Mike Maples Jr. Founding Partner Floodgate and former entrepreneur
“[It’s] important to have massively huge markets and that without a great market, a startup has almost no chance of being great.
 [We] don’t talk in terms of available markets. The reason is when I can analyze the total available market, the market’s too obvious, and if the market’s obvious, then big companies are probably already going after it.
So, we like to talk about the total potential market.  [The] market is ambiguous, but it’s potentially huge.
[That’s] the hardest challenge for us as investors, evaluating a market’s potential. All the other things that we look for are pretty easy to spot early on, but assessing the market’s potential is really, really hard. I think it’s as much black art as it is science.” Mike Maples, Seed Capital From Angel Investors: Mike Maples, Founder And Managing Partner, Floodgate, July, 2010; http://www.sramanamitra.com/2010/07/13/seed-capital-from-angel-investors-mike-maples-founder-and-managing-partner-floodgate