Responding as a former entrepreneur and a new seed-stage VC....and why we ask the questions we do.
1) Want to know about the founders' background(s).
1.1) Want to establish that the team has the right background for the problem they are trying to solve.
1.2) Want to understand if this team has any unique capabilities in their background that gives them an unfair advantage
1.3) What are the big gaps on the team that need to be filled out?
2) What problem are you solving & how
2.1) Is this a big problem
2.2) Is the solution unique and category creating
2.3) Will the solution be differentiated for a reasonably sustainable period of time
2.4) Is the solution compelling enough so that customers will pay
2.5) Is the solution a vitamin or an aspirin? Or does it solve problems 10x better?
3) State of the solution, product market fit, any user experience, feedback etc. cost structure and revenue model.
4) How will the company get to $1M/year, $1M/month, $2.5M/month in revenue - and how much investment will that take.
Typically you meet with a partner directly - we have no analysts - and after that we decide within 2-3 weeks - max.
We try our best to give our regrets to every entrepreneur with specific reasons - although I'm sure we're guilty of missing a response from time to time.
We love meeting with good product entrepreneurs!