The Kevin M. McGovern Family Center For Venture Development In the Life SciencesLou Walcer, Director

The Myth of the “Big Market”

The magic thinker’s mantra:

•“It’s a big market.”

•“We can’t help but get a piece of it.”

•“We’re gonna get rich!”

But wait!

• Just how big is this market?• Just how big a piece of this

total market can you get?• Just how profitable will your

piece of the market be?

Just how big a TOTAL market?

•What is the problem you propose to fix?

•Whose problem is it?

•Where are these folks located?

•How can they be described?

•How/what do THEY think about the problem?

•Etc., etc.

Just how big a piece where you compete?

• How well do you fix the problem for them?

• Where/For whom does your fix work best?

• Who is competing for their business now?

• Who pays when they buy? • Will these payers pay for your product? • Etc., etc.

Just how profitable will your piece be?

• How much/how long will it take for you to develop your product to market?

• How much does it cost to promote your product in your piece of the market?

• How much does will it cost you to deliver your product/service to your buyers?

• How much can you charge for your product/service?

• Etc., etc., etc.

After considering segmentation, competition , promotion costs, logistics

costs, etc., etc., etc. ... Your “Big Market” fantasy might well be . . .

A big bankruptcy.

Only YOU can prevent magic thinking!

Do your homework!

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