My candid advice, before you invest in a project ask yourself;
1. What are the benefits of this project to the world and the future?
2. In the next 2 to 3 years, will the working product still be relevant?
3. Who is the targetted audience? Do the targetted audience really need this innovation?
This are good pointers but you forgot the most important part about the project. This can be answered positively and yet investors are still at a high risk of losing their investment why? Because the most important part is the developer. Are they able to deliver the project? Are they legit or true people? Are they competent enough to plan and compete in the market? This all about the project plan is good but remember they are all in writing only unless delivered by the developer. A genius project plan without any means of realization is still a failed project.