I usually care about accessing things in only four areas (in order of significance):
- MARKET: is there a market for your product right now? When if not now? How big is the market (will be the market)? Market means paying customers. Important to understand the last part. For Google, the market is not people using Google, it's the advertisers putting ads on Google.
- PRODUCT: What is unique about your product? Why is it hard to copy? Why is it better? Why will it spread like wildfire?
- TEAM: Who are you guys? Have you done startups before? Is there a balance between business (less important) and technology (more important)?
- DEAL: How much money do you want and how long will it last? When will we have another conversation about financing and what should I expect to see accomplished when we have this conversation?
Really, market is #1, product a close #2 — either it's market innovation or product innovation.
Be prepared to answer the standard: Why now? Why us? What will the investor get for their money? When will it happen?