\u505a\u4e00\u4e2a\u5929\u4f7f\u6295\u8d44\u8005<\/p>\n
\u4e0a\u4e2a\u6708\u98ce\u9669\u6295\u8d44\u535a\u5ba2\uff08venture capital blog\uff09\u94fe\u63a5\u4e86\u6211\u7684\u535a\u5ba2\uff08Life With Alacrity\uff09\uff0c\u5e76\u628a\u6211\u5f52\u7c7b\u6210\u98ce\u9669\u6295\u8d44\u8005\u3002\u6211\u5176\u5b9e\u4e0d\u662f\u98ce\u9669\u6295\u8d44\u8005\uff0c\u800c\u662f\u5929\u4f7f\u6295\u8d44\u8005\u3002<\/p>\n
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VC Firm \u4f1a\u7ba1\u7406\u82e5\u5e72\u7b14\u6765\u81ea\u57fa\u91d1\u6295\u8d44\u516c\u53f8\u7684\u8d44\u91d1\uff0c\u628a\u8fd9\u4e9b\u8d44\u91d1\u6295\u7ed9\u521b\u4e1a\u9636\u6bb5\u8fd8\u6ca1\u6709\u4e0a\u5e02\u7684\u5c0f\u516c\u53f8\u3002VC Firm \u4f1a\u6536\u53d6\u624b\u4e2d\u7ba1\u7406\u7684\u603b\u8d44\u91d1\u76842%-3% \u4f5c\u4e3a\u624b\u7eed\u8d39\u3002\u4e0d\u7ba1\u6295\u8d44\u6210\u8d25\u4e0e\u5426\uff0c\u8fd9\u7b14\u624b\u7eed\u8d39\u65f1\u6d9d\u4fdd\u6536\u3002\u624b\u7eed\u8d39\u4f5c\u4e3a\u53d1\u7ed9 VC Firm \u5458\u5de5\u7684\u5de5\u8d44\u3002\u5982\u679c\u6295\u8d44\u6210\u529f\uff0cVC Firm \u8fd8\u4f1a\u83b7\u5f97\u6295\u8d44\u8d62\u5229\u768420%\uff08\u79f0\u4e3aCarry\uff09\u3002\u8fd9\u7b14\u76c8\u5229\u4f1a\u88ab VC Firm \u7684\u5408\u4f19\u4eba\u5206\u4eab\uff0c\u6709\u6781\u5c11\u60c5\u51b5\u52a9\u7406\u53ef\u4ee5\u5206\u5230\u4e00\u4e9b\u3002<\/p>\n
\u5176\u5b9e\u5728 VC Firm \u4e2d\u771f\u6b63\u5e72\u6d3b\u7684\u662f\u52a9\u7406\u4eec\u3002\u4ed6\u4eec\u62ff\u7740\u9ad8\u85aa\uff0c\u4f46\u4ed6\u4eec\u771f\u6b63\u671f\u5f85\u7684\u662f\u53d1\u6398\u51fa\u6709\u6f5c\u529b\u7684\u5c0f\u516c\u53f8\uff0c\u7ba1\u7406\u597d\u5bf9\u5b83\u7684\u6295\u8d44\uff0c\u8ba9\u6295\u8d44\u4ea7\u751f\u9ad8\u56de\u62a5\u3002\u8fd9\u6837\u4e0b\u4e00\u8f6e VC Firm \u518d\u4ece\u57fa\u91d1\u6295\u8d44\u516c\u53f8\u62ff\u5230\u8d44\u91d1\u7684\u65f6\u5019\uff0c\u51fa\u8272\u7684\u52a9\u7406\u5c31\u6709\u53ef\u80fd\u6210\u4e3a\u5408\u4f19\u4eba\uff0c\u4eab\u53d7\u771f\u6b63\u5de8\u989d\u7684\u56de\u62a5\uff0c\u751a\u81f3\u5f00\u4ed6\u4eec\u81ea\u5df1\u7684VC Firm\u3002<\/p>\n
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Gifford Pinchot \u2014 \u5408\u4f5c\u578b\u5929\u4f7f\u6295\u8d44\u4eba<\/p>\n
Gifford Pinchot \u548c\u4ed6\u7684\u592a\u592a Libba \u662f Consensus Development \u516c\u53f8\u7684\u7b2c\u4e00\u4f4d\u5929\u4f7f\u6295\u8d44\u4eba\u3002\u6211\u662f\u5728\u4e00\u6b21Maxis\uff08\u4eff\u771f\u6e38\u620fSim\u7684\u51fa\u7248\u8005\uff09\u7684\u4f1a\u8bae\u4e0a\u9047\u5230Gifford\u7684\u3002\u4ed6\u90a3\u65f6\u6b63\u5728\u534f\u52a9\u5efa\u7acb\u4e00\u5bb6\u505a\u4eff\u771f\u8f6f\u4ef6\u7684\u516c\u53f8\u3002\u5b9e\u9645\u4e0a\u6211\u4eec\u7b2c\u4e00\u6b21\u4f1a\u8c08\u7684\u7ed3\u679c\u5f88\u4ee4\u4eba\u5931\u671b\u3002\u4f46\u662fGifford\u559c\u6b22\u6211\u5927\u65b9\u5411\u4e0a\u7684\u773c\u5149\u3002\u4e8e\u662f\u4ed6\u4e70\u4e86\u673a\u7968\u53eb\u6211\u98de\u5230\u5723\u5730\u4e9a\u54e5\u3002\u5728\u6d77\u6ee9\u4e0a\uff0c\u6211\u4eec\u4e00\u8fb9\u6563\u6b65\uff0c\u4e00\u8fb9\u8c08\u8ba8\u5bf9\u4e8e\u7ec4\u4ef6\u8f6f\u4ef6\uff08Collaborative