[Spoom]

As I understand it:

Graduated from or attended Stanford or an ivy league school (but preferably specifically Stanford). Proven track record of success. Under 30. Without family ties. Has impressive hacks they can mention on their application. Has a product with current traction. Has a product with unicorn upside potential ($1B possibilities). Product is very early in its lifecycle. Not a single founder (preferably two to three). Can sell the startup quickly (this is important if you make it to the interview) and address potential issues with the business plan.

But remember that at this point, they probably only interview 1 in 500 applications if that, so there's a lot of chance involved as well.