When considering a startup company for investment, an important factor to consider is the total possible market opportunity for the product or service. The market opportunity is an important metric for estimating the long-term potential for an early-stage company. However, early-stage companies often times are seeking to open up new markets, so specifying the actual market size is difficult. While the estimated market size will vary by company, we tend to focus on companies with a $100 million minimum market size, as that market is large enough to support a $25+ million company. Market sizes below this minimum make it difficult to achieve a meaningful return when factoring in competition and the potential dilution of later stage investors.