1. A lot of successful companies started out with super ghetto technology--even the ones that are famous for being very high-tech in the current days.
2. Nobody knows what company will succeed, including the VCs and you and me.
3. It is arrogant to think anyone has any idea what company will be a NO or MAYBE or YES. If you think that's bullshit and it's easy to spot a "NO", it probably means you haven't experienced this before, because I used to think that way too in the past. Then I went to SF and met companies that I thought would surely fail, they were disorganized, founders looked stupid, working on stupid problems, etc., then the next day they become wildly successful. After encountering several of those you become humble.
4. Conclusion: There is no such thing as "process" you're looking for, and that's how it should be because if you're a VC that follows a strict "process", you won't be around in a while. You can't predict anything. VCs are doing whatever they can and I am pretty sure they are statistically better than you and me at it because that's their job. We can say whatever about them but if somebody gave you $100million dollars today and asked you to invest in startups you and me will probably fail much more miserably than any VCs out there. It's not like I'm a VC fanboy, I just don't agree when people criticize others for something that they are not familiar with.