I completely agree. Seed financing is inherently unscalable. Investment partners need to spend a lot of time per investment and that severely limits their output.

Just like Sequoia are not a 'clone' of Kleiner Perkins, the same is to be said for competition: because both are unscalable businesses they can successfully co-exist and it certainly isn't a winner take all market. Indeed, the market is crying out for more firms, but the contraint is skilled early stage investors.

Also, Andy and Chris (who this article is about) both rock.