Some repurposing of content from Guy Kawasaki's book "Reality Check":
Realness: How big an impact is your company going to have on the world? Entrepreneurs who make meaning and change the world usually also make money.
Traction: Are you generating revenue currently? Do you have customer references? What proofpoints do you have that this can be a real business?
Cleanliness: Are there any lawsuits or disgruntled equity owners or other messes that have to be cleaned up?
Forthrightness: What are the messes and what's your plan to fix the problems?
Enemies: Who are your competitors? (It's not good to say 'none'. Can mean there's no market for your product or service.) Why do you have an advantage?
What problem do you solve?
How do you make money?
How do you get started?
The rest is a judgement call: are the founders trustworthy, believable and driven.