This document discusses what local investors in Israel's startup ecosystem look for in potential investments. It notes that while it may seem easy for startups to raise money, only 30% actually succeed in subsequent funding rounds. The main reason for failure is not reaching significant milestones. Investors want to back companies pursuing large existing markets that can become "unicorns" (valued over $1 billion). Common traits of past unicorns included addressing competitive markets in ways that evolve existing behaviors, having untested founders, and no proven business model or revenue initially. The document outlines the types of questions investors ask about teams, products, competition, marketing, and risks. It provides examples of narratives investors prefer and ways to turn them off, concluding on