When we sold EchoSign to Adobe in 2011, we were profitable, doing $1m a month growing ~100% YoY, had 37% usage market share and 31% revenue market share, and the entire market was probably $50m in size.
Fast forward to 2019, and the market size is $1.25b+. 20x+ larger.
It was a fair “exit” by the standards of the time, with a reasonable multiple of revenue. But in the end, I didn’t ride the rest of the wave that would have also carried us to 20x growth by 2019. We couldn’t quite see it at the time.
Now I know.
If you are early to a market, just be prepared for:
– lots of smart people + VCs telling you it is too small and unimportant
– prospects that seem interested … but never exactly want the product you have
– a very slow first 2 ys
– the standard playbook only sort of working— Jason ✨𝕊𝕒𝕒𝕊𝕥𝕣𝔼𝕦𝕣𝕠𝕡𝕒✨ Lemkin 🦄 (@jasonlk) February 28, 2019