The question is therefore not only whether you have enough traction to speak with an investor.
The question is which uncertainty the investment should help the company reduce, what you have already documented, and what remains only an assumption.
“Capital can buy the company more time. It cannot make an undocumented result true.”
The Startup Compass
I see traction as the company's résumé.
When you apply for a job, you do not merely describe what you hope you can do.