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There's a well known and clearly visible trend that more institutional (i.e. not friends and family) investment is moving later stage for "normal" software businesses.

Actually the trend in the venture business is actually the opposite. The biggest change in the last few years has been the increase in pre-series A investments, both by "super-angels" (which are structurally mini VC funds) and existing VC firms.

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Hi pg, thanks for the reply.

I may have done a poor job of wording as I used the word stage which has a specific meaning. What I meant was the first investment (seed) has moved from idea stage to prototype.

With the clarification, do you think it is accurate?

I haven't noticed any change. We've always hoped people would at least make some sort of prototype. That's how one explores ideas, or at least ideas about software.

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