Every Use Case was Different
Hongwei
5:20
mean,
again,
accidentally
all
of
us
got
into
this
saying,
well,
I
guess
we
have
a
business
now,
or
at
least
one
customer
and
took
it
really
seriously.
I
was
the
least
bad
at
talking
to
people
among
the
founding
team.
It
was
my
job
to
be
the
CEO
now
and
talk
to
people
full-time.
Of
course,
I
just,
yes,
let's
go
talk
to
all
the
other
malls
that
we
can
find,
not
an
easy
proposition
when
you're
a
nobody,
right?
None
of
us
had
family
collections
into
this
industry.
None
of
us
had
any
personal
connections.
We
were
engineers
or
computer
science
students
at
UW.
They
don't
really
pick
up
the
phone
and
just
take
your
call,
right?
People
hammer
them
all
the
time
for
shiny
widgets
and
do
you
want
to
use
my
flyer
service
over
your
flyer
service.
Cold
calling
is
not
fun.
Tried
to
do
a
bit
of
that,
actually,
through
random
collisions,
our
second
customer
wasn't
even
a
mall.
It
was
the
school
of
the
University
of
Waterloo.
Our
third
customer
was,
if
I'm
not
mistaken,
Casino
Rama
in
Orillia,
Ontario,
helping
–
well,
basically
helping
mostly
senior
citizens,
because
that's
their
target
demographic,
find
slot
machines,
which
is
their
favorite
way
to
gamble.
Hard
to
do,
there's
like
a
hundred
thousand
machines
sometimes
in
the
floor
and
they
rotate
often.
That
was
an
interesting
one,
but
again,
like
every
single
use
case
was
in
the
end
different,
right?
The
mall
wanted
it
like
this.
The
school
wanted
an
app.
The
casino
wanted
custom
integrations
with
their
slot
floor
layouts.
It
was
really
just
an
educational
exercise.
Here
are
three
different
types
of
building
owners
and
businesses
that
want
indoor
mapping
and
wayfinding,
but
what
are
the
variables
in
that?
Why
do
they
want
it?
How
do
they
go
about
it?
From
all
that,
we
learned
a
bunch
of
really
important
stuff
in
hindsight
that
allowed
us
to
then
build
what
became
Mapped
In
today.
Pablo
7:09
Moving
to
that,
but
maybe
just
going
back,
because
I
do
think
it
is
important,
like
what
was
your
mentality
to
that
point?
Was
it,
okay,
people
are
signing,
people
are
paying,
let's
build
the
thing,
this
is
awesome,
or
was
it
like,
were
you
aware
at
that
point
that,
wait
a
second,
I
have
three
customers
and
three
different
verticals?
Where
am
I
going?
Hongwei
7:28
It's
hard
to
describe
how
naive
and
not
dumb
we
were
about
this,
right?
YC,
I
think
by
that
time
was
two
years
old
or
three
years
old,
maybe
like
not
that
old,
basically.
Paul
Graham
hadn't
written
half
his
essays.
No
one
was
talking
about
a
startup.
Everyone
was
talking
about
going
to
Apple,
which
is
where
the
other
path
in
the
road
was
for
me.
I
guess
the
only
thing
I
was
thinking
at
the
time
is
better
not
fuck
this
up,
right?
We've
got
three
real
customers.
We've
got
at
least
one
employee
at
that
point
that
we
were
paying,
like
a
co-op
student,
and
this
guy's
awesome.
He's
like
really
scrappy
dude,
did
amazing
work
for
us,
didn't
come
from
a
lot
of
means.
I
remember
when
I
first
met
him,
he
was
like
crashing
in
the
Velocity
dorm
and
then
we
hired
him
as
a
co-op.
That
guy
needs
to
get
paid.
I
at
least
still
have
some
lifesavings.
It
was
really
important
to
me
that
we
didn't
disappoint
any
of
those
people.
It's
like
survival
mode,
right?
Hopefully,
every
day
you
chip
away
at
it.
I
think
maybe
back
then
we
would
get
like
a
new
lead
every
month
just
from
random
efforts
that
I
wouldn't
even
say
were
that
targeted
or
effortful.
