TAM, SAM & SOM: How To Calculate The Size Of Your Market

Football scouts search all corners of the world to find exceptionally talented individuals. They look for skill, vision, mental strength, and character, which you could argue are similar to what VCs look for in entrepreneurs.

Believing in our unlimited potential is one of the most powerful mindsets that one can possess to own our impact and ultimately win in life. It all begins with reframing limits and scarcity as opportunities for growth. At Antler, we invest in people by enlarging their capacity to not just be competent founders but also rise up as great leaders. In honour of International Women’s Day, we asked female founders at Antler and Antler team members how they overcame challenges to live out their true potential.

We hope you’ll find these stories as inspiring as we do!

The past two years in crypto have been absolutely astounding. From “DeFi summer” (now $250bn+ of total value locked) to “NFT craze” ($3.4bn monthly GMV on Opensea alone in August 2021) to Solana’s epic rise and various memecoin’s ultimate downfalls – the sheer pace of adoption and activity across the crypto ecosystem has been an incredible force.

Every venture fund in the world is currently deepening or developing a crypto thesis. Talent from traditional industries is pouring into crypto. And we now have an overarching, epochal narrative to define the movement: web3.

Amongst all the areas to focus on, I have chosen to write about Decentralized Autonomous Organizations (DAOs). The reason for this is as follows:

• Incentive Innovation Rules All. Bitcoin provided a practical solution to the Byzantine Generals Problem by introducing an incentive innovation. In fact, much of crypto is about remixing existing technology with new incentives to create powerful new paradigms. DAOs are the natural frontier of incentive design in web3.
  
• Capital Power. The DeFi ecosystem, with $250bn total value locked (TVL), is the current “super-app” of web3. While only ~$10bn of DeFi TVL (~4%) is currently held in DAOs, this number will likely increase exponentially as more and more DeFi protocols progressively decentralize governance. More money, more power – DeFi Treasury DAOs have the potential for massively influencing web3 in 2022 and beyond as capital power grows.
  
• Web3 Promise. If the promise of web3 (versus web2) is to reduce centralized power in private, opaque corporate structures, then functional, community-led DAOs are a key prerequisite for the web3 promise to be fulfilled.

Businesses need financial help — badly. That’s the core of what Rajith Shaji and I were trying to address when we founded our expense management platform — Volopay — in 2019. What started with the intent to help Singaporean businesses manage their money better, has now turned into a service scaled across the APAC region.

Several years ago, one afternoon in Hanoi city center, I sat on the terrace in a cafe, watching people pass by with their various activities. A city bus passed, and I want to try it on but I couldn’t understand all the information on the bus. It was written in the Vietnamese alphabet. I finished my coffee quickly and ordered a taxi through a costly ride-hailing app as I had no other choice because I didn’t want to gamble by renting a motorbike there.

Theory of Next is a series by Antler India that decodes and contextualizes the spaces and ideas of the future. Using first-principles approach, it provides a window into the process by which a venture capital firm arrives at a particular sectoral thesis.

Global early-stage VC Antler has kicked off 2022 by welcoming 90 Australian founders into its latest cohort to build the defining companies of tomorrow. With ambitions extending across SaaS, FinTech, AgTech, HealthTech and GreenTech, here’s what you need to know about this mix of aspiring and experienced entrepreneurs.

With their eyes set on solving some of the world’s biggest challenges by building new category-defining companies, these ambitious individuals are embarking on their founder journey with Antler Australia to secure Pre-Seed investment.

Tune in to our Web3 Insights Call to learn about the new internet: Web3!

Rent hasn’t changed for several decades. In 2019, 36% of the 122.8 million households in the United States were renting their homes which is more than at any point in the past 50 years. The median price of a home is up nearly 70% in the last decade while median income has grown less than 30% in the same period. Homeownership and building wealth are increasingly out of reach for Americans. When homeownership isn’t feasible, more people rent, and rent prices skyrocket as they have done for the past 20 years. The multifamily housing industry is known for being slow to adopt new technology. However, increasing competition and the COVID-19 pandemic paired with generational shifts in apartment ownership to a younger more tech-savvy group has created many opportunities for technology companies to enter the multi-family housing market.

