{"id":1045,"date":"2020-12-30T00:06:24","date_gmt":"2020-12-29T16:06:24","guid":{"rendered":"http:\/\/www.yizhayan.org\/wp\/?p=1045"},"modified":"2020-12-30T00:06:29","modified_gmt":"2020-12-29T16:06:29","slug":"%e3%80%8a%e9%a3%8e%e6%8a%95%e3%80%8b2027","status":"publish","type":"post","link":"https:\/\/www.yizhayan.org\/wp\/?p=1045","title":{"rendered":"\u300a\u98ce\u6295\u300b2027"},"content":{"rendered":"\n

VC\uff1aan American History\uff0c\u8fd9\u662f\u82f1\u6587\u540d\u3002\u5e74\u521d\u5148\u662f\u8bfb\u82f1\u6587\u7248\uff0c\u8bfb\u4e86\u4e00\u534a\uff0c\u89c9\u5f97\u5f88\u6709\u610f\u601d\uff0c\u767e\u5e74\u524d\u7684\u6355\u9cb8\u4ea7\u4e1a\u4fe8\u7136\u5c31\u662f\u5f53\u4e0b\u7684VC\uff0c\u8fd1\u671f\u7ffb\u8bd1\u7248\u51fa\u6765\u8d76\u7d27\u8bfb\u4e86\u4e00\u904d\uff0c\u6bd4\u8f83\u751f\u6da9\uff0c\u6ca1\u6709\u9884\u671f\u7684\u597d\u73a9\uff0c\u4f46\u4f5c\u4e3a\u4ece\u4e1a\u8005\uff0c\u80fd\u591f\u4e86\u89e3\u8fd9\u4e48\u591a\u6709\u8da3\u7684\u5386\u53f2\u4f9d\u7136\u6536\u83b7\u591a\u591a\u3002\u6309\u60ef\u4f8b\uff0c\u505a\u4e9b\u7b80\u5355\u7684\u6458\u8981\uff0c\u540e\u7eed\u6709\u65f6\u95f4\u518d\u6765\u7cbe\u8bfb\u5427\u3002<\/p>\n\n\n\n

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VC\u4e5f\u662f\u9ad8\u5468\u671f\u6027\u3002\u98ce\u9669\u662f\u5929\u7136\u7684\uff0c\u591a\u5143\u5316\u5206\u6563\u98ce\u9669\u662f\u53ef\u9009\u62e9\u7684\uff0c\u6bd4\u5982\u505a\u4e00\u4e9b\u56de\u62a5\u4e0d\u90a3\u4e48\u9ad8\u7684\u6295\u8d44\uff0c\u9002\u5f53\u7684\u914d\u7f6e\u6765\u964d\u4f4e\u98ce\u9669\u3002<\/p>\n\n\n\n

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40\u5e74\u540e\uff0c21\u5c81\u7684\u65af\u83b1\u7279\u626e\u6210\u519c\u573a\u5de5\u4eba\u4ece\u82f1\u56fd\u5230\u4e86\u7f8e\u56fd\u3002\u4ed6\u548c\u963f\u7c73\u5c14\u5e03\u6717\u516c\u53f8\u5408\u4f5c\uff0c\u88ab\u8ba4\u4e3a\u662f\u4e00\u534a\u8bbe\u5907\u7684\u6240\u6709\u8005\u548c\u7ecf\u8425\u8005\uff0c\u8fd8\u6709\u6743\u83b7\u5f97\u51c0\u5229\u6da6\u7684\u4e00\u534a\u3002\u8fd9\u5145\u5206\u8bc1\u660e\u4e8618\u4e16\u7eaa\u9ad8\u79d1\u6280\u77e5\u8bc6\u7684\u4ef7\u503c\u3002<\/p><\/blockquote>\n\n\n\n

