scipreneurs #scientists-entrepreneurs #market-size
🎶 TAM, SOM, SAM, sounds like a song, but they are the numbers most founders focus on: 1% of a gazillion is a gazillion. Giving immense market numbers for a startup in the ideation phase may not be the best approach to building a business plan.
💹 Showing that you understand the people in your market is so much more important than fictitiously big numbers on your slides.
(If you don't believe me, just look up those three german dudes designing pink gloves for menstruating ladies).
It's true that investors want to get a return, but nothing shows more trustworthiness than an entrepreneur who thought things through and spent more than 2 minutes gathering a number from a report.
Even if you have no prototype, nor a clear feature list, have you even talked to any potential customers? What have you learned?
I have reviewed many pitches and ideas from starting entrepreneurs. At some point, and believe me, because I have done so myself! We all come down to finding a report on "Markets and Markets" to justify our grandiose plans.
As a scientist, you can quickly leverage your network to access interesting people. Ask around. I bet you can get to the person you need in no more than a two-step recommendation chain.
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