You
compare
that
to
like
today
when
I
look
at
Mapped
In
and
we
get
like
five
leads
a
day
and
I
just
look
at
it
and
I
feel
happy
because
I
remember
how
much
work
each
lead
used
to
take.
Forget Dragon's Den
Hongwei
8:53
Because
this
is
the
interesting
thing
about
product
market
fit,
right?
You've
got
the
–
and
I've
heard
this
many
times,
I
mean,
it
really
is
a
spectrum.
On
one
side
of
the
spectrum,
you
never
really
fully
have
it.
I
mean,
you
kind
of
have
it,
but
then
you've
got
to
keep
changing
because
the
market
keeps
changing
or
whatnot,
but
on
the
other
side
of
the
spectrum,
there's
products
you
put
out
and
nobody
buys
it.
It's
just
like
in
your
face,
obvious,
like
this
is
not
working.
You’ve
got
to
do
something
else,
but
there's
a
lot
of
products,
and
it
sounds
like
this
is
where
you
were,
that
are
in
this
gray
zone
where
there
actually
is
customers.
There
actually
is
some
pool,
and
you
can
–
the
danger
there,
the
upside
is,
yeah,
at
least
you
have
something
going.
The
danger
is
you
can
convince
yourself
that
you
have
a
lot
more
than
what
you
really
have.
That's
what
I'm
trying
to
pull
at
here,
and
the
thinking
around
because
at
some
point
you
realize
it,
right?
What
was
that
transition
like?
I
guess
at
what
point
–
where
did
you
get
to
this
first
product
and
at
what
point
and
how
did
you
start
thinking
like
we've
got
to
build
something
bigger
or
we've
got
to
build
something
else
or
it's
not
really
going
to
scale
sort
of
thing?
I
guess
we
got
really
bad
validation
from
going
on
Dragons’
Den,
which
is
like,
I'm
almost
embarrassed
to
say
that.
You
remember
we
did
that.
Pablo
9:59
It
was
a
huge
deal,
by
the
way.
Hongwei
10:00
It
was
a
big
deal
because
like,
again,
startup
wasn't
cool,
Dragons’
Den,
so
at
least
people
knew
what
that
was
about.
We
went
on.
We
looked
really
good.
They
cut
it
so
you
looked
really
good
or
really
bad.
We
just
made
the
cut
for
really
good.
Then
I
remember
all
my
friends
calling
me
the
next
day
being
like,
dude,
like
when
are
you
going
to
buy
us
dinner,
right?
I'm
thinking,
man,
this
is
small
beans
still.
Like
this
is
not
–
this
is
still
a
really
small
operation,
but
we
got
a
lot
of
social
validation,
which
I
wouldn't
even
recommend
people
go
chase,
but
we
got
that
by
accident.
What
we
didn't
get
from
that
was
customers,
because
if
you're
selling
lawn
chairs,
Dragons’
Den
is
awesome.
People
on
their
couch
buy
lawn
chairs
off
the
TV.
They're
not
buying
indoor
mapping
software
for
their
mall,
right?
That's
not
enterprise
buying
behavior.
That
was
bad
validation.
I
think
the
good
validation
came
later.
For
me,
I
always
had
an
interest
in
the
product
behind
what
we
were
shipping
the
mall.
The
mall,
the
school,
the
university,
the
hospital,
the
casino,
they
all
wanted
the
app,
the
app
that
helps
people
find
stuff,
let's
say.
What
I
found
interesting
to
build,
and
I
still
wrote
From Custom to Scalable
Hongwei
11:03
some
code
back
then,
was
the
map
editor
behind
the
scenes.
We
realized
that
every
single
time
we
sign
up
a
new
customer,
the
first
thing
they
do
is
send
us
like
this
picture
or
PDF
file
of
their
map
that's
been
printed
out
on
their
side.
They've
like
scribbled
out
what's
wrong,
scribbled
in
what's
right,
scribbled
in
what's
coming
next
week,
taken
a
photo
of
that
and
sent
it
to
us
and
said,
can
you
make
this
look
good
and
put
it
into
your
app?
That's
how
they've
been
maintaining
indoor
maps,
it
turns
out,
in
their
respective
businesses
forever.
