Mark Suster Partner Upfront Ventures and former entrepreneur
“ [Almost] all VC investments in early stage technology & Internet investments come down to just four key factors : management, market, money [i.e., valuation] and above all else momentum [i.e., mostly product momentum].
 The number one thing that investors get their checkbooks out [for is] momentum. [Momentum has various definitions]: user numbers, revenue, channel partners, biz dev deals, [etc.].
 [Suster’s investment decision is based] 70% [on] management, 30% [on] product.
 [Almost] all VCs care about investing in big markets with ambitious teams.
 Most VCs want to own between 20-25% minimum of [a] company.  [Investors need to] own enough [equity] to make it worth their time – thus “money”. And all of this is wrapped up in forward progress that [entrepreneurs] demonstrate over time.” Mark Suster, The Four Main Things that Investors Look for in a Startup, October 6, 2010