“what RUA did is they enabled people to go from being on the couch to running a 5K to running a 10K and now they're an athlete so for Strava that's a massive TAM expansion number one right so now all of a sudden you can actually be for people that are not athletes but want to be an athlete.”

Runna/Strava is the blueprint: be the TAM expansion a giant cannot build internally

Crowley advised the Runna sale to Strava. The acquisition thesis was TAM expansion plus a second pricing tier: Strava had strong retention but weak tiered pricing, while Runna onboarded people who weren't yet athletes. Rather than building this internally — which Strava couldn't do without cannibalizing their identity — they acquired it. The lesson: build for the consumer a giant's core user base doesn't yet include.