{"id":2514,"date":"2019-09-05T11:01:00","date_gmt":"2019-09-05T03:01:00","guid":{"rendered":"https:\/\/addin.vc\/?p=2514"},"modified":"2022-12-01T23:16:48","modified_gmt":"2022-12-01T15:16:48","slug":"high-valuation-is-not-a-good-thing","status":"publish","type":"post","link":"https:\/\/addin.vc\/us\/vc101\/high-valuation-is-not-a-good-thing\/","title":{"rendered":"[VC 101] \u516c\u53f8\u662f\u5426\u4f30\u503c\u8d8a\u9ad8\u8d8a\u597d\uff1f"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/addin.vc\/category\/vc101\/\">VC 101<\/a><em>&nbsp;\u662f\u5728\u6211\u8ddf\u5e7e\u500b\u719f\u6089\u7684\u5275\u696d\u8005\u804a\u5929\u7684\u904e\u7a0b\u4e2d\uff0c\u767c\u73fe\u5176\u5be6\u5275\u696d\u8005\u5c0d\u65bc VC \u7684\u4e16\u754c\u662f\u5f88\u964c\u751f\u7684\uff0c\u70ba\u4e86\u8b93\u4ed6\u5011\u66f4\u4e86\u89e3 VC \u76f8\u95dc\u7684\u65e5\u5e38\uff0cVC 101 \u5c08\u6b04\u5206\u4eab\u3002\u9664\u4e86<\/em><a href=\"https:\/\/cornerstonevc.tw\/category\/vc101\/\">&nbsp;[VC 101]<\/a><em>&nbsp;\u4ee5\u5916\uff0c\u9084\u6709&nbsp;<\/em><a href=\"https:\/\/addin.vc\/category\/founders-sharing\/\">[\u5275\u696d\u8005\u9019\u6a23\u8aaa]<\/a><em>&nbsp;\u8207&nbsp;&nbsp;<\/em><a href=\"https:\/\/addin.vc\/category\/brandon-view\/\">[\u5e03\u862d\u767b\u89c0\u9ede]<\/a><em>&nbsp;\u4f86\u5206\u4eab\u4e0d\u540c\u985e\u5225\u7684\u770b\u6cd5\u3002<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a31\u591a\u6295\u8cc7\u4eba\u8207\u5275\u696d\u8005\uff0c\u5728\u8a8d\u8b58\u5f7c\u6b64\u7684\u904e\u7a0b\u4e2d\uff0c\u5c31\u50cf\u662f\u60c5\u4fb6\u4ea4\u5f80\u4e00\u6a23\uff0c\u6703\u76f8\u4e92\u8a66\u63a2\u8207\u77ad\u89e3\u5c0d\u65b9\u7684\u904e\u53bb\uff0c\u4ee5\u53ca\u5982\u679c\u6709\u5c0d\u65b9\u53c3\u8207\u4e4b\u5f8c\uff0c\u5c0d\u65bc\u672a\u4f86\u7684\u60f3\u6cd5\u3002\u5982\u679c\u7d93\u904e Due Diligence \u5f8c\uff0c\u60c5\u6295\u610f\u5408\uff0c\u5c31\u6703\u9032\u5165\u6295\u8cc7\u5354\u8b70\u8ac7\u5224\u7684\u4e00\u4e9b\u7d30\u7bc0\uff0c\u4f8b\u5982\u516c\u53f8\u7684\u4f30\u503c\u61c9\u8a72\u662f\u591a\u5c11\uff0c\u9700\u8981\u52df\u96c6\u591a\u5c11\u8cc7\u91d1\uff0c\u6295\u8cc7\u4eba\u662f\u5426\u6709\u54ea\u4e9b\u7279\u5225\u7684\u6b0a\u5229\u7fa9\u52d9\u7b49\u3002\u5982\u679c\u5c0d\u65bc\u6295\u8cc7\u6bd4\u8f03\u6709\u7d93\u9a57\u7684\u5275\u696d\u8005\uff0c\u53ef\u80fd\u5c31\u6703\u807d\u904e\u00a0<strong>Term