The author identifies two types of fundraising in startups: "Attention spikes" and "Explainers." Attention spikes are driven by excitement around a specific aspect of a startup. For instance, if a founder has a successful track record or if the team includes notable researchers from a well-known company, they are likely to attract immediate interest from investors. Traction plays a significant role here as well, although the necessary level of traction can fluctuate dramatically based on market conditions. The author points out that during recent phases, the required revenue growth to secure funding shifted from around $1 million to an undefined higher threshold, highlighting the unpredictable nature of investor interest. Explainers, in contrast, are startups that lack the immediate attention-grabbing elements. These companies often have solid potential but require founders to clearly articulate their business's value. They typically attract less competition and feature pricing that can be more favorable. However, they face challenges in fundraising due to their less flashy profiles. Building relationships with investors before launching a fundraising round can be crucial for these founders, allowing them to cultivate conviction about their business without the stress of an active fundraising environment. A key challenge is determining whether a startup fits into the Attention Spike or Explainer category. Founders can gauge their status based on investor behavior. If investors are eager to engage and fund, the startup likely falls into the Spike category. Conversely, if founders struggle to secure meetings but have a solid core of supporters and a growing business, they may be better positioned as Explainers. The author emphasizes the importance of understanding where a startup stands in order to strategize effectively for fundraising efforts.