From a fund perspective, we have a very simple definition of a team that we want to support. Let’s say if we invest two million dollars in a business, we need a conviction that the market can support a two million dollar exit. In that case, any single deal that we write a check into will return a fund. 

That’s the model that we have and that needs to be satisfied. For any company, it is important to work in a market that's sized appropriately so that we can find our X outcome. The hardest part of our job is saying no to founders that are actually the best people in the world to solve certain problems, but their market is too small. 

If you have a great idea but the market is too small, you should be going to angel investors. That’s one of the mistakes that sometimes founders are going to make just because they don't understand how the mechanics of venture capital investing work.