Quora Answer: What Does a Startup Need to Show to Get Funding?

The following is my answer to a Quora question: “What sort of proof does a startup need to show that it can be successful before it gets venture funding?” 

Some people say you need a product, or a certain number of customers, or a workshop, or a patent, or whatever.  Actually, all you need is a good pitch, to the right investor.  There are investors who look for a great idea, and want to come in as early as possible.  If you can put together a pitch deck, and a core team, that is all you need for them. 

It then comes down to the actual pitch presentation.  You are asking for money, so make sure you practice your pitch with your team.  You need to put forward a compelling argument why you need that specific amount, what is the projected return, and what you are offering the investors in return.  Most people forget to put in the “What is in it for me” portion.  If you can do that, you get your seed funding.