How about it’s counterpart ‘CAC’a too high’! Is that a lazy and silly excuse to pass on a deal as well?

This comes down to: does your technology change the world? If so, then TAM in today’s world is not that useful and in returns in tomorrow’s changed world are nearly impossible to predict. But the one who changed the world doesn’t always reap the full reward (eg Netscape).

I would actually prefer to be told I'm not lucky enough or connected enough. At least then I wouldn't feel compelled to doubt my plans or rewrite my pitch so many ways for each potential investor.

@TurnerNovak tam-tam

But literally, markets growing exponentially happens via individual monopolistic companies decaying in unison, increasing scarcity and therefore increasing prices and demanding increased access to credit.

Fair point but no single rule would mean you get into every venture deal. I’d take the Sequoia approach - great founder in a horrible market is tough. Mediocre founder in a great market can work. But it’s important to assess market not only on size but relative growth

Investors with finance background, or otherwise exposed to financial industry professionals, tend to drift to a default model of conservatism that works out in practice to eliminating the possibility that exponential growth of a market can happen again.

After managing and being in multiple discords/communities, I think the investors are justified at a point in saying “the TAM is too small” the risk increases exponentially

investor could be too focused on the their own idea/ls of the startup e.g. "shazam for food" rather than the founder's "8 recipes for octopus". more likely, the latter being the real market

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