software\uff09\u7684\u60f3\u6cd5\u3002\u4ed6\u5f88\u611f\u5174\u8da3\u3002\u4e8e\u662f\u8fc7\u4e86\u51e0\u5929\u53c8\u8bf7\u6211\u98de\u5230\u4ed6\u5728 Connecticut \u7684\u5bb6\u3002\u6211\u5728\u4ed6\u7684\u519c\u573a\u5ba2\u623f\u91cc\u4f4f\u4e86\u4e00\u4e2a\u6708\uff0c\u5b8c\u6210\u4e86\u6211\u4eec\u7684\u7b2c\u4e00\u4e2a\u5546\u4e1a \u8ba1\u5212\u4e66\u3002
Gifford \u53ea\u6295\u4e86\u4e0d\u52305\u4e07\u7f8e\u5143\u5e2e\u6211\u8fc8\u51fa\u4e86\u7b2c\u4e00\u6b65\u3002\u4f46\u4ed6\u771f\u6b63\u91cd\u8981\u7684\u8d21\u732e\u5e76\u4e0d\u662f\u94b1\uff0c\u800c\u662f\u4ed6\u7684\u65f6\u95f4\u3002\u957f\u671f\u4ee5\u6765\uff0c\u4ed6\u4f5c\u4e3a\u8463\u4e8b\u957f\u4e00\u76f4\u5b5c\u5b5c\u4e0d\u5026\u7684\u5e2e\u52a9\u6211\uff0c\u7763\u5bfc\u6211\uff0c\u548c\u6211\u4e00\u8d77\u5de5\u4f5c\u3002\u8fd9\u4e9b\u5dee\u4e0d\u591a\u8981\u82b1\u8d39\u4ed65\uff0d10\uff05\u7684\u65f6\u95f4\u3002\u5f53\u6211\u4eec\u7684\u7b2c\u4e00\u4e2a\u4ea7\u54c1 InfoLog\uff08\u7c7b\u4f3cdel.icic.us\u7684\u793e\u4f1a\u6027\u6807\u7b7e\u4ea7\u54c1\uff0c\u4f46\u662f\u65e9\u4e86\u5341\u5e74\uff09\u5931\u8d25\u65f6\uff0c\u4ed6\u6ca1\u6709\u9009\u62e9\u79bb\u5f00\u800c\u662f\u7ee7\u7eed\u9f13\u52b1\u6211\u3002\u4e8e\u662f\u6211\u4ed4\u7ec6\u7814\u7a76\u4e86\u6df1\u5c42\u7684\u95ee\u9898\uff0c\u53d1\u73b0\u4fe1\u7528\u548c\u5b89\u5168\u662f\u6700\u4e3b\u8981\u7684\u969c\u788d\u3002\u56e0\u6b64\u6211\u6210\u7acb\u4e86\u4e00\u4e2a\u54a8\u8be2\u516c\u53f8\u5e76\u4e14\u5f00\u59cb\u76c8\u5229\u3002\u63a5\u7740\uff0c\u4ed6\u53c8\u652f \u6301\u6211\u505c\u6b62\u6240\u6709\u7684\u54a8\u8be2\u670d\u52a1\uff0c\u8f6c\u800c\u505a SSL Plus \u4ea7\u54c1\u3002\u540e\u6765\uff0c\u5f53\u591a\u4e2a\u4e70\u5bb6\u5f00\u59cb\u5546\u8c08\u8d2d\u4e70\u8fd9\u4e2a\u4ea7\u54c1\u65f6\uff0cGifford \u82b1\u4e86\u5f88\u591a\u65f6\u95f4\u8fdb\u884c\u5ba1\u67e5\u8bc4\u9274\uff08due dilligence\uff09\u5de5\u4f5c\u3002\u6700\u540e\u751a\u81f3\u517c\u804c\u51fa\u4efbCEO\uff0c\u4ee5\u4fbf\u6211\u53ef\u4ee5\u4e13\u5fc3\u5728\u516c\u53f8\u51fa\u552e\u4e0a\u3002
\u6700\u7ec8 Gifford \u51e0\u4e07\u7f8e\u5143\u7684\u6295\u8d44\u83b7\u5f97\u4e86\u51e0\u767e\u4e07\u7684\u56de\u62a5\u3002\u7136\u800c\uff0c\u4ed6\u4ed8\u51fa\u7684\u771f\u6b63\u6295\u8d44\u662f\u5341\u5e74\u6765\u548c\u6211\u4e00\u8d77\u5de5\u4f5c\u7684\u65f6\u95f4\u548c\u4ece\u4e0d\u8a00\u653e\u5f03\u3002<\/p>\n
Scott Loftesness \u2013 \u79cd\u5b50\u5929\u4f7f
\u6211\u8ba4\u8bc6 Scott Loftesnes s\u65f6\u4ed6\u662fVISA\u56fd\u9645\u7ec4\u7ec7\uff08VISA\u5361\uff09\u7684 \u6267\u884c\u526f\u603b\u88c1\u3002\u6211\u4eec\u572880\u5e74\u4ee3\u901a\u8fc7\u540c\u5728 CompuServe \u505a\u7cfb\u7edf\u7ba1\u7406\u5458\u7684\u7ecf\u5386\u4e86\u89e3\u4e86\u5bf9\u65b9\u3002\u6211\u4e3a\u4ed6\u548cVISA\u5728\u7ec4\u4ef6\uff08Groupware\uff09\u9886\u57df\u505a\u8fc7\u51e0\u5e74\u987e\u95ee\u5de5\u4f5c\u3002\u8fd9\u6bb5\u7ecf\u5386\u8ba9\u6211\u4eec\u5bf9\u5bf9\u65b9\u90fd\u5efa\u7acb\u4e86\u4fe1\u4efb\u548c\u5c0a\u91cd\u3002\u5f53\u6211\u7684\u4e1a\u52a1\u4ece\u7ec4\u4ef6\u987e\u95ee\u62d3\u5c55\u5230\u5bc6\u7801\u5b89\u5168\u9886\u57df\u65f6\uff0c\u6211\u627e\u5230\u4ed6\u3002\u5f53\u65f6\u6211\u770b\u5230\u4e86\u4e00\u4e2a\u5546\u673a\u2014\u6211\u6709\u673a\u4f1a\u4eceRSA\u6570\u636e\u5b89\u5168 \u516c\u53f8\uff08\u8bd1\u8005\uff1a\u8be5\u516c\u53f8\u62e5\u6709\u73b0\u4ee3\u6570\u636e\u5b89\u5168\u5960\u57fa\u6280\u672f\u4e4b\u4e00RSA\uff09\u62ff\u5230\u4e00\u4efd\u5546\u4e1a\u5316\u5b9e\u65bdRSAREF\uff08RSA\u6280\u672f\u5b9e\u65bd\u53c2\u8003\u6587\u6863\uff09\u7684\u5408\u540c\u3002\u4f46\u8981\u6293\u4f4f\u8fd9\u4e2a\u673a\u4f1a\u6211\u9700\u8981\u542f\u52a8\u6240\u9700\u7684\u79cd\u5b50\u8d44\u91d1\u3002
Scott \u7684\u6295\u8d44\u662f Gifford \u7684\u4e24\u500d\uff0c\u4f46\u4e5f\u5c11\u4e8e\uff11\uff10\u4e07\u7f8e\u91d1\u3002\u4f46Scott\u7ed9\u4e88\u6211\u7684\u8fdc\u8fdc\u4e0d\u6b62\u8fd910\u4e07\u7f8e\u91d1\uff0c\u4ed6\u5728\u4e1a\u754c\u7684\u58f0\u8a89\u4e5f\u6210\u4e3a\u6211\u7684\u516c\u53f8\u7684\u8d22\u5bcc\u3002\u4ed6\u5728VISA\u7f8e\u56fd \u7684\u4e00\u4f4d\u670b\u53cb\u8fd9\u6837\u8bc4\u4ef7Scott\uff1aVISA\u7684\u6240\u6709\u521b\u65b0\u90fd\u6765\u81eaScott\u3002Scott\u6210\u4e3a\u6211\u7684\u8463\u4e8b\u4f1a\u6210\u5458\uff1b\u652f\u6301\u516c\u53f8\u4ece\u7ec4\u4ef6\u548c\u6570\u636e\u5b89\u5168\u987e\u95ee\u4e1a\u52a1\u8f6c\u578b\u6210SSL\u9879\u76ee\u5f00\u53d1\u7684\u91cd\u5927\u51b3\u5b9a\uff1b\u5bf9\u516c\u53f8\u51fa\u552e\u524d\u7684\u4ef7\u503c\u8bc4\u4f30\u7ed9\u4e88\u5de8\u5927\u5e2e\u52a9\uff1b\u5e76\u5728 Consensus Development \u516c\u53f8\u7684\u6700\u7ec8\u51fa\u552e\u8fc7\u7a0b\u4e2d\u8d77\u5230\u51b3\u5b9a\u6027\u4f5c\u7528\u3002
Scott \u5bf9 Consensus Development \u7684\u6295\u8d44\u6700\u7ec8\u4e5f\u83b7\u5f97\u4e86\u4e30\u539a\u7684\u56de\u62a5\u3002\u4ed6\u5bf9\u516c\u53f8\u65e5\u5e38\u8fd0\u4f5c\u7684\u53c2\u4e0e\u8fdc\u8fdc\u5c11\u4e8e\u6211\u7684\u7b2c\u4e00\u4f4d\u5929\u4f7f\u3002\u4f46\u6bcf\u5f53\u6211\u4eec\u9700\u8981\u7684\u65f6\u5019\uff0c\u4ed6\u603b\u80fd\u4e0d\u9057\u4f59\u529b\u5730\u7ed9\u6211\u4eec\u5efa\u8bae\u548c\u652f\u6301\u3002\u8fd9\u5c31\u662f\u6211\u7684\u79cd\u5b50\u5929\u4f7f\u3002
Jim Bidzos \u2014 \u653e\u624b\u578b\u5929\u4f7f\u6295\u8d44\u4eba<\/p>\n
Jim Bidzos \u662f RSA Data Security \u7684CEO\uff0c\u8fd9\u4e2a\u516c\u53f8\u51e0\u4e4e\u5728\u6240\u6709\u7684\u5bc6\u7801\u6570\u636e\u5b89\u5168\u9886\u57df\u90fd\u62e5\u6709\u4e00\u4e9b\u4e13\u5229\u3002\u591a\u5e74\u4ee5\u6765\uff0c\u6211\u7ed9\u4ed6\u7684\u51e0\u4e2a\u9879\u76ee\u63d0\u4f9b\u8fc7\u5404\u79cd\u54a8\u8be2\u670d\u52a1\uff0c\u4f8b\u5982RSAREF\u6807\u51c6\uff0c\u5f00\u53d1 Certificate Services \u90e8\u95e8\u7684\u5ba2\u6237\u7aef\u5de5\u5177\uff0c\u8fd8\u6709\u5e2e\u521b\u7acbVerisign\u516c\u53f8\u3002