They
just
had
a
digital
agency
that
turned
it
into
a
website
app.
We
were
essentially
that
digital
agency
plugin.
We
hated
doing
that
work.
I
thought
surely
there's
a
better
way
to
do
this
on
our
side.
Just
for
ourselves,
we
wrote
a
really
rudimentary
map
editor
to
make
it
easy
so
that
the
next
time
they
sent
us
incremental
changes,
I
don't
have
to
re-Photoshop
the
whole
thing.
I
can
just
make
those
incremental
changes
on
our
side,
efficiency
tool
for
me.
I
always
felt
like
that
tool,
A,
I
had
an
attachment
to
it,
I
had
built,
it
makes
sense
though
that
this
seems
like
something
that
would
be
more
useful
at
scale.
The
a-ha
moment
for
me
was
at
a
trade
show
in
Vegas
where
all
the
malls
get
together
every
year.
There
was
the
CIO
of
a
really
big
mall
company
that
walked
up
to
our
booth.
By
then,
we
had
some
pretty
big
customers
buying
our
apps
at
scale
and
we
were
maintaining
their
maps
behind
the
scenes
for
them.
That
customer
said,
“Hey,
my
malls
aren't
that
nice.
I
don't
want
this
wayfinding
stuff.
We're
strip
malls.
We
power
centers.
There's
not
even
an
indoors
in
most
of
them,
but
this
map
making
tool
that
you
just
happened
to
show
me,”
because
I
could
tell
he
wasn't
interested
in
it
so
I
just
showed
him
whatever
I
could
show
him.
He
goes,
“Yeah,
no,
that's
a
really
big
problem.
I've
got
a
thousand
centers
and
maintaining
these
maps
suck.
It's
super
painful.”
Pablo
12:46
For
internal,
just
to
be
clear.
This
is
for
internal
use
case,
like
operationally,
they
wanted
the
map
for
themselves.
Hongwei
12:56
For
their
leasing
plans,
right?
Because
they
need
a
source
of
truth,
if
you
manage
a
building,
you've
got
eight
different
use
cases
for
digital
maps.
One
of
them
is
for
the
visitor.
One
it
turns
out
is
for
leasing.
Every
time
you're
renting
out
space,
you
got
to
show
what
the
space
is
right
now.
Leasing
is
a
big
one
and
that's
what
he
cared
about.
Then
later
on
we
learned
that
there
was
one
for
security,
right?
The
fire
escape
thing
that
needs
to
be
posted
by
law.
The
security
guards
need
a
copy.
The
insurance
company
needs
a
copy.
The
city
needs
a
copy.
The
garbage
collection
company
needs
a
copy.
Where
do
I
actually
go
to
grab
the
right
cans
and
stuff?
They're
all
following
the
same
workflow.
We
learned
incrementally
over
time,
but
by
then
we
had
a
hunch
that,
hey,
what
if
all
these
people
are
doing
what
the
mall
marketing
people
did
for
us,
which
is
they
print
out
the
CAD
file,
they
scribble
it
out,
they
scribble
on
it,
and
they
take
a
photo
and
send
it
to
a
contractor
agency
and
say,
please
make
that
look
good
for
your
purposes.
What
if
all
eight
of
those
groups
were
doing
that?
It
turns
out
they
are
largely.
I
think
that
confirmed
what
was
more
an
intuition
or
maybe
just
an
interest
in
building
tools
over
apps
anyway.
We
had
built
this
tool
for
ourselves.
Once
I
heard
that,
in
the
next
couple
months,
I
just
told
the
team,
we're
going
to
really
invest
in
this
tool.
This
is
not
just
for
us
anymore.
Let's
see
if
our
customers,
our
existing
mall
customers,
and
we
had
in
the
tens
of
customers
at
that
point,
let's
see
if
our
customers
can
use
this,
too.
It
turns
out
they
really
liked
using
it.
They
preferred
to
edit
themselves
and
self-serve,
as
we
call
it
today,
versus
call
us.
It
was
faster
to
just
go
in
and
type
your
own
words
than
–
imagine
you
didn't
have
Microsoft
Word
or
Word
Processing
or
Excel,
and
the
only
way
you
could
change
the
spreadsheet
that
you're
using
is
to
call
somebody
over
the
phone
or
email
them
and
say,
please
update
this
cell
for
me.
