I am talking to a lot of startups who are at different stages in their development. When first discussing a project, I look for 2 main components to see if an application can be successful:

(1) Is the project ahead of the competition and a leap from the current stage of the art? In other words:   Can you name at least one thing that is unique about your project?

(2) Is there a great market demand? It is very important that future users have a tangible reason to buy the product. Is it cheaper than current alternatives? Higher in quality? A unique feature?