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\/><\/p>\n<p>\u6700\u540e\u4e00\u70b9\u2014\u2014\u98ce\u6295\u884c\u4e1a\u5e94\u8be5\u7f29\u5c0f\u2014\u2014\u4e5f\u662f\u9519\u8bef\u7684\u3002\u6216\u8005\uff0c\u81f3\u5c11\u5bf9\u4e8e\u79d1\u6280\u751f\u6001\u7cfb\u7edf\u3001\u5bf9\u4e8e\u521b\u5efa\u66f4\u591a\u4ee3\u9645\u79d1\u6280\u516c\u53f8\u7684\u76ee\u6807\uff0c\u4ee5\u53ca\u6700\u7ec8\u5bf9\u4e8e\u4e16\u754c\u6765\u8bf4\uff0c\u8fd9\u90fd\u662f\u574f\u4e8b\u3002\u6709\u4e9b\u4eba\u62b1\u6028\u98ce\u6295\u8d44\u91d1\u589e\u52a0\u5e26\u6765\u7684\u4e8c\u9636\u5f71\u54cd\uff08\u786e\u5b9e\u6709\u4e00\u4e9b\uff01\uff09\uff0c\u4f46\u5b83\u4e5f\u4f34\u968f\u7740\u521d\u521b\u516c\u53f8\u5e02\u503c\u7684\u5927\u5e45\u589e\u957f\u3002\u5021\u5bfc\u66f4\u5c0f\u7684\u98ce\u6295\u751f\u6001\u7cfb\u7edf\uff0c\u5f88\u53ef\u80fd\u4e5f\u662f\u5728\u5021\u5bfc\u66f4\u5c0f\u7684\u521d\u521b\u516c\u53f8\u5e02\u503c\uff0c\u5e76\u4e14\u7ed3\u679c\u4e5f\u53ef\u80fd\u662f\u7ecf\u6d4e\u53d1\u5c55\u66f4\u6162\u3002\u8fd9\u4e5f\u8bb8\u89e3\u91ca\u4e86\u4e3a\u4ec0\u4e48 Garry Tan \u5728\u6700\u8fd1\u7684\u4e00\u6b21\u64ad\u5ba2\u4e2d\u8bf4\uff1a\u201c\u98ce\u6295\u53ef\u4ee5\u3001\u4e5f\u5e94\u8be5\u6bd4\u73b0\u5728\u5927 10 \u500d\u3002\u201d\u8bda\u7136\uff0c\u5982\u679c\u4e0d\u518d\u6709\u7ade\u4e89\uff0c\u67d0\u4e2a\u4e2a\u4f53 LP \u6216 GP \u662f\u201c\u552f\u4e00\u7684\u73a9\u5bb6\u201d\uff0c\u90a3\u5bf9\u4ed6\u4eec\u53ef\u80fd\u662f\u6709\u597d\u5904\u7684\u3002\u4f46\u5982\u679c\u6709\u6bd4\u4eca\u5929\u66f4\u591a\u7684\u98ce\u9669\u6295\u8d44\uff0c\u5bf9\u521b\u59cb\u4eba\u3001\u5bf9\u4e16\u754c\u6765\u8bf4\u663e\u7136\u66f4\u597d\u3002<\/p>\n<p>\u4e3a\u4e86\u8fdb\u4e00\u6b65\u9610\u8ff0\u8fd9\u4e00\u70b9\uff0c\u8ba9\u6211\u4eec\u8003\u8651\u4e00\u4e2a\u601d\u60f3\u5b9e\u9a8c\u3002\u9996\u5148\uff0c\u4f60\u8ba4\u4e3a\u4e16\u754c\u4e0a\u5e94\u8be5\u6709\u6bd4\u4eca\u5929\u591a\u5f97\u591a\u7684\u521b\u59cb\u4eba\u5417\uff1f<\/p>\n<p>\u7b2c\u4e8c\uff0c\u5982\u679c\u6211\u4eec\u7a81\u7136\u62e5\u6709\u4e86\u591a\u5f97\u591a\u7684\u521b\u59cb\u4eba\uff0c\u4ec0\u4e48\u6837\u7684\u673a\u6784\u80fd\u6700\