You can raise capital through a private placement of securities even without an operating history.
Most start-ups have no operating history. Consequently, investors will focus more on your management team’s prior experience and ability. There are a lot of great ideas, but your ability to execute your idea is ultimately what will convince investors to support your company.
To raise capital, you should have a financing strategy. This requires among other things determining your capital needs over each stage of your company’s development. You also need to understand your company’s valuation and the amount of equity you’re going to offer investors. This means understanding what your key milestones will be and how much capital will be needed to achieve each milestone, and the terms of the capital, which includes rates of return, percentage ownership, and stock preferences.