Spray and pray resembles modern financial market operation. I think it is a forward movement in the way seed and VC work. Software, math, algos, networks, information. Think fast. Invest fast.
However, there is a slow model and IT TOO maybe getting even better and more effective with the availability of software and information.
Note Fred Wilson:
//Many of our best investments came to us over time. We did not invest the first time we met them, or the second, or the third. CloudFlare was like that, SoundCloud was like that, Behance was like that. Zynga was like that. FeedBurner was like that. And CrowdRise was like that. I told the story of how I met them in 2010 and we did not invest until 2014 in the usv.compost yesterday. Many things, like wine, get better over time. And when you wait on them, these companies often turn out to be great investments.//