u597d\u5730\u4e3a\u4ed6\u4eec\u670d\u52a1\uff1f<\/p>\n<p>\u6211\u4eec\u4e0d\u6253\u7b97\u5728\u7b2c\u4e00\u4e2a\u95ee\u9898\u4e0a\u82b1\u592a\u591a\u65f6\u95f4\uff0c\u56e0\u4e3a\u5982\u679c\u4f60\u5728\u8bfb\u8fd9\u7bc7\u6587\u7ae0\uff0c\u4f60\u53ef\u80fd\u77e5\u9053\u6211\u4eec\u8ba4\u4e3a\u7b54\u6848\u663e\u7136\u662f\u80af\u5b9a\u7684\u3002\u6211\u4eec\u4e0d\u9700\u8981\u544a\u8bc9\u4f60\u592a\u591a\u5173\u4e8e\u4e3a\u4ec0\u4e48\u521b\u59cb\u4eba\u5982\u6b64\u4f18\u79c0\u4e14\u5982\u6b64\u91cd\u8981\u3002\u4f1f\u5927\u7684\u521b\u59cb\u4eba\u521b\u9020\u4f1f\u5927\u7684\u516c\u53f8\u3002\u4f1f\u5927\u7684\u516c\u53f8\u521b\u9020\u6539\u5584\u4e16\u754c\u7684\u65b0\u4ea7\u54c1\uff0c\u5c06\u6211\u4eec\u7684\u96c6\u4f53\u80fd\u91cf\u548c\u98ce\u9669\u504f\u597d\u7ec4\u7ec7\u5e76\u5f15\u5bfc\u81f3\u751f\u4ea7\u6027\u76ee\u6807\uff0c\u5e76\u5728\u4e16\u754c\u4e0a\u521b\u9020\u51fa\u4e0d\u6210\u6bd4\u4f8b\u7684\u65b0\u4f01\u4e1a\u4ef7\u503c\u548c\u6709\u8da3\u7684\u5de5\u4f5c\u673a\u4f1a\u3002\u800c\u4e14\uff0c\u6211\u4eec\u7edd\u4e0d\u53ef\u80fd\u5df2\u7ecf\u8fbe\u5230\u4e86\u8fd9\u6837\u4e00\u4e2a\u5747\u8861\u72b6\u6001\uff1a\u5373\u6bcf\u4e2a\u6709\u80fd\u529b\u521b\u529e\u4f1f\u5927\u516c\u53f8\u7684\u4eba\u90fd\u5df2\u7ecf\u521b\u529e\u4e86\u516c\u53f8\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u66f4\u591a\u7684\u98ce\u9669\u6295\u8d44\u6709\u52a9\u4e8e\u91ca\u653e\u521d\u521b\u751f\u6001\u7cfb\u7edf\u7684\u66f4\u591a\u589e\u957f\u3002<\/p>\n<p>\u4f46\u7b2c\u4e8c\u4e2a\u95ee\u9898\u66f4\u6709\u8da3\u3002\u5982\u679c\u6211\u4eec\u660e\u5929\u9192\u6765\uff0c\u4f01\u4e1a\u5bb6\u7684\u6570\u91cf\u662f\u4eca\u5929\u7684 10 \u500d\u6216 100 \u500d\uff08\u5267\u900f\u4e00\u4e0b\uff0c\u8fd9\u6b63\u5728\u53d1\u751f\uff09\uff0c\u90a3\u4e48\u4e16\u754c\u4e0a\u7684\u521b\u4e1a\u673a\u6784\u5e94\u8be5\u662f\u4ec0\u4e48\u6837\u5b50\u7684\uff1f\u5728\u7ade\u4e89\u66f4\u6fc0\u70c8\u7684\u4e16\u754c\u91cc\uff0c\u98ce\u6295\u673a\u6784\u5e94\u8be5\u5982\u4f55\u6f14\u53d8\uff1f<\/p>\n<h2><strong>\u6765\u8d62\u4e00\u628a\uff0c\u800c\u4e0d\u662f\u5168\u8f93\u8fdb\u53bb<\/strong><\/h2>\n<p>Marc Andreessen \u559c\u6b22\u8bb2\u4e00\u4e2a\u8457\u540d\u98ce\u6295\u5bb6\u7684\u6545\u4e8b\uff0c\u4ed6\u66fe\u8bf4 VC \u6e38\u620f\u5c31\u50cf\u662f\u5728\u56de\u8f6c\u5bff\u53f8\u5e97\uff1a\u201c\u4e00\u5343\u5bb6\u521d\u521b\u516c\u53f8\u8f6c\u8fc7\u6765\uff0c\u4f60\u8ddf\u4ed6\u4eec\u89c1\u9762\u3002\u7136\u540e\u5076\u5c14\u4f60\u4f1a\u4f38\u624b\uff0c\u4ece\u56de\u8f6c\u5e26\u4e0a\u62e3\u51fa\u4e00\u5bb6\u521d\u521b\u516c\u53f8\uff0c\u7136\u540e\u6295\u8d44\u5b83\u3002\u201d<\/p>\n<p>Marc \u63cf\u8ff0\u7684\u90a3\u79cd VC\u2014\u2014\u55ef\uff0c\u5728\u8fc7\u53bb\u51e0\u5341\u5e74\u7684\u5927\u90e8\u5206\u65f6\u95f4\u91cc\uff0c\u51e0\u4e4e\u6bcf\u4e2a VC \u90fd\u662f\u8fd9\u6837\u7684\u3002\u65e9\u5728 1990 \u5e74\u4ee3\u6216 2000 \u5e74\u4ee3\uff0c\u8d62\u5f97\u4ea4\u6613\u5c31\u662f\u8fd9\u4e48\u5bb9\u6613\u3002\u6b63\u56e0\u4e3a\u5982\u6b64\uff0c\u5bf9\u4e8e\u4e00\u4e2a\u4f1f\u5927\u7684 VC \u6765\u8bf4\uff0c\u552f\u4e00\u771f\u6b63\u91cd\u8981\u7684\u6280\u80fd\u5c31\u662f\u5224\u65ad\u529b\uff08Judgment\uff09\uff1a\u80fd\u591f\u533a\u5206\u597d\u516c\u53f8\u548c\u574f\u516c\u53f8\u3002<\/p>\n<p>\u6709\u5f88\u591a VC \u4ecd\u7136\u4ee5\u8fd9\u79cd\u65b9\u5f0f\u8fd0\u4f5c\u2014\u2014\u57fa\u672c\u4e0a\u548c 1995 \u5e74 VC \u7684\u8fd0\u4f5c\u65b9\u5f0f\u4e00\u6837\u3002\u4f46\u5728\u4ed6\u4eec\u811a\u4e0b\uff0c\u4e16\u754c\u5df2\u7ecf\u53d1\u751f\u4e86\u5de8\u5927\u7684\u53d8\u5316\u3002<\/p>\n<p>\u8d62\u5f97\u4ea4\u6613\u66fe\u7ecf\u5f88\u5bb9\u6613\u2014\u2014\u5c31\u50cf\u62e3\u56de\u8f6c\u5bff\u53f8\u4e00\u6837\u5bb9\u6613\u3002\u4f46\u73b0\u5728\u6781\u96be\u3002\u4eba\u4eec\u6709\u65f6\u5c06 VC \u63cf\u8ff0\u4e3a\u6251\u514b\uff1a\u77e5\u9053\u4f55\u65f6\u6311\u9009\u516c\u53f8\uff0c\u77e5\u9053\u4ee5\u4ec0\u4e48\u4ef7\u683c\u5165\u573a\u7b49\u7b49\u3002\u4f46\u8fd9\u4e5f\u8bb8\u63a9\u76d6\u4e86\u4f60\u4e3a\u4e86\u83b7\u5f97\u6295\u8d44\u6700\u4f73\u516c\u53f8\u7684\u6743\u5229\u800c\u5fc5\u987b\u53d1\u52a8\u7684\u5168\u9762\u6218\u4e89\u3002\u8001\u6d3e VC \u6000\u5ff5\u4ed6\u4eec\u662f\u201c\u552f\u4e00\u7684\u73a9\u5bb6\u201d\u5e76\u53ef\u4ee5\u5411\u521b\u59cb\u4eba\u53d1\u53f7\u65bd\u4ee4\u7684\u65e5\u5b50\u3002\u4f46\u73b0\u5728\u6709\u6210\u5343\u4e0a\u4e07\u5bb6 VC \u673a\u6784\uff0c\u521b\u59cb\u4eba\u6bd4\u4ee5\u5f80\u4efb\u4f55\u65f6\u5019\u90fd\u66f4\u5bb9\u6613\u62ff\u5230\u6761\u6b3e\u6e05\u5355\uff08Term sheets\uff09\u3002\u56e0\u6b64\uff0c\u8d8a\u6765\u8d8a\u591a\u7684\u6700\u4f73\u4ea4\u6613\u6d89\u53ca\u6781\u5176\u6fc0\u70c8\u7684\u7ade\u4e89\u3002<\/p>\n<p><strong>\u8303\u5f0f\u8f6c\u79fb\u5728\u4e8e\uff0c<\/strong><strong>\u8d62\u5f97\u4ea4\u6613\u7684\u80fd\u529b<\/strong><strong>\u6b63\u53d8\u5f97\u4e0e\u6311\u9009\u5bf9\u7684\u516c\u53f8\u540c\u6837\u91cd\u8981\u2014\u2014\u751a\u81f3<\/strong> <strong>\u66f4<\/strong> <strong>\u91cd\u8981\u3002\u5982\u679c\u4f60\u8fdb\u4e0d\u53bb\uff0c\u9009\u4e2d\u5bf9\u7684\u4ea4\u6613\u53c8\u6709\u4ec0\u4e48\u610f\u4e49\u5462\uff1f<\/strong> \u51e0\u4ef6\u4e8b\u4fc3\u6210\u4e86\u8fd9\u4e00\u53d8\u5316\u3002\u9996\u5148\uff0c\u98ce\u9669\u6295\u8d44\u673a\u6784\u6fc0\u589e\uff0c\u8fd9\u610f\u5473\u7740\u98ce\u6295\u673a\u6784\u9700\u8981\u76f8\u4e92\u7ade\u4e89\u6765\u8d62\u5f97\u4ea4\u6613\u3002\u7531\u4e8e\u73b0\u5728\u6709\u6bd4\u4ee5\u5f80\u66f4\u591a\u7684\u516c\u53f8\u5728\u7ade\u4e89\u4eba\u624d\u3001\u5ba2\u6237\u548c\u5e02\u573a\u4efd\u989d\uff0c\u6700\u597d\u7684\u521b\u59cb\u4eba\u9700\u8981\u5f3a\u5927\u7684\u673a\u6784\u5408\u4f5c\u4f19\u4f34\u6765\u5e2e\u52a9\u4ed6\u4eec\u83b7\u80dc\u3002\u4ed6\u4eec\u9700\u8981\u62e5\u6709\u8d44\u6e90\u3001\u7f51\u7edc\u548c\u57fa\u7840\u8bbe\u65bd\u7684\u673a\u6784\u6765\u7ed9\u4ed6\u4eec\u7684\u6295\u8d44\u7ec4\u5408\u516c\u53f8\u5e26\u6765\u4f18\u52bf\u3002<\/p>\n<p>\u5176\u6b21\uff0c\u7531\u4e8e\u516c\u53f8\u4fdd\u6301\u79c1\u6709\u7684\u65f6\u95f4\u66f4\u957f\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u5728\u540e\u671f\u6295\u8d44\u2014\u2014\u90a3\u65f6\u516c\u53f8\u5df2\u7ecf\u5f97\u5230\u4e86\u66f4\u591a\u7684\u9a8c\u8bc1\uff0c\u56e0\u6b64\u4ea4\u6613\u7ade\u4e89\u66f4\u6fc0\u70c8\u2014\u2014\u5e76\u4e14\u4ecd\u7136\u83b7\u5f97\u98ce\u6295\u5f0f\u7684\u4ea7\u51fa\u56de\u62a5\u3002<\/p>\n<p>\u6700\u540e\u4e00\u4e2a\u539f\u56e0\uff0c\u4e5f\u662f\u6700\u4e0d\u660e\u663e\u7684\u4e00\u4e2a\u539f\u56e0\uff0c\u662f\u6311\u9009\u53d8\u5f97\u7a0d\u5fae\u5bb9\u6613\u4e86\u4e00\u4e9b\u3002VC \u5e02\u573a\u53d8\u5f97\u66f4\u52a0\u9ad8\u6548\u3002\u4e00\u65b9\u9762\uff0c\u6709\u66f4\u591a\u7684\u8fde\u7eed\u521b\u4e1a\u8005\u5728\u4e0d\u65ad\u521b\u9020\u6807\u5fd7\u6027\u7684\u516c\u53f8\u3002\u5982\u679c\u9a6c\u65af\u514b\u3001Sam Altman\u3001Palmer Luckey \u6216\u4e00\u4e2a\u5929\u624d\u8fde\u7eed\u521b\u4e1a\u8005\u521b\u529e\u4e86\u4e00\u5bb6\u516c\u53f8\uff0cVC \u4eec\u4f1a\u8fc5\u901f\u6392\u961f\u5c1d\u8bd5\u6295\u8d44\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u516c\u53f8\u8fbe\u5230\u75af\u72c2\u89c4\u6a21\u7684\u901f\u5ea6\u66f4\u5feb\u4e86\uff08\u7531\u4e8e\u4fdd\u6301\u79c1\u6709\u7684\u65f6\u95f4\u66f4\u957f\uff0c\u4e0a\u6da8\u7a7a\u95f4\u4e5f\u66f4\u5927\uff09\uff0c\u56e0\u6b64\u76f8\u5bf9\u4e8e\u8fc7\u53bb\uff0c\u4ea7\u54c1\u4e0e\u5e02\u573a\u5951\u5408\uff08PMF\uff09\u7684\u98ce\u9669\u5df2\u7ecf\u964d\u4f4e\u4e86\u3002\u6700\u540e\uff0c\u7531\u4e8e\u73b0\u5728\u6709\u8fd9\u4e48\u591a\u4f1f\u5927\u7684\u673a\u6784\uff0c\u521b\u59cb\u4eba\u8054\u7cfb\u6295\u8d44\u8005\u4e5f\u5bb9\u6613\u5f97\u591a\uff0c\u6240\u4ee5\u5f88\u96be\u627e\u5230\u5176\u4ed6\u673a\u6784\u6ca1\u6709\u5728\u8ffd\u6c42\u7684\u4ea4\u6613\u3002\u6311\u9009\u4ecd\u7136\u662f\u6e38\u620f\u7684\u6838\u5fc3\u2014\u2014\u4ee5\u5408\u9002\u7684\u4ef7\u683c\u9009\u4e2d\u6b63\u786e\u7684\u957f\u9752\u516c\u53f8\u2014\u2014\u4f46\u5b83\u5df2\u4e0d\u518d\u662f\u8fc4\u4eca\u4e3a\u6b62\u6700\u91cd\u8981\u7684\u73af\u8282\u4e86\u3002<\/p>\n<p>Ben Horowitz \u5047\u8bbe\uff0c\u80fd\u591f\u53cd\u590d\u83b7\u80dc\u81ea\u52a8\u4f7f\u4f60\u6210\u4e3a\u9876\u5c16\u673a\u6784\uff1a\u56e0\u4e3a\u5982\u679c\u4f60\u80fd\u8d62\uff0c\u6700\u597d\u7684\u4ea4\u6613\u5c31\u4f1a\u627e\u4e0a\u95e8\u6765\u3002\u53ea\u6709\u5f53\u4f60\u80fd\u8d62\u5f97\u4efb\u4f55\u4ea4\u6613\u65f6\uff0c\u4f60\u624d\u6709\u6311\u9009\u7684\u6743\u5229\u3002\u4f60\u53ef\u80fd\u6ca1\u6311\u4e2d\u5bf9\u7684\u90a3\u4e00\u4e2a\uff0c\u4f46\u81f3\u5c11\u4f60\u6709\u8fd9\u4e2a\u673a\u4f1a\u3002\u5f53\u7136\uff0c\u5982\u679c\u4f60\u7684\u673a\u6784\u80fd\u53cd\u590d\u8d62\u5f97\u6700\u597d\u7684\u4ea4\u6613\uff0c\u4f60\u5c31\u4f1a\u5438\u5f15\u6700\u597d\u7684\u6311\u9009\u8005\uff08Pickers\uff09\u6765\u4e3a\u4f60\u5de5\u4f5c\uff0c\u56e0\u4e3a\u4ed6\u4eec\u60f3\u8fdb\u5165\u6700\u597d\u7684\u516c\u53f8\u3002\uff08\u6b63\u5982 