Sheet<\/strong>\u00a0\u9019\u500b\u8a5e\uff0c\u4e2d\u6587\u53ef\u4ee5\u7ffb\u8b6f\u6210<strong>\u6295\u8cc7\u689d\u4ef6\u66f8<\/strong>\uff0c\u5f9e\u5b57\u9762\u4e0a\u4f86\u89e3\u91cb\uff0c\u5c31\u662f\u628a\u4e3b\u8981\u7684 Term (\u689d\u6b3e) \u5beb\u5728\u7d19\u4e0a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u5929\u60f3\u63a2\u8a0e\u7684\u662f\u516c\u53f8\u4f30\u503c\u9019\u4ef6\u4e8b\u60c5\u3002\u6709\u8a31\u591a\u5275\u696d\u8005\u5fc3\u88e1\u7684\u60f3\u6cd5\u6703\u662f\uff1a\u516c\u53f8\u4f30\u503c\u8d8a\u9ad8\u8d8a\u597d\uff0c\u5c31\u50cf\u662f\u8003\u8a66\u4e00\u6a23\uff0c\u80fd\u62ff\u9ad8\u5206\u5c31\u62ff\u9ad8\u5206\u3002\u597d\u50cf\u4f30\u503c\u8d8a\u9ad8\u5c31\u986f\u5f97\u81ea\u5df1\u8d8a\u6210\u529f\uff0c\u8d8a\u80fd\u53cd\u6620\u904e\u53bb\u7684\u8f9b\u82e6\u8207\u52aa\u529b\u3002\u4f46\u9019\u771f\u7684\u662f\u6700\u597d\u7684\u55ce\uff1f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e0a\u6b21\u5728<a href=\"https:\/\/addin.vc\/vc101\/how-much-do-i-need-for-fundraising\/\" title=\"\">&nbsp;[VC 101] \u52df\u8cc7\u57fa\u672c\u984c\uff1a\u6211\u9700\u8981\u52df\u591a\u5c11\u9322\uff1f<\/a>\u6709\u8ddf\u5404\u4f4d\u4ecb\u7d39\u904e\u4f30\u503c\u7684\u4e00\u4e9b\u6982\u5ff5\uff0c\u4f8b\u5982&nbsp;<strong>Pre-Money Valuation<\/strong>\u3001<strong>Post-Money Valuation<\/strong>&nbsp;\u7b49\u3002\u5176\u5be6\u56de\u5230\u4f30\u503c\u7684\u672c\u8cea\uff0c\u5176\u5be6\u5c31\u662f\u60f3\u4f9d\u7167\u4f60\u516c\u53f8\u76ee\u524d\u7684\u71df\u904b\u72c0\u6cc1\uff0c\u7d66\u4f60\u4e00\u500b\u5408\u7406\u7684\u516c\u53f8\u50f9\u503c\u3002\u53ea\u662f\u4f30\u503c\u9019\u4ef6\u4e8b\u60c5\u96d6\u7136\u6709\u4e9b\u5ba2\u89c0\u7684\u904b\u7b97\u65b9\u6cd5\u53ef\u4ee5\u53c3\u8003\uff0c\u4f46\u4e2d\u9593\u9084\u662f\u5305\u542b\u4e86\u8a31\u591a\u4e3b\u89c0\u7684\u5224\u65b7\uff0c\u7279\u5225\u662f\u516c\u53f8\u7684\u4f30\u503c\u5f88\u591a\u6642\u5019\u90fd\u662f\u6295\u8cc7\u4eba\u8207\u5275\u696d\u8005\u8ac7\u5224\u51fa\u4f86\u7684\uff0c\u4e4b\u6240\u4ee5\u9700\u8981\u8ac7\u5224\uff0c\u90a3\u4e5f\u5c31\u662f\u96d9\u65b9\u6703\u6709\u8a31\u591a\u4e3b\u89c0\u8a8d\u5b9a\u4e0a\u7684\u5dee\u7570\u6240\u9020\u6210\u7684\u3002\u81f3\u65bc\u96d9\u65b9\u6709\u6c92\u6709\u9700\u8981\u518d\u4f30\u503c\u4e0a\u7cfe\u7d50\uff0c\u6211\u8a8d\u70ba\u53ea\u8981\u80fd\u5920\u62c9\u9577\u6642\u9593\u4f86\u770b\u9019\u500b\u6295\u8cc7\u6848\uff0c\u5176\u5be6\u554f\u984c\u5c31\u6703\u6de1\u5316\u8a31\u591a\u3002\u9019\u7bc7\u6587\u7ae0\u6700\u5f8c\uff0c\u6211\u6703\u591a\u8aaa\u660e\u9019\u500b\u89c0\u9ede\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4f30\u503c\u8207 