In this episode of Nothing Ventured, we’re joined by Elizabeth Yin, Co-Founder & GP at Hustle Fund, to break down what actually matters at pre-seed. We talk about why finding 100 rabid fans beats chasing TAM, why distribution is the last real moat, and how founders should think about product-market fit in 2026. Elizabeth shares: – Why most founders misunderstand PMF – The fastest way to validate demand at pre-seed – How to build distribution before product is perfect – Why niche markets win early – The biggest VC advice that hurts founders If you’re an early-stage founder, operator, or angel, this is a must-watch. Timestamps: 00:00 Why pre-seed is about speed, not polish 03:45 Finding your first 100 rabid fans 07:50 Why distribution is the real moat 14:30 PMF is not a moment 22:10 Bad VC advice founders should ignore Find [guest name] online at: LinkedIn: https://www.linkedin.com/in/elizabethyin/ Twitter: https://twitter.com/dunkhippo33 Hustle Fund: https://www.hustlefund.vc/ This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.