I have a great friend that has incredible experience in getting small companies funded with a track record of raising somewhere near $1B (Craigster, you know who you are). I have had the pleasure of being through a significant number of VC meetings on Sand Hill with him living the process in getting multiple companies funded.
Here is his checklist on what makes an early stage company fundable.
2. Customer traction.
3. Sustainable differentiation
4. Serviceable market size
Keep this in mind as you develop your company and you will be much more interesting to any investor and better position your company for long term success.