Commercially viable – Does the company have a product or service that can reproduced efficiently to generate revenue?
Identifiable market – Is there a clearly defined market ? Does the company meet an identifiable need in that industry? Any reasonable plan to meet the identified need in an efficient, revenue-generate manner?
Strong management – Do team have vision, expertise, and ability to propel a business to significant level of growth? Why are they best suited to tackle opportunity?
Sustainable competitive advantage –What are strengths and weaknesses?
Attractive business model - High gross margins, recurring or transaction-based revenue streams, short sales cycles, capital efficient , and strong unit economics.
Other factors – Past operations, amount of funds needed and their intended use, future earning projections, conditions, and potential long-term capital.