Theory of Next is a series by Antler India that decodes and contextualises the spaces and ideas of the future. Using first-principles approach, it provides a window into the process by which a venture capital firm arrives at a particular sectoral thesis. In this episode, Nitin Sharma (Partner, Antler India) and Vineet Agarwal (Investment Manager, Antler India) brainstorm and lay out our thesis on the electric vehicles landscape in India.

First appeared in The Economic Times. Head here for the story.

The future of mobility is at a critical point of inflection. Every time oil prices spike or climate change is debated and discussed, Electric Vehicles (EVs) are inevitably mentioned as a part of the solution. Yet, despite several new Indian companies entering various parts of the EV value chain, significant capital infused in the space, and large-scale execution efforts, EVs are not mainstream yet. It is 2021 and it seems we have hit the inflection point for EVs to take off, finally.

Looking for book recommendations for entrepreneurs beyond Zero to One, The Lean Startup, and The Hard Thing About Hard Things? We curated a list of 35 books to inspire your reading list for 2022 curated by our network—from founders building their business with Antler to our team and advisors.

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We created this list to help all founders—from first-timers looking for an informative and relevant read to ones who have seen it all but are curious to learn more. Expand your reading list even further by checking out our list of books every founder should read in 2023.

Welcome to the inaugural edition of the Antler Quarterly. This report explores the impact, risk, sustainability, and opportunity within the global VC industry.

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A longread about the road to founding a company and finding the ultimate problem to work on, by Jeffrey Duyvesteijn, co-founder and CEO of For Youth.

A conversation with Gina Xydias Charmanta, MBA, entrepreneur, and former consultant.

We spoke with Dr Tommy Mermelshtayn about Zip's growth to date and what it takes to transition from startup to scaleup

A conversation with Rafael Alain Rolli, bioengineer and entrepreneur.

A conversation with Annika (Kreil) Breu, founder of OH MY! Fantasy and former Bain Consultant.

At Antler, we believe exceptional people are the key to building defining companies. But what makes a person exceptional, and how do personal characteristics or experiences increase the chances of building a successful tech company? Through this Unicorn founder mapping series, we aim to identify patterns that led up to founding a Unicorn. This month, we explore Brazil, taking a look at the local Unicorn founders, which higher institutions they went to, how many years of work experience they had before launching their ventures, and more.

A conversation with Mikhail (Misha) Bragin, founder of WireTrustee.

Singapore
May 10, 2021

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As the world screeched to a standstill in the wake of the COVID-19 pandemic in March 2020, few sectors were hit as hard as the travel industry. Globally, international arrivals dropped to 381 million in 2020, down from 1.461 billion in 2019 — a 74% decline. According to the World Tourism Organization (UNWTO), the crisis put between 100 and 120 million direct tourism jobs at risk. As lockdowns fell into place worldwide, investors and entrepreneurs in the TravelTech sector switched to “survival mode”.

Yet in the midst of it all, Airalo persisted.

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Rajith has the natural gift of making people feel at ease. But we’re not going to lie; this conversation was different. To make it happen, we stretched over three continents: North America, Europe, and Asia. While it was late at night in Vancouver, it was early morning in Rotterdam and noon in Singapore. However, Rajith injected the conversation with good vibes from the first second, making us feel awake and inspired. It was the perfect way to start and end our day!

At some point, most data scientists or developers have built something that they think has startup potential or dreamed of launching their own successful product. Yet, many developers end up sticking with their jobs.

So, what makes someone take the leap and chase the startup dream? We asked three developers-turned-founders what prompted them to leave their jobs and start a company. From lacking a sense of purpose to feeling uninspired, stifled, or unappreciated, learn what motivated these successful founders to leave their full-time jobs to start a business.

At Antler, we believe exceptional people are the key to building defining companies. But what makes a person exceptional, and how do personal characteristics or experiences increase the chances of building a successful tech company? Last month, we took a systematic look at the most exceptional founders of the 21st century in the DACH region to identify patterns that led up to founding a Unicorn. This month, we are doing the same across the African continent. Our findings reveal who Africa’s Unicorn, Soonicorn, and growth-stage startup founders are, which higher institutions they went to, how many years of work experience they had before launching their ventures, and more. Additionally, we have taken a closer look at the future state of the local ecosystem and put together data-driven predictions to provide more insight and understanding into the African startup ecosystem and the opportunities that lie ahead.

