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Market size isn’t venture scale.

Joakim Achren
When VCs pass on investing, the most common reason cited is “market size isn’t venture scale.”

But there’s a deeper layer worth examining. While market size is indeed critical – you need a massive market to generate venture-scale returns – what often goes unspoken is the founder’s capacity to capture that market opportunity.

Think of it this way: you might be operating in a $50B market, but if your execution strategy, go-to-market approach, or leadership capabilities can only capture a tiny slice of it, the massive market becomes irrelevant. The best founders demonstrate not just market understanding, but also the strategic thinking, adaptability, and execution horsepower to dominate their space.

This is why VCs obsess over founder-market fit. It’s not enough to point at a huge market; we need to see the founder’s ability to build and scale an organization that can meaningfully penetrate that market. The truly exceptional founders show a clear path from current state to market leadership, backed by deep domain expertise and proven execution ability.

Remember that massive market only matters if you have the right team that can capture it. Sometimes the harder truth isn’t about the market size, but about the gap between the opportunity and the founder’s capability to seize it.

Here’s the crucial part though: the founder capability gap isn’t fixed or permanent. Every founder, and I mean every single one, can dramatically increase their capacity to execute, strategize, and lead through dedicated effort and continuous learning. The journey from where you are to where you need to be might be challenging, but it’s absolutely achievable for those willing to put in the work. The best founders aren’t born. They’re forged through persistent self-improvement and relentless focus on growing their capabilities. And asking for help and guidance from others!

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