Outside of hubs, and even in hubs, it's ridiculously hard to raise money for a startup that isn't making money. I had so many conversations with investors for thecityswig.com who literally did not even want to have a conversation about user and customer traction if it didn't involve them writing me a check or paying me for something - no matter HOW good the news was. Did not even want to hear it. And maybe that's ok, maybe that's even good, but it's certainly true.