In Episode 22, we speak to Josh Tetrick, founder of Eat Just Inc., a San Francisco-based FoodTech startup that is radically reimagining the way we consume meat globally. Eat Just is best known for its mung bean-based egg substitute called "Just Egg" and its “lab-grown” cultured chicken. In December 2020, Singapore became the first country in the world to grant approval of the sale of cultured chicken. Eat Just was founded in 2011, and the company has raised over US$650 million and had last been valued at US$1.2 billion.

In this episode, Josh talks about how he came to focus on the problem with food, solving massive challenges in the food industry and building a new universe of tools to supply food in a more ethical way. He discusses the hurdles to widespread adoption of plant-based meats, talks about the mindset shift towards FoodTech innovation that will occur in the next decade, and shares advice for aspiring founders looking to solve real problems in our society.

To better understand the complexities of mental health for founders, Antler teamed up with Female Founders, the leading European Eco-System for Entrepreneurial Women, to discuss mental exhaustion and how to prevent it as part of a fireside chat.

Alpha Impact is a social media network built to give a crypto trader with $25 the same tools as one with 25 BTC.

From inventive ways to leverage your network, to forming strategic partnerships, and more.

Have you ever wondered who the most successful entrepreneurs are? What career paths they pursued, what network they tapped into, and whether these stereotypical rules still apply today if you want to build the next billion-dollar business?

Taking a systematic look at the most exceptional founders of the 21st century in the DACH region, we have observed similar patterns that led up to founding a unicorn.

This new quarterly series leverages the insights of Antler’s Global leadership team to uncover real impact, explore sustainable measures, and identify future opportunities across the sector for investors and entrepreneurs.

Read on to learn more about what prompted Radu to start RePack, what he’s learned about himself since becoming an entrepreneur, and how to hire top talent. Check out his tips on the startup recruitment process and how to maintain a healthy working relationship with your co-founder.

The founders series takes a deep dive into the journey of Antler portfolio  company founders and sheds light on the space they are building in. This week, we spoke to Zabrina Chew, Co-Founder and CEO of Soda. Soda is a social discovery platform to help millennial professionals find and engage with relevant and trusted communities around them easily. Soda is building the  future of discovery, co-creation, and collaboration, bringing its community together through streamlined content and small, intimate gatherings.

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In Episode 21, we speak to Piers Linney, a British entrepreneur and investor well known for being a "dragon" on the BBC's business series Dragons' Den. Piers is also a content creator and keynote speaker focused on supporting individuals with ambitions to build a start-up, and is passionate about diversity and inclusion within the venture capital industry. In this episode, he shares his experience as a tech investor on BBC's Dragons' Den, doles out valuable advice for aspiring entrepreneurs, and speaks passionately about the importance of making progress in diversity and inclusion within the technology entrepreneurship space.

Learn about what keeps Jessica motivated and inspired as a founder, and how she and her co-founder, Puteri Myrasandri, have built the startup culture of their dreams. Check out her tips on building an autonomous startup culture, and how to push through rejections, all while building a successful company.

In Episode 20, we speak to Renaud Visage, co-founder and former CTO of Eventbrite. Renaud has been at the helm and foundation of Eventbrite's technical architecture from its inception and has built it into the leading events platform of the world. Renaud is also an avid photographer, startup mentor and angel investor. In this episode, he shares how Eventbrite successfully and quickly pivoted to online events during the Covid-19 pandemic, his predictions for the future of hybrid events, and doles out valuable advice for entrepreneurs.

This article is for my fellow founders who are entering the journey of building a startup in the UK. We had many discussions on different slack channels and I eventually was asked to share my experience of pre-seed fundraising without having any revenue — something which takes far more effort in Britain than in the US.

Longtime friends Marie Louise Sunde and Isabelle Ringnes have always been passionate about equality and the power of technology in solving some of the most pressing issues of our time. Inspired by Emma Watson's powerful speech for the #HeForShe campaign, they joined the very first Antler cohort in Stockholm to build Equality Check - a platform for reviews about culture, inclusion and equality in the workplace.

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The founders series takes a deep dive into the journey of Antler portfolio company founders and sheds light on the space they are building in. This week, we spoke to Shubham Gupta, Co-Founder of Ivory. Ivory is an employee engagement platform that harnesses anonymity to create transparency, empower collaboration and capture unheard risks.

