「釋義」

風(fēng)險(xiǎn)投資（VC）是指具備資金實(shí)力的投資家對具有專門技術(shù)并具備良好市場發(fā)展前景，但缺乏啟動(dòng)資金的創(chuàng)業(yè)家進(jìn)行資助，并承擔(dān)創(chuàng)業(yè)階段投資失敗的風(fēng)險(xiǎn)的投資。投資人投入的資金換得企業(yè)的部分股份，并以日后獲得紅利或出售該股權(quán)獲取投資回報(bào)為目的。

風(fēng)險(xiǎn)投資的特色在于甘冒高風(fēng)險(xiǎn)以追求最大的投資報(bào)酬，并將退出風(fēng)險(xiǎn)企業(yè)所回收的資金繼續(xù)投入“高風(fēng)險(xiǎn)、高科技、高成長潛力”的類似高風(fēng)險(xiǎn)企業(yè)，實(shí)現(xiàn)資金的循環(huán)增值。

「應(yīng)用場景」

許多創(chuàng)始人富有創(chuàng)意，但缺乏促進(jìn)利潤增長所需的能力，也缺乏管理大型公司（每個(gè)人都希望初創(chuàng)公司能發(fā)展到這一步）的經(jīng)驗(yàn)和信譽(yù)。負(fù)責(zé)把關(guān)的投資銀行認(rèn)為這種信譽(yù)對于IPO至關(guān)重要。IPO流程中包括路演，銀行帶著公司CEO和CFO向全國各地的投資機(jī)構(gòu)展示，而投資機(jī)構(gòu)絕不想看到由沒有經(jīng)驗(yàn)的創(chuàng)始人掌權(quán)的公司。VC通常控制著初創(chuàng)公司大部分的股權(quán)和董事會席位，對于他們來說，想實(shí)現(xiàn)IPO，不成熟的創(chuàng)始人是個(gè)問題，必須解決。

Many founders were wildly creative but lacked the discipline or skills to drive profitable growth. They also lacked the experience and the credibility to manage a large company, which is what everyone hopes a start-up will become someday. To the investment banks that acted as gatekeepers, such credibility was crucial for an IPO. Part of the IPO process was the road show, for which the bankers would fly the company CEO and CFO around the country to present to institutional investors; the last thing institutions wanted to see was an inexperienced founder at the helm of a company. To venture capitalists, who generally controlled the majority of a start-up’s equity and board seats, green and unskilled founders were a problem that had to be solved if they were to reach their IPO payday.

所以，產(chǎn)品在市場站穩(wěn)腳跟后，VC照例會請走創(chuàng)始CEO，引入有經(jīng)驗(yàn)的大公司高管，擴(kuò)大銷售團(tuán)隊(duì)，打造真正的組織（包括一個(gè)可以避免優(yōu)步那類問題的HR部門），實(shí)現(xiàn)公開募股。

So after a product gained a foothold, VCs routinely removed founding CEOs and replaced them with “suits”—experienced executives from large companies—to scale up the sales force, build a true organization (including an HR department that would prevent problems like those at Uber), and lead the public offering.

以上文字選自《哈佛商業(yè)評論》中文版2017年12月刊《創(chuàng)始人別走太遠(yuǎn)》

史蒂夫·布蘭克（Steve Blank）丨文

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