The other more traditional way is to build the product, start selling it in the market and slowly grow. When you gain traction then financers come to you. Am I correct in my thinking? Any one way more advisable/prevalent?
In my experience, the first strategy is successful when you already have street cred. Have built a couple of start-ups before and have a very strong network and relationships or you have been working for a tech company for many years in a group that made it very successful decides to leave and start something that solves a problem that your employer wasn;t willing to solve.
The second strategy is better for people with no street cred and limited networks. As you need some proof of traction before anybody will look at you. Even then, financiers may or may not come find you, you may still have to go look for them.