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\u5bf9\u4e8eARD\u7684\u6240\u6709\u6295\u8d44\uff0c\u591a\u91cc\u5965\u7279\u65ad\u8a00\uff1a\u5b9e\u9645\u4e0a\u6211\u4eec\u9047\u5230\u8fc7\u6280\u672f\u4e0a\u7684\u5931\u8d25\u3002\u6240\u6709\u5931\u8d25\u90fd\u662f\u4eba\u8fd9\u4e2a\u5c42\u9762\u7684\u5931\u8d25\u3002\u6700\u6709\u80fd\u529b\u521b\u529e\u516c\u53f8\u7684\u4eba\u5f88\u5c11\u6210\u4e3a\u4f18\u79c0\u7684\u7ecf\u8425\u8005\u3002\u7814\u53d1\u3001\u65b0\u6280\u672f\u7406\u5ff5\u548c\u5e74\u8f7b\u7684\u5c0f\u4f01\u4e1a\u672c\u8eab\u5e76\u4e0d\u662f\u53d6\u5f97\u5de8\u5927\u6210\u529f\u7684\u5173\u952e\uff0c\u4ed6\u4eec\u5fc5\u987b\u5f97\u5230\u6709\u529b\u7684\u7ba1\u7406\u3001\u5145\u8db3\u7684\u878d\u8d44\u3001\u5408\u683c\u7684\u751f\u4ea7\u65b9\u6cd5\u548c\u79ef\u6781\u7684\u63a8\u9500\u6765\u8865\u5145\u3002<\/p><\/blockquote>\n\n\n\n

<\/p>\n\n\n\n

\u8fd9\u6837\u7684\u5224\u65ad\u81f3\u4eca\u72b9\u5728\uff1a\u6838\u5fc3\u662f\u4eba\uff0c\u800c\u4e0d\u662f\u6280\u672f\u3002\u6280\u672f\u4e4b\u5916\u7684\u5546\u4e1a\u3001\u7ba1\u7406\u5176\u5b9e\u662f\u540c\u7b49\u91cd\u8981\u7684\uff0c\u8fd9\u6837\u7684\u7406\u89e3\u6211\u4eec\u4e00\u76f4\u5728\u52a0\u6df1\u3002<\/p>\n\n\n\n

\n

DGA\u2019s investment approach followed several of the basic principles. It was codified into six main criteria:<\/p>\n\n\n\n

  1. The company must have an unusual product line or service<\/strong>.<\/li>
  2. The product or service must have been substantially developed, and the time or cost<\/strong> of bringing it to the market should be predictable.<\/strong><\/li>
  3. A ready market<\/strong> for the product or service must be visible.<\/li>
  4. The company must have qualified management<\/strong> either on the payroll now or readily available.<\/li>
  5. There must be prospects for substantial growth<\/strong> in sales and earnings in the foreseeable future.<\/li>
  6. Ownership<\/strong> of the company must be limited and its securities privately held.<\/li><\/ol>\n\n\n\n

    DGA\u7684\u6807\u51c6\u81f3\u4eca\u4f9d\u7136\u9002\u7528\uff1a\u4ea7\u54c1\u3001\u5e02\u573a\u3001\u56e2\u961f\u3001\u80a1\u6743\u56db\u4e2a\u6838\u5fc3\u8981\u7d20\u548c\u53ef\u9884\u6d4b\u3001\u6301\u7eed\u589e\u957f\u52a0\u8d77\u6765\u516d\u70b9\u662f\u5173\u952e\u3002\u8fd9\u4e5f\u662f\u6211\u4eec\u65e5\u5e38\u5173\u6ce8\u7684\u91cd\u70b9\uff0c\u53ef\u9884\u6d4b\u5c31\u662f\u8d22\u52a1\u9884\u6d4b\u3001\u4e1a\u52a1\u91cc\u7a0b\u7891\uff1b\u6301\u7eed\u589e\u957f\u7684\u6838\u5fc3\u662f\u8981\u987a\u5e94\u8d8b\u52bf\u3001\u4fdd\u6301\u58c1\u5792\u3002<\/p>\n\n\n\n

