7 Ways to Win Investors At The Pre-Revenue Stage

Many early-stage founders successfully raise capital without revenue by building credibility in other ways. If you focus on showing investors that you understand the problem, have a strong plan, and are the right team to execute it, you can earn their trust and raise funds before a single dollar has come in. Here’s how:

1. Validate the Problem
The first thing investors want to know is: Does this problem matter to anyone? If the answer is no, it doesn’t matter how great your product is. Start by deeply understanding your target audience. Conduct user interviews, surveys, and market research to quantify the size of the problem. Share insights, quotes, and data to support your findings. If 70% of your target users say they’ve experienced this pain point, that’s a compelling stat. Bonus points if you can show that the problem is growing or underserved by current solutions.

2. Show Traction Without Sales
You don’t need sales to prove traction—you need indicators that people care. Examples of pre-revenue traction include:

• A waitlist with thousands of signups

• Pilot program participants

• Beta testers giving regular feedback

• Signed letters of intent or MOU's

• Partnership agreements

• Media mentions or earned press

Highlight this kind of progress. It shows momentum and signals that you’re already executing.

3. Emphasize Founder-Market Fit
Investors often say, "We invest in the jockey, not the horse." That means you matter just as much as the business. Founder-market fit is the idea that you are uniquely suited to solve the problem based on your background, insights, or lived experience. Maybe you worked in the industry for years and saw the gap firsthand. Maybe you’ve built something similar before. Share your story. Investors want to see passion backed by perspective.

4. Share a Roadmap
Without revenue, clarity of vision becomes even more important. Outline your short-term and long-term goals. What milestones will you hit in the next 3, 6, and 12 months? How will you use the funds you raise? A detailed use-of-funds breakdown (e.g., 40% product development, 30% marketing, 20% team, 10% operations) gives investors confidence that you’re thinking strategically.

Include your go-to-market strategy. How will you acquire your first 100, 1,000, or 10,000 customers? What distribution channels will you prioritize? The more concrete, the better.

5. Build in Public
One of the most underutilized strategies for early-stage credibility is building in public. This means regularly sharing progress, wins, lessons, and even failures on platforms like LinkedIn or through a newsletter. When you show up consistently with updates, you build a reputation for being transparent and driven—two qualities investors love.

For example, you might share:

• Product mockups or early feature demos

• A behind-the-scenes look at team brainstorming sessions

• User feedback or testimonials

• Progress toward key milestones

These posts also serve as a living archive of your journey, which potential investors can follow over time.

6. Assemble a Strong Advisory Network
Another way to increase trust is by showing you’re not building alone. Having experienced advisors involved—even informally—can make a big difference. These can be industry veterans, former founders, or investors who are mentoring you. Showcase their involvement on your campaign page or pitch deck. It signals that smart people believe in you.

7. Be Ready to Answer Tough Questions
When you’re pre-revenue, investors are going to scrutinize everything else more closely. Be prepared to answer questions like:

• How big is this market really?

• What evidence do you have that users want this?

• What’s your unfair advantage?

• How will you make money eventually?

• What are your biggest risks?

Anticipate these questions and practice answering them clearly and confidently. The goal isn’t to have all the answers, but to show that you’ve thought deeply about the business.

Not having revenue doesn’t mean you’re not ready to raise. It just means you need to highlight different strengths—like vision, team, early traction, and community. If you can paint a compelling picture of where you're going and why you’re the one to get there, investors will listen.