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TraceBe well, do good work and keep in touch 09/12/2009 try to relax近来几次开会时遇到意见不一致,我都或多或少的有着急上火,嗓门提高的表现。今天看《Taking Woodstock》里面的音乐会筹办人Michael Lang那种悠然自得,处变不惊的态度,让我意识到自己动则溢于言表的表现是很不专业的。有时候开会就像打Texas Hold'em, 最不动生色的那个才能出奇制胜,而沉不住气的那个,往往最先出局。 03/12/2009 过山车一样的三周新项目获得批准以后的短暂乐观情绪,在过去的三个星期被各种意想不到的困境冲淡了。首先是原来做这个项目的主管对我们的项目百般阻挠,说好转到我们组的人又被截留一个月。然后被告知对外找聘的名额如果要招美国以外的人,必须VP批准。最后是原来已经谈好价钱的一个第三方软件供应商突然提价。加上感恩节假期,很多人都修长假,原来计划的项目日程,眼看就要成为镜花水月。 连我的牙医都说,你最近是不是有很大压力,你晚上磨牙。昨晚我一边琢磨着怎么对付这些难关,一边小心的张开嘴避免磨牙。早上五点就醒了,发现老板写了一封可能引起我的新组员误解的email,赶紧回复解释,同时安抚新组员。之后就再也没睡着,早早来到办公室,跟老板当面列出了现在面临的问题。谈过之后,才知道老板昨晚也没睡着。我们只好做最坏的打算,准备汇报项目延迟。 可是就在十分钟以前,一切奇迹般的好转了。VP批准了国际招聘的费用,HR开始安排国际面试。转组过来的人提前到位开始干活。第三方软件供应商同意降价。三封email同时飞至,一起告诉我,新项目又起死回生了。我不得不惊叹命运之神的幽默感。 01/12/2009 the answer to life the universe and everything如果你Google “the answer to life the universe and everything”, 你会发现一个匪夷所思的答案42。 这个典故来自于Douglas Adams的科幻讽刺小说The Hitchhiker's Guide to the Galaxy。 另一个数字谜题是巴塞罗那最著名的教堂SAGRADA FAMILIA 的大门上的一个矩阵, 26/11/2009 Robert Frost:The Road Not Taken The Road Not Taken Two roads diverged in a yellow wood, And sorry I could not travel both And be one traveler, long I stood And looked down one as far as I could To where it bent in the undergrowth; Then took the other, as just as fair, And having perhaps the better claim, Because it was grassy and wanted wear; Though as for that the passing there Had worn them really about the same, And both that morning equally lay In leaves no step had trodden black. Oh, I kept the first for another day! Yet knowing how way leads on to way, I doubted if I should ever come back. I shall be telling this with a sigh Somewhere ages and ages hence: Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference. ---- Robert Frost 22/11/2009 Times photoWednesday, Oct 28,2009
Wednesday,November 18,2009
Tuesday, November 17, 2009
Monday, November 16, 2009
09/11/2009 Nikon D3 + tilt-shift lens stop motion shot at 1 fpsBathtub V from Keith Loutit on Vimeo. 06/11/2009 ZT from 邵博客: 再谈优先清算权(Liquidation Preference)前几篇谈到过优先清算权(Liquidation Preference),但都是一笔带过,这次来仔细谈谈。大家先来做一道数学题。以下是一个比较典型的创业融资过程: 第一年:公司成立,天使投资50万美元,融资后估值200万美元。 第二年:A轮融资,VC投资400万美元,融资后估值1200万美元。并且,拥有1倍的优先清算权,Non-participating(下文会解释),8%的年股息。同时,成立了期权池15%,以后每轮融资都保证期权池占总股本的比例15%不变。 第三年:B轮融资,VC投资800万美元,融资后估值4000万美元,2倍的优先清算权,Participating(下文会解释),10%的年股息。 