If he did tell you that, how can any current holder see them as the leadership to take this forward?
That sounds like a continued excuse for not being able to sell the product - and that doesn't bode well if leadership just stares at that wall.
Pivot, do something. That's basically suggesting that they can't get the product over the line at any scale in the only targeted industry.
(Step 1: Know your market
Step 2: Find the gap
Step 3: Fill the gap
dot dot dot)
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