「釋義」

填鴨效應(yīng)指初創(chuàng)公司被強(qiáng)制灌輸資本，在高速增長(zhǎng)的重壓下崩潰。

風(fēng)投是強(qiáng)大的工具，可以幫助初創(chuàng)公司在關(guān)鍵時(shí)刻加速發(fā)展。但是幫助太多會(huì)扭曲市場(chǎng)。

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「應(yīng)用場(chǎng)景」

當(dāng)然，一些公司沒(méi)有條件選擇平衡增長(zhǎng)的方式，而被迫關(guān)注頂線和底線。例如，遠(yuǎn)離創(chuàng)新集群的企業(yè)家缺乏獲得大量風(fēng)險(xiǎn)資本的機(jī)會(huì)，也沒(méi)有任何投資方能長(zhǎng)期忍受沒(méi)有盈利的成長(zhǎng)。但越來(lái)越多的證據(jù)顯示出平衡的優(yōu)勢(shì)。如《紐約時(shí)報(bào)》文章所言，硅谷一系列失敗的IPO和丑聞，讓嬌生慣養(yǎng)的創(chuàng)始人和CEO們成為“填鴨效應(yīng)”的焦點(diǎn)。初創(chuàng)公司被強(qiáng)制灌輸資本，在高速增長(zhǎng)的重壓下崩潰。

Of course, some firms don’t have the luxury of choosing a balanced approach to growth and instead are forced to keep an eye on the top and the bottom lines. For example, entrepreneurs far from innovation clusters lack access to large amounts of venture capital, nor is there an investment class that will put up with growth without profitability for long periods. But evidence is beginning to show that balance holds own advantages. A slew of aborted IPOs and scandals in Silicon Valley involving coddled founder-CEOs has shone a spotlight on the “foie gras effect,” as an article in the New York Times put it, in which start-ups are force-fed capital only to collapse under the weight of hypergrowth.

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風(fēng)投是強(qiáng)大的工具，可以幫助初創(chuàng)公司在關(guān)鍵時(shí)刻加速發(fā)展。但是，幫助太多，會(huì)扭曲市場(chǎng)。PitchBook的一項(xiàng)研究發(fā)現(xiàn)，美國(guó)中西部的風(fēng)投回報(bào)率居美國(guó)之首，部分因?yàn)槟抢锏墓疚胀獠客顿Y較少。由哈佛商學(xué)院教授邁克爾·波特共同創(chuàng)立的AllWorld Network研究表明，新興市場(chǎng)企業(yè)家比美國(guó)企業(yè)家的生存率更高。

Venture capital can be a powerful tool that helps start-ups accelerate at critical moments. But too much of a good thing can distort the market. A study by PitchBook found that venture capital returns in the Midwest are among the best in the country, in part because companies there ingest less capital. Research from the AllWorld Network, an organization cofounded by Harvard Business School professor Michael Porter, determined that entrepreneurs in emerging markets have a better survival rate than those in the United States.

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《硅谷之外：初創(chuàng)公司如何另辟蹊徑？》

埃里克斯·拉扎羅

2020年3月刊

“Beyond Silicon Valley”

by Alex Lazarow

編輯：馬冰侖?