N: The NEED must be real. The market should be increasing exponentially into the future of a reasonable timeframe (usually depending on the time to market for a technology in this space), usually expressed by a nontrivial %.
A: Explain your APPROACH so that an investor can quickly understand. This includes
1) How your solution works
2) How technologies associated with your solution work
3) The business model (how your solution will make money)
4) IP (patent, trademark, copyright)
B: The BENEFITS should outweigh the costs, including current costs caused by the NEED, costs for customers to switch to your solution ("switching costs"), and costs after your revolution. Watch out for ancillary benefits. The customer probably won't care about it.
C: COMPETITION must be analyzed, including Prior Art search, existing solutions, real and potential alternative solutions, and readiness and trajectories of future solutions and technologies. You don't want to be blindsided, and you want to have a good idea of when a new technology or solution will be ready to compete with yours.
All of the above must be explained so that an investor can quickly understand.
*The concept of NABC is from Carlson and Wilmot, Innovation: The Five Disciplines for Creating What Customers Want, Crown Publishing Group, 2006