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In each step of funding there are 5 questions you (and potential buyers) can be asking: Tell me about your group, your product, your traction, what you are promoting model and the market. The big thought about all of this is that at each step of funding, the order and precedence of workforce, product, traction and market adjustments. There aren’t any customers and no product, only a series of minimal viable products. Now it’s time to lift money to amass paying prospects. Now that product/market match is part of the lexicon most understand that the product also needs passionate clients. By the top of the pre-seed stage (a few yr into your startup), your startup has evidence that they’ve found product/market match. The objective of the product at this stage shouldn’t be a sale, but to check hypotheses about customer product/market match. One of many robust things for a startup is to figure out how much of the “product” needs to be real and working at each stage of funding. In the pre-seed stage, a startup is searching for product/market fit. Any wins thus far in your startup?