That's
crazy,
right?
Computer
provision
people
should
be
able
to
self-edit.
That
was
the
insight
is
that,
while
every
building
might
want
a
different
app
for
some
mapping
use
case,
they're
all
going
to
want
the
same
productivity
tool
for
maintaining
their
own
maps.
We
had
stumbled
upon
it
and
really
learned
about
it
and
gotten
to
know
it
intuitively
because
we
were
in
the
app
making
business
and
they
were
willing
to
share
then
their
underlying
problems
with
us.
Switching the Sales Pitch
Pablo
15:10
That's
perfect.
A
lot
of
questions
on
that.
Maybe
the
first
one
is
when
you
–
so
you
go
to
this
tradeshow.
That
happens.
What
do
you
do
with
your,
let's
say,
let's
call
it
dozen
customers?
Do
you
call
them
all
up
and
tell
them
about
this
idea?
Do
you
build
the
thing
and
try
and
sell
it?
What's
your
next
move
at
that
point
to
validate
that,
oh,
it's
not
just
this
one
CIO,
this
is
a
common
problem?
Hongwei
15:30
Yeah,
so
I
think,
I'm
tempted
to
kind
of
paint
it
as
like
a
really
clear,
like,
a-ha,
go
do
this
and
then
boom,
boom,
boom.
It's
more
like
that
was
the
big
a-ha.
Maybe
by
then
we
already
had
one
or
two
of
our
mall
customers
have
access
to
it
because
they
want
it.
They
had
asked
for
it
and
like,
oh,
that's
weird,
but
like,
yeah,
that's
cool.
Please
use
it.
It
wasn't
that
secure.
We
didn't
have
privacy
concerns
like
we
do
today
in
InfoSec.
Certainly,
there
was
no
two-factor
authentication,
but
they
were
happy
to
log
in
and
do
it
themselves.
Then
we
thought
it
was
a
one-off.
This
guy
says,
no,
that's
all
I
want.
Okay,
so
that's
not
a
one-off.
Now
let's
go
contact
the
remaining
number
of
our
customers.
It
was
likely
just
me
reaching
out
to
them
and
saying,
“Hey,
could
I
show
you
a
demo
of
what's
been
happening
behind
the
scenes?
Do
you
want
to
log
into
this?”
Then
but
very
quickly,
I
think
I
switched
my
sales
pitch.
For
example,
a
really
big
customer
that
we
won
in
Canada's
CF,
it's
like
CF
Eaton
Center,
CF
Sherway
Gardens.
It's
like
the
branded
luxury
mall
that
most
people
would
know.
We
weren't
the
first
indoor
mapping
company
to
show
up
trying
to
sell
apps
to
malls.
In
fact,
there
was
many
other
competitors
that
were
already
there
that
we
had
to
displace.
The
only
way
we
displaced
them
out
of
the
really
big
ones
that
they
obviously
cared
a
lot
about
was
the
CMS,
was
the
content
management
system,
the
editor
tool.
By
the
time
we
showed
up
with
CF,
I
said,
“Hey,
here’s
–
we
do
the
apps
really
well,
too,
but
here's
this
map
editor
that
allows
you
to
self-serve
and
here's
why
that's
good
for
you.
It
fits
into
your
various
workflows.
We're
starting
to
think
about
other
workflows
like
leasing
that
this
might
plug
into
well.”
I
don't
even
know
what
exactly
I
said
that
resonated,
but
enough
of
it
did.
They
took
a
shot
on
us.
We
rolled.
Today
we
have
definitely
CF,
but
most
of
the
malls,
big
malls
in
the
world
are
using
us.
I
would
say
it's
the
bet
on
tools
that
really
unlocked
it.
The
slam
dunk
win
was
the
next
big
customer
we
got,
which
was
Simon
Property
Group,
the
world's
largest
mall
owning
company.
It's
$60,
$70
billion
market
cap.
I
remember
calling
their
VP
of
marketing
at
the
time.
He
had
heard
this
pitch
from
seven
different
startups
that
are
all
trying
to
sell
apps.