Traction \u6210\u6b63\u6bd4<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u9019\u53e5\u8a71\u7684\u63cf\u8ff0\uff0c\u6bd4\u8f03\u50cf\u662f\u5ba2\u89c0\u7684\u904b\u7b97\u65b9\u6cd5\uff0c\u4ee5&nbsp;<a href=\"https:\/\/addin.vc\/vc101\/how-to-design-esop\/\" title=\"\">[VC 101] \u5982\u4f55\u8a2d\u8a08 ESOP \u67b6\u69cb<\/a>\u88e1\u9762\u6709\u63d0\u5230\u7684\u516c\u53f8\u4f30\u503c\u7b97\u6cd5\uff0c<strong>\u516c\u53f8\u4f30\u503c = \u516c\u53f8\u5e74\u5316\u71df\u6536 X \u71df\u6536\u4e58\u6578 (P\/S Ratio)<\/strong>&nbsp;\u70ba\u4f8b\uff0c\u9019\u88e1\u7684 Traction \u5c31\u662f\u6307\u516c\u53f8\u7684\u5e74\u5316\u71df\u6536\uff0c\u800c\u4f30\u503c\u5c31\u8207 Traction \u6210\u6b63\u6bd4\u3002\u4f46\u88e1\u9762\u6d89\u53ca\u7684\u4e3b\u89c0\u5224\u5b9a\uff0c\u53ef\u80fd\u5c31\u662f\u4e0d\u540c\u7684\u6295\u8cc7\u4eba\u6216\u8005\u662f\u5275\u696d\u8005\u672c\u8eab\u5c0d\u65bc\u71df\u6536\u4e58\u6578 (P\/S ratio) \u7684\u770b\u6cd5\u6703\u6709\u4e0d\u540c\uff0c\u800c\u5c0e\u81f4\u4f30\u503c\u6709\u6240\u5dee\u7570\u3002\u7576\u7136\u4f30\u503c\u8981\u8ddf\u5176\u4ed6\u7684\u98a8\u96aa\u56e0\u7d20\u8207\u5e02\u5834\u72c0\u6cc1\u4e00\u4f75\u8003\u91cf\u624d\u80fd\u5b8c\u6574\u3002\u9019\u908a\u5148\u7c21\u5316\u6210\u4ee5\u5e74\u5316\u71df\u6536\u4ee5\u53ca\u71df\u6536\u4e58\u6578\u4f86\u505a\u5e7e\u500b\u5c0f\u8a66\u7b97\uff0c\u8b93\u5927\u5bb6\u611f\u89ba\u611f\u89ba\u4e00\u4e0b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u900f\u904e\u4e0b\u5716\u4e00\u7684\u5047\u8a2d\u6578\u5b57\u4f86\u8aaa\u660e\uff0c\u5047\u8a2d\u67d0\u4e00\u9593\u516c\u53f8\uff0c\u5728 2019 \u5e74\u7684\u6642\u5019\uff0c\u5e74\u5316\u71df\u6536\u6709 USD 1M\uff0c\u5047\u8a2d\u5f80\u5f8c\u5e7e\u5e74\u7684\u71df\u6536 YoY \u5206\u5225\u662f 200%\u3001150%\u300180% \u8207 40%\u3002\u76ee\u524d\u5e02\u5834\u4e0a\u591a\u6578\u7684\u6295\u8cc7\u4eba\uff0c\u9858\u610f\u7d66\u51fa\u7684\u71df\u6536\u4e58\u6578\u5927\u7d04\u843d\u5728 5~10 \u4e4b\u9593\u3002\u9019\u6a23\u6211\u5011\u5c31\u53ef\u4ee5\u63a8\u7b97\u51fa\u672a\u4f86\u5e7e\u5e74\uff0c\u7406\u60f3\u5316\u60c5\u6cc1\u4e0b\u516c\u53f8\u53ef\u80fd\u6703\u6709\u7684\u5408\u7406\u4f30\u503c\u7bc4\u570d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5716\u4e00\u3001<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49-1024x253.png\" alt=\"\" class=\"wp-image-2515 