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風(fēng)投和天使之爭

風(fēng)投和天使之爭

Kittu Kolluri 2013-12-06
現(xiàn)在,風(fēng)投和天使投資人應(yīng)該擱置差異了,部分原因是因為,兩者之間的這些差異基本上都是表面現(xiàn)象。

????我要說的最后一點并不是什么新的提法或趨勢,而是一種持續(xù)存在的、危險的認(rèn)識誤區(qū):拿風(fēng)投的錢是飲鴆止渴。恩頤投資一直有進行種子投資,成功案例包括Data Domain (2007年IPO,2009年被EMC以24億美元收購)、Tivo (2009年IPO)和The Climate Corporation 【孟山都(Monsanto)計劃將以11億美元收購】。但撇除異常值,我們近年的種子投資案例顯示出同樣重要的一點。光是科技投資業(yè)務(wù)一項,每個季度我們會考察300多家種子公司,迄今投資超過50家。根據(jù)2011年3月至2012年7月期間我們參與的35輪投資,超過50%的項目已經(jīng)從NEA或其他公司完成了A輪融資。

????大多數(shù)情況下,如果一家風(fēng)投不參與隨后幾輪的融資,往往是因為這家公司要么不再符合最初的投資邏輯,要么是因為它與投資組合中的其他公司形成了直接的競爭。在這些情形下,其他公司可能更適合提供A輪融資。如果一家公司拿了種子投資后不能進行后續(xù)融資,這家公司(以及任何持懷疑態(tài)度的天使)在向外找原因前,必須先向內(nèi)找解釋。

????隨著圍繞天使還是風(fēng)投的融資爭論繼續(xù),我們不能忘了任何事情總有兩面性。不幸的是有些討論是非此即彼。對于天使和風(fēng)投而言,正確的結(jié)局是以某種方式合作,讓創(chuàng)業(yè)者能最大程度地用好雙方帶來的網(wǎng)絡(luò)和資源——無論是在公司形成的早期,還是后來資金需求升級的時候。真正成功的風(fēng)投和天使(甚至可能還有聯(lián)合融資)總是那些注重價值以及持續(xù)推動顛覆性創(chuàng)新的人們。(財富中文網(wǎng))

????本文作者是風(fēng)險投資公司恩頤投資的一般合伙人,專注于IT和能源科技投資。

????The final point I'd like to get across is not based on a new claim or trend, but rather the perpetuation of a dangerous myth: Taking (seed) money from a VC is a kiss of death. NEA has always done seed investments, among them breakout successes like Data Domain (IPO in 2007, acquired by EMC for $2.4B in 2009), Tivo (IPO in 1999) and The Climate Corporation (to be acquired by Monsanto for $1.1B). But setting aside the outliers, our most recent class of seed investments demonstrates an equally important point. On the tech side of our business alone, we look at over 300 seed companies each quarter, and to date we've invested in over 50 of them. Based on the 35 seed rounds we participated in from March 2011-July 2012, more than 50% have gone on to raise Series A rounds either from NEA or other firms.

????In most cases where a VC does not participate in a subsequent round, it is most often because the company has pivoted in a way that either no longer fits with the original investment thesis or is directly competitive with other companies in the portfolio. In these situations, others firms may be a better fit to fund the Series A. If a company takes a seed investment and cannot raise an additional round, that company (and any doubtful angels) must look inward for the explanation before looking outward.

????As the debate continues over angel vs. VC funding, we need to remember that these are two sides of the same coin. It's unfortunate that some of the discussion has taken on an adversarial tone. The right outcome here is for angels and VCs to partner in a way that enables entrepreneurs to get the most out of the network and resources each brings—both in the early stages of company formation, and later when capital needs intensify. The truly successful VCs and angels (and maybe even syndicates) will always be the ones who stay focused on the values and actions that continue to foster innovation and disruption.

????Kittu Kolluri is a general partner with venture capital firm NEA, where he focuses on IT and energy tech investments.

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