A Single Market

Small startups become very large companies faster in large single markets. India, China, USA, Russia, Brazil and Nigeria are perfect examples of very large markets. There are significant benefits of operating and building startups in a single market. I have spent the last few weeks in the USA. Whichever way you slice or dice it, the USA is enormous. 300Mn people. A single massively valuable market. There are very few companies in the USA which have country-wide distribution. Typically, the vast distances between states and cities makes it super difficult, or enormously expensive to achieve nationwide scale. So the restaurant make up in NYC is completely different to SF and LA alike. Supermarkets also exhibit regional champions, Walmart aside.
If you look at East Africa as a market block, Uganda, Kenya and Tanzania, collectively they have 123Mn people, but with differing language, economic, geo-political and regulatory frameworks. Nigeria is still a larger market, condensed into a ...