My understanding of the product / business development sequence

Stage Product Goals Strategy Type Optimal Financing Tidbits from Clay Christensen
Problem / Solution Fit  Listen to market. Initial prototypes.  Emergent. Iterate quickly and find what works.  Seed. Want patient investors. Don't want investors that will demand growth.  Find a customer “job” that is either not served, or overserved by existing products (and that can be adequately served at much lower price point).
Product / Market Fit  Release MVP. Iterate. Place “offers” in front of customers and validate both WTP and that necessary margins can be met.  Emergent Seed  Be patient for growth, impatient for profit.
Scale  Capture market share.  Deliberate. Once what works has been found, memorialize it and develop process model around it.  Series A / Expansion capital. At this stage, taking larger sums of money from investors that will demand growth is in alignment with the business goals.  Pay attention to the weakest and strongest points in the value chain, as opportunity will migrate from strong to weak over time.