1. Additional revenue streams are identified but not included in this model: EOR, Grant, Placement, Conversion, and Fiscal Sponsorship fees.
2. The student TAM excludes 2.5M dual-enrollment & pre-college high-school students and 3.2M graduate students (master's & doctoral).
Exchange Flywheel JVI sits between the two sides and earns on both, so the Combined Obtainable (SOM) = Supply SOM + Demand SOM — subscription revenue from student customers plus program-fee revenue from host placements. Matched placements equal the smaller of student customers and available host placements, so the binding side caps realized volume. Each side unlocks the other — more funded students fill more host placements, and more activated hosts give more students a reason to subscribe — so the obtainable market compounds only when both sides grow together.
TAM Total Addressable Market — every potential user × annual value; the ceiling at 100% capture.
SAM Serviceable Addressable Market — the slice of the TAM the current product, channels, and focus can actually serve.
SOM Serviceable Obtainable Market — the realistic share of the SAM captured in 3–5 years; the customer target.