Conversely, you see a surprising number of really well-run startups that have all aspects of operations completely buttoned down, HR policies in place, great sales model, thoroughly thought-through marketing plan, great interview processes, outstanding catered food, 30" monitors for all the programmers, top tier VCs on the board — heading straight off a cliff due to not ever finding product/market fit.

http://web.stanford.edu/class/ee204/ProductMarketFit.html