investment, investors, target-market, angel-investorsI’m putting a pitch deck together for my startup and am stuck on what to put in the “Market” section. The problem is, my startup is part of a relatively new and undefined market. I can’t simply say the market is $X Billion because I have no data to back that up. I could speak to the “parent” industry (email service providers) - but my startup isn’t technically an email service provider itself.
What should I say about the market in my pitch deck when my market is largely undefined?
From my own experience, there is always a specific market and a way to define it, but sometimes it isn’t obvious who your customers/users are. In a new market or where you make radical change, the definition can be difficult, but always possible.
Maybe you need to ask yourself, who the market is in a different way?
Who is the market for email and how to define it, could be asked with these questions:
When I was starting a project database for students and companies to share knowledge with one another, I had a hard time defining the market, since no such database existed to my knowledge. I knew the number of students and companies, but needed to define the number of paying customers. How could I do that, when wasn’t any companies paying for such a service at the moment.
The way I did it, was to look at similar services, such as a job-database. Here I could see the amount of money companies would spend, which gave me some idea of a value for my own project. Then I called around 50 companies asking them, what they would pay for my service. Most of them where quit open and gave some good feedback.
Hope you can use for something, otherwise try to describe your startup a little more and more better answers would come.
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