\u6709\u4e00\u6b21\uff0c\u6211\u8ddfJim\u8bf4\uff1a\u5982\u679c\u53ea\u6709RSA\u7684\u4eba\u624d\u80fd\u9500\u552eRSAREF\u6807\u51c6\u7684\u5de5\u5177\uff0c\u90a3\u8fd9\u4e2a\u6807\u51c6\u5c31\u6c38\u8fdc\u4e0d\u4f1a\u6210\u4e3a\u771f\u6b63\u7684\u6807\u51c6\u3002\u56e0\u4e3aRSA\u7684\u9500\u552e\u4eba\u5458\u66f4\u613f\u610f\u53bb\u5356\u4ed6\u4eec\u7684 \u9ad8\u7aef\u5de5\u5177BSAFE\u3002\u6211\u5f00\u73a9\u7b11\u7684\u63d0\u8bae\u8ba9 Consensus Development \u4e5f\u6765\u53c2\u52a0\u3002\u51fa\u4e4e\u6211\u7684\u610f\u6599\uff0c\u4ed6\u5c45\u7136\u540c\u610f\u4e86\u3002<\/p>\n
\u51e0\u5e74\u4ee5\u540e\uff0c\u6b63\u56e0\u4e3a Consensus Development \u662f\u9664RSA\u4ee5\u5916\u552f\u4e00\u638c\u63e1\u4e86\u6709\u8fd9\u79cd\u5de5\u5177\u7684\u516c\u53f8\uff0c\u6211\u83b7\u5f97\u4e86\u4e3aNetscape \u5f00\u53d1SSL3.0\u7684\u5408\u540c\u3002\u6211\u62ff\u7740\u8fd9\u4e2a\u5408\u540c\u53bb\u548cJim\u8c08\uff0c\u6211\u8bf4\u6211\u9700\u8981\u4e00\u4e9b\u6295\u8d44\u6765\u4fdd\u8bc1\u8fd9\u4e2a\u9879\u76ee\u7684\u6210\u529f\u3002\u4e8e\u662f\u4ed6\u6295\u4e86\u51e0\u5341\u4e07\uff0c\u6362\u53d6\u4e86\u5927\u7ea6\u8ddf Gifford \u548c Scott \u5dee\u4e0d\u591a\u7684\u80a1\u4efd\u3002\u4f46\u662f\u56e0\u4e3a\u4ed6\u662fRSA\u7684CEO\uff0c\u4ed6\u6ca1\u6709\u771f \u6b63\u52a0\u5165\u6211\u4eec\u7684\u8463\u4e8b\u4f1a\u3002
\u5728\u8fd9\u6b21\u6295\u8d44\u4ee5\u540e\uff0cJim\u51e0\u4e4e\u6ca1\u6709\u518d\u53c2\u4e0e\u4efb\u4f55 Consensus Development \u7684\u5de5\u4f5c\u3002\u4ed6\u5728\u5bc6\u7801\u6570\u636e\u5b89\u5168\u884c\u4e1a\u91cc\u505a\u4e86\u5f88\u591a\u5929\u4f7f\u6295\u8d44\uff0c\u751a\u81f3\u6295\u4e86\u6211\u4eec\u7684\u7ade\u4e89\u5bf9\u624b\u3002\u6700\u540e\uff0c\u4ed6\u4ece\u6211\u4eec\u516c\u53f8\u5f97\u5230\u4e86\u5927\u7ea6\u5341\u500d\u7684\u56de\u62a5\u3002Jim Bidzos\u7684\u6295\u8d44\u662f\u5bf9 Consensus
Development \u516c\u53f8\u7684\u4e00\u4e2a\u627f\u8ba4\uff0c\u4ed6\u7684\u8ba4\u53ef\u4e5f\u4f7f\u5f97\u6211\u4eec\u7684\u516c\u53f8\u4ef7\u503c\u66f4\u9ad8\u3002<\/p>\n
\u521b\u5efaAlacrity Ventures\uff08Chris Allen\u81ea\u5df1\u7684\u5929\u4f7f\u6295\u8d44\u516c\u53f8\uff09<\/p>\n
\u79bb\u5f00 Certicom\uff08\u8ba1\u7b97\u673a\u6570\u636e\u5b89\u5168\u516c\u53f8\uff0c\u8be5\u516c\u53f8\u6536\u8d2d\u4e86 Consensus Development \u540e\uff0c\u6211\u95ee\u81ea\u5df1\uff0c\u4ee5\u540e\u8be5\u505a\u4ec0\u4e48\u5462\uff1f\u6211\u5176\u5b9e\u53ef\u4ee5\u79bb\u5f00\u65e7\u91d1\u5c71\u6e7e\u533a\u9000\u4f11\u4e86\uff0c\u4f46\u8fd8\u4e3a\u65f6\u8fc7\u65e9\u3002\u6211\u4e5f\u8bb8\u53ef\u4ee5\u7528\u81ea\u5df1\u7684\u8d44\u91d1\u518d\u505a\u4e00\u5bb6\u516c\u53f8\uff1f\u4f46\u7531\u4e8e\u548c Certicom \u7b7e\u8ba2\u7684\u201c\u4e0d\u7ade\u4e89\u201d\u6761\u6b3e\u6211\u4e0d\u80fd\u505a\u4efb\u4f55\u6570\u636e\u5b89\u5168\u65b9\u9762\u7684\u516c\u53f8\u3002\u800c\u9664\u6b64\u4e4b\u5916\u7684\u9886\u57df\u6211\u53c8\u6beb\u65e0\u628a\u63e1\u3002\u6240\u4ee5\u6211\u51b3\u5b9a\u8fdb\u884c\u5929\u4f7f\u6295\u8d44\u3002\u90e8\u5206\u539f\u56e0\u4e3a\u4e86\u8d5a\u94b1\u3002\u66f4\u91cd \u8981\u7684\u662f\u6211\u559c\u6b22\u548c\u521b\u4e1a\u8005\u4eec\u4e00\u8d77\u5de5\u4f5c\u3002\u6211\u8981\u628aGifford Pinchot\u7ed9\u4e0e\u6211\u7684\u4e5f\u7ed9\u4e0e\u522b\u4eba\u3002
