(A Candid Conversation We Rarely Have)
Founder: “What do investors actually look for at pre-seed? Everyone says traction, but no one defines it.”
Investor: Let’s start with what we don’t look for—buzzwords, inflated TAMs, and 50-slide decks. At the earliest stage, those don’t reduce risk; they only create noise.
What we really look for is clarity.
Can you explain the problem without jargon?
Can you tell us who the customer is and why they care—without looking at a slide?
Most strong founders can.
Founder: “But what about founder-market fit?”
Founder-market fit isn’t about resumes. It’s about earned insight. Have you lived close enough to the problem to know what doesn’t work? Have you tried—and failed—before arriving here?
Founder: “Is revenue mandatory?”
Not always. But evidence is. Revenue, pilots, LOIs, repeat usage, or even strong inbound interest—all count. What doesn’t count is confidence without proof.
Founder: “What’s the biggest red flag?”
When founders optimise for valuation before understanding the business. It signals misplaced priorities.
The best founders don’t pitch.
They explain.