First and foremost, the people we fund must have the potential for entrepreneurial greatness. It´s a rare thing. People with a deep passion for their business. People who want to a build a team that can succeed together. People who are endlessly inquisitive and boundlessly creative. People who wouldn't mind getting rich, but for whom wealth isn't the ultimate objective. People who have a sense of urgency, but who still find the time to listen and the courage to adapt. People whose confidence is balanced by a healthy dose of humility. People who are guided by integrity, and who expect the same of those around them. People who are dedicated to delivering exceptional customer experiences. These are entrepreneurs in the truest sense of the word.
Second, the idea must allow for the creation of fundamental value. Ideas that solve big unsolved (or emerging) problems, or address large, poorly served markets. Incorporate disruptive technologies and business models. Capital efficient businesses.
Plus, close enough for a day trip and early enough so that we can make a difference.