Felicis, Lux Capital and Upfront Ventures tackle TAM at Disrupt

Perception is everything — especially when it comes to the value of software startups and total addressable markets (TAM). During 2020 and 2021, as COVID bit into the economy, tech products turned out to be more recession-resistant than expected. What’s more, tech companies grew faster than previously anticipated.
Those conditions combined to make TAM feel huge last year, which, in turn, led investors to pay far more for startup shares, calculated against their existing revenues. However, the growth rates of companies that caught a demand tailwind from COVID have dropped sharply, meaning that

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