I’m on the side of choosing a market with lots of customers (“a rushing river”) as opposed to trying to find a “small stream.”
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"if we get just 1% of this huuuge market we'll have a great business" is an old trope from VC that very rarely works in practice. The examples that do are mostly survivorship bias.
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I mostly advise founders to avoid huge obvious markets unless they have an unfair advantage in distribution and find an un/under-served market they can be the best in. Best mix is finding an underserved niche within an otherwise growing trend
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Or at least this how I'm investing. Many ways to build a company and no rules or easy answers
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W odpowiedzi do @tylertringas @mijustin
I feel like targeting either a large or small industry can be successful. If I'm going to make a sweeping generalization though...I'd say competing in a large industry might lead people to raise more VC dollars, where smaller/targeted markets can be better for bootstrappers
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W odpowiedzi do @dhomann @tylertringas
Many successful bootstrappers targetted large product categories: - Basecamp (PM software) - ConvertKit (ESP) - Mailchimp (ESP) - Campaign Monitor (ESP) - Wildbit (ESP, code hosting) - Kayako (help desk) - Braintree (payments) - Craigslist (classifieds)
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W odpowiedzi do @mijustin @tylertringas
I think a lot of people would consider those companies more the exception rather than the rule. You can be successful no matter what size market you target. I’d argue you have a higher batting average in smaller markets but smaller chance of an oversized outcome
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It really comes down to need and product fit. If people will pay for it (even though -typically because!- it’s relatively niche)
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W odpowiedzi do @secos
But there’s one more important variable in there you missed: “how many people have that need?” The size of the market matters. If only a handful of people want it, it’s hard to build a comapny around that need.
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W odpowiedzi do @mijustin
Perhaps you are missing the point. There might be ten companies willing to buy your product, but if they are willing to pay $100m each for it you still have a billion dollar market.
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How practical is that? I can’t think of any bootstrapped software companies that are in that position. (Only having 1-2 customers, out of a total accessible market out of 10)
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W odpowiedzi do @mijustin
Matt Secoske podał/a dalej Matt Secoske
Matt Secoske dodał/a,
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