- A unique idea with high barriers to entry. Included in this are ideas that can't be easily replicated and the technology can be patented.
- A compelling value proposition. The product/service must have high customer service, be scalable, must address a large market that is ripe for disruption, and must fill an unmet need.
- Market traction. Show the market opportunity is sizable and that there is early customer adoption.
- Having the right team in place. Management must have domain expertise, the right skill set and ability to evolve as quickly as the market does.
I would add reasonable valuation expectations. In my experience, many entrepreneurs have inflated valuation expectations that make it hard for VCs to invest.
It's a good article and worth a read. Here's a link: