Here is to know before engaging on a venture journey:
Market
The market assessment comes down to a look at the startup’s industry and competition. The larger the industry and the faster it is growing the better. The less competition the better, especially if that competition is already well funded pointing their fresh venture capital marketing bullets in our direction.
Model
The model assessment comes down to two things: the overall business model and the unit economic model. From the business model standpoint, how are you making money and what will be the ROI on the investment? The unit economic model determines the lifetime value of a customer’s revenues with the cost of acquisition. And yes… it is also about trust, but the KPIs determine a “ok, lets do it” or a “nah, I will pass”
Management
It is nothing but experience… crucial. On industry, building the startup from the basics, teamwork (do you trust and relate professionally? Is there chemistry and commitment?) What do people say about you (personal, professional)? Can you related with investors on the time spend on the process from beginning to end?
Momentum
Customer and revenue. How fast can both be attained and retained? If you get it, the guarantee for investment will be 50% of certainty and indeed, you will see more doors of opportunity.
Conclusion
Focus and give your priority on the developing (new) or boosting (upgrading) campaign to get the customer and revenue as quickly as possible. Be consistent. Be aggressive. It does not matter the status of your business (startup seeking the capital, seeking one strategic partner.
Marcfields - Capital Management 