\u6211\u5bf9\u521b\u4e1a\u6295\u8d44\u884c\u4e1a\u505a\u4e86\u4e9b\u7814\u7a76\u3002\u5f53\u6211\u8fdb\u4e00\u6b65\u4e86\u89e3\u4e86\u98ce\u9669\u548c\u5929\u4f7f\u6295\u8d44\u7684\u4e0d\u540c\u6295\u8d44\u65b9\u5f0f\u540e\u5f00\u59cb\u6709\u4e9b\u72af\u5600\u5495\u3002\u505a\u5929\u4f7f\u6295\u8d44\u8005\u5728\u5f88\u591a\u65b9\u9762\u8981\u6bd4\u98ce\u9669\u6295\u8d44\u8005\u56f0\u96be\u5f97\u591a\u3002\u6240\u6709\u57fa\u91d1\u6295\u8d44\u516c\u53f8\u3001VC Firm \u548c VC Firm \u7684\u52a9\u7406\u8981\u9762\u4e34\u7684\u95ee\u9898\uff0c\u5929\u4f7f\u6295\u8d44\u8005\u90fd\u8981\u9762\u5bf9\u3002
\u7b2c\u4e00\u4e2a\u95ee\u9898\u662f\u6295\u8d44\u591a\u5c11\u3002\u57fa\u91d1\u516c\u53f8\u4e00\u822c\u6295\u603b\u8d44\u91d1\u7684\uff11\uff0d\uff12\uff05\u3002\u5982\u679c\u6211\u4e5f\u6309\u7167\u8fd9\u4e2a\u6bd4\u4f8b\u6211\u6295\u4e0d\u4e86\u51e0\u5bb6\u516c\u53f8\u3002\u6211\u8fd8\u5e74\u8f7b\uff0c\u5e94\u8be5\u53ef\u4ee5\u627f\u62c5\u66f4\u5927\u7684\u98ce\u9669\u3002
\u7b2c\u4e8c\u4e2a\u95ee\u9898\uff0c\u4e0eVC Firm\u4e0d\u540c\uff0c\u5929\u4f7f\u6295\u8d44\u8005\u6536\u4e0d\u5230\u7ba1\u7406\u8d39\u3002\u8fd9\u662f\u9760\u5929\u5403\u996d\uff0c\u800c\u4e0d\u662f\u65f1\u6d9d\u4fdd\u6536\u3002
\u7b2c\u4e09\u4e2a\u95ee\u9898\u5728\u4e8e\u6211\u7684\u65f6\u95f4\u6709\u9650\u3002\u5f88\u591a\u5929\u4f7f\u6295\u8d44\u8005\u8fd8\u6709\u5176\u4ed6\u5de5\u4f5c\u3002\u8fdb\u884c\u5929\u4f7f\u6295\u8d44\u53ea\u662f\u4ed6\u4eec\u7684\u517c\u804c\uff0c\u800c\u4e0d\u8c61\u5168\u804c\u7684\u98ce\u9669\u6295\u8d44\u8005\u4eec\u3002\u6211\u5373\u4fbf\u5168\u804c\u7ba1\u7406\u6211\u7684\u6295\u8d44\uff0c\u6700\u591a\u4e5f\u53ea\u80fd\u517c\u987e\uff17\u4e2a\u6295\u8d44\u9879\u76ee\u3002\u800c\u57fa\u4e8e\u524d\u9762\u63d0\u5230\u7684\u6570\u636e\u53ea\u6709\uff11\uff0f\uff12\uff10\u7684\u6295\u8d44\u80fd\u8d5a\u94b1\u3002\u90a3\u4e48\u6211\u8840\u672c\u65e0\u5f52\u7684\u6982\u7387\u5c31\u6709\uff12\uff0f\uff13\u4e4b\u9ad8\u3002\u867d\u8bf4\u6211\u5bf9\u67d0\u4e9b\u884c\u4e1a\u7684\u4e86\u89e3\u6bd4\u4e00\u822c\u7684\u98ce\u9669\u6295\u8d44\u8005\u6df1 \u5165\uff0c\u4f46\u8fd9\u4e5f\u4e0d\u8db3\u4ee5\u62b5\u6d88\u4e0a\u8ff0\u7684\u98ce\u9669\u3002
\u57fa\u4e8e\u4ee5\u4e0a\u7684\u8ba4\u8bc6\uff0c\uff13\u4e2a\u5929\u4f7f\u6295\u8d44\u8005\u4e00\u8d77\u5408\u4f5c\u6210\u4e3a\u6210\u529f\u7684\u5173\u952e\u3002\u81f3\u5c11\u4ece\u7406\u8bba\u4e0a\u6211\u4eec\u53ef\u4ee5\u6709\u80fd\u529b\u6295\u8d44\u548c\u7ba1\u7406\uff12\uff11\u4e2a\u516c\u53f8\uff0c\u5171\u540c\u5206\u62c5\u98ce\u9669\u3002\u6211\u548cGifford Pinchot\u8c08\u4e86\u60f3\u6cd5\uff0c\u4ed6\u540c\u610f\u8ddf\u6211\u5408\u4f5c\u3002\u53e6\u4e00\u4e2a\u5408\u4f19\u4eba\u662fHarold Shattuck\u3002\u4ed6\u66fe\u7ecf\u4e3aConsensus Development\u7684\u516c\u53f8\u4f30\u4ef7\u548c\u5176\u4ed6\u8fd0\u4f5c\u63d0\u4f9b\u987e\u95ee\u3002Harold\u66fe\u7ecf\u662f\u98ce\u9669\u6295\u8d44\u8005\uff0c\u4f46\u4ed6\u66f4\u559c\u6b22\u8f83\u591a\u76f4\u63a5\u53c2\u4e0e\u516c\u53f8\u7684\u8fd0\u4f5c\u3002\u4e8e\u662f\uff0c\u6211\u4eec\u4e09\u4eba\u5408\u4f5c\uff0c\u628a\u5404\u81ea\u7684 \u9879\u76ee\u6765\u6e90\u548c\u4e09\u4e2a\u4eba\u5206\u4eab\uff0c\u5171\u540c\u8fdb\u884c\u516c\u53f8\u4ef7\u503c\u8bc4\u4f30\uff0c\u7b49\u7b49\u3002<\/p>\n
