VCs typically consider the potential market size of a product or business to be the most essential factor.
Don’t ask for an NDA. They talk to so many people, they cannot guarantee an NDA. Also, ideas are usually not as unique as we think.
Consider how you can make the partner look good to their team and investors. For example, how their investment in your company will yield an exceptional return.
You need to talk about yourself and the team. As an early-stage company, they do not have much else to base their decision on.
The stage of their fund and other investments they have made will impact the outcome. If they have multiple funds, ask which fund will they be investing from.
There is a dating period. The fundraising process is often romanticized and overly simplified, but it is actually quite long. It is best to start talking to investors well before you need to start raising funds.
Keep in mind that the promises you make regarding progress should be realistic. Overpromising and not delivering will have negative consequences, just like in any other area of life.
Many of them may be interested, but if they want to take the lead on the deal, it's best to ask early. Some will lead and participate, some will never lead, and some will make a decision on a deal-by-deal basis.
Ask if they will be able to fund the next round and inquire about follow-on investments. Not investing in the next round can have a negative impact.
Watch out for aggressive terms. The biggest one: more than 1x liquidation preference.
If raising on a note, understand the implications of using pre and post-money valuation caps.
11 More Things Every Founder Should Know About Venture Capital