Martin Casado \u5728\u62db\u52df Matt Bornstein \u52a0\u5165 a16z 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carry\uff08\u4e1a\u7ee9\u63d0\u6210\uff09\uff1f\u201d\u800c\u4e00\u4e2a\u673a\u6784\uff08Firm\uff09\u5728\u6211\u7684\u5b9a\u4e49\u4e2d\uff0c\u6709\u4e24\u4e2a\u76ee\u6807\u3002\u4e00\u4e2a\u662f\u4ea4\u4ed8\u5353\u8d8a\u7684\u56de\u62a5\uff0c\u4f46\u7b2c\u4e8c\u4e2a\u540c\u6837\u6709\u8da3\uff1a\u201c\u6211\u5982\u4f55\u5efa\u7acb\u4e00\u4e2a\u590d\u5229\u7684\u7ade\u4e89\u4f18\u52bf\u6765\u6e90\uff1f\u201d<\/p>\n<p>\u6700\u597d\u7684\u673a\u6784\u5c06\u80fd\u591f\u628a\u4ed6\u4eec\u7684\u7ba1\u7406\u8d39\u6295\u5165\u5230\u5f3a\u5316\u4ed6\u4eec\u7684\u62a4\u57ce\u6cb3\u4e2d\u3002<\/p>\n<h2><strong>\u600e\u4e48\u624d\u80fd\u5e2e\u4e0a\u5fd9\uff1f<\/strong><\/h2>\n<p>\u6211\u5341\u5e74\u524d\u8fdb\u5165\u98ce\u9669\u6295\u8d44\u9886\u57df\uff0c\u6211\u5f88\u5feb\u6ce8\u610f\u5230\uff0c\u5728\u6240\u6709\u7684\u98ce\u6295\u673a\u6784\u4e2d\uff0cY Combinator \u73a9\u7684\u662f\u4e00\u79cd\u4e0d\u540c\u7684\u6e38\u620f\u3002YC 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500 \u5f3a CEO \u548c\u6bcf\u4f4d\u91cd\u8981\u7684\u4e16\u754c\u9886\u8896\u3002\u4ed6\u4eec\u63d0\u4f9b\u63a5\u89e6 100 \u500d\u4eba\u624d\u7684\u673a\u4f1a\uff0c\u62e5\u6709\u4e00\u4e2a\u904d\u5e03\u5168\u7403\u6570\u4e07\u540d\u9876\u5c16\u5de5\u7a0b\u5e08\u3001\u9ad8\u7ba1\u548c\u8fd0\u8425\u8005\u7684\u7f51\u7edc\uff0c\u968f\u65f6\u51c6\u5907\u5728\u4f60\u7684\u516c\u53f8\u9700\u8981\u65f6\u52a0\u5165\u3002\u800c\u4e14\u4ed6\u4eec\u65e0\u5904\u4e0d\u5728\u2014\u2014\u5bf9\u4e8e\u6700\u96c4\u5fc3\u52c3\u52c3\u7684\u521b\u59cb\u4eba\u6765\u8bf4\uff0c\u8fd9\u610f\u5473\u7740\u4efb\u4f55\u5730\u65b9\u3002<\/p>\n<p>\u540c\u65f6\uff0c\u5bf9\u4e8e LP 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