\u6765\u81eaAlacrity Ventures\u7684\u7ecf\u9a8c\u6559\u8bad<\/p>\n
Alacrity Ventures \u5df2\u7ecf\u8fd0\u4f5c\u4e86\uff16\u5e74\uff0c\u6709\u5f88\u591a\u7ecf\u9a8c\u6559\u8bad\u503c\u5f97\u603b\u7ed3\u3002\u9996\u5148\uff0c\u6211\u4eec\u5728\u516c\u53f8\u9009\u62e9\u4e0a\u505a\u5f97\u4e0d\u9519\uff0c\u5c24\u5176\u662f\u5728\u4e00\u4e2a\u505a\u5929\u4f7f\u6295\u8d44\u975e\u5e38\u56f0\u96be\u7684\u65f6\u671f\u3002Gifford\uff0cHarold \u548c\u6211\u81ea\u5df1\u5bf9\u516c\u53f8\u7684\u4ef7\u503c\u8bc4\u4f30\u505a\u7684\u76f8\u5f53\u597d\u3002Gifford \u5bf9\u521b\u4e1a\u7ba1\u7406\u56e2\u961f\u7684\u6307\u5bfc\u548c\u8bc4\u4f30\u3001Harold \u5728\u516c\u53f8\u8fd0\u4f5c\u548c\u5546\u4e1a\u6a21\u5f0f\u65b9\u9762\u3001\u4ee5\u53ca\u6211\u5728\u6280\u672f\u65b9\u9762\u7684\u7ecf\u9a8c\u5f62\u6210\u975e\u5e38\u597d\u7684\u4e92\u8865\u3002
\u5e94\u8be5\u8bf4\u5728\u5f88\u957f\u7684\u4e00\u6bb5\u65f6\u95f4\u91cc\u6211\u4eec\u505a\u7684\u4e0d\u9519\uff0c\u6211\u4eec\u6295\u8d44\u7684\uff11\uff13\u4e2a\u9879\u76ee\u9664\u4e86\u4e00\u4e2a\u5012\u95ed\uff0c\u5176\u4ed6\u90fd\u8fd8\u5728\u8fd0\u8f6c\u3002\u4f46\u6211\u4eec\u672a\u80fd\u5b9e\u73b0\u539f\u8ba1\u5212\u7684\u6295\u8d44\uff12\uff11\u4e2a\u516c\u53f8\u3002\u4e00\u4e2a\u91cd\u8981\u539f\u56e0\u662f\u6211\u4eec \u9010\u6e10\u610f\u8bc6\u5230\u5929\u4f7f\u6295\u8d44\u7684\u4e00\u4e2a\u5927\u654c\uff1a\u98ce\u9669\u6295\u8d44\u3002\u5929\u4f7f\u6295\u8d44\u8005\u7531\u4e8e\u8d44\u91d1\u91cf\u5c0f\uff0c\u53ea\u80fd\u8fdb\u884c\u79cd\u5b50\u6295\u8d44\u6216\u7b2c\u4e00\u8f6e\uff08Series A\uff09\u6295\u8d44\u3002\u4f46\u6211\u4eec\u6295\u8d44\u7684\u516c\u53f8\u548c\u5927\u591a\u6570\u5c0f\u516c\u53f8\u5728\u53d1\u5c55\u8fc7\u7a0b\u90fd\u9700\u8981\u66f4\u591a\u7684\u8d44\u91d1\u3002\u800c\u521b\u4e1a\u6295\u8d44\u754c\u5f53\u524d\u7684\u60ef\u4f8b\u662fVC\u6295\u8d44\u65f6\u4f1a\u8981\u6c42\u524d\u51e0\u8f6e\u7684\u6295\u8d44\u8005\u653e\u5f03\u4ed6\u4eec\u7684 Liquidation preference\uff08\u516c\u53f8\u51fa\u552e\u65f6\u6216\u5012\u95ed\u65f6\u62e5\u6709Liquidation preference \u7684\u80a1\u4e1c\u6709\u4f18\u5148\u6743\u628a\u4ed6\u4eec\u7684\u80a1\u4efd\u53d8\u73b0\uff09\uff0c\u800c\u8fd9\u6700\u7ec8\u5f88\u53ef\u80fd\u4f1a\u5bfc\u81f4\u4e4b\u524d\u7684\u6295\u8d44\u8005\uff0c\u5982\u5929\u4f7f\uff0c\u8840\u672c\u65e0\u5f52\u3002<\/p>\n
