Outside the US, China has far and away the greatest number of private unicorn companies, at 55 total.
The most painful part of making a market map
We also asked you what the most painful part of making a market map was. Here is the breakdown of your responses.
We talked to a handful of our clients after and learned that, on average, it takes 3 weeks just to identify relevant companies and classify companies for a market map.
Assuming an analyst is paid $100k all-in, that works out to $6000 just to do one market map. And this is not to mention the opportunity cost of having a smart analyst sitting around Googling for info to feed the market map.
This also doesn’t consider the additional time finding logos using Google image search (this was hated by everyone) and trying to make the market map look good.
So doing 4 market maps per year is likely $25k of analyst time wasted.
On top of that, there is no way to keep the market map fresh, i.e. it’s a point-in-time snapshot.
Generally, market maps were regarded as important in helping teams understand emerging industry landscapes but also a royal pain in the arse.
Would love feedback on the parts of the market map-making process you hate most.