Technology analyst Benedict Evans explains how linear market-sizing frameworks failed to predict Uber's actual market expansion.
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“There was a valuation professor who notoriously did an analysis of Uber kind of 10 years ago, where he said, you know, the valuation of Uber should be based on the fact that its TAM is the size of the taxi market, and this is, I'm going to work out the size of the taxi market, and therefore Uber will get extra cent, and therefore that's, that is what Uber's worth, and of course this was completely wrong, because Uber's TAM was not the taxi market, it was something else. It was much bigger than the taxi market.”
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