That pretty much sums it up. VCs are looking for the 10x return (depending on what size funds they've raised and their thesis). Those type of opportunities are dwindling (for many reasons), but there are many, many smaller markets which you can carve 2% of the market at and not be a billion dollar business but be a $50 million and own all of your company.

Exactly. And it's not just that there are nice size opportunities left, it's that it's easier to succeed as a bootstrapper with a lot of people funded because there's less competition in the spaces that bootstrappers generally play in.

An added benefit of targeting a sub-section of the market is that these big companies are doing the awareness marketing for you.