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).
3. The per-placement program fee is funded from the placement's student-side capital stack — tuition, financial aid, and workforce funds — not billed to the nonprofit host.
Exchange Flywheel JVI sits between the two sides and earns on both, so the Combined Obtainable (SOM) = Supply SOM + Demand SOM — program-fee revenue per host placement plus subscription revenue from student customers. 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.