Paul, why do you call the firms clones? Aren't you a clone of a seed stage incubator? I absolutely love what you do but to say that there are clones in the investment world (where there is zero scale) is a weird way of looking at the world. You probably have enough money to fund every good idea in each intake but you certainly don't have the time to spread out across those ideas. So if you have inspired more capital to come into this stage then surely that is a good thing for founders?

If there is competition, then founders only win out in the end. If someone was 'pressured' into accepting before other options played out that should be a huge signal to the founder that the firm is less than desirable.