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2 min reading timeWe had a discussion, "Got a $10-million idea? Who cares!" at http://bit.ly/10MM-whocares nearly two years ago.
At the time I asked a panel of VCs, "What about the guy who has the $10 or $20 million idea, where does he go?"
Serial entrepreneur Danny Sachs answered, "Pick another project," and continued, "I mean, you’re going to spend as much time and sweat on a $10 million idea as a $500 million idea."
The comments on that thread are worth revisiting.
Fast forward to last month. I asked another panel almost the same question. But they came back with a different answer. You can watch it below.
Mary Waiss, President/CEO of Precision Image Analysis: "Sometimes it's hard to know how big the market really is.... As people become aware of your solution, there are other applications you may not have even thought about."
Phil Fraser, CEO of Innovative Dental Technologies: "We are in that boat. We raised $325,000. We started with one concept and through relationships with other dentists, other idea generators, partnerships... in 18 months we've developed an additional five products and now the company's valued at $7 to $8 million."
Randy Hamlin, Vice President for Point of Care at Philips: "We don't have a fixed number about size. It's based on puzzle pieces we're putting together for a complete solution. That piece may be a relatively small element but when you add it to the other pieces it represents a huge opportunity," concluding, "I wouldn't hesitate if something is a $5MM opportunity as it stands by itself because it could represent, as a puzzle piece, much bigger."
Both viewpoints ($10MM is too small • No it's not) seem valid, based on your role in the industry.
For discussion, what do you think of the quotes above?
What sized idea is too small? Is there a level?
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