\u6bd4\u5982\u6211\u4eec\uff12\uff10\uff10\uff10\u5e74\u6295\u8d44\u7684\u4e00\u5bb6\u4f01\u4e1a\u8f6f\u4ef6\u516c\u53f8\uff0c\u4ed6\u4eec\u73b0\u5728\u8fd8\u5728\u7ecf\u8425\u3002\uff12\uff10\uff10\uff12\u5e74\u65f6\u56e0\u4e3a\u53d1\u5c55\u7684\u9700\u8981\uff0c\u4ed6\u4eec\u9700\u8981\u66f4\u591a\u8d44\u91d1\u3002\u56e0\u4e3a\u5f53\u65f6\u878d\u8d44\u76f8\u5f53\u56f0\u96be\uff0cVC\u8981\u6c42\u524d\u51e0\u8f6e\u6295\u8d44\u8005\u653e\u5f03 Liquidation preference \u624d\u80fd\u7ed9\u6295\u8d44\uff0c\u9664\u975e\u6211\u4eec\u4e5f\u7ee7\u7eed\u6295\u8d44\u3002\u4e5f\u5c31\u662f\u8bf4\u6211\u4eec\u62e5\u6709\u7684\u516c\u53f8\u80a1\u4efd\u5c06\u53d8\u6210\u666e\u901a\u80a1\u4efd\u4e86\uff08Common Stock\uff09\u3002\u72b9\u8c6b\u518d\u4e09\uff0c\u6211\u4eec\u8ffd\u52a0\u4e86\u6295\u8d44\u3002\u4f46\u7531\u4e8e\u6211\u4eec\u7684\u8d44\u91d1\u91cf\u6bd4VC\u7684\u5c11\u5f97\u591a\uff0c\u6211\u4eec\u53ea\u80fd\u4fdd\u4f4f\u6211\u4eec\u7684\u90e8\u5206\u6295\u8d44\u4e0d\u88ab\u53d8\u6210\u666e\u901a\u80a1\u4efd\u3002\u4e00\u5e74\u534a\u540e\uff0c\u8be5\u516c\u53f8\u9700\u8981\u66f4\u591a\u8d44 \u91d1\uff0c\u4e8e\u662f VC\u91cd\u65bd\u6545\u6280\uff0c\u8fd9\u6b21\u6211\u4eec\u7684\u6240\u6709\u80a1\u4efd\u90fd\u53d8\u6210\u666e\u901a\u80a1\u4efd\u4e86\u3002\u73b0\u57282006\u5e74\uff0c\u8be5\u516c\u53f8\u6709\u53ef\u80fd\u4f1a\u88ab\u6536\u8d2d\u3002\u7531\u4e8eVC\u62e5\u6709 Liquidation preference\uff0c\u4ed6\u4eec\u4f1a\u4f18\u5148\u83b7\u5f976\u53435\u767e\u4e07\u7f8e\u5143\u4ee5\u4e0a\u7684\u6536\u8d2d\u6240\u5f97\u3002\u4f46\u6211\u4f30\u8ba1\u8be5\u516c\u53f8\u7684\u6536\u8d2d\u4ef7\u4e0d\u4f1a\u8d85\u8fc75\u5343\u4e07\u7f8e\u5143\u3002\u6240\u4ee5\u5f88\u4e0d\u5e78\uff0c\u6211\u4eec\u548c\u5176\u4ed6\u73b0\u5728\u5df2\u7ecf\u4e0d\u53c2\u4e0e \u516c\u53f8\u65e5\u5e38\u51b3\u7b56\u7684\u521b\u59cb\u4eba\u90fd\u4f1a\u9897\u7c92\u65e0\u6536\u3002
\u7c7b\u4f3c\u7684\u60c5\u51b5\u8fd8\u51fa\u73b0\u8fc7\u591a\u6b21\u3002\u867d\u7136\u6211\u4eec\u5bf9\u6295\u8d44\u5bf9\u8c61\u7684\u9009\u62e9\u548c\u516c\u53f8\u4ef7\u503c\u8bc4\u4f30\u90fd\u505a\u5f97\u5f88\u5230\u4f4d\uff0c\u4f46\u4ecd\u7136\u4e0d\u80fd\u907f\u514d\u6700\u7ec8\u6210\u4e3a\u98ce\u9669\u6295\u8d44\u7684\u727a\u7272\u54c1\u3002\u7531\u4e8e1\/20\u7684\u6210\u529f\u7387\uff0c\u5c11\u6570\u6295 \u8d44\u7684\u5931\u8d25\u662f\u6211\u4eec\u6709\u5fc3\u7406\u51c6\u5907\u7684\u3002\u4f46\u6211\u4eec\u59cb\u6599\u672a\u53ca\u7684\u662f\u5373\u4fbf\u76f8\u5bf9\u6210\u529f\u7684\u516c\u53f8\uff08\u6bd4\u5982\u88ab\u6536\u8d2d\uff09\u6211\u4eec\u4e5f\u4e0d\u80fd\u83b7\u5f97\u56de\u62a5\u3002\u6211\u4eec\u5728\u5148\u671f\u6295\u8d44\u65f6\u786e\u5b9e\u62e5\u6709\u4f18\u5148\u80a1\u4efd\uff0c\u4f46\u8fd9\u5e76\u6ca1\u6709\u5bf9 \u6211\u4eec\u8d77\u5230\u4fdd\u62a4\u4f5c\u7528\u3002
\u76ee\u524d\u5728\u6211\u4eec\u768413\u4e2a\u6295\u8d44\u9879\u76ee\u4e2d\uff0c\u53ea\u67092\u4e2a\u8fd8\u6709\u53ef\u80fd\u7ed9\u6211\u4eec\u5e26\u6765\u56de\u62a5\u4e86\u3002\u4e00\u4e2a\u662f ITT\uff0c\u4e00\u4e2a\u6709\u5f88\u5f3a\u521b\u65b0\u6280\u672f\u7684\u949b\u52a8\u529b\u5236\u9020\u5546\uff08titanium power