At the early stages — pre-seed and seed — you may have incorporated the company, you probably have a co-founder, and you almost certainly have very little revenue. What you have is conviction. And that's mostly what you're selling. The people who show up to invest at this stage know that. Friends and family. Angel investors who back people more than products. Accelerators like Y Combinator. Sometimes your own savings. They're betting on you — because there isn't enough of a b