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红杉召开紧急会议 要求旗下公司节省资金

据国外媒体报道,上周,红杉资本招集了其所投资公司的CEO召开了一次“紧急会议”,会上红杉资本对当前形势表达了悲观的预期,同时要求旗下公司节省资金。

会上放映的幻灯片如下:

此外,红三资本致信旗下的CEO,要求各公司节省资金,表示当前的形势下现金流高于一切,并威胁到“如果在花光我们给你的所有资金之前,你的现金流仍然没有什么起色的话,那就不要再回来找我们继续融资了”。

信件原文如下:


Dear Sequoia Company CEO,


This is very serious moment in time. Have you checked the price of Google, Yahoo and Cisco stock lately? They all have been massacred. Google is down to a 20 P/E! That is what the S&P should be trading at! You know what all this means, don't you? The partners at Sequoia have collectively lost billions of dollars in personal net worth -- billions of dollars! And speaking of billions, not a one of us is a billionaire anymore. When Nasdaq was up over 2,500, there were at least six of us billionaires walking around the office. Now there is not one -- zero. This means that most of us who wanted to retire in our early 50s have to keep working if we want to achieve our lifetime goal of being a billionaire. Perish the thought that we will never see 10 figures again!


The second thing you need to understand is that we have been caught flatfooted again in front of our limited investors. The first time was when the Internet bubble blew up and we had gotten so cocky that we were still buying Webvan and eToys up until the end. And we were making these investments in spite of the fact that our founder, Don Valentine, was predicting "lots of Internet company wreckage" as early as mid-1999. As the world now knows, we were busted, and we had to stand in front of all our investors and say we were sorry for being so stupid. Imagine that: Sequoia Capital saying we're sorry!


Perhaps we have gotten lazy recently, cushioned by the $800 million we made on YouTube, and all the other Web 2.0 companies we have traded in for millions. And we should have been sounding the alarm bells a lot sooner. But the same Sequoia Capital rules for our portfolio companies apply.


Let us remind you what they are:


1. Market size and timing are everything! We will not pay to teach people why they should like your product. VCs waste billions on start-ups developing products before there is even a market for them.
2. To reiterate how important point No. 1 is, let us put it this way: Market size is more important than you. As we like to say, you can't change the size of a market opportunity, but you can change the CEO.
3. Our investment mantra is to ignite raging infernos with a single match. If you don't get the analogy -- it means that we are cheap, cheap, cheap! There are only two jobs in any start-up: "making the product" and "selling the product." If you have someone on your team doing neither of those jobs, fire them!
4. This also means no high-rent offices, no frills and no parties.
5. Hire overly smart young immigrants. They will work for just above minimum wage and over 100 hours a week -- trust us on this one. (A Sequoia secret: Most of our best deals in the last 15 years had a twentysomething immigrant on the founding team -- think Sergey Brin of Google and Steve Chen of YouTube.)
6. Once you have a product, strongly consider reducing the number of engineers, many of whom are no longer needed. Engineering efficiency is a key!
7. Everybody on the executive team should sell the product so the company leadership can figure out what you are selling and how to sell successfully. This must happen before you start ramping up your sales team.
8. No fat-cat sales teams. The Valley has gotten fat with salespeople with big bases and big variables. Keep bases to a minimum, but give them lots of upside if they sell above highly set goals.
9. Be visible in the market and pound on your competitors. Broadcast their shortcomings. Especially in a slowing economy -- they're hurting, and they will be quiet. Don't be like them. Take the offensive or die.
10. Cash is more important than your mother! (Have you got the point yet?)

附原文翻译稿(腾讯科技长歌译):

亲爱的红杉公司CEO,

现在的形势非常严峻。你们最近有没有关注过谷歌、雅虎和思科等公司的股价?它们都出现了暴跌。谷歌的市盈率已经下降到了20倍。标准普尔同样遭受了类似的命运。你们知道这究竟意味着什么吗?红杉资本的合伙人的净资产共计损失了几十亿美元!几十亿美元啊!要知道,我们中现在已经没有一个亿万富翁了。可是当年纳斯达克冲到2500点上方的时候,我们公司至少有六个亿万富翁。而现在,却一个都没有了。也就是说,虽然我们中的很多人都希望能够在50岁退休,安度晚年,但是现在却不得不为了实现亿万富翁这个终身目标而继续奋斗。但愿我们有朝一日还能拥有10个以上的亿万富翁!