    <\/p>\n<\/div><\/div>\n\n\n\n

    Greylock\u5728LP\u548cGP\u5c42\u9762\u4e0a\u4fdd\u6301\u793e\u4ea4\u5173\u7cfb\uff0c\u4ee5\u8463\u4e8b\u4f1a\u4f1a\u8bae\u4f5c\u4e3a\u4e3b\u8981\u7684\u6c9f\u901a\u5a92\u4ecb\u3002\u6700\u521d\u4ed6\u4eec\u6bcf\u5e74\u4e0e\u7ebd\u7ea6\u548c\u6ce2\u58eb\u987f\u7684LP\u4e3e\u884c11\u6b21\u8463\u4e8b\u4f1a\u4f1a\u8bae\uff0c\u8fd9\u79cd\u505a\u6cd5\u4e00\u76f4\u6301\u7eed\u523020\u4e16\u7eaa70\u5e74\u4ee3\uff0c\u540e\u6765\u4f1a\u8bae\u51cf\u5c11\u5230\u6bcf\u5e748\u6b21\uff0c\u518d\u51cf\u5c11\u81f3\u6bcf\u5e744\u6b21\u3002\u4ed6\u4eec\u57281965\u5e74\u7684\u300aGeneral Investment Policy<\/em>\u300b\u7684\u5907\u5fd8\u5f55\u53cd\u6620\u4e86\u5b83\u5bfb\u6c42\u7684\u6295\u8d44\u673a\u4f1a\u7c7b\u578b\uff1a<\/p>

    1. Young growth<\/strong> companies, in all promising<\/strong> fields, which require developmental capital<\/strong>. 2.Established small or medium size companies which are embarking on new programs, taking the first steps to outside ownership, or the assumption of control from an inactive founder .3.Speculative new companies based on new products, new processes, new services, or new ideas, usually of a technological nature<\/strong>. 4. Undervalued securities, which appear to offer considerable promise because of imminent operating improvement<\/strong>.<\/p><\/blockquote>\n\n\n\n

    Offering further detail on\u00a0Specific Investment Characteristics<\/strong><\/em>, it provided the following set of guiding questions:<\/p>\n\n\n\n

    1. Is the venture in which the investment is proposed managed by people of outstanding competence and integrity<\/strong>?<\/li>
    2. Does the financial basis of participation<\/strong> offer a realistic opportunity for substantial capital gains?<\/li>
    3. Does the proposed dollar investment represent a significant participation<\/strong> in the venture?<\/li>
    4. Do the other owner partners, including the management, appear to be compatible in objectives<\/strong>?<\/li>
    5. Does the situation offer unusually attractive sales growth<\/strong> possibilities?<\/li>
    6. Are the products or processes, if a new company, developed at least through the early prototype stage<\/strong> and are they adequately protected<\/strong> during the formative years, either by patents or sophisticated technological know-how?<\/li>
    7. Can an important contribution<\/strong> in the form of business counsel and participation by the investor be made which will advance the successful development of the situation?<\/li><\/ol>\n\n\n\n

      Greylock\u7684\u4e03\u4e2a\u51c6\u5219\u4e5f\u6709\u503c\u5f97\u6df1\u601d\uff1a\u56e2\u961f\u6b63\u76f4+\u76ee\u6807\u4e00\u81f4\u3001\u8d22\u52a1\u56de\u62a5\u673a\u4f1a\u3001\u5927\u6bd4\u4f8b\u80a1\u6743\u53c2\u4e0e\u3001\u6301\u7eed\u589e\u957f\u3001\u5ea6\u8fc7\u65e9\u671f\u9636\u6bb5\u4e14\u53ef\u5408\u7406\u4fdd\u62a4\u3001\u6295\u8d44\u4eba\u80fd\u505a\u51fa\u91cd\u8981\u8d21\u732e\u3002<\/p>\n\n\n\n

      \u63a5\u4e0b\u6765\u662fVenrock\u7684investment strategy\uff1a<\/p>\n\n\n\n

      1. Objectives:<\/strong>
      (a). Seek long-term capital gains<\/strong> through investments in innovative enterprises<\/strong>. (b). Foster the development of new businesses and new technologies which generate social, technical, and economic benefits<\/strong>.<\/p>

