This is where you are precisely wrong. A VC wants to cash out within 3 years.
I think we may have different definitions of "short term". When I say short term I mean that you are in the process of proving a concept as viable and at the point that pivots are not very costly. If you've reach 1% penetration in a large market then you are past this point.
1% is an excellent number in this context.
I would definitely agree that it is a good target to hit. I'm just saying that it should not be your golden standard. There is a difference between saying "this is how we plan on securing a foothold in the market", and saying "If we can get only 1% of the market then we will be successful."
The comical term for this is Scientific Wild-Ass Guess
I completely agree. Thats why i actually disagree with stating a target marketshare in a pitch. Personally I think that stating total market size, an underserved aspect of that market/competitive advantage and how you plan to try and break into that market should be enough. I don't think making wild guesses at market share is really worth while at all.
I think we may have different definitions of "short term". When I say short term I mean that you are in the process of proving a concept as viable and at the point that pivots are not very costly. If you've reach 1% penetration in a large market then you are past this point.
1% is an excellent number in this context.
I would definitely agree that it is a good target to hit. I'm just saying that it should not be your golden standard. There is a difference between saying "this is how we plan on securing a foothold in the market", and saying "If we can get only 1% of the market then we will be successful."
The comical term for this is Scientific Wild-Ass Guess
I completely agree. Thats why i actually disagree with stating a target marketshare in a pitch. Personally I think that stating total market size, an underserved aspect of that market/competitive advantage and how you plan to try and break into that market should be enough. I don't think making wild guesses at market share is really worth while at all.