What Counts as Traction at Pre-Seed (When You Have No Revenue)
At pre-seed, traction includes any measurable proof that people want what you're building: waitlist signups, LOIs, pilot customers, user engagement data, published research, strategic partnerships, or early revenue of any amount. VCs at pre-seed are betting on insight and team, so even small signals of validated demand carry significant weight.
TLDR:
At pre-seed, you're not expected to have revenue.
But you need evidence of progress beyond "we have an idea."
Customer discovery, waitlists with strong engagement, letters of intent, product milestones, and team credibility all count as legitimate traction.
Here's how to present each one so VCs take it seriously.
Last updated: March 2026
At pre-seed, most companies don't have revenue. That's expected. But you should have evidence of progress beyond "we have an idea." The problem is most founders don't know what counts, so they either claim they have "no traction" or they pad the slide with weak metrics that hurt their credibility.
Here's what actually counts as pre-seed traction and how to present it.
Customer Discovery Evidence
Have you talked to potential customers? How many? What did you learn?
Customer discovery is legitimate traction because it shows you're building based on real market needs, not assumptions. But "we talked to some people" isn't compelling. You need to quantify it and show what you learned.
Weak version: "We've done extensive customer research."
Strong version: "We've conducted 80+ customer interviews with [target customer]. 73% confirmed [problem] as a top-3 priority. Key insight: [specific learning that shaped the product]."
The strong version tells me you've done real work, you have quantified feedback, and you've extracted actionable insights that are driving your product decisions.
Waitlist or Pre-Launch Interest
A waitlist isn't just a number. It's a signal of market pull. But raw waitlist size is less important than the engagement data around it.
Weak version: "We have 2,400 people on our waitlist."
Strong version: "2,400 signups from a single Product Hunt post two weeks ago. 34% organic referral rate. 68% opened our product update emails versus 21% industry average."
The strong version shows genuine interest through high engagement rates, not just a vanity number that could have come from a giveaway or purchased ads.
Letters of Intent or Pilot Commitments
Written commitments from potential customers are powerful pre-seed traction. They demonstrate willingness to pay once the product exists.
Strong LOI traction: "We have LOIs from 8 companies representing $340K in potential ARR. Three of these are [notable names] with [relevant credibility signals]."
Even verbal commitments matter if you can characterize them: "In customer discovery, 12 of our 80 interviewees said they would pay $500/month for this solution and asked to be notified when we launch."
This isn't revenue, but it's real signal that people want what you're building and are willing to pay for it.
Product Development Milestones
If you have a working prototype or MVP, that's traction. It shows you can execute and turn ideas into reality.
Weak version: "We've built an MVP."
Strong version: "Launched MVP 6 weeks ago. 45 daily active users testing the product. Net Promoter Score of 62. Three feature requests appeared in 80%+ of user feedback and are now in development."
The strong version shows the MVP is real, people are using it, they like it, and you're learning from them.
Team and Domain Credibility
In some cases, the team itself is the traction. If you have deep domain expertise or a track record of building successful products, that counts, especially at pre-seed where you're asking investors to bet on people more than metrics.
Strong team traction: "Combined 25 years in [industry]. Previous startup acquired by [company]. Advisory board includes [notable domain expert] and [relevant industry leader]."
This works because it reduces execution risk. VCs are betting you can build this, and your track record is evidence.
What If You Have None of This?
If you truly have nothing, don't fake it. Don't have a "traction" slide with weak content that draws attention to what you lack. Instead, have a "progress" or "milestones" slide that honestly shows where you are and what you're raising money to accomplish.
"We're pre-product and raising to build our MVP and test with 50 pilot customers" is honest and appropriate. Pretending to have traction you don't have will backfire immediately.
NOT SURE HOW TO FRAME YOUR PRE-SEED PROGRESS?
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KEY TAKEAWAYS
At pre-seed, you're not expected to have revenue. Customer discovery, waitlists, LOIs, and product milestones all count.
Customer discovery traction needs to be quantified with number of conversations, key findings, and how it shaped your product.
Waitlists matter less for size and more for engagement metrics like open rates, referral rates, and conversion.
LOIs and pilot commitments demonstrate willingness to pay before the product exists.
If you truly have nothing, be honest. Have a "progress" slide instead of a weak "traction" slide.
Vicki Politis
Founder, DeckToVC · Former VC Principal
Vicki spent 7 years as a Principal at a $400M European VC fund reviewing thousands of pitch decks. She's a Managing Director at Golden Seeds and taught venture capital at Yale. Her clients have raised $17M+ across 15+ rounds. Work with Vicki →
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