What's
special
about
you?
It's
like,
well,
we
have
this
CMS
that
comes
with
the
apps
that
allows
you
to
maintain
your
own
maps.
That's
really
important
because
your
malls
change
all
the
time.
When
Santa
Claus
shows
up
for
Christmas
and
he's
in
a
new
spot,
you
need
to
be
able
to
self-serve.
It's
like,
yeah,
I
know
that's
important,
but
like,
how
do
you
do
that?
We
have
this
web
tool
you
can
log
in,
et
cetera,
et
cetera.
His
answer
was,
bullshit,
show
me.
We
scheduled
a
demo
that
afternoon,
did
the
demo,
he
recorded
it,
and
that
led
to
procurement.
That's
the
world's
largest
mall
customers.
After
that,
everything
else
just
–
everybody
else
in
the
world
said,
okay,
I
want
to
know
what
Simon's
doing
that's
important.
It
turns
out
that
tool,
the
indoor
mapping
tool
that
allows
like
a
non-architect
expert
type
user,
like
an
everyman
user,
we
call
them,
to
edit
their
own
maps.
That's
useful.
Not
just
for
malls,
but
today
we're
working
with
like
10%
of
the
Fortune
500
headquarters.
Their
office
managers
are
using
Mapped
In
tools
to
maintain.
I
just
moved
a
pot
of
desks
to
make
room
for
more
desks.
Here's
where
they
are
now.
They
can
maintain
that
themselves.
It
seems
to
really
–
it's
worked
out
for
us.
It
was
a
lucky
find,
but
a
good
bet
because
every
building
on
earth
that's
professionally
managed
has
paper
scribblers,
not
experts.
If
we
can
build
tools
for
them,
this
is
a
really
big
business.
Pablo
19:13
Do
you
still
do
–
like
there's
the
custom
side
of
your
business,
you
could
argue,
which
is
building
the
apps.
Do
you
still
do
that
part
of
the
business?
Hongwei
19:21
Yeah,
and
luckily
we've
done
enough
permutations
of
it
now
and
we
have
enough
people
that
we
can
just
standardize
those
products,
too.
You
go
to
our
website
and
they
look
like
products
and
genuinely
it's
one
code
base
and
maybe
there's
configurations
and
like
feature
flags
that
you
can
turn
on
and
off
based
on
your
licensing
tier.
It's
all
SAAS
now,
but
in
those
early
days,
like
sub
100
buildings
at
that
scale,
we
didn't
have
the
cycles.
We
didn't
have
the
bandwidth.
We
didn't
have
the
ability
to
actually
build
configurable
products.
It
was
just
a
lot
of
forked
apps.
Pablo
19:57
It's
not
like
you
started
with
one
product
and
shifted
to
another.
You
just
added
another
component
to
the
core
product,
which
puts
you
on
another,
like
compared
to
all
the
other
vendors
–
because
I
would
argue
it's
probably
pretty
hard
to
differentiate
as
an
indoor
mapping
app.
Everybody's
kind
of
pitching
a
similar
thing,
different
UIs
and
things
like
that,
different
pricing.
This
was
the
thing
that
kind
of
set
you
apart.
Is
that
right?
Hongwei
20:22
That's
right,
yeah.
We'll
be
as
good
or
slightly
better
on
the
app
side,
but
anybody
can
build
an
app
for
you
once.
Anybody
can
draw
a
map
once.
It
was
investing
in
tools
and
realizing
that
it's
about
having
self-service,
like
self-serve
tools
for
like
my
mom
who
can
use
Excel
but
will
never
figure
out
AutoCAD.
She
needs
to
be
able
to
edit
a
map,
if
she's
an
office
manager
or
a
marketing
manager
at
a
big
professionally
managed
building.
It
was
that
investment
and
the
double
down
there,
which
wasn't
really
rational
for
a
long
time,
right?
If
our
only
goal
was
to
win
malls
and
we've
won
malls,
but
if
that
was
it,
we
could
have
just
done
the
behind
the
scenes
mapping
update
work
the
whole
time.
It
still
would've
been
a
really
profitable
business.
We
didn't
have
to
make
self-serve
tools.
