How VC rate the start ups they back up?

From Gigaom

How do the Venture Capitalists rate the companies they back up?  Do they just read the business plan. Some as featured in this article has rather a unique way of selecting their winners.

l  Checking the cellphone;   how old is the cellphone;   how old or late they make their first call in the morning.   If they make early calls, then they call Eastern seaboard in USA and must be making a lot of State business;

2.  Stanford in resume  -  Many successful companies in Silicon Valley had Stanford diploma

3.  How street and academic smart are they.  The combination of both make for great entrepreneurs/business leaders.

4.  What do they read;  (yes book reports do count.  Special reports in the class)  They are indicative of their entrepreneurial knowledge

Secret algorithm of VC in selecting their winners by Remmy Oxley