lazyload\"><noscript><img decoding=\"async\" width=\"1024\" height=\"253\" src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49-1024x253.png\" alt=\"\" class=\"wp-image-2515\" srcset=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49-1024x253.png 1024w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49-300x74.png 300w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49-768x190.png 768w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49-18x4.png 18w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49-1150x284.png 1150w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-05-\u4e0b\u534811.06.49.png 1368w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u756b\u6210\u5716\u4e8c\u4f86\u770b\uff0c\u7d05\u8272\u7dda\u4ee5\u53ca\u767d\u8272\u7dda\u5340\u9593\u7684\u6de1\u7d05\u8272\u5340\u57df\uff0c\u5c0d\u7167\u53f3\u8ef8\u7684\u6578\u503c\u4f86\u770b\uff0c\u5c31\u6703\u662f\u8a72\u516c\u53f8\u5728\u8a72\u5e74 Traction \u4e0b\uff0c\u5e02\u5834\u4e0a\u6295\u8cc7\u4eba\u6709\u53ef\u80fd\u7d66\u7684 Valuation \u7bc4\u570d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5716\u4e8c\u3001Traction \u8207\u516c\u53f8\u4f30\u503c\u95dc\u4fc2\u5716<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-1024x625.png\" alt=\"\" class=\"wp-image-2516 lazyload\"><noscript><img decoding=\"async\" width=\"1024\" height=\"625\" src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-1024x625.png\" alt=\"\" class=\"wp-image-2516\" srcset=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-1024x625.png 1024w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-300x183.png 300w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-768x469.png 768w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-1536x937.png 1536w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-18x12.png 18w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31-541x330.png 541w, https:\/\/addin.vc\/wp-content\/uploads\/2022\/12\/\u87a2\u5e55\u5feb\u7167-2019-09-06-\u4e0a\u534812.24.31.png 