By "VC" I'll assume you mean an investment fund of some sort (Angels, Private Equity, Venture Capitalists, etc.) who'd typically invest in some stage in the life of a rapidly growing company.
People is always #1.
A good individual can convert a good idea into a successful business. The reverse is rarely true.
Does one of the founders have domain expertise in areas most critical to business success? If you're a bike enthusiast developing new wheels for mountain bikers, yes. If you've never been on a bike and you thought this up while watching extreme cycling on TV? Not as much.
Can the individual/team execute? Have a track record? Known or have good references? Come prepared? Persistent? Coachable?
In many ways an investment is like a marriage. After signing the deal you may be stuck with each other a while so it helps if you like each other, know what you're signing up for, and are in it for the long haul.
#2 Is there and invest-able BUSINESS here? (i.e. am I the investor going to make the amount of money I need in the time I need it)
It never fails to surprise me that some people act like they don't understand that investors want a return on their investment. If you want to make an investor smile, show them that you've thought about how they're going to get a return on investment. Show that you treat the investment like a precious good to be managed and used when needed. If you don't know how to manage a budget; get the skills and/or find someone who does. Giving money to someone who doesn't know how to manage money is a sure way to loose it.