Looking at a company non-holistically is impossible, so this should always be taken with a grain of salt, but in rough order of priority it’s:

1. Founder background
   1. Openness
   2. FMF
   3. Ability to build / ability to sell / ability to recruit
2. Market
   1. Knowledge of competitive landscape
   2. Market sizing
3. Product
   1. Uniqueness / Differentiation
   2. Time-to-market for scaled product
4. Traction -- early signs of adoption, revenue, engagement, attention
5. Deal dynamics -- valuation, round composition, investor fit / value add

This obviously changes as rounds / markets change, but the biggest piece that decides success of early stage companies at this stage is ability to listen to customer and pivot, but this only matters if you prove an ability to chat and interest customers with your background and/or idea.

On traction specifically, any okay founder can sell 10k worth of ARR, but it isn’t a signal of PMF unless it’s scalable and repeatable.