From the Xconomy article:
“Of seed investing, Levandov says, ‘It’s important to do it quick.’ The old venture model of thinking about a deal for several months just won’t work in this day and age, he says. That’s because ‘you can form companies quicker, and they build faster—so a lot of times the entrepreneurs need to keep going,’ he says. ‘The process of three to six months of getting through big partnership meetings is just not market appropriate anymore.’ Or, put another way, he says, ‘Due diligence is information you studiously gather if you want to kill a deal—or information you avoid if you want to do a deal.’”
Another good read on relationships with VCs and getting it done is here, a post by Rob May. Essentially it’s three rules as follows: 1) It’s never the right time, talk to investors now; 2) Ask for money; 3) Don’t get hung up on valuation. I also found the comment at the end of the post interesting, where a viewer says “That all feels about right. I don’t understand why so many entrepreneurs don’t like to talk to investors before they feel ‘ready’ for money. I wouldn’t hire a co-founder I just met, so why should I expect someone to give me money if they just met me?”
The moral of that comment and Rob May’s post? Treat your venture funding pursuits (and friends, family, angels as well as far as I’m concerned) as a sales cycle. It’ll take a while in 99% of the cases womb-to-tomb. At least that’s my experience and the experience of most people I talk to.