Plus you will find many other typical problems with remote and distributed teams (cross-communication, misunderstanding, less bouncing of ideas, bonding, agility/speed of change, etc.) to be other big bottlenecks once/if things get moving.

Being in the same place, at the same time, and working closely together with people you respect and trust is essential to creating a fast moving startup less likely to die or stagnate.

There are reasons why the most successful ones were two guys in a garage.