It
did
help
us
win
faster,
right?
Because
the
Simons
of
the
world
understood
it,
but
we
probably
could
have
won
it
out
anyway.
Luckily,
we
did
invest
in
these
tools.
I
talked
to
investors
who
look
at
like
our
headcount
breakdown
of
80
people.
There's
like
way
too
many
engineers
in
their
mind
versus
salespeople,
right?
Because
we've
always
been
investing
in
product,
but
it's
this
product,
the
tools
that
now
firefighters
are
using
to
maintain
maps
of
indoor
buildings
before
they
run
inside.
Literally
yesterday,
so
this
is
August
31st,
so
August
30th,
2022,
the
governor
of
New
Jersey
puts
out
a
press
release
saying,
I'm
allocating
six
and
a
half
million
dollars
of
funding
to
map
all
the
schools
in
the
state
of
New
Jersey
because
Uvalde
happened.
Maps
of
schools
are
really
important.
Again,
that's
not
an
app,
right?
That's
data.
How
do
you
produce
the
data
of
these
schools
that
are
constantly
changing?
You
need
tools.
It's
not
architects
to
go
survey
every
single
one.
That'll
cost
hundreds
of
millions
of
dollars.
You
need
something
that
a
firefighter
can
use,
a
police
officer,
a
school
admin,
a
vice
principal
at
Lisgar
should
be
able
to
go
around
and
just
figure
this
out.
I'm
really
glad
we've
been
investing
in
those
tools.
It
was
always
a
distant
bet
in
my
mind
that
these
tools
should
be
useful
for
any
building
owner,
but
it
was
waiting
for
those
building
owners
to
have
a
digital
use
case
that
would
then
require
a
digital
mapping
tool.
Ten
years
ago,
no
one
cared
about
digital
maps.
Now
almost
everybody
does
if
they're
trying
to
do
something
indoors.
Discovering Unique Insights
Pablo
22:37
In
your
case,
there
was
kind
of
a
few
–
there's
a
few
signs
that
kind
of
came
inbound,
like
the
tradeshow
story
and
a
few
others
that
led
you
to
explore
these
tools
that
you
were
already
building
a
little
further.
I
guess
what's
your
advice
to
–
there's
probably
many,
many
founders
listening
to
this
that
are
caught
selling
a
product
that
either,
let's
talk
very
specific
to
your
case,
that's
in
a
market
that's
relatively
crowded,
in
a
market
where
it's
unclear
how
you
might
really
scale
it,
get
to
a
really
big
size.
Having
gone
through
it
and
now
being
able
to
think
back
to
what
might
have
been
the
optimal
thing,
what
advice
would
you
give
them
in
terms
of
how
they
should
be
playing
it?
Hongwei
23:20
First,
if
they're
in
a
market
and
they
have
customers
and
they
have
customers
that
are
willing
to
talk
to
them
and
pay
for
their
existing
products,
first
of
all,
good
job,
guys,
because
that's
hard
to
do
in
the
first
place,
right?
If
they're
anything
like
me,
they
didn't
grow
up
with
any
sort
of
business
background.
It's
not
like
my
mom
owns,
my
dad
owns
a
mall
and
just
told
me
this
is
a
really
big
problem.
Go
solve
this
problem,
kid.
I
had
to
go
learn
this
stuff.
You
have
to
–
I
remember
it
was
like
Ashton
Kutcher,
of
all
people,
said,
if
you
work
stocking
shelves
at
Home
Depot,
you're
an
insider
on
Home
Depot
specific
things,
right?
You
know
which
products
are
flying
off
the
shelves
sooner
and
you
know
that,
for
some
reason,
this
ant
killer
is
selling
better
than
that
one.
You
just
don't
realize
that
that's
like
a
good
insight,
but
you
are
there
and
most
people
are
not.
If
you're
trying
to
compete
in
the
space
of
what's
an
actually
good
idea
and
a
scalable
idea,
realize
that
just
by
being
in
business
and
having
enterprise
customers,
which
is
customers
that
pay
you
money
for
something
that
is
a
commodity,
gives
you
insights
into
stuff
that
you
take
for
granted,
but
most
people
don't
know.
