1. Category leader (dominates a niche, see Gartner/Forrester)

  2. Recurring revenue (high visibility SaaS model)

  3. Large and growing TAM vs market share (>$2B market cap, the potential to 2-3x over the next 3 years, position on S-Curve?)

  4. Defensible moat (network effects, branding, IP, partnerships, distribution channels, architecture, switching costs, economies of scale, barriers to entry, talent, etc.)

  5. High gross margins (>70%) and organic revenue growth (>40%, preferably w/potential to accelerate)

  6. High DBNER (>120%) and gross retention rate (>90%)

  7. Progress towards profitability (improving non-GAAP gross and operating margins and cash flows, sales efficiency)

  8. Focused, mission-driven company culture, ambitious vision (4/5+ Glassdoor rating?)

  9. Founder CEO, experienced management, and high insider ownership (insider buying?)

  10. Rapid customer growth with fast sales cycles (preferably bottom-up/land and expand model)

  11. Diversified customer base (strong pricing power, few dependencies)

  12. Optionality and rapid product development (creating a platform/ecosystem?)

  13. User satisfaction/mindshare (external job postings, reviews, conferences)

  14. Valuation (sustainable multiple w/opportunity for expansion?)

  15. Geographic/industry familiarity (US-based? Can I easily explain their product offering?)

  16. Technical indicators (healthy relative strength, volume, accumulation/distribution, moving averages trending up, etc.)