Bottom-Up Market Sizing That Survives Reality
Bottom-up market sizing starts with a defined buyer and transaction, then counts eligible buyers, buying frequency and net price.
Stern Capital
Research Notes
Research Notes show the data and reasoning behind a market view. They map demand, competition, distribution, margins and constraints. The work is analysis, not an investment recommendation.
Build vs. Buy Software: A 36-Month Cost Model
Build software when a capability creates real margin, speed, trust, or something hard for a competitor to copy, and the expected advantage justifies…
Marketplace Unit Economics: Who Earns the Margin
A marketplace should measure unit economics from a completed transaction.