Nothing is _required_ but lack of a demo will make it much harder to convince an investor that your team gets the market and can build the right product, especially in 10 minutes. You'll have to compensate for that somehow.
If it's a hardware gadget, can you produce renders of the device and mockups of the UI? How have you been able to convince others so far?
If it's a hardware gadget, can you produce renders of the device and mockups of the UI? How have you been able to convince others so far?