第四年:C轮融资,VC投资2000万美元,融资后估值8000万美元,3倍的优先清算权,Participating,10%的年股息。 第五年:公司以1.5亿美元的价格卖掉,创业者获利多少?请选择以下最接近的答案,并请大家在继续阅读下文之前猜猜答案。 首先,这是一家比较成功的公司,从A轮到C轮,公司价值每一次都有可观的升值,而且1.5亿美元也是一个不错的价钱。创业者拿到三分之一总有吧?能有5000万美元? 我们简单算一下每一轮的稀释,就会发现创业者在公司卖掉的时候,有30%的股份。每一轮的稀释比例如下(以万美元为单位): 天使投资稀释 = 150/200 = 75% 这样看来,选择A选项5000万美元应该差不多。 但是,不要忘记减去15%的期权池!所以,创业者最终是15%,也就是2250万美元,所以C选项2000万美元是比较接近的答案。但是又错了!因为你忘记了优先清算权。这是融资文件中对创业者退出时的经济回报影响最大的一个,这里需要好好解释一下。 首先,“Liquidation”一般是指公司被卖掉或者被清算;“Preference”指优先股在清算的时候有优先权把他们的钱先拿出来。 优先清算权分两大类:Non-participating与Participating。先说Non-participating,这是比较无害 的,代表投资者在公司卖掉或清算的时候,可以拿走以下两者中的一个:第一,他们投资的本金;第二,他们所占股份的价值。也就是说当每股价格在清算时比投资 者投资时的价格高,优先清算权是不起作用的,因为投资者一定不会选择拿回本金。这里A轮的投资者就拥有这项权利,这是比较合理的。 在B轮投资的时候,情况就不一样了。A轮的融资后估值是1200万美元,B轮的融资后估值是3200万美元,一年之内翻了2倍多。可能是因为估值水平给得比较高,B轮投资者就要了比较有利的优先清算权,这次是Participating,并且是2倍。什么意思?如果公司 B轮的投资者有了这个权利,C轮的投资者更要有。这一点也是要特别注意的,因为开了个坏头之后,以后只会更糟。每个后来的VC都会要和之前的VC至少一样好的条款,而更普遍的情况是后来者的条款会对投资者越来越有利、对创业者越来越不利。 现在我们来算一下1.5亿美元的退出,创业者最终能拿到多少? 首先,C轮投资者拿走:1000 × 3 + 1000 × 10% × 1 = 3010万美元 B轮投资者拿走:800 × 2 + 800 × 10% × 2 = 1616万美元 剩下的1亿多美元,一定比A轮的投资价格高,于是A轮的优先清算权不起作用。创业者最终的利益为:(15000 – 3010 – 1616) × 15% = 1556万美元。这笔钱差不多是成交金额1.5亿美元的10%多一点。因此,我们的数学题答案是D。 因为有优先清算权,造成创业者的获利从成交金额的15%下降到了成交金额的10%,下降了三分之一左右。 值得提出的是这个公司是比较成功的,成交金额1.5亿美元是个不错的价钱。如果公司卖掉的价格是1亿的话,创业者的获利会因为
Participating Liquidation
Preference的存在而降一半。如果成交金额是5000万美元的话,创业者基本上拿不到什么钱了。这 大部分创业者在同VC谈判的时候只注意公司估值,不注意别的条款,从这一个例子来看,创业者如果在B轮和C轮的时候适当降低估值,但同时不给投资者Participating Liquidation Preference的话,最后的收益要大得多。 还有一个因素要考虑的是,如果投资者有Participating Liquidation Preference的话,他们会比较有冲动把公司以一个较低的价格卖掉,而创业者的利益只有在高价时才能体现所以会更想冒风险。双方利益初始不一样,一 定会造成董事会上的不合,互相猜忌,给公司长久的发展带来问题。 04/11/2009 ZT from Don Dodge’s blog: Failure is NOT an option – Why this can be a bad strategyAn exec at a large European financial company recently told me his former CEO believed “Failure is not an option”. Great, I thought. This means they will do whatever it takes to succeed, try five or ten different approaches until it works, get the whole company focused on the goal, etc. No, he told me. What it means is “Make a mistake and you are fired.” Wow! Another example of the difference between startups and big companies. I have worked most of my career in startups where you are always pushing the envelope, taking big risks, where there are no obvious answers, and you just keep trying until you find the combination that works.
