All 3 but I think most important is feeling sure that the business leaders understand Engineering trade offs and who to sell the product. You can’t do everything. Everything comes with an opportunity cost.

Have the business leaders thought that through? Can they talk about it credibly? Can they explain how they imagine the company will succeed?

There are certain characteristics around focus, willingness to make hard decisions etc that are more important to me than a “record of success”. Past success doesn’t indicate future success. After all, there’s a ton of luck involved.