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You can have the best company and the best team. But if you pick a lousy market you will certainly fail. That is the direction of the advice provided by Mike Goguen, from Sequoia Capital in The Current Investment Landscape with Mike Goguen (18:04)
..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)
With that, it’s also important to recognize that Mike is not also 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, with intense existing competition. That would be the worse case scenario such as know big mistake of going for a 1% of a larger market.
On the other hand, an early venture VC firm may well be interested in the new solution that yet needs to be told to the world: A solution that comes out of real necessity (such as Dropbox, Yahoo!, Cisco) and asolution that will be pulled from the market once the world starts to get it.
Wharton School. (Mar 27, 2013). The Current Investment Landscape with Mike Goguen (Sequoia Capital) [video]. Retrieved from https://www.youtube.com/watch?v=01fX8pIAY3U
Don’t pick a lousy market (feat. Mike Goguen) was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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