The similarity between the product-now/revenue-later startup model and the underpants gnomes plan is disconcerting at first glance. The point is that your Step 2 materializes based on focusing on a proper Step 1.
Also, for S&G, this is the dot-bomb business model.
1. Put something useless on the Web
2. ??????
3. Cash out before the investors get wise.
4. (optional) Repeat.
Also, for S&G, this is the dot-bomb business model.