A barely working proof of concept is just as much vapor as a PowerPoint deck. The difference is that investors will have a lot more confidence that you are seri

A barely working proof of concept is just as much vapor as a PowerPoint deck. The difference is that investors will have a lot more confidence that you are serious if it's an app, even if that app has no more functionality than a slide deck. So tailor the level of effort to the investors you are talking to. In my experience, less experienced investors are more easily impressed by a simple app, where more experienced investors will see it for what it is - glorified PowerPoint.