A management team with less or no relevant experience may impose high risk on the business in future.

A business with a huge target market gets a low risk rating as opposed to a business that targets a niche market or a relatively smaller market.

Patented products or technology are unique and protected and thus warrant a low risk rating

Too many competitors in the target market may indicate a higher level of risk for the company

Does the product need to be heavily marketed? Any potential sales risks? How high is the customer acquisition cost?

Given your awareness of the ecosystem, how likely is it that the business will have trouble raising capital in subsequent rounds?

Any other risks that the business faces including legal, political, environmental, operational etc.