Most
people,
when
they
try
to
think
of
new
ideas,
they’re
sitting
on
their
couch
and
they're
thinking
about
the
same
things
as
any
naive
person.
Those
ideas
are
highly
competed
and
you're
not
going
to
find
anything
that
way.
I
think
it's
not
a
bad
thing
to
be
in
the
business
of
doing
something
useful
for
somebody
that
maybe
doesn't
scale
that
well
and
just
keep
your
eyes
open
and
be
thoughtful
about,
hey,
actually
this
thing
that
you
guys
don't
seem
to
–
no
mall
wanted
Mapped
In
to
build
mapping
tools.
They
just
kept
sending
us
stuff
that
forced
us
to
do
some
work
and
we
hated
doing
it.
Then
we
realized,
well,
if
all
the
malls
in
the
world
and
all
the
buildings
in
the
world
keep
doing
it
this
way,
like
this
is
a
really
big
problem,
but
no
one
expressed
it
until
much
later
at
that
show,
but
by
then
we
were
ready
to
hear
that,
right?
We
had
already
built
that
tool
for
ourselves.
I
was
ready.
I
had
the
tool
ready
to
show
them.
When
he
confirmed
it
for
me,
like,
boom,
okay,
now
we
need
to
double
down.
I
would
just
say
keep
an
eye
out
for
those
insights
and
realize
that
if
you
are
in
any
niche,
even
the
most
unglamorous
one,
you're
learning
stuff
that
most
people
don't
know.
Pablo
25:29
It
feels
like
one
way
to
summarize
that
would
be
like
sometimes
the
obvious
idea,
if
I
can
call
it
that,
is
kind
of
the
customer
discovery
for
the
big
truly
innovative
idea.
Hongwei
25:40
I
think
so,
yeah.
User-Friendly vs. Legacy Player
Pablo
25:42
Maybe
shifting
a
little
bit,
where
are
things
at
now
and
what's
the
marketplace
evolved
to?
I
can't
imagine
you're
the
only
company
selling
this
mapping,
this
type
of
mapping
tool.
I
mean,
are
you?
If
not,
what
has
your
ability
to
–
because
you've
been
in
the
market,
like
what
kind
of
edge
has
that
gotten
you?
Hongwei
26:02
I
would
say
we
have
two
buckets
of
competitors:
app
competitors
and
tool
competitors.
In
the
app
world,
it
was
mostly
startups.
I'd
say
we're
by
far
the
biggest
indoor
mapping
startup
in
the
world
in
terms
of
customers,
revenue,
square
footage,
et
cetera.
In
one
way
we're
doing
that
right
now
is
because
we
have
these
tools
and
big
customers,
big
partners
really
recognize
that.
The
people
we
think
of
as
having
made
really
good
tools
are
like
$100
billion
household
names,
right?
Like
Autodesk
makes
really
good
tools,
right?
Autodesk
I
don't
think
thinks
of
themselves
as
an
indoor
mapping
company,
right?
It
just
so
happens
that
architects
everywhere
really
like
AutoCAD
and
when
they
are
paid
commission
to
design
a
building,
they'll
use
AutoCAD.
The
billion
dollar
building
in
New
York
gets
built,
you
get
a
CAD
file
at
the
end
and
that
CAD
file
persists
over
time,
even
though
the
architect
is
long
gone.
The
people
who
know
how
to
use
that
tool
and
have
the
budgets
to
figure
it
out
are
gone.
There's
just
a
gap
in
the
operating
world,
but
at
the
end
of
the
day,
I
think,
we're
looking
up.
We're
not
looking
at
who
are
the
other
app
makers
that
maybe
now
have
figured
it
out
and
need
to
check
the
box
on
having
a
good
tool.
We
want
to
–
we
really
look
up
to
what
Figma
has
done
in
the
design
space
and
what
Figma
is
doing
to
Adobe,
for
example.
There's
a
general
trend
in
my
mind
that
the
more
user-friendly
enterprise
tool
can
actually
win
against
the
super
entrenched
legacy
player.
We're
seeing
that
in
Gmail.
We're
seeing
that
in
Slack.
We're
seeing
that
in
Dropbox.
