This has got to be the oldest VC entrepreneurial pitch in the history of mankind

Look at this market. It’s huge ! If only we could have just 1% of that, we’d be sooo successful !

The thing is, thought that these are just numbers. They mean nothing. The pitch is designed to create a feeling of euphoria and hope.

While it’s true that 1% of a huge market is profitable, the other guys that will take out 10% or 40% or 80% will eventually drive you out, cause you’ll be just noise to them.

I remember sth O’Reilly mentioned during the breakfast that Nikan org’ed: In the past we had 3% success with a drug and it was a failure. After we understand why it worked though, we’ll be able to claim 100% success for 3% of the population.

I think that it’s ok to be in a niche market. It’s just not ok to be a smalltime player in any market. There should be better uses of your time.