1. Define the target market - Who are the core users/customers you are focusing on initially? - What is the size of this target market? Use public data if available. 2. Estimate market penetration - Within your target market, estimate what % might realistically become customers - Explain your assumptions and logic for the penetration rate 3. Calculate potential revenue - Estimate what an average customer is worth in annual revenue - Multiply estimated customers by annual revenue per customer - Factor in growth rates to project future market size 4. Assess adjacent opportunities - Beyond the core target market, what other user segments could you expand to? - Estimate the size of those adjacent markets for future growth potential 5. Determine path to $1B+ valuation - Articulate how your revenue projections enable a $1B+ market cap - Highlight growth levers (new products, segments, geographies, etc.) to get there 6. Sanity check - Do a reality check on your assumptions and compare to industry benchmarks - Investors will poke holes, so be ready to defend numbers with logic and data #business #startup