Suppose the deck for Midjourney hit Paul Graham's desk, and the CEO was just an average Y Combinator CEO - so no previous success story. He would have never invested in Midjourney at seed stage (meaning before launch / before there were users) even if he were given the opportunity.
Better to read that particular story in the context of, "It would be very difficult to make a seed fund that is an index of all avant garde culture making because [whatever]."
Better to read that particular story in the context of, "It would be very difficult to make a seed fund that is an index of all avant garde culture making because [whatever]."