1626w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u4f30\u503c\u8d8a\u9ad8\u8d8a\u597d\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u8a8d\u70ba\u4e16\u754c\u4e0a\u4efb\u4f55\u4e8b\u60c5\u90fd\u662f\u5408\u7406\u6bd4\u8f03\u597d\uff0c\u904e\u9ad8\u6216\u904e\u4f4e\u7684\u4f30\u503c\u90fd\u662f\u4e0d\u597d\u7684\u3002\u4f30\u503c\u904e\u4f4e\uff0c\u4ee3\u8868\u5718\u968a\u7684\u5be6\u529b\u88ab\u4f4e\u4f30\uff0c\u82e5\u8981\u5c0d\u5916\u53d6\u5f97\u8cc7\u91d1\uff0c\u53ef\u80fd\u6703\u8b93\u5718\u968a\u7684\u80a1\u6b0a\u7a00\u91cb\u592a\u591a\uff0c\u9019\u4e5f\u4e0d\u662f\u597d\u4e8b\u3002\u4f30\u503c\u592a\u9ad8\uff0c\u4e5f\u8a31\u77ed\u671f\u770b\u4e0d\u592a\u51fa\u58de\u8655\uff0c\u4f46\u662f\u4f60\u62c9\u9577\u4f86\u770b\uff0c\u7576\u8b8a\u6578\u8b8a\u591a\u6642\uff0c\u53ef\u80fd\u5c0d\u65bc\u5275\u696d\u8005\u4e5f\u4e0d\u597d\u3002\u539f\u56e0\u5982\u4e0b\uff1a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0a\u5716\u70ba\u4f8b\uff0c\u5982\u679c\u8a72\u516c\u53f8 2019 \u5e74\u7684\u5e74\u5316\u71df\u6536\u662f USD 1M\uff0c\u525b\u597d\u90a3\u4e00\u5e74\u6709\u500b\u6295\u8cc7\u4eba\u9858\u610f\u4ee5\u71df\u6536\u4e58\u6578 9 \u7d66\u4e88\u8a72\u5718\u968a\u4f30\u503c = USD 1M X 9 = USD 9M (Pre-Money Valuation)\uff0c\u6295\u8cc7\u8a72\u5718\u968a USD 1M\uff0c\u6240\u4ee5\u8a72\u5718\u968a\u7684 Post-Money Valuation \u5c31\u4f86\u5230\u4e86 USD 10M\u3002\u9019\u500b\u4f30\u503c\u53ef\u80fd\u5df2\u7d93\u662f\u7576\u5e74\u7d66\u5230\u5f88\u597d\u7684\u4f30\u503c\u4e86\uff0c\u4f46\u5718\u968a\u7d55\u5c0d\u4e0d\u6703\u53ea\u62ff\u9019\u4e00\u6b21\u9322\uff0c\u904e\u4e86\u4e00\u5e74\u534a\u8f09\uff0c\u9084\u662f\u9700\u8981\u62ff\u51fa\u5920\u597d\u7684\u6210\u7e3e\u4f86\u8ddf\u4e0b\u4e00\u8f2a\u6295\u8cc7\u4eba\u52df\u8cc7\u3002<a href=\"https:\/\/addin.vc\/vc101\/how-much-do-i-need-for-fundraising\/\" title=\"\">[VC 101] \u52df\u8cc7\u57fa\u672c\u984c\uff1a\u6211\u9700\u8981\u52df\u591a\u5c11\u9322\uff1f<\/a>\u4e5f\u6709\u63d0\u5230\u9019\u6a23\u7684\u89c0\u5ff5\u3002\u6211\u5011\u4f86\u5047\u8a2d\u5e7e\u500b\u72c0\u6cc1\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6210\u9577\u4e0d\u5982\u9810\u671f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5982\u679c\u4f60\u7684 YoY \u53ea\u6709 100%\uff0c\u6c92\u6709\u9054\u5230\u7576\u521d\u60f3\u50cf\u7684 200%\uff0c\u800c 2020 \u5e74\u4f60\u9047\u5230\u7684\u6295\u8cc7\u4eba\uff0c\u5927\u591a\u53ea\u9858\u610f\u7528\u71df\u6536\u4e58\u6578 5 \u7d66\u4f60\u4e00\u500b\u4f30\u503c\uff0c\u6240\u4ee5\u4f60 2020 \u5e74\u7684\u4f30\u503c\u5c31\u6703\u662f USD 2M X 5 = USD 10M\u3002\u4ec0\u9ebc\uff0c\u9019\u4e0d\u5c31\u662f\u4f60 2019 \u5e74\u62ff\u5230\u7684\u4f30\u503c\u55ce\uff1f\u4f60\u8f9b\u82e6\u4e86\u4e00\u5e74 