Don’t pick a lousy market (feat. Mike Goguen)
Fast clipping from Current Investment Landscape, with Mike Goguen (Sequoia Capital). This is reference material to be used in articles, slides, talks and more.
[your little] tiny company.. maybe when you hit scale, if you really have something innovative, and new, you can help create a new market, that’s great.
But in terms of convincing the world to do something they don’t already recognize they need to do, or have a pain they don’t really know they have, that’s a little hard.
So, you can have the best product, best team, and if you pick a lousy market, is going to be rough going. (Mike Goguen @ Wharton School, 2013, 18:04)
Note that Mike is not asking for startups to focus in now-larger markets, exactly. So his note should not be confused with the idea of going for an existing known market, such as the worse case scenario (1% of a larger market).
What Mike talks about may related with the notion of a strong theory of human nature.