Takeaway: sometimes for net new markets, "build it and they will come" isn't always enough. No amount of customer discovery can validate a market that doesn't exist.
Especially early on, you have to manufacture demand. Storytelling / narrative will be a big part of that.
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The story of Leo Meland.
He was a CME member for years before pitching the idea for a new type of exchange.
He had no way to prove demand, no target customers, and was openly ridiculed.
Payed Friedman to write an article supporting the idea.
The IMM launched a year later.
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