YoY \u5176\u5be6\u4e5f\u6709 100% \u4e86\uff0c\u4f46\u5e02\u5834\u4e0a\u53cd\u800c\u6703\u89ba\u5f97\u4f60\u592a\u8cb4\uff0c\u56e0\u70ba\u4f60\u73fe\u5728\u7684\u6210\u7e3e\uff0c\u5728\u67d0\u4e9b\u6295\u8cc7\u4eba\u5fc3\u7406\u89ba\u5f97\uff0c\u9019\u624d\u7b26\u5408\u4e0a\u4e00\u8f2a\u7684\u4f30\u503c\u800c\u5df2\u3002\u5f9e\u5275\u696d\u8005\u7684\u89d2\u5ea6\u4f86\u770b\uff0c\u6211\u53bb\u5e74\u503c USD 10M\uff0c\u6210\u7e3e\u7ffb\u500d\uff0c\u90a3\u6211\u7684\u4f30\u503c\u81f3\u5c11\u4e5f\u61c9\u8a72\u662f USD 20M \u624d\u5408\u7406\u5427\u3002\u5982\u6b64\u4e00\u4f86\uff0c\u6b67\u898b\u5c31\u6703\u7522\u751f\u4e86\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5e02\u5834\u6295\u8cc7\u74b0\u5883\u4e0d\u5982\u9810\u671f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7576\u6295\u8cc7\u5e02\u5834\u71b1\u7684\u6642\u5019\uff0c\u6295\u8cc7\u4eba\u6703\u53bb\u8ffd\u6295\u6848\u5b50\uff0c\u4f30\u503c\u4e5f\u662f\u4f9b\u9700\u6240\u7522\u751f\u7684\uff0c\u7576\u8cc7\u91d1\u591a\u65bc\u6295\u8cc7\u6848\u6240\u9700\u7684\u91d1\u984d\u6642\uff0c\u6709\u6642\u5019\u50f9\u683c\u5c31\u6703\u7092\u9ad8\uff0c\u4ee5\u9019\u908a\u7684\u4f8b\u5b50\u800c\u8a00\uff0c\u5c31\u662f\u6703\u4ee5\u66f4\u9ad8\u7684\u71df\u6536\u4e58\u6578\u7d66\u51fa\u4f30\u503c\u3002\u4f46\u5e02\u5834\u6295\u8cc7\u6062\u5fa9\u7406\u6027\u6642\uff0c\u50f9\u683c\u5c31\u6703\u4e0b\u4fee\uff0c\u5047\u8a2d\u672c\u4f8b\u7684\u71df\u6536\u4e58\u6578 5~10 \u500d\uff0c\u525b\u597d\u5c31\u662f\u5e02\u5834\u8f03\u71b1\u6642\u7684\u6c34\u6e96\uff0c\u7576\u5e02\u5834\u51b7\u4e0b\u4f86\u6642\uff0c\u5047\u8a2d\u53ea\u5269 2~5 \u500d\u3002\u90a3\u4f60\u7684 YoY \u662f 100%\uff0c2020 \u5e74\u7684\u71df\u6536\u662f USD 2M\uff0c\u5c31\u7b97\u7d66\u4f60\u6700\u9ad8\u7684\u71df\u6536\u4e58\u6578\u662f 5\uff0c\u90a3\u4f30\u503c\u4e5f\u53ea\u662f\u8ddf\u53bb\u5e74\u4e00\u6a23\uff0c\u53cd\u904e\u4f86\u8aaa\uff0c\u53ea\u8981\u662f\u5e02\u5834\u6295\u8cc7\u4eba\u7d66\u7684\u5e73\u5747\u6c34\u6e96\uff0c\u90a3\u4f60\u65b0\u7684\u9019\u4e00\u8f2a\u5f88\u6709\u53ef\u80fd\u5c31\u662f\u6301\u5e73\u7684\u4f30\u503c\u6216\u8005\u662f down round\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5275\u696d\u8005\u6709\u6642\u5019\u6703\u6709\u4e0a\u8ff0\u9019\u7a2e\u5361\u4f4f\u4e86\u7684\u7a98\u5883\uff0c\u5f88\u591a\u6642\u5019\u662f\u4e4b\u524d\u7684\u4f30\u503c\u62ff\u904e\u9ad8\uff0c\u8a66\u60f3\uff0c\u5982\u679c\u4e0a\u8ff0\u6848\u4f8b\u5728 