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Your assumption is resting on your guess of 2%. I say it's high. If it's .01% instead, the math looks a bit more grim.

My experience in conversion from FREE to PAID is 2% is pretty standard. 5% is very good. <1% is meh.

you've not provided any reasoning on why Overleaf should not be in the "meh" category of converting users though.

I did not say it was def not a MEH category

I created this thread to find likeminded people to give insights

What's your experience in converting to paid? Grad students aren't known for being the most wealthy set of people.