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 VC系列：访谈Michael Moritz（转贴） |
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找到了，应该是这个：Horse or Jockey?（多谢mich提醒）——我靠，这中文翻译也差太多了吧？赛道都出来了！ -- 安普若 - (48844 Byte) 2006-11-05 周日, 15:17 (1429 reads) |
人在江湖
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作者：人在江湖 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
I like Kaplan's research conclusions, but I also like the following comment:
An entrepreneur is someone who creates an idea out of thin air and then -- unlike 99% of the other people who say "what if" -- implements the idea, turning nothing into something real. That is art and sorcery -- nothing short thereof, make no mistake.
And Ron May's response:
This is a great way to look at the debate. My thinking is as follows and, I think, is where Steve was going with his analysis. If the market is either a) not large enough or b) not ready to adapt, it doesn't matter who is running the business. As they say, you are rearranging deckchairs on the Titanic. So, the horse is the precursor. I would argue that we get burned more often in the venture business from missing the timing or readiness of the market than anything else.
However, as Jim Clark said, great companies are willed into existence. Assuming the market is ready, it is the best connected, most responsive and most determined management teams that take the spoils in the end. You know when you are around a great entrepreneur because they excel at execution.
So here is my conclusion:
1. When the opportunity is at its innovation stage, i.e., not too many people (or no one else at all) sees the opportunity, the horse is more important - and the entrepreneur who creates a real business from thin air deserves the investment;
2. When the opportunity becomes obvious, then the jockey is more important;
In balance, since great VCs are supposed to spot the trend early and see the future before everyone else, the horse is the more important. In this situation, the entrepreneurs who can create a good company out of nothing are typically not bad.
作者：人在江湖 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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