I should also point out that once you have traction, you may not need investors at all. Oh how true. I was recently pitching an angel who was telling me that

I should also point out that once you have traction, you may not need investors at all. Oh how true. I was recently pitching an angel who was telling me that he didn't see a market for my app when my cell phone vibrated. I checked voice mail after the meeting. It was the president of one of my customers, asking if the angel "got it". If not, no problem, just get back there because he had a bunch of new requirements and some more referrals. He never understood why I was pursuing funding when there was already so much demand for what I was building. That's one time I wish I had been rude enough to take the call during the meeting, and handed off the phone saying, "Don't ask me. Ask him."