Jahanvi Sardana, a principal at Index Ventures, gave us her invaluable pro tips on Total Addressable Market (TAM). She shared that same TED-like talk during TechCrunch’s 2025 All Stage event in Boston. Sardana engaged with the audience, emphasizing that while TAM is crucial, founders should focus on broader considerations to attract investor interest.
Sardana likened understanding TAM to surfing. She categorized the market into three distinct buckets: the known market, the emerging market, and the invisible market. She calls the invisible market, “the most fatal trap” for founders. She calls it “a little bit of a dark art.” She emphasized the need to give entrepreneurs more clarity in their aim. They just need the right support and direction to help them see the possibilities that lie ahead of them.
Drawing on relatable analogies, Sardana noted, “Everyone brushes their teeth,” to illustrate that even commonplace needs can lead to innovative products. She referenced smartphones from 2006, stating, “Think about smartphones in 2006; nobody knew they wanted them and they changed the world.” This was a great example to illustrate that often times, the most revolutionary ideas come from identifying unexpressed consumer needs.
Sardana recognized four critical waves that founders needed to ride their way to success, the internet, mobile, cloud and now, the latest wave, artificial intelligence. She advised entrepreneurs to not rely too heavily on market reports, as these can often confuse or misinform their strategic direction.
At the time, one of the audience members asked what investors look for in a startup. Sardana replied that it’s absolutely critical for founders to be able to prove why their products or services are better than incumbent market players. “You have to tell me why you’re building a better toothbrush,” she remarked, underscoring the importance of differentiation in a crowded market.
Sardana stressed the elements that will set a company apart from the crowd. To make her point, she used non-alcoholic beer as analogy long before it was trendy. She shared that knowing and taking advantage of new evolving trends can make or break the path of a startup. Reflecting on a particularly challenging question posed by an audience member, she stated, “That’s a tough one, but a really important one.”
Sardana concluded her talk with a thought-provoking inquiry for founders: “Have you shaped the right product to ride this wave?” This question acts as a challenge to innovators everywhere to shape their innovations to fit with the evolving landscape of markets and technology.