manufacturer\uff09\u3002\u53e6\u4e00\u4e2a\u662f\u9ad8\u79d1\u6280\u9676\u74f7\u8bbe\u5907\u5236\u9020\u5546Vapore\u3002\u4f46\u8fd9\u4e24\u4e2a\u516c\u53f8\u4e5f\u9762\u4e34\u9700\u8981\u8ffd\u52a0\u6295\u8d44\uff0c\u4f7f\u6211\u4eec\u4e27\u5931\u4f18\u5148\u6743\u7684\u5371\u9669\u3002\u5176\u4ed6\u7684\u6295\u8d44\u9879\u76ee\u60c5\u51b5\u5982\u4e0b\uff1a\u4e00\u4e2a\u516c\u53f8\u5356\u7ed9 VeriSign \u5e26\u6765\uff15\uff10\uff05\u7684\u56de\u62a5\uff1bSalon.com\u4f1a\u6709\u4e00\u70b9\u70b9\u7684\u56de\u62a5\uff1bMG Taylor\u521a\u521a\u80fd\u6536\u56de\u6295\u8d44\uff1bSkotos\u4e5f\u8bb8\u80fd\u6536\u56de\u6295\u8d44\u3002\u5176\u4ed6\uff18\u4e2a\u516c\u53f8\u7684\u6295\u8d44\u90fd\u635f\u5931\u6389\u4e86\u3002<\/p>\n
\u7ed9\u5929\u4f7f\u6295\u8d44\u8005\u7684\u5efa\u8bae<\/p>\n
\u542c\u4e86\u6211\u4ee5\u4e0a\u7684\u7ecf\u5386\uff0c\u5982\u679c\u4f60\u8fd8\u60f3\u6210\u4e3a\u5929\u4f7f\u6295\u8d44\u8005\uff0c\u53ef\u4ee5\u8003\u8651\u4e00\u4e0b\u5efa\u8bae\uff1a<\/p>\n
\u548c\u5176\u4ed6\u5929\u4f7f\u6295\u8d44\u8005\u5408\u4f5c\uff1a\u5355\u5e72\u662f\u5371\u9669\u7684\u3002\u6709\u5f88\u591a\u5929\u4f7f\u6295\u8d44\u8005\u8054\u76df\u53ef\u4ee5\u52a0\u5165\uff0c\u6bd4\u5982 Gathering of Angels\uff0c Band of Angels\uff0c\u548c\u5176\u4ed6\u5728\u5929\u4f7f\u6295\u8d44\u8054\u76df\u540d\u5f55\uff08Directory of Angel-Investor Networks\uff09\u4e2d\u7684\u7ec4\u7ec7\u3002\u4f46\u8981\u6ce8\u610f\uff0c\u4e0d\u8981\u8ba9\u522b\u4eba\u7684\u70ed\u60c5\u8fc7\u5ea6\u5f71\u54cd\u4f60\u7684\u5224\u65ad\u800c\u968f\u5927\u6d41\u3002<\/p>\n
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Alacrity Ventures \uff08\u4f5c\u8005\u81ea\u5df1\u7684\u5929\u4f7f\u6295\u8d44\u516c\u53f8\uff09\u7684\u672a\u6765<\/p>\n
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Gifford\u7684\u7cbe\u529b\u76ee\u524d\u4e3b\u8981\u96c6\u4e2d\u5728\u6539\u9020\u5546\u4e1a\u6559\u80b2\u6765\u9020\u798f\u793e\u4f1a\u3002\u4ed6\u662f Bainbridge \u7814\u7a76\u5b66\u9662\uff08BGI\uff09\u7684\u5171\u540c\u521b\u59cb\u4eba\u548c\u603b\u88c1\u3002\u8be5\u5b66\u9662\u63d0\u4f9b\u4e00\u4e2a\u72ec\u7279\u7684MBA\u5b66\u4f4d\uff0c\u628a\u73af\u4fdd\u3001\u7eff\u8272\u7ecf\u6d4e\u3001\u4e92\u8054\u7f51\u548c\u5f00\u6e90\u7ed3\u5408\u5230\u4f20\u7edf\u7684MBA\u5b66\u4e60\u8ba1\u5212\u4e2d\u3002\u4f5c\u4e3a\u4e00\u4e2a\u63d0\u5021\u5f00\u6e90\u7cbe\u795e\u7684\u5b66\u9662\uff0cBGI\u8fd8\u5e2e\u52a9\u5176\u4ed6\u5b66\u6821\u91c7\u7528\u5b83\u7684\u6559\u7a0b\u548c\u7406\u5ff5\u3002\u8be6\u60c5\u53c2\u8003 Gifford\u7684Blog \u3002<\/p>\n
6\u5e74\u7684\u5929\u4f7f\u6295\u8d44\u7ecf\u5386\u4e2d\u6211\u8ba4\u4e3a\u6700\u91cd\u8981\u7684\u4e00\u70b9\u4f53\u4f1a\uff0c\u5c31\u662f\u6211\u4eec\u7684\u6295\u8d44\u6a21\u5f0f\u4f1a\u662fGifford\u7684\u5f0f\u7684\u5408\u4f5c\u578b\u5929\u4f7f\u6295\u8d44\u8005\uff0c\u800c\u4e0d\u662fJim Bidzo\u5f0f\u7684\u653e\u624b\u578b\u5929\u4f7f\u6295\u8d44\u4eba\u3002\u8fd9\u4e00\u7406\u5ff5\u5c06\u6307\u5bfc Alacrity Ventures \u7684\u672a\u6765\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
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