Anyone who has pitched VCs knows they are obsessed with market size. If you can’t make the case that you’re addressing a possible billion dollar market, you’ll have difficulty getting VCs to invest. Smaller, venture-style investors like angels and seed funds also prioritize market size but are usually more flexible. For early-stage companies, you should never rely on quantitative analysis to estimate market size. The only way to understand and predict large new markets is through narratives.