      2. Activities:<\/strong>
      (a). Screen new investment proposals; (b). Make investments after extensive review<\/strong>; (c). Monitor and assist portfolio companies<\/p>

      3. Investment Criteria:<\/strong>
      (a). Quality and competence of management team<\/strong>; (b). Technology advance<\/strong> with more than one product application. (c). Sound business plan<\/strong>; (d). Rate-of-return target<\/strong>s; (e). Visibility of a route to liquidity<\/strong>.<\/p><\/blockquote>\n\n\n\n

      \u8fd9\u6837\u7684\u7b56\u7565\u975e\u5e38\u503c\u5f97\u5b66\u4e60\uff1a\u901a\u8fc7\u521b\u65b0\u578b\u4f01\u4e1a\u6536\u83b7\u957f\u671f\u8d44\u672c\u56de\u62a5\uff0c\u8fd8\u8981\u6536\u83b7\u793e\u4f1a\u3001\u79d1\u6280\u548c\u7ecf\u6d4e\u8fdb\u6b65\u3002\u6295\u8d44\u9879\u76ee\u6807\u51c6\u662f\u597d\u56e2\u961f\u3001\u597d\u6280\u672f\u3001\u597d\u8ba1\u5212\u3001\u597d\u56de\u62a5\u3001\u6d41\u52a8\u6027\u3002\u57fa\u4e8e\u8fd9\u4ef6\u4e8b\uff0c\u6211\u4eec\u53ef\u4ee5\u628a\u81ea\u5df1\u7684\u6807\u51c6\u91cd\u65b0\u6253\u78e8\u3002<\/p>\n\n\n\n

      \u4e09\u4e2a\u5173\u952e\u4eba\u7269\u771f\u6b63\u5b9a\u4e49\u4e86\u4eba-\u6280\u672f-\u5e02\u573a\u7684\u5206\u7c7b\u6cd5\uff0cArthur Rock\u4e3b\u8981\u5173\u6ce8\u4eba\uff0cKPCB Tom Perkins\u5173\u6ce8\u6280\u672f\uff0c\u7ea2\u6749 Don Valentine\u4e3b\u8981\u5173\u6ce8\u5e02\u573a\u89c4\u6a21\u3002<\/p>

      \u6295\u8d44\u4e8e\u4eba\u3002Davis \u7684\u7b56\u7565\u5f88\u660e\u786e \u201cback the right people<\/strong>.\u201d \u4eba\u9020\u5c31\u4ea7\u54c1\uff0c\u800c\u4ea7\u54c1\u4e0d\u4f1a\u9020\u5c31\u4eba\uff0c\u53ea\u6709\u6781\u5c11\u6570\u7684\u4eba\u62e5\u6709\u7ba1\u7406\u548c\u6fc0\u52b1\u4ed6\u4eba\u7684\u80fd\u529b\u6765\u5efa\u7acb\u975e\u51e1\u7684\u9ad8\u6210\u957f\u516c\u53f8\u3002\u4ed6\u8bbe\u5b9a\u4e86\u5408\u9002\u7684\u4eba\u76846\u4e2a\u6807\u51c6\uff1aIntegrity.\u00a0Motivation.\u00a0Market Orientation.\u00a0Skills and Experience.\u00a0Accounting Ability.\u00a0Leadership.\u00a0<\/strong><\/em><\/p>

