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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W odpowiedzi do @dhomann @tylertringas
“You can be successful no matter what size market you target.” Are you sure that’s true?
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W odpowiedzi do @mijustin @tylertringas
As long as the market size is theoretically enough to pay one the equivalent to one person’s salary, then yes.
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W odpowiedzi do @dhomann @tylertringas
I’ve given a few examples of companies and markets here. I’m curious: can you give me a few examples of a bootstrapped software companies that fit your definition of "going after a niche market?"
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What do you think about the Constellation Software portfolio (drill down to the products, past the holding companies)? Dozens of vertical-focused SaaS, mostly bootstrapped, targeting a much more niche market than ESPs:https://www.csisoftware.com/our-companies
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Ditto Vista Equity. Dozens more. Example: ERP for car dealerships (https://www.vistaequitypartners.com/company/dealersocket/ …). Niche to you?
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My sense is we don't "disagree" so much as I wonder if you're arguing a tautology along the lines of "to be successful, your business must target a market that's not too small for you to be successful"
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I'm advising that folks look for evidence that there are enough people, spending enough money, in a category before they start building their product. Some markets are just better than others. And it's worth figuring out what those are.
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Right. And "choose your market wisely" something we 100% agree on, but I hear you also making a case about *which* markets are always better: huge, fast-growing, with existing products people pay for. At that focal length of discussion, I think we have some differences
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Definitely need to make sure there's *enough* demand, but within the scope of "enough" there's a ton of nuance like niche markets vs crowded markets, finding oblique demand (paying for the underlying JBTD) vs direct demand (paying for an existing product).
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