The point of the article seem to be: don't need a prototype if you have a fantastic, seasoned team - because we invest in the team and not the product. Great,

The point of the article seem to be: don't need a prototype if you have a fantastic, seasoned team - because we invest in the team and not the product. Great, but that doesn't apply to most people. Thus, the prototype and some signs of traction are generally required for the average team to get investment.