Shifting winds blowing “seeds” around

We’re beginning to see a shake-out in the increasingly crowded marketplace for seed-stage investing.  Fewer deals; bigger investments; tighter restrictions on valuation and more stringent preferred shareholder anti-dilution rights.  Here’s a great (brief) summary based on recent Pitchbook data.

I suspect the “spray and pray” strategy will soon be revealed to have been shockingly dumb, and that the premium will again be place on adding the value of expertise, mentoring, and careful guidance back into the equation of “what drives returns”.