Product is important but it's on the second place. Basically, Team A with product B is better than Team B with product A.
That's how big investors make decisions.
Yes I truly agree with you.The top priority of the investors are the good product.The investors mind is to invest for gaining not for losing money.Why would you invest a business if it is not interested.
The product is very important for the success of the project. If the team has a working product or a working demo version then the chances are that the project will succeed as well as attract large investors.