2019 \u5e74\u7684\u4f30\u503c\u5982\u679c\u7576\u6642\u6295\u8cc7\u4eba\u7d66\u7684\u71df\u6536\u4e58\u6578\u662f 4~5 \u500d\uff0c\u516c\u53f8\u52df\u96c6 USD 1M\uff0c\u90a3\u4f30\u503c\u5c31\u6703\u843d\u5728 USD 5~6M\uff0c\u5c31\u7b97\u5f8c\u4f86\u5047\u8a2d\u7684\u72c0\u6cc1\u7522\u751f\uff0c\u6210\u9577\u4e0d\u5982\u9810\u671f\u3001\u5e02\u5834\u6295\u8cc7\u74b0\u5883\u4e0d\u5982\u9810\u671f\uff0c\u4f46\u81f3\u5c11\u4e0b\u4e00\u8f2a\u6295\u8cc7\u4eba\u4f86\u770b\u4f60\u7684\u6642\u5019\uff0c\u624d\u4e0d\u6703\u89ba\u5f97\u592a\u8cb4\u770b\u4e0d\u4e0b\u53bb\uff0c\u800c\u4f60\u4e5f\u6703\u6bd4\u8f03\u6709\u6a5f\u6703\u6301\u7e8c\u62ff\u5230\u9322\uff0c\u4e00\u8f2a\u4e00\u8f2a\u7684\u6210\u9577\u4e0b\u53bb\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u51fa\u4f86\u8dd1\uff0c\u9072\u65e9\u8981\u9084\u7684<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f30\u503c\u5148\u62ff\u592a\u9ad8\uff0c\u4f60\u9084\u662f\u5f97\u8981\u628a Traction \u505a\u51fa\u4f86\u88dc\u8db3\u4f60\u591a\u62ff\u7684\u4f30\u503c\uff0c\u4e4b\u5f8c\u591a\u7684 Traction\uff0c\u624d\u662f\u4f60\u4e0b\u4e00\u8f2a\u7684\u7c4c\u78bc\u3002\u6240\u4ee5\u5982\u679c\u771f\u7684\u9078\u64c7\u8981\u62ff\u6295\u8cc7\u4eba\u7684\u9322\uff0c\u90a3\u4f60\u5c31\u8981\u5f97\u8981\u770b\u66f4\u9577\u671f\uff0c\u4e00\u5e74\u534a\u3001\u4e09\u5e74\u3001\u4e94\u5e74\u5f8c\uff0c\u4f60\u61c9\u8a72\u5f97\u8981\u9054\u5230\u600e\u6a23\u7684\u6210\u7e3e\uff0c\u624d\u80fd\u5920\u5728\u90a3\u500b\u6642\u5019\u518d\u7e7c\u7e8c\u62ff\u5230\u5176\u4ed6\u6295\u8cc7\u4eba\u7684\u652f\u6301\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u6bd4\u4f30\u503c\u66f4\u91cd\u8981\u7684\u4e8b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6211\u4e4b\u524d\u8a8d\u8b58\u4e00\u500b\u5275\u696d\u8005\uff0c\u4e00\u958b\u59cb\u7684\u4ed6\uff0c\u9084\u883b\u5728\u610f\u6295\u8cc7\u4eba\u7d66\u7684\u4f30\u503c\u662f\u591a\u5c11\uff0c\u4f46\u8a8d\u8b58\u4ed6\u4e00\u5e74\u4e4b\u5f8c\uff0c\u4ed6\u8ddf\u6211\u8aaa\u4e86\u4e00\u53e5\u8a71\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u300cBrandon\uff0c\u6211\u73fe\u5728\u89ba\u5f97\u4f30\u503c\u5012\u9084\u597d\uff0c\u5408\u7406\u5c31\u53ef\u4ee5\u4e86\uff0c\u53cd\u800c\u662f\u9019\u500b\u6295\u8cc7\u4eba\u8ddf\u6211\u6709\u6c92\u6709 Founder-investor