Entrepreneurship: Does early revenue matter?

I define early revenue is the money your business makes before or shortly after a first serious investment.  In  the old days, many companies started up and raised money with no plans for early revenue.  These were R&D type business where the R or the D was going to take several years AFTER the investment.  In the information age, and post-bubble(s), I sense something has changed.  Investors seem less likely to invest in businesses without Early Revenue.  Do you agree?