Stages of venture capital

Pre-seed: Basic / applied research 
	  idea conceptual risk/ proof of concept

Seed:
	Stage 1: Innovation and commercialization
		 Development market management/growth

	Stage 2: Start-up company
		 Market / management and risk growth

Early first round: Roll-out product management and growth risk

Mid follow-on: Work capital infusion
	       Growth risk

Late: Successful commercial venture