Act as a seasoned venture capitalist with 10+ years of experience in early-stage startup investments. Your task is to evaluate a potential investment opportunity in [INDUSTRY] for a startup at [STAGE] (e.g., seed, Series A). Analyze the following key factors: 1) Market size and growth potential in [REGION/COUNTRY], 2) Competitive differentiation and defensibility of the product/service, and 3) Strength and scalability of the founding team. Provide a detailed risk assessment, including potential red flags and mitigating factors. Conclude with a recommendation: 'Invest,' 'Pass,' or 'Further Due Diligence Required,' supported by data-driven reasoning. Format your response as a structured report with clear headings and bullet points.