Rather than credit crunch gloom this summer, I've heard of more investment funds and initiatives springing up in search of the RIGHT innovative products and technologies to put money into.

An increasing number of them are focusing on women-led business ideas. I'm very pleased to have been appointed as a coach/mentor for one of these - FEW (Funding Enterprising Women), an investment-readiness programme just for women, run by Finance South East , and am in talks with more initiatives around the country (these things tend to run by geographical region, get reorganized every couple of years and change their qualification criteria, which is why it's so maddeningly difficult to build a useful list of them).

Even through the summer on the BBC's Dragon's Den we've seen record investments - She's Ingenious! contributors Sharon Wright and Jane Rafter both won investment, and much acclaim, for their clever new products.

So what does it take to have the "right" kind of idea for investment? Or for any kind of buy out or business partnering for that matter?

Here's a list of key criteria that investors and business partners are most likely to look for in a new product or technology:

• It has a unique proposition that beats out any of the competition. It could simply save significant costs in some innovative way.
• It comes with strong Intellectual Property to guard against anyone else providing something similar - preferably a granted patent, but possibly also a registered design and a distinct brand or registered trademark.
• There is a demonstrable and existing desire (not just a need!) for it in the marketplace. Maybe there are even orders for it already, or it has proven sales.
• There's a large enough market for it to cover development and business costs, as well as ongoing production costs.
• Its continued development is free of risks and won't incur spiralling costs. It won't cost a bomb to launch and market either.
• It makes best use of the latest production technologies, including digital technologies and the Internet.
• It complies with any industry standards and regulations, especially newly introduced ones that will be industry changers.
• It is particularly topical, for example, it counters swine flu, or is environmentally friendly, or counters anti-social behaviour etc.
• You and your management team or advisers are committed and credible.
• The pricing structure works in the market, and against ongoing costs.
• The idea is easily scaleable - the business will be able to grow quickly or the idea will be readily licensable.

Of course there are other criteria that individual investors and funds will want a new product or technology to meet.

It's also important to understand that generally investors won't put their money into concepts that are too early stage. The risks of failure are simply to high. So the more risks you can eliminate, the more issues you can solve and the more questions you have ready answers for BEFORE you pitch to investors, the stronger your chances of winning investment will be.

If your idea doesn't meet these criteria, it doesn't mean that it is doomed to failure. What makes a good INVESTABLE business idea can be different from the factors needed to build a smaller "lifestyle" business, for example. But do watch out, because if key ingredients are missing, it could mean you'll be in trouble if you seek investment or any kind of partnering deals down the line (including licensing).

To find out more about the general ingredients for success in any new product or business idea, read the cheat sheet and listen to the full teleseminar recording at http://www.shesingenious.org/members/157.cfm