This document discusses opportunity recognition and evaluation. It covers several key points: 1. It outlines the learning outcomes around understanding opportunity evaluation criteria, cognitive biases, and assessing viability. 2. It describes the foundations of recognizing opportunities, including potential value, newness, and desirability. 3. Cognitive biases and heuristics that can impact evaluation are explored, such as overconfidence, planning fallacy, and illusion of control. 4. Criteria for evaluating opportunities from a venture capitalist's perspective are provided, including experience, proprietary products, and realistic financials.