What isn't stated is that you have to solve a real problem with a unique solution that is eminently defensible. And that you have proof points as to why you can do this better than others. And that you know how to make it a business (business model). Yes, you can "fake it" to some degree, but you have to have done enough real work to convince the money people it can work. And another thing that is not stated, is that pre-revenue, pre-product companies are a very narrow niche of investors.