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This article is part of a new Antler Berlin content series called 'Call for Founders'. In this series, we will outline several exciting spaces in the local startup and VC ecosystem that we see as opportunities ripe for venture creation. These opportunities may emerge from an industry need, a trend, or indeed a prediction that we have had.

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The founders series takes a deep dive into the journey of Antler portfolio company founders and sheds light on the space they are building in. This week, we spoke to Josie Stoker, co-Founder of Capture. She and her co-founder Aziz Abdul have built an app to track carbon emissions.

Capture is a digital platform enabling organisations to mobilise one of their greatest assets in the fight for a sustainable future - their workforce. Through their app, integrations and dashboard, they run planet-friendly challenges and help companies live-monitor their CO2 savings.

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The global pandemic had a profound impact on the mental health of many, so now more than ever, it is crucial to be aware of and apply good mental health practices.

At Antler, mental health is an important topic not only during Mental Health Awareness Month or the World Mental Health Day but throughout the whole year. As such, we've compiled advice from some of our portfolio companies that are tackling mental health: Stockholm-based VoiceHER, London-based Blueheart and Kalda, Singapore-based Innade, and Berlin-based clare&me.

Here's what they had to say.

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In Episode 19, we speak to Simon Schmincke, General Partner at Creandum, a VC advisory firm with offices in Stockholm, San Francisco and Berlin. Spotify, Klarna and Kahoot are among their portfolio of companies across Europe and the US. Originally from Germany, Simon built three companies for Rocket Internet and was part of the founding team of FoodTech startups Foodpanda in Singapore and HelloFresh in the United States. In this episode, Simon talks about the fundamentally human side of venture capital, his ideal founder-investor relationship and the differences in consumer behaviour he has noticed while working and investing across Asia, Europe and America.

Tim Fung is the co-founder and CEO of Airtasker, Australia's number one marketplace for local services.

Since its inception in 2012, Airtasker has gone on to enable more than $1 billion in working opportunities and acquired more than 4.3 million registered users. On top of that, in March 2021, Airtasker made its debut on the ASX and is now valued at $255 million.

During a virtual fireside chat, Antler Managing Partner Bede Moore spoke to Tim about his entrepreneurial experience thus far, Airtasker's growth to date, and advice he has for others looking to pursue a similar path.

The founders series takes a deep dive into the journey of Antler portfolio company founders and sheds light on the space they are building in. This week, we spoke to Arun Sugumaran, co-Founder and CEO of ArtWallSt. ArtWallSt is a global exchange for art where anyone can become collectors, exhibitors and investors. In addition to bringing art closer to people through everyday physical spaces, the startup is currently developing a platform where blockchain-authenticated physical artworks can be traded on the platform.

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When we interview visionaries, we want to get to know them. The one thing we love is when they open up about their failures and hard times. When we feel tears coming up, we know we’re on the way to a beautiful story.

Katherine McConnell, Founder & CEO of Brighte shares her journey to building her startup, as well as how she’s been able to achieve 912% revenue growth over the past three years and built relationships with investors such as Mike Cannon-Brookes, co-founder of Atlassian.

I've been an active angel investor for about ten years now. Since we started Antler back in 2018 I've been part of many of our investment committees (IC) around the world. Every IC member and angel investor is different and will have different views on what makes a good investment. For me, there are three specific things I focus on when a team pitches to Antler for investment: The people, the product, and, of course, the potential.

The founders series takes a deep dive into the journey of Antler portfolio company founders and sheds light on the space they are building in. This week, we spoke to Sophie Jokelson, co-founder and CMO of Cove.

Cove is a coliving company putting renters first. They make it easier, faster and more flexible to rent comfortable homes at honest prices. Their flatshare rooms, studios and apartments are hand-picked in top city locations, thoughtfully furnished and include utilities. The bookings process is digital and hassle-free, and the community of 'Coveys' get access to a network of like-minded people as well as exclusive events and perks.

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In episode 16, we speak to Kevin Lin, co-founder of Twitch, the world's leading social video platform and community for gamers. Kevin led the Twitch team as COO for a decade before serving as Culture, Strategy, and Innovation Officer, following the company's staggering $970 million all-cash acquisition by Amazon. In this episode, he shares his origin story as an entrepreneur, tips for early-stage founders and advice on how to create a culture of transparency in your startup from the early days. How do you stay true to your identity and culture as your company scales rapidly? What's the secret to success when building remotely and gathering customer feedback? Tune in to find out.