      \u6295\u8d44\u4e8e\u6280\u672f\u3002KPCB<\/p>

      \u6295\u8d44\u4e8e\u5e02\u573a\u3002Don Valentine\u8bf4\u8bc4\u4f30\u5e02\u573a<\/strong>\u7684\u597d\u5904\u5728\u4e8e\u901a\u5e38\u5b58\u5728\u7740\u975e\u5e38\u7cdf\u7cd5\u7684\u6570\u636e\u6765\u6e90\u3002\u56e0\u6b64\u6211\u4eec\u5c3d\u53ef\u80fd\u4e0e\u6240\u6709\u4fe1\u606f\u6765\u6e90\u4ea4\u8c08\uff0c\u5fc5\u987b\u627e\u51fa\u8fd9\u4e9b\u4fe1\u606f\u788e\u7247\uff0c\u5e76\u4f5c\u51fa\u5224\u65ad\u3002\u800c\u4e0d\u662f\u50cf\u5927\u591a\u6570\u4eba\u90a3\u6837\uff0c\u4ed6\u4eec\u66f4\u613f\u610f\u5728\u5176\u4ed6\u57fa\u7840\u4e0a\u505a\u5224\u65ad\uff1a\u4ea7\u54c1\u662f\u5426\u53ef\u4e13\u5229\u4fdd\u62a4\u3001\u6280\u672f\u662f\u5426\u9886\u5148\u3001\u56e2\u961f\u662f\u5426\u662f\u4e16\u754c\u7ea7\u7684\u3002<\/p><\/blockquote>\n\n\n\n

      \u4eba\u3001\u6280\u672f\u7684\u91cd\u8981\u6027\u6bcb\u5eb8\u7f6e\u7591\u3002Don\u7684\u5e02\u573a\u89c6\u89d2\u63d0\u4f9b\u4e86\u975e\u5e38\u6709\u610f\u601d\u7684\u89c2\u5bdf\uff1a\u8981\u53bb\u8bc4\u4f30\u5e02\u573a\uff0c\u5c3d\u53ef\u80fd\u62fc\u51d1\u4fe1\u606f\u6765\u505a\u51fa\u5224\u65ad\u3002\u8fd9\u5176\u5b9e\u662f\u6df1\u5ea6\u7814\u7a76\u7684\u6838\u5fc3\u5185\u5bb9\u3002<\/p>\n\n\n\n

      NEA\u7684Newhall\u4e3b\u5f20\u5411\u5e74\u8f7b\u5408\u4f19\u4eba\u5e7f\u6cdb\u5206\u53d1\u9644\u5e26\u6743\u76ca\u4ee5\u4fc3\u8fdb\u9886\u5bfc\u5c42\u6709\u5e8f\u4ea4\u63a5\u3002\u664b\u5347GP\u4e4b\u524d\uff0c\u5458\u5de5\u9700\u8981\u4f5c\u4e3a\u521d\u7ea7\u5408\u4f19\u4eba\u5de5\u4f5c3-6\u5e74\uff0c\u5e76\u6b64\u524d\u4f5c\u4e3a\u6295\u8d44\u7ecf\u7406\u5de5\u4f5c3\u5e74\u3002\u6700\u597d\u7684\u5408\u4f19\u4eba\u62e5\u6709\u6295\u884c\u3001\u6295\u8d44\u548c\u9ad8\u79d1\u6280\u8fd0\u8425\u6280\u80fd\u3002<\/p>

      \u201c\u4f60\u53ef\u4ee5\u4e86\u89e3\u98ce\u6295\u7684\u6240\u6709\u89c4\u5219\uff0c\u4f46\u6ca1\u6709\u4efb\u4f55\u4ef7\u503c…….\u89c4\u5219\u5fc5\u987b\u662f\u81ea\u7136\u672c\u80fd\u7684\u4e00\u90e8\u5206\uff0c\u4e0d\u662f\u6e05\u5355\u516c\u5f0f\u3002\u771f\u6b63\u91cd\u8981\u7684\u4e1c\u897f\u5728\u6bcf\u79cd\u60c5\u51b5\u4e0b\u90fd\u6709\u6240\u4e0d\u540c\uff0c\u53ea\u6709\u901a\u8fc7\u4e0d\u65ad\u6c89\u6d78\u5728\u827a\u672f\u548c\u52aa\u529b\u5de5\u4f5c\u4e2d\u624d\u80fd\u4fdd\u6301\u548c\u63d0\u9ad8\u6280\u80fd\u3002\u91cd\u8981\u7684\u662f\uff0c\u6210\u529f\u6765\u81ea\u5bf9\u4e8b\u5b9e\u7684\u63d0\u524d\u6d1e\u6089\uff0c\u800c\u4e0d\u662f\u4e8b\u540e\u7684\u77e5\u6653\u201d\u3002<\/p><\/blockquote>\n\n\n\n

