We’re in the midst of creating our MVP and we currently have a waitlist going. How much traction do we need before looking for funding?
Do you need revenue? Or is the waitlist enough? I know it’s a tough market, and I’m sure having revenue would help, but we’d like to raise now.
You should be more interested in quality than quantity.
Your traction should represent your progress toward establishing a reliably repeatable sales process.
From the beginning of the customer development process, one of you primary goals is to prove that you can successfully identify, locate, engage, and sell to a specific customer segment, and do so with predictable conversion / churn / return / etc rates.
As others have said, the evidence takes different forms at different stages, for different products, in different business models, and for different types of customers and markets. But it all comes down to proof that you’ve accomplished the above.