I think the seed bubble is certainly annoying, but that's largely angel investors. It's largely folks who made a few million dollars having success in someone else's startup (Google, Facebook, whatever) and thinking they're business geniuses with lots to offer the next generation of entrepreneurs. Many of them are little more than dumb money but think they're adding a ton of value, and entrepreneurs humor them and take the checks. As a result a lot of crap gets funded early.
But VCs still play at the bigger level for more money and most of these me-too startups that get their million dollars go nowhere and get no follow on funding and die. The bubble of seed will eventually go away as these angels realize that investing is hard and they have better things to spend their money on.
As someone who has been involved in a billion dollar project that required up front investment of around $250million I can tell you that finding very large sums of investment for capital intensive businesses with good return metrics is not hard - there's a lot of money that at that scale only has limited options for putting it in play. Sovereign wealth funds alone are desperately seeking out deals at this scale.
But VCs still play at the bigger level for more money and most of these me-too startups that get their million dollars go nowhere and get no follow on funding and die. The bubble of seed will eventually go away as these angels realize that investing is hard and they have better things to spend their money on.
As someone who has been involved in a billion dollar project that required up front investment of around $250million I can tell you that finding very large sums of investment for capital intensive businesses with good return metrics is not hard - there's a lot of money that at that scale only has limited options for putting it in play. Sovereign wealth funds alone are desperately seeking out deals at this scale.