MARKET. http://pmarca-archive.posterous.com/the-pmarca-guide-to-startups-part-4-the-only http://pmarca-archive.posterous.com/the-pmarca-guide-to-star... That'

MARKET. http://pmarca-archive.posterous.com/the-pmarca-guide-to-startups-part-4-the-only http://pmarca-archive.posterous.com/the-pmarca-guide-to-star... That's all Fred is looking at in that phase-- because even an awesome team won't build a venture-sized business in a tiny or low-growth market. At our Demo Day, there was two teams that had a veritable investor feeding frenzy around them-- and they were both attacking markets that were either huge/rich or markets that were growing like gangbusters (and they had the good sense to talk as much about the market opportunity as they did about their product).