Is it Up-and-Down or Side-to-Side?

Many businesses grapple with a fundamental market question: should I go vertical and target a specific industry (but reduce my total addressable market) or go horizontal and increase my total addressable market (but deal with a lack of focus)? Although this is a difficult question, I conjecture that going vertical is often the right choice. Focusing on specific industries, market segments, or demographics allows growing companies to further fine-tune their offering without compromising valuab...