[malvosenior]

This is a pretty old school take on VC evaluation (maybe because he hasn't been a VC for very long?).

Things that matter in today's world:

1. Team (how do they know you/what have you done)

2. Traction

3. Industry (to some degree, more as a blacklist)

That's pretty much it for anything Series A and earlier. If you don't have a very high ranking in one or both of the first two categories, you will not be raising money.

[erichocean]

I'd especially second #3, which is a popularity contest. In my experience (raised money twice before, doing it again now), it's basically impossible to raise from VCs/Angels who are not actively looking to invest in your industry already, no matter how good your business is.