howvc.com
战略

27亿美元基金是怎么来的

   

       Since Marc and I founded Andreessen Horowitz three years ago, we have raised $2.7 billion. That statement begs a few questions. The two most obvious are:

       • Why did such a new venture capital firm raise so much money?
       • How did such a new venture capital firm raise so much money?

       To get to the answers, it’s useful to go back to the original motivation for starting Andreessen Horowitz.

      3年前,我(Horowitz)和Marc成立了Andreessen Horowitz创业投资基金,迄今为止,我们已经募集了27亿美金。这种成绩引发了一些问题,其中最著名的2个问题是:

       凭啥一个新成立的创业基金公司能募集这么多钱?

       怎么做才能让一个新成立的创业基金公司募集这么多钱?

       为了回答这两个问题,我们不妨回到最初设计这家基金的动机来看看。

       After raising our first round of funding for Loudcloud in 1999, we went to visit our new venture capital firm and meet their full team. As founding CEO, I remember being quite excited to meet our financial backers and talk about how we could partner to build a great company. That excitement took a sharp downhill turn when one of the top partners said to me, in front of my co-founders, “When are you going to get a real CEO?”

     99年,我们刚刚完成我们自己的Loudcloud公司第一轮融资的时候,我们曾经拜访过那家投资基金并且和整个团队的人见了见。作为Loudcloud的创始CEO,我当时很是兴奋,想着能和我们的投资方畅谈怎么通过我们双方的合作建立一个nb公司。随着对方一个顶级合伙人当着我和我公司创始合伙人的面说的一句话:“你们什么准备找个真正的CEO的时候”,我的热情瞬间跌入谷底。

       I was completely stunned—the comment knocked the wind out of me. Our largest investor had basically called me a fake CEO in front of my team. I said, “What do you mean?”—hoping he would revise his statement and enable me to save face. Instead he pressed on: “Someone who has designed a large organization, someone who knows great senior executives and brings prebuilt customer relationships, someone who knows what they are doing.”

      我整个人瞬间被这个评价雷到了。我们最大的投资人竟然当着我们整个团队的面说我不算真正的CEO。我问他:你啥意思?——希望他能给我点面子-把原话稍加解释。没想到他继续说:你们应该找到那种知道怎么设计大型公司架构的人,那种高级管理人才-能将既有客户群带入新公司的,那些知道他们在干啥的人才对。

      I could hardly breathe. It was bad enough that he undermined my standing as CEO, but to make matters worse, I knew that at some level he was right. I didn’t have those skills.  I had never done those things. And I did not know those people. I was the founding CEO, not a professional CEO. I could almost hear the clock ticking in the background as my time running the company quickly ran out.

      我被噎地说不出话了。不拿我这个CEO当回事儿也就算了,但是更悲催的是我自己知道,在一定程度上,这哥们是对的。我确实没有他提到的这些技能,我也从没有完成过这类事情,并且我确实不认识这种人。我是创始CEO不是职业经理人CEO。我几乎可以听到我离开公司的倒计时钟声在响起。

      Could I learn the job and build my network fast enough or would I lose the company? That question tortured me for months.

      接下来的几个月,我被同一个问题折磨:我能不能快速地学会怎么做这份工作并且建立起我的关系网,要不然我是不是要失去自己的公司了?

       In the years that followed, I remained CEO, for better or worse. I worked incredibly hard to close the gap between what the partner had described and where I was at the start. Thanks to a lot of effort and help from friends and mentors, especially Bill Campbell, the company survived and ultimately became quite successful and valuable.

      接下来的一年里,我继续当着CEO。我拼命工作以靠近那个投资人心目中的那种CEO。多亏朋友们和我导师(Bill Campbell)的帮助,公司不但存活下来了而且发展的不错。

      However, not a day went by when I didn’t think about that interaction. I always wondered how long I had to grow up and how I could find help to build my skills and make the necessary connections along the way.

      实际上,没有一天我不琢磨我还需要成长多少,怎么做才能帮助我学习到各种技能并成长,如何拓展人脉帮助公司成长。

      Marc and I discussed this often. We wondered aloud why as founders we had to prove to our investors beyond a shadow of a doubt that we could run the company, rather than our investors assuming that we would run the company we’d created. This conversation ultimately became the inspiration for Andreessen Horowitz.

      Marc和我经常讨论这个事儿。为啥我们这些创始人非得努力打消投资人对我们能不能管好公司的疑虑,而不是投资人在投资时相信我们能运营好我们创立的公司。这些讨论最终激发了我们建立Andreessen Horowitz基金。

      Marc and I share a simple belief that became the basis for our new venture capital firm: in general, founding CEOs perform better than professional CEOs over the long term, and a venture capital firm that enables founding CEOs to succeed would help build the best companies and yield superior investment returns.

       Marc和我有个很简单的信条,这也成为了之后投资基金的基础:总体来说,在长期看来创始CEO的表现要优于职业经理人CEO。一个帮助创始CEO成功的创业投资公司会得到最优秀的公司和超高的投资回报收益。

       As we set out to design a venture capital firm that would enable founders to run their own companies, we began by asking: In what ways are professional CEOs superior to founder CEOs?

下一页
本文共 3 页,第  [1]  [2]  [3]  页

发表评论】【告诉好友】【打印此文】【收藏此文】【关闭窗口

上一篇:VC反思扎堆烧钱最近爱上“小清新”
下一篇:没有了


人支持

相关文章:
徐小平开始筹建真格天使基金 中国超级天使开始浮出水面
博大环球与美国天使投资集团成立天使基金 募资1亿美元
社保基金战略投资大唐电信 促其股权多元化
江苏提速一揽子文化改革 20亿元投资基金筹备完成
“学生老板”们背后的天使基金
网景创始人马克·安德里森成立超级天使创投基金 规模超3亿美元
黄绍麟出任天使基金嘉丰资本投资合伙人
山东成立可持续技术基金 规模1亿美元
国内首家机构化天使基金泰山投资成立 首期规模预计在数千万美元
人人购网站获得百万“天使基金”