I have a number of criteria that I use. At the top of the list is the idea and market for the idea. The third is the people. I look for people who understand what they are talking about, who have a really great grasp of the technology and the market. I also want to see the energy level and sense of commitment, and I want to see that they have some ability to grow and mature.
Some folks think they know it all and are really unwilling to listen and take guidance.
That does not mean they should implement everything I suggest, but I do look for someone who is willing to listen and consider ideas not only from me but from other advisors as well. Last spring Wall Street went cool toward tech stocks. I started receiving a hell of a lot more business plans, which for me is somewhat bad. I spend more time reviewing business plans than I do doing anything else, and I would prefer to have a better balance where I spend more time working with the companies I have invested in. I just don't have enough time anymore.