I just found a great blog post on the topic of vetting a startup.
A few takeaways:
- It has to be more than a good idea
- What it boils down to is are people willing to pay for the service/product.
- In fact, have them hand over actual money
- In may not work for the “Twitters” of the startup world
- You’ll know that you’ll have revenue as soon as you have a working product
The blog post gets into more of the details, if you’re interested.