This post gives advice to the Y-Combinator class as they get ready to raise capital. It advises the startup how to take ownership of its fundraising process. Most importantly, he advises to know what capital the company will need in an A round (the round after the one they are raising now), then determine what resources and goals it will need to achieve to be prepared to raise that kind of an A round, and then to structure its seed round to get there.
Like other brilliant advice, it sounds like common sense – after you read it. There’s more good stuff, too – go read it.