Seasons

What Does Seasons Mean?
A slang phrase used by venture capitalists to refer to the current stage of a proposed business idea or concept.

The progression is spring (infancy), summer (adolescence), fall (maturing), winter (mature).  

Investopedia explains Seasons
Like many investors, venture capitalists are always trying to discover the "next big thing". The real trick is being able to discover the next big thing before it is even on anyone else's radar.
 
If a concept or idea is so new and fresh that no one (including other venture capitalists) really knows about it or understands it, it is likely in the spring phase. As it matures, it progresses through the other seasons.

For example, in the late twentieth century there was lots of buzz about new technologies like HDTV and RFID; however, once everyone is talking about an industry or concept, it has probably already passed from the spring season in to the summer season.