Three Things to Consider:

Does the investor instantly understand your idea as you describe it?

Are you leaving room for the investor to be excited about the idea?

Are you getting them excited about your team?

On Market / Opportunity Size:

If you're raising VC money, can you convince them that you have a credible path to >$100M ARR - AND that without having to capture more than 10% of the market?

Top Down (macro):

TAM, SAM, SOM - where TAM = at least $1B and growing.
(and where your SOM assumption is not more than 10%)

AND

Bottom Up (micro):

"How many relevant users / customers do we think are available, and each user / customer would be worth $X / year for us, because..."

What SaaS Investors are looking for in 2024

Read the whole report from Emergence Capital and another report from Redpoint.