Great article. FWIW though, I’ve found from being in Silicon Valley and then other startup communities elsewhere, that this notion differs. In my experience in California, Seed (and A, B, etc.) always were phases with an expected set of things done at each phase. It’s elsewhere where people talk and think “Seed” means investment to get started.

Seed phase — build the MVP, develop an audience and market, and test business model.

Having done that, raise your A to build the business model and monetization and start making money.

That lack of distinction elsewhere, that they’re phases, is what stifles communities. In Austin, for example, we have investors/advisors FAR too frequently telling founders at their Seed Phase that they need more customers and revenue… it makes no sense!