How much potential value does a startup need to have in order to attract VC funding?
Potential is relative but PREPARATION IS KEY. You need to be able to understand the vision for the company. I usually tell other entrepreneurs like me to stop calling your company a "startup" and start treating it as a business.
From this point of view, you should have done research on your market. If you've completed a beta test, that's even better. It takes time. Don't go to VCs with just the "idea of being the NEXT BIG THING."
You have a "million-dollar idea?" Well, prove it.
From the presentation, to market research to connections, you should be able to relay your vision in a clear manner.
If you need more help in organizing these things, you can schedule a call with me.