Stage 4: Growth

The Milestone: You need to grow payers by 20% MoM organically.

That seems a bit insane until it doesn’t. You won’t maintain 20% MoM forever, but you should during seed or you don’t have PMF. 

One of the biggest challenges I see is that a founder in an interesting space will raise a ‘seed’ round before getting Magic-Habit-Growth working. It is incredibly easy to imagine that this hard work is no longer necessary, but if you skip it, you end up never focusing on the hard things.