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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?yàn)?,兩者之間的這些差異基本上都是表面現(xiàn)象。

????在早期投資界,沒有什么話題能比風(fēng)險(xiǎn)投資人和天使投資人之間的關(guān)系更能引發(fā)討論和爭議了。如今的融資環(huán)境日益多樣化,他們兩者到底是天敵,還是相輔相成?抑或兩者都是?

????AngelList引入聯(lián)合融資讓這場爭論變得更加復(fù)雜:天使作為牽頭投資者,眾籌有可能作為A輪融資,隨后是風(fēng)險(xiǎn)投資。在爭論哪種融資方式對于初創(chuàng)公司最為有利的唇槍舌劍中,極端的投資者和專家總是認(rèn)為,未來的趨勢是非此即彼。

????我在從事風(fēng)險(xiǎn)投資之前曾經(jīng)連續(xù)創(chuàng)立過多家企業(yè)。鑒于這樣的背景,我對聯(lián)合融資的看法處于中間地帶,但有些東西讓我很是擔(dān)心,特別是風(fēng)投正在背離經(jīng)過事實(shí)檢驗(yàn)的種種策略,毫無根據(jù)地宣稱種子風(fēng)投預(yù)示著風(fēng)險(xiǎn)等。

????AngelList的聯(lián)合融資平臺是對風(fēng)投模式的一種創(chuàng)新,但與傳統(tǒng)企業(yè)有很多相似之處。在這種情形下,牽頭的天使實(shí)際上就是微型風(fēng)投,承擔(dān)一名主動(dòng)管理的基金經(jīng)理角色,類似于風(fēng)投管理有限合伙人的投資資本。這里的主要區(qū)別,也是很大的區(qū)別是,傳統(tǒng)風(fēng)投模式是依托于基金運(yùn)營,而天使聯(lián)合投資是基金經(jīng)理依托于交易運(yùn)營。天使可能在一項(xiàng)交易中獲利,而在另一項(xiàng)交易中虧損。

????天使會(huì)得益于投資更多的交易以及風(fēng)險(xiǎn)的降低,但在聯(lián)合投資模式下,天使與創(chuàng)業(yè)者之間的互動(dòng)相比之前出現(xiàn)了顯著的改變。隨著有更多資金進(jìn)入,同時(shí)又是一位天使在擔(dān)任牽頭投資人,創(chuàng)業(yè)者必須信賴天使。作為創(chuàng)業(yè)者,我會(huì)想知道這位天使是否有領(lǐng)投的經(jīng)驗(yàn)。這名天使將組成多少聯(lián)合投資,他/她將進(jìn)行多少交易?在這樣的情形下,天使投資人的風(fēng)險(xiǎn)被聯(lián)合投資大幅降低,有那么多需要關(guān)注的事情,我有多少把握能贏得并保持他們的關(guān)注?另外一個(gè)非?,F(xiàn)實(shí)的風(fēng)險(xiǎn)是熱熱鬧鬧的聯(lián)合投資推高了估值,人為導(dǎo)致估值過高,可能妨礙未來進(jìn)一步獲得風(fēng)投融資。

????目前看來,問題比答案要多。歸根結(jié)底,我并不認(rèn)為天使聯(lián)合投資一定會(huì)成功或失敗。事實(shí)上,我認(rèn)為有些會(huì)成功,有些會(huì)失敗。而那些成功的可能會(huì)轉(zhuǎn)型為……風(fēng)險(xiǎn)投資人。

????天使的運(yùn)作類似于微型風(fēng)投,但很多風(fēng)投都被一些天使投資者推崇的輕資本、廣撒網(wǎng)的方式所吸引。資本限制加上幾位“超級天使”的早期成功已經(jīng)推動(dòng)一些風(fēng)投擺脫傳統(tǒng)的為顛覆性創(chuàng)新融資的商業(yè)模式,轉(zhuǎn)向一條阻力最小的路,采取大批具有資本效率的小規(guī)模投資——通常是消費(fèi)者互聯(lián)網(wǎng)或軟件。不幸的是,這樣過度依賴某一個(gè)行業(yè)會(huì)忽視其他行業(yè),損害創(chuàng)新。賺快錢的隨大溜交易并不是我們這個(gè)行業(yè)或經(jīng)濟(jì)所需要的。這種規(guī)避風(fēng)險(xiǎn)的方法背離了傳統(tǒng)風(fēng)投模式最擅長的領(lǐng)域:與創(chuàng)業(yè)者合作,為顛覆性創(chuàng)新融資。

????No topic fuels more discussion and debate within the early-stage investment community than the dynamics between VC and angel investors. Are they natural enemies or complementary players in an increasingly diverse funding ecosystem? Or both?

????AngelList's introduction of syndicates has added several new twists to this debate—the notion of angel as lead investor, the potential to crowdfund Series A rounds and implications for subsequent VC rounds. In the back-and-forth over which funding routes are most advantageous to startups, some investors and pundits are going so far as to suggest one model will flourish while the other fades.

????As a serial entrepreneur turned VC, my position on syndicates is somewhere near the middle of the spectrum—but certain aspects concern me deeply, particularly VCs who are peeling away from proven strategies, and the unfounded claims of signaling risk with VC seed investing.

????AngelList's syndicate platform is an innovation on the VC model, but one with many parallels to traditional venture. In this scenario, the lead angel is essentially a micro VC, playing the part of an active fund manager, similar to VCs managing capital invested by limited partners. The primary difference here—and it's a big one—is that the traditional VC model operates on a fund basis, while an angel syndicate has a deal-by-deal carry for fund managers. Angels can make a profit off of one deal, and a loss off another.

????Angels stand to benefit from increased access to deals and decreased risk, but the angel-entrepreneur dynamics shift dramatically from the pre-syndicate model. With more dollars in play and one angel acting as lead investor, the entrepreneur will have to take a leap of faith. As an entrepreneur, I'd want to know whether the angel has experience as a lead investor. How many syndicates will this angel form, and how many deals will he/she do? In a scenario where the angel's risk is largely mitigated by the syndicate and there are any number of shots on goal, how sure can I be of getting—and keeping—their attention? Another very real risk is artificially high valuations, inflated by an exuberant syndicate, that could all but cut off access to VC funding in future rounds.

????At this point, there are more questions than answers. Ultimately, I don't think angel syndicates will succeed or fail. Rather, I think some will succeed and others will fail. Those that succeed will probably become… VCs.

????While angels are acting as micro-VCs, there are plenty of VCs being lured by the capital-light, spray-and-pray approach favored by certain angel investors. Capital constraints, coupled with early successes for a handful of 'super angels,' have created a tendency for some VCs to move away from the storied business model of funding disruptive innovation in favor of the path of least resistance, in the form of a larger number of small, capital-efficient investments—usually consumer internet or software. Unfortunately, this overcapitalizes one sector at the expense of others, and to the detriment of innovation. Me-too deals for a quick turn is not what our industry or our economy needs. This risk-averse approach is a departure from what works best about the traditional VC model: Partnering with entrepreneurs to fund disruption.

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