Sequoia deconstructs the mystique of PMF into three distinct archetypes: 'Hair on Fire' (solving an urgent pain), 'Hard Fact' (solving a hard problem better), and 'Future Vision' (creating a new reality). The framework argues that the path to PMF differs for each; metrics that look healthy for a 'Hard Fact' company might be fatal for a 'Hair on Fire' startup. It emphasizes 'Retention Curvature'—the flattening of the retention cohort curve—as the only non-vanity proof of value.

Not all growth is created equal. This archive saves founders from chasing the wrong metrics. It helps you diagnose which race you are running, preventing 'Future Vision' founders from despairing when they don't see immediate viral traction. It aligns your KPI dashboard with your specific product DNA.