Co-founder of Union Square Ventures and author of the AVC blog.
Wilson's short, sharp definition: seed money is for building product and finding product-market fit, nothing else, and rounds sized or spent otherwise create broken cap tables and stranded companies.
The index post for Wilson's MBA Mondays series covering every startup financing option: friends and family, angels, convertible debt, venture debt, preferred rounds, and when each fits.
Wilson candidly reviews USV's own seed investing record and explains how a multi-stage firm actually thinks about seed checks, follow-ons, and the reserved-capital math behind them.
Union Square Ventures' Fred Wilson in a long-form TWiST conversation on how USV picks investments, his views on founder-investor relationships, and stories from Twitter/Tumblr-era deals.