Maybe
we'll
see
that
in
indoor
mapping.
Product Market Fit
Pablo
27:38
Perfect,
awesome.
Maybe
we'll
stop
it
there,
but
my
last
question,
this
is
what
we
always
ask
at
the
end
is,
when
did
you
feel
like
you
had
true
product
market
fit?
Hongwei
27:48
I
feel
better
about
it
every
day,
but
I
think
it
was
after
the
Simon
win
in
the
mall
space,
very
confident
we
had
it
then,
right?
Because
one
demo
led
to
the
biggest
order
on
the
planet
that
unlocked
the
rest
of
the
industry.
Then
again,
like
two
years
ago,
we
had
a
really
large
publicly
traded
B2B
software
company
–
I
can't
–
actually
it's
public.
ServiceNow
reached
out
to
us
and
we
became
their
go-to
partner
for
return
to
work,
so
like
powering
desk
booking
and
table
reservations
and
they
looked
everywhere.
You
would
think
that
a
really
large
company
can
just
say,
yeah,
we'll
build
this
thing,
but
it's
quite
hard
at
that
point
and
we
figured
it
out.
That
was
really
neat.
That
opened
up
kind
of
the
second
horizon,
the
first
horizon
being
malls,
the
second
horizon
being,
I
guess
everything
else
could
play
here,
too.
Then
sometime
around
that
time,
we
won
an
RFP.
It
was
just
a
shot
in
the
dark,
but
we
saw
that
Homeland
Security
in
the
US
put
out
an
RFP
to
make
tools
for
firefighters.
I
thought,
well,
I've
been
thinking
about
that
problem
for
a
while.
I've
been
talking
to
all
these
firefighters
and
my
jaw
would
hit
the
floor
when
I
see
this
–
like
the
guy
that
works
out
all
day
and
then
jumps
into
burning
buildings
knows
way
too
much
about
indoor
maps.
Pick
any
firefighter
off
the
street
and
they
are
shockingly
knowledgeable
about
indoor
maps
and
indoor
mapping
tools
because
they've
been
doing
it
this
whole
time.
That
blew
my
mind.
Then
we
submitted
this
RFP
for
Homeland
Security
and
we
won,
Canadian
company
won
a
US
defense
contract
to
build,
to
adapt
our
indoor
mapping
tools
for
that.
I
feel
better
about
it
every
day.
I
had
some
calls
this
morning
with
new
partners
that
are
like,
“Man,
this
is
exactly
what
I've
been
looking
for.
Where
have
you
been
this
whole
time?”
Then
some
days,
we
have
setbacks
and
we
have
more
work
to
do.
That's
just
the
life.
Recap
Pablo
29:33
Perfect,
well,
really
appreciate
it.
Maybe
just
to
recap,
you
started
off
as
a
student
taking
something
paper-based
and
digitizing
it,
something
that
we
see
in
many
industries
that's
a
valuable
idea,
but
maybe
an
obvious
one
that
others
were
doing,
too,
but
you
went
into
that
one
and
really
in
a
sense
made
a
customer
discovery
and
through
that
came
up
with
a
very
unique
insight
and
built
a
tool
that
has
much
wider
impact,
a
much
bigger
tam
and
something
that
you
just
would
not
have
hit
upon
had
you
not
been
in
the
game.
I
think
that's
the
biggest
lesson
here
is
that
by
just
being
in
the
game,
even
if
it's
maybe
a
constrained
market,
maybe
it's
noisy,
but
the
fact
that
you
are
there
means
you
have
a
lot
of
insights
that
others
don't.
If
you
just
put
yourself
in
a
position
to
listen
to
them,
that
big
idea
might
be
just
around
the
corner.
Now
you're
solving
a
lot
of
important
problems
for
a
lot
of
industries,
probably
well
beyond
what
you
would've
imagined
in
Year
1.
Thanks
a
lot
for
sharing
your
story
with
us.
It
was
super
insightful.
Hongwei
30:35
Yeah,
thanks
Pablo.
I
think
you
summarized
it
much
better
than
I
can.
Kudos
to
you.
Pablo
30:43
Thanks
so
much
for
listening.
If
you
want
to
see
more
content,
check
out
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