fit\uff0c\u4ee5\u53ca\u4ed6\u5011\u9084\u53ef\u4ee5\u5e6b\u4e0a\u4ec0\u9ebc\u5fd9\uff0c\u624d\u662f\u66f4\u91cd\u8981\u7684\u3002\u800c\u4e14\u6211\u7684\u4e8b\u696d\u5c31\u662f\u8981\u73a9\u5927\u7684\uff0c\u6211\u7684\u76ee\u6a19\u53ef\u80fd\u662f\u4e94\u5230\u5341\u5e74\u5f8c\u516c\u53f8 IPO \u4e86\uff0c\u90a3\u6642\u5019\u7684\u516c\u53f8\u50f9\u503c\u5c0d\u6211\u4f86\u8aaa\u624d\u662f\u771f\u7684\uff0c\u4e2d\u9593\u9019\u4e9b\u4f30\u503c\u5c31\u53ea\u662f\u500b\u904e\u7a0b\uff0c\u5408\u7406\u7684\u4f30\u503c\uff0c\u62ff\u6211\u61c9\u8a72\u62ff\u7684\u9322\uff0c\u7a00\u91cb\u5408\u7406\u7684\u80a1\u6b0a\uff0c\u90a3\u5c31\u5920\u4e86\u300d\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u5f8c\uff0c\u4e5f\u7528\u4ed6\u7684\u8a71\u4f86\u505a\u500b\u5c0f\u7d50\uff0c\u516c\u53f8\u7684\u4f30\u503c\u771f\u7684\u4e0d\u662f\u8d8a\u9ad8\u5c31\u8d8a\u597d\uff0c\u5982\u679c\u4f60\u771f\u7684\u8981\u52df\u8cc7\u7684\u6642\u5019\uff0c\u4e5f\u53ef\u4ee5\u8a66\u8457\u8ddf\u4f60\u7684\u6f5b\u5728\u6295\u8cc7\u4eba\u804a\u804a\uff0c\u807d\u807d\u770b\u4ed6\u5011\u7684\u60f3\u6cd5\u662f\u4ec0\u9ebc\u3002\u81f3\u5c11\u9664\u4e86\u4f30\u503c\u4e4b\u5916\uff0c\u8eab\u70ba\u5275\u696d\u8005\u7684\u4f60\uff0c\u9084\u6709\u5f88\u591a\u503c\u5f97\u4e00\u4f75\u8003\u91cf\u7684\u56e0\u7d20\uff0c\u8aaa\u4e0d\u5b9a\u90a3\u4e9b\u6703\u66f4\u91cd\u8981\uff0c\u90a3\u4f60\u4e5f\u5c31\u4e0d\u7528\u5728\u4f30\u503c\u4e0a\u7cfe\u7d50\u4e86\u3002\u4f30\u503c\u5dee\u4e0d\u4e86\u591a\u5c11\u7684\u8a71\uff0c\u5c31\u627e\u4f60\u6bd4\u8f03\u611b\u7684\u90a3\u4e00\u500b\u5427\uff0c\u56e0\u70ba\u81f3\u5c11\u4f60\u5011\u6703\u5728\u4e00\u8d77\u596e\u9b25\u597d\u5e7e\u5e74\u7684\u6642\u9593\uff0c\u9019\u53cd\u800c\u662f\u66f4\u91cd\u8981\u7684\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Photo Credit\uff1aValuation by&nbsp;<a href=\"http:\/\/www.nyphotographic.com\/\">Nick Youngson<\/a>&nbsp;<a href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/3.0\/\">CC BY-SA 3.0<\/a>&nbsp;<a href=\"http:\/\/alphastockimages.com\/\">Alpha Stock Images<\/a><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-1024x310.png\" alt=\"\" class=\"wp-image-2357 lazyload\"><noscript><img decoding=\"async\" width=\"1024\" height=\"310\" src=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-1024x310.png\" alt=\"\" class=\"wp-image-2357\" srcset=\"https:\/\/addin.vc\/wp-content\/uploads\/2022\/10\/\u622a\u5716-2022-09-26-\u4e0b\u534812.00.12-1024x310.png 1024w, 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