In the cult 1980 movie, Sir Henry At Rawlinson's End, Trevor Howard wakes up in bed, grabs his shotgun, fires both barrels at the ceiling and shouts: "Mrs B, Mrs B, I don't know what I want but I want it now."

Those in the suddenly fashionable incubator space feel the same: all are looking for the billion dollar idea that can make all concerned very rich but don't know what it is.

Incubators work at the very start of the process. They are looking for investment opportunities that can be as little as an idea scribbled on a napkin during an evening out. This area of funding carries the highest risk profile of any type of investment, as the odds on success may be only a few percent: it explains why incubators will typically take a large percentage of the equity, for a relatively small amount of money.

With too much money chasing too few deals, what criteria are used to assess proposals? And what should the ideas person look for from such a partner?

First: management. Although the internet boom has rewritten the rules on raising funds, there is still one constant: the quality of the management. This used to be about track record and proven business skills but is now tending towards age (youth), and confidence. This is likely to change as entrepreneurs with proven commercial success again become more important. In the US this is still the key, and those with three or more winning businesses behind them can almost name their terms when raising money.

Second: experience in the sector to be targeted. If the idea needs specialist knowledge, such as founding an exchange for surplus airfreight space (done) or establishing a portal for beekeepers (not done), does the management team come from the sector or will it have to spend time - the factor in shortest supply - learning it?

Third: is the idea expandable beyond just one country? Most incubator funds do not want projects that cannot be grown to at least a European level. They are always looking for the Exit Strategy - how they will cash in and collect. There are two ways: flotation or sale to a larger player. Everyone has half an eye on North American dot.coms entering European markets and buying them out.

Fourth: is this going to be first, second or third to a market niche? Any later and there is little chance of challenging the early entrants.

If you can launch within, say, six months of the first to market and your site is "better" then the investment can be justified.

Fifth, has the idea been funded in North America? If it has, and there is little sign of a European launch, then there may be an assumption that the American investor did its due diligence and went ahead, therefore so can the incubator.

Sixth, due diligence: funding at this very early stage can be completed in as little as two or three weeks. The incubator will not want to delay but will try to establish the following: size of the potential market targeted; that the revenue model is credible, and what the company could be worth in one to three years.

The entrepreneur faces two key decisions in deciding from whom to accept help. First: is there a meeting of the minds or do they look at you as their bankroll to an easy life?

Second: what do they bring other than money? Many incubators provide help with the business process, but how many can help you develop the technology you will need to build your site?

Not since the 19th century gold rushes has there been such an opportunity for an individual to reap the fame and riches on offer today. Sleep tonight, dream and may you wake with the next billion dollar brainwave.

• Larry Levy is founder and CEO of Protégé, which funds start-up ideas. Larry@protege.co.uk