Big companies think long term. Like chess players they think four or five moves (years) ahead. They protect their assets, play defensively, think strategically, and carefully consider the options before making a move. Big companies have a lot to lose, while small companies don’t. Big companies leverage their assets (conservatively) and flex their muscles where they can. They go for incremental improvements in position. Big company CEOs, like chess players, work a long term strategy. Each short term move plays a part in a longer term strategy that is not visible to the casual observer. In fact, their strategy is often kept secret, and they take care to make sure their short term moves don’t reveal their long term plan. Strategy is a competitive advantage. There is another interesting topic on how to make the transition from startup to successful big company, but we will save that for another day. Fail Fast – If you are going to fail, do it fast and move on to the next thing. More in depth thoughts here. The only thing better than a "Yes" is a quick "NO". When you are raising money, selling a customer, or trying to get a deal done, it is the long drawn out process that never ends that will kill you. It is the same thing with startups. Being successful is always the goal, but if it is going to fail...Fail fast. Bill Warner, founder of Avid Technologies, Wildfire Communications, etc, said recently “Some of you guys are so smart you turn what should have been a one year failure into a five year death march.” Entrepreneurs are resourceful, smart, and have that indomitable spirit that doesn’t allow them to quit. This can be good and bad. Sometimes it is better to “fold” and move on to the next game. Hold ‘em or Fold ‘em? – “You got to know when to hold em, know when to fold em, know when to walk away, know when to run.” Kenny Rogers. The toughest decision any entrepreneur makes is giving up on a company. It just isn’t in their DNA to do it. In fact, they rarely decide to do it, it is the investors who finally make the call. How do they decide? It is really about passion and commitment – from the founders, investors, employees, and customers. If the passion is lost in any two of the four groups…it is probably time to “fold” and move on. Fine line between success and failure – There are no easy and obvious answers. If it were easy everyone would have already done it. Timing and luck play a big part in success…bigger than most people will admit. There are four key elements to success in any business; great people, great idea, great timing, and luck. If you don’t have any two of the four…you are probably going to fail. I have seen startups with great people and a great idea that were too early (timing), or had bad luck on things they couldn’t control. They failed. The same idea tried five years later succeeded. Timing matters. The market needs to be ready to adopt your ideas. The answer is never obvious. You don’t know for sure until you try. 31/10/2009 万圣节与文化认同今天是美国的万圣节,成年人在这一天会装扮成各种平日里不可想象的人和物件。小孩子则成群结队的去挨家挨户要糖果。 如果在两年前,全世界都会争相报道,甚至效仿。当美国还是一个富裕的冷战后的唯一超级大国时,全世界都会对试图模仿它的一切,包括政治体系和文化,无论是多么的匪夷所思。好莱坞电影,麦当劳快餐,星巴克咖啡和万圣节这样的文化符号,就是这样被输出到了世界的各个角落。 可是在今天,一个债台高筑,军事失败,国内改革陷入僵局,国际上影响力式微的的美国,随着它帝国光环的消退,它的文化似乎也失去了魅力。仿佛是为了应证这一点,今天美国股市全面下跌。 日本80年代的泡沫经济,把日本漫画和丰田管理模式推向了世界。东亚四小龙,成就了韩流和港台剧。这些曾经被奉为先进的时尚的文化,在各自的载体经济衰落以后,就失去了它们赖以支撑的受众。 也许有一天,万圣节这个充满奇怪仪式的日子,会成为人们遥远的记忆。
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