除此之外,你们还应该意识到一件事情,那就是我们在投资者面前已经举步维艰了。上一次出现类似的情况是在互联网泡沫破裂时,尽管我们的创始人唐-瓦伦丁(Don Valentine)早在1999年就曾预测说“将有许多网络公司倒下”。但当时,我们由于过分自大,还坚持要投资Webvan和eToys,结果惨败而归。我们不得对投资者表示歉意,并承认自己的愚蠢。想想看,红杉资本承认自己愚蠢!

因为投资YouTube,我们赚取了8亿美元,投资其他的Web 2.0网站也帮助我们获得了数百万美元的盈利,使得我们最近有些懈怠。所以,我们应当及时敲响警钟。让我们一起来回顾一下红杉资本对其所投资公司的一些要求和准则:

1、市场规模和时间就是一切!我们不会花钱来告诉人们,他们为何要喜欢你的产品。风险投资已经投资了数十亿美元来帮助初创公司开发产品,那时,这些产品甚至还没有自己的市场。

2、我们还要重申第一点的重要性。让我们换种说法:市场规模比你本人更加重要。我们无法改变市场规模,但是我们可以换掉CEO。

3、我们的投资信条是,用一根火柴点燃整个地狱。如果你对这个比喻还不理解,那么我可以用更加通俗的方式来解释,那就是——节约,节约,再节约!对于任何初创公司而言,都只有两个任务:“生产产品”和“销售产品”。如果你的团队中存在与上述两件事无关的人,那就炒掉他。

4、不要租用昂贵的办公室,不要铺张浪费。

5、试着去雇佣一些天资聪颖的年轻移民。他们的薪水只会比平均水平略高一些,但是却可以每周为你工作100个小时。相信我们!事实上,红杉资本有一个秘密:在我们过去15年所投资的公司中,大部分的创业团队中都有一些20几岁的移民。比如,谷歌的谢尔盖-布林(Sergey Brin)和YouTube的陈士骏(Steve Chen)。

6、一旦产品开发出来,就该试着减少工程师的数量了,因为他们中的很多人已经不再有用。这时的工程效率才是最为重要的

7、公司的管理层都应当参与到产品销售中,因为只有这样,他们才能够真正了解自己所销售的产品以及如何成功进行推销。在对销售团队进行扩员之前,一定要亲身尝试。

8、没有所谓的销售天才。硅谷之所以有今天,要归功于庞大而多样的销售人才,所以硅谷不缺销售人员。尽量压缩销售团队,但是要给他们提供足够的晋升空间,以鼓励他们超额完成指标。

9、要让竞争对手注意自己,并向他们发起有力的进攻。放大它们的弱点。尤其是在经济下滑时,可以通过这种方式来逼迫他们推出市场。不要存有怜悯之心。要么进攻,要么等死。

10、现金比任何事情都重要!甚至包括你的母亲!切记!

现在的确是一个危机时刻。与其他的投资集团一样,我们也会通过幻灯片来解释当前所面临的形势,但是我们自己也不知道这种情况究竟何时才能结束。我们唯一知道的就是,想要像我们当年那样,把YouTube这样一个完全没有盈利能力的公司以超过16亿美元的价格出售给谷歌已经完全不可能了。最起码目前看来是这样的。这样的时代已经结束了。如果你还在做着类似的幻想,那么我奉劝你,赶紧去其他的风险投资公司碰碰运气,因为我们无法帮你实现。

让我再次重申:如果在花光我们给你的所有资金之前,你的现金流仍然没有什么起色的话,那就不要再回来找我们继续融资了。

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