What's the first step you take when seeking investors for your startup?

I use my personal network. At least it helps, as a rule, to find out whether the product is in demand at all.

I'd say proof of concept. Are you in revenue is probably the number one thing that you need to take a look at. 1. Either you sell the dream on the pre-rev state of the org 2. In revenue and can sell based on the future of the org ie: roadmap - TAM - growing X segment - opportunity - retention etc.

The first step in seeking investors for a startup is identifying the target market and value proposition, then researching and creating a list of potential investors who align with your business goals, followed by crafting a solid pitch deck to present your idea.