Prototypes /= traction so that almost won't help either. I had a prototype two years ago. Nobody cared. We had an MVP a year ago, nobody cared. Now we are out there actively selling and even then investors are saying: We want to see that you will have 1MM in revenue in the next 12 months before we decide.
A rule of thumb in fundraising is this: "When you don't need money you will be able to get it."
I agree that a prototype /= traction, but it is a necessary step to get traction. I understand that marketing/sales are necessary to expose the product to target users, but a prototype allows founders to reiterate based on feedback to build what people want.
I agree with your rule of thumb too. One analogy that best described it IMO goes something like, "Investors are there to throw gas on the fire, not ignite it."
I understand that marketing/sales are necessary to expose the product to target users, but a prototype allows founders to reiterate based on feedback to build what people want.
This is certainly true as it will help validate your idea/market, and it is a step toward traction. A common mistake though is to assess positive feedback to a prototype as traction. Your quote is also apt. Here is another from me, right now:
A rule of thumb in fundraising is this: "When you don't need money you will be able to get it."