Unfortunately, there is no clear-cut answer to this question. What you need to raise money depends on many circumstances, including your personal connections and creditworthiness, the type of venture you are building, and the traction you have achieved. If you want to raise debt financing (like loans), you are likely going to need either revenue or very good personal credit and the ability to put up collateral for the loan. If you want to raise equity, you’re going to need some very strong customer traction. Angel investors are sometimes willing to fund pre-revenue ventures as long as there is a clear market need and a solid team. Institutional investors will likely want to see revenue, Letters of Intent from stakeholders, or clear IP that obviously needs capital in order for it to be developed.