      \u975e\u5e38\u597d\u7684\u5efa\u8bae\u3002<\/p>\n\n\n\n

      \u98ce\u6295\u4e4b\u6240\u4ee5\u9002\u5408\u9ad8\u79d1\u6280\u6295\u8d44\uff0c\u662f\u56e0\u4e3a\u5b83\u6d89\u53ca\u5bf9\u6280\u672f\u8fdb\u6b65\u7684\u901f\u5ea6\u548c\u65b9\u5411\u8fdb\u884c\u957f\u671f\u9884\u6d4b\uff0c\u800c\u98ce\u6295\u4f1a\u5728\u672a\u6765\u613f\u666f\u5b9e\u73b0\u65f6\u4ece\u6295\u8d44\u4e2d\u83b7\u5f97\u5de8\u5927\u7684\u56de\u62a5\u3002<\/p><\/blockquote>\n\n\n\n

      VC\u641e\u4f20\u7edf\u4ea7\u4e1a\u5176\u5b9e\u662f\u4e89\u8bae\u6ee1\u6ee1\uff0c\u548c\u9ad8\u79d1\u6280\u7d27\u5bc6\u7ed1\u5b9a\u7684\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u8981\u7d27\u5bc6\u56f4\u7ed5\u79d1\u6280\uff0c\u800c\u4e0d\u662f\u6a21\u5f0f\u3002<\/p>\n\n\n\n

      \u7ea6\u7ff0\u675c\u5c14\u89e3\u91ca\u9053\uff1a\u201c\u7845\u8c37\u4e0d\u518d\u662f\u5173\u4e8e\u7845\u7684……\u800c\u662f\u5173\u4e8e\u5173\u7cfb\u7f51\u201d\u3002\u4ed6\u7684\u516c\u53f8\u7684\u6210\u529f\u5173\u952e\u4e0d\u4e00\u5b9a\u662f\u80fd\u7b79\u5230\u591a\u5c11\u8d44\u91d1\uff0c\u800c\u662f\u80fd\u591f\u5438\u5f15\u6700\u6709\u80fd\u529b\u7684\u4e13\u4e1a\u9886\u57df\u4e13\u5bb6\u4ece\u4e8b\u521b\u4e1a\u6d3b\u52a8\uff0c\u6216\u8005\u5e2e\u52a9\u7ba1\u7406\u7f3a\u4e4f\u7ecf\u9a8c\u7684\u7ba1\u7406\u56e2\u961f\u3002<\/p><\/blockquote>\n\n\n\n

      \u8fd9\u624d\u662f\u771f\u8c1b\u3002\u4e3a\u4ec0\u4e48\u5c0f\u5708\u5b50\u5982\u6b64\u91cd\u8981\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

      VC\uff1aan American History\uff0c\u8fd9\u662f\u82f1\u6587\u540d\u3002\u5e74\u521d\u5148\u662f\u8bfb\u82f1\u6587\u7248\uff0c\u8bfb\u4e86\u4e00\u534a\uff0c\u89c9\u5f97\u5f88\u6709\u610f\u601d\uff0c\u767e\u5e74\u524d\u7684\u6355 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-1045","post","type-post","status-publish","format-standard","hentry","category-book"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p6VzCl-gR","jetpack-related-posts":[{"id":1686,"url":"https:\/\/www.yizhayan.org\/wp\/?p=1686","url_meta":{"origin":1045,"position":0},"title":"\u6211\u4ece\u8fbe\u5c14\u6587\u90a3\u91cc\u5b66\u5230\u7684\u6295\u8d44\u77e5\u8bc6 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