At its Series A, ServiceUp had "concept-market fit"—the core idea was compelling enough to attract investors and early customers—but not yet product-market fit. The product didn't fully solve the problem, but the vision was strong enough to secure the capital needed to continue building towards it.

While incumbents sell roadmaps, startups can collapse enterprise sales cycles by demonstrating a fully functional product that is provably better *today*. Showing a live, superior solution turns a year-long procurement process into a 60-day sprint for motivated buyers.

It's possible to raise significant late-stage funding without revenue if you can demonstrate deep, sticky product love from a valuable user base, like developers. For investors like Sequoia, proving you've captured a hard-to-win market can be a more compelling signal than early revenue metrics.

When traditional metrics like ARR or DAUs are unavailable, ambitious hard-tech startups can leverage large, non-binding Letters of Intent (LOIs) from future customers to validate their vision and attract early-stage investment.

Applying the "weird if it didn't work" framework to fundraising means shifting the narrative. Your goal is to construct a story where the market opportunity is so massive and your team's approach is so compelling that an investor's decision *not* to participate would feel like an obvious miss.

Runway's founder justified a multi-year, pre-launch build by studying companies like Figma, which took six years to reach $1M ARR. This reframes building deep, foundational products as a test of stamina and team perseverance, not just a sprint based on raw intelligence or speed.

The bar for pre-seed funding has risen dramatically. With an abundance of startups already generating revenue (e.g., $1M ARR), VCs are choosing these de-risked opportunities over pure idea-stage companies. This "flight to quality" has bifurcated the market, making it extremely difficult for pre-revenue founders to raise.

Instead of creating traditional pitch decks he wasn't skilled at, Perplexity's CEO successfully raised funds from prominent investors like Yann LeCun by simply sending a link to the product. This highlights that a compelling, working product can be the most effective fundraising tool.

Crisp.ai's founder advocates for selling a product before it's built. His team secured over $100,000 from 30 customers using only a Figma sketch. This approach provides the strongest form of market validation, proving customer demand and significantly strengthening a startup's position when fundraising with VCs.