This study discusses the investment evaluation criteria employed by venture capital firms in deciding to invest in potential Indonesian start-up companies. Based on the literature, we observed 12 investment evaluation criteria commonly used by venture capital firms (VCFs) around the world. In this study, we evaluate whether VCFs investing in Indonesian start-ups employ the same criteria. This research was conducted using a questionnaire that employed a Likert-scale of 1-4, applied correspondingly to the answers as irrelevant, desirable, important, and essential criteria. The unit of analysis is Venture Capital Firms (VCFs) investing in start-ups as business partners in Indonesia, mostly in the Jabodetabek and Bandung area. Study participants were representatives of VCFs who occupied a strategic position in the firms and were therefore able to understand the condition and point of view of each VCF. Out of the 35 VCFs accessed, 19 were willing to fill out the questionnaire. We found that six criteria are considered important in Indonesia. They are (a) capable of sustained intense efforts, (b) able to evaluate and react to risk well, (c) thoroughly familiar with the market the VCF targets, (d) demonstrated leadership ability in the past, (d) have a track record relevant to venture capital investment, and (t) the target market has enjoyed a significant growth rate. Meanwhile, the property right aspect is an important aspect in the USA, but not in Indonesia. Instead, VCFs require that the product demonstrates market acceptance and has been developed to the point of a functioning prototype.