I am attending the 9th Spartina Summit, which is a two day off-site hosted by David Hehman and Howard Love, two brilliant entrepreneurs and angel investors with whom I have had the privilege of counseling and co-investing over the past 16 years. Founders of their portfolio companies and an assortment of angels are attending. We had a fantastic discussion today about seed investing. The topic – how much do terms matter? My take: the vast majority of returns on a reasonable portfolio of seed investments are driven by a subset of “breakout” companies. The rest rarely move the needle. Pick well – that is the priority. Terms should be sane, but are much less important. Thoughts?