Good post, Rob. I am not sure the pre-seed market will play out the same way the seed market did. Pre-seeds are more proprietary — entrepreneurs are less likely to shop around to many firms if they’re raising < $1m — and so deal flow/reputation/relationships matter more because there’s less syndication going on. As you know, we have created micro-seed funds to invest in pre-seed companies organized around communities. The first being The Graduate Syndicate, organized around the Harvard community and the second being XFactor Ventures, organized around the community of women entrepreneurs. We will soon be launching a third. Who knows if this is the right strategy, but we have been struck by the power of community and semi-proprietary (nothing is 100% proprietary) networks in the pre-seed market.