Market: VF is not looking to invest in companies that do not cater to a market of at least 500 million euros. That market size should be the potential revenue if the company were to get 100% of market share and not the total GMV value. Eg: in a marketplace, the actual market size of a taxi hailing app is the 20% commission and not the total value of rides generated through the platform.
The core user experience is not a set of features; in fact, it is the job users hire the product for. Uber’s core user experience is to get a taxi easily at any time. The countdown, displaying when exactly the taxi will arrive, is a suitable feature that expands this experience. But Uber’s product works regardless of this feature. The countdown, on the other hand, cannot live without the product (the certainty to get a taxi easily at any time). There is a one-way interrelationship between feature and product: Features don’t work without the product. This is why designers should think in products first.