Democratizing expert software increases a company's total addressable market by 100x
Wesley Chan · 20VC: Felicis' Wesley Chan on The Rise of IoT, Getting Recruited by Larry Page & Creating Google's Biggest Success Disaster · Jun 29, 2016 · at 16:48
Wesley Chan, Managing Director at Felicis Ventures, compares the addressable market size of mass-consumer design platforms like Canva with professional software like Adobe Photoshop.
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“And by the way, it also increases your market by an order of a hundred extra more, right? You know, we're You know, Adobe's building Photoshop for probably hundreds of thousands of people who want to, who are skilled or want to make design their profession, and that's great. You know, they're a multi-billion dollar company for doing that, but imagine if you can sort of build that functionality into something that a billion people or more can use, and therefore your market starts increasing to factors of a hundred, and imagine how much bigger your business could ever be than Adobe or for any of these other companies that are building tools only for a niche group of people who, again, Spend their whole lives doing this, but again, is a very, very small number compared to the entire world.”
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