[mvpu]

Investors aren't stupid - they won't fund millions of dollars (series A and above) unless they see a working product that customers are raving about, a large market opportunity, and a clear go-to-market - general indications of product-market-fit (although the definition of PMF depends on the space and product). We have seen rare cases of outsized seed rounds w/o a product, but they are extremely rare (even today). So this notion of "go big or go home" isn't vaporware - most founders cannot get that kind of investments, and few that can (reputed, second time founders for example) think 100 times before they jump in.