As more seed firms invest, the average graduation rate for seed companies will likely drop, even though the theoretical ceiling stays at 100%. The question is what that decline means for the market in practice.
To me, it seems inevitable that we're going to go to a world where the average rate of graduation is much lower because there's a lot of seed firms with money, and it's Lake Wobegon, and everybody thinks they're better. As Hadley Harris from the reason you think you're better than average. And statistically, half of us are wrong. The real question is like, well, what's the ceiling on graduation? If averages come way down, and I think the ceiling is still 100%, there will be some people who get every one of their companies through seed. The question is, but what does that mean? Because it's not getting.
