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Market Sizing in Vertical Software - by Euclid Ventures

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Part I: The TAM Uncertainty Principle

Market Sizing in Vertical AI (Part I) The TAM Uncertainty Principle Jan 08, 2025 37 2 5 Share Join the discussion on LinkedIn! Common venture wisdom holds that venture-scale outcomes require big markets. Without one, as Don Valentine of Sequoia put it, “it’s highly unlikely you’re ever going to build a big company.” 1 VCs from Fred Wilson to Reid Hoffman have evangelized this point for decades, making it about as close to universally held venture GP ideology as one can find. To some extent, it’s an obvious truth. No one can build a $10B business on a $10m TAM 2 , and too many leaps-of-faith be

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