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風(fēng)投緣何重“豬”輕“雞”

風(fēng)投緣何重“豬”輕“雞”

Jeff Bussgang 2011年09月14日
世間有兩種類型的企業(yè)家:雞型和豬型。我們喜歡后者。

????關(guān)于早餐,有一則古老的寓言,內(nèi)容如下:當(dāng)一盤火腿和雞蛋擺在雞和豬面前時(shí),雞或許饒有興趣,而豬已然欣喜若狂。

????最近,我一直在思考這則關(guān)于雞和豬的寓言,并由此想到成功企業(yè)家所具有的特性。具有這種特性的企業(yè)家往往是大多數(shù)風(fēng)投公司,尤其是我所在的公司所青睞的對(duì)象。用一句話來(lái)概括,我們喜歡和豬打交道:這種一心為企業(yè)未來(lái)著想的企業(yè)家往往愿意承擔(dān)風(fēng)險(xiǎn),甚至破釜沉舟。

????如何區(qū)分這兩種類型的企業(yè)家?大多數(shù)情況下比較容易,但有時(shí)候比較難。具有如下特質(zhì)的企業(yè)家們往往會(huì)在創(chuàng)業(yè)的時(shí)候做出類似于“雞型”企業(yè)家的舉動(dòng)。

????1) 更傾向于在收到投資之后開(kāi)始創(chuàng)業(yè) (“只要能拿到錢,一切就可以開(kāi)始了”…嗯,這么說(shuō)是不是我不給你錢你就不開(kāi)公司了?)

????2)沒(méi)拿到投資前仍干老本行。(“這一年來(lái)我一直把這個(gè)當(dāng)副業(yè)做,我恨不得馬上就能把它作為主業(yè)來(lái)干” …嗯,如果你都等不急了,那為什么還要等?)

????3)創(chuàng)業(yè)之時(shí)不愿把自己或團(tuán)隊(duì)搬遷至同一地區(qū)?!鞠胂霅?ài)德瓦多?薩維林在電影《社交網(wǎng)絡(luò)》(The Social Network)中在紐約渡過(guò)了整個(gè)夏天】

????4)更傾向于以主席一職自封,對(duì)公司不聞不問(wèn),或者第一時(shí)間聘請(qǐng)首席運(yùn)營(yíng)官/總裁,而不是由自己來(lái)?yè)?dān)任首席執(zhí)行官/總裁一職全權(quán)負(fù)責(zé)公司事務(wù)。(為不傷及無(wú)辜,故不逐一舉例。但是,作為經(jīng)驗(yàn)之談,員工不足40人的公司并不需要首席運(yùn)營(yíng)官)

????5)聘請(qǐng)員工,籌措資金以及拓展業(yè)務(wù)不愿意充分利用個(gè)人的社會(huì)關(guān)系和職場(chǎng)人脈。

????另一方面,“豬型”企業(yè)家所具有的5大特性就是:

????There is an old parable about commitment when it comes to breakfast. The story goes that when looking at a plate of ham and eggs, it's obvious that the chicken is an interested party, but the pig is truly committed.

????Lately I've been thinking about the parable of the pig and the chicken in the context of characteristics that make a great entrepreneur -- and the kind of entrepreneur that we VCs in general, and my firm in particular, like to back. In short, we like to back pigs: Entrepreneurs who are truly and completely committed to the outcome of their venture, have a lot of stake, and no fallback.

????How do we discern the difference between the two entrepreneurial archetypes? It's usually relatively easy, but sometimes subtle. Here are a few of the top characteristics we see in entrepreneurs who appear to be exhibiting behavior that suggests they're more like "chickens" when it comes to their start-up:

????1) Prefer to wait to start their venture only after they receive funding ("We are ready to go, as soon as you give us your money." ...um, does that mean you won't start the company if I don't give you my money?).

????2) Don't quit their day jobs before receiving funding. ("This has been a side project for a year, and I can't wait to focus on it full-time" ... um, if you can't wait - why are you waiting?)

????3) Don't physically move themselves or their teammates to be in the same geography when starting their venture (think Eduardo Severin in The Social Network spending his summer in NYC).

????4) Prefer to play a hands-off chairman role or look to quickly hire a COO/president in the early days rather than operate as the hands-on CEO/president. (I'll leave out the numerous examples to protect the innocent but, as a rule of thumb, companies with fewer than 40 employees don't typically need a COO).

????5) Are unwilling to fully leverage their own personal and professional networks to drive recruiting, fundraising and business development.

????On the other hand, the top five characteristics we see in "pig" entrepreneurs:

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