Naval Ravikant breaks down the five qualities of exceptional startups:

1. Traction
2. Team
3. Product
4. Social Proof
5. Pitch / Presentation

He says that of these five, the startup should focus on which one quality it can do exceptionally.

For more, see his talk: http://venturehacks.com/articles/unfundable-startup

Andrew Chen wrote about that talk: "People spend a surprising amount of time on things that will contribute little or no value to getting them to a seed round, and this talk is the best I’ve seen in terms of presenting the issues in its entirety."

For more, see: http://andrewchenblog.com/2011/06/21/video-the-anatomy-of-a-fundable-startup-by-naval-ravikant-of-angellist/

And more commentary here: http://pandawhale.com/convo/2447/the-anatomy-of-a-fundable-startup-by-naval-of-angellist-andrewchen

@ifindkarma nice

I'm so happy to see Twitter two-way syndication working again, here's a bonus: Top Ten Rules of Entrepreneurship, by Reid Hoffman and Evan Williams.