Jeff Clavier angel investor, Founder and Managing Partner, SoftTech VC
UPDATE - Jeff Clavier: My Product Considerations
During the Aug. 26, 2015 Bloomberg West TV show, Jeff Clavier indicated that he now invests in business-to-business type companies (i.e., the enterprise space). This accompanying post re: the consumer space was kept herein because his comments are still valuable and relevant for consumer-oriented companies.
“I look at the three typical factors [when investing]: the team, the product, and the market.”
Here are his product considerations.
“Because I invest mostly in the consumer space, I will ask, Do they understand consumer mechanics, customer acquisition, and customer retention. Do they think properly about the key metrics of the business and how to optimize them? Do they understand monetization? How do you make money [and how scalable is it?]
Then I look at the product, the concept, is it differentiated? Have I seen ten or twenty versions of this thing in the past? Is it unique? How defensible is it? How replicable is it?  How can they grow this thing? 
[Clavier’s ultimate question]: how can you build a team that really has a scalable product into an interesting market?” Jeff Clavier, Seed Capital From Angel Investors: Jeff Clavier, Founder And Managing Partner, SoftTech VC; July-Aug. 2010; http://www.sramanamitra.com/2010/07/28/seed-capital-from-angel-investors-jeff-clavier-founder-and-managing-partner-softtech-vc-part-1/