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淺論俏江南與資本之間的風(fēng)花雪月:養(yǎng)孩子與養(yǎng)豬的區(qū)別在哪?
時間:2016-01-30 09:17:07
文章發(fā)布:
原創(chuàng)作者:未知
來源:互聯(lián)網(wǎng)

俏江南與投資人鼎暉,近期刷頻了朋友圈,引發(fā)了很多的討論。

就創(chuàng)業(yè)者高頻問到的三個問題,談?wù)勎覀兊目捶ā?/p>

問:近期很多媒體以“凈身出戶”、“融資悲劇”與“資本之殤”為標(biāo)題,評論俏江南創(chuàng)始人張?zhí)m的退出。你怎么看?

答:有的創(chuàng)業(yè)者把企業(yè)當(dāng)小孩養(yǎng),不離不棄。

有的創(chuàng)業(yè)者把企業(yè)當(dāng)豬養(yǎng),養(yǎng)肥了賣掉。

有的創(chuàng)業(yè)者一開始把企業(yè)當(dāng)豬養(yǎng),后來養(yǎng)著養(yǎng)著養(yǎng)出了感情,把企業(yè)當(dāng)小孩養(yǎng)。

有的創(chuàng)業(yè)者一開始把企業(yè)當(dāng)小孩養(yǎng),后來主動或被動地把企業(yè)當(dāng)豬養(yǎng)賣掉……其中經(jīng)歷的掙扎與選擇,如人飲水,「冷暖自知」。

問:有人說,資本是奶媽。也有人說,資本是吸血鬼。通過俏江南事件,你如何看,創(chuàng)業(yè)者與資本之間的關(guān)系?

答:就如何處理和資本的關(guān)系,俏江南事件給很多創(chuàng)業(yè)者科普了一次。

首先,創(chuàng)業(yè)者們可以換位思考,去「理解」資本,理解資本的游戲規(guī)則。

姑娘們談個對象,還得去了解她的Mr. Right。創(chuàng)業(yè)者拿錢,也得對打交道的風(fēng)投有基本的理解。對人家有需求,猴急地滾床單。滾完床單啪啪后,說自己被騙了,那是耍流氓。

創(chuàng)業(yè)者打交道的風(fēng)投,通常是長這樣的:

(1) 風(fēng)投(主要討論機(jī)構(gòu)投資人)的主營業(yè)務(wù)分兩大塊:上游向它的投資人(LP)融資,下游投資被投項目;

(2) 風(fēng)投的錢,不是天上掉餡餅掉下來的,也不是打砸搶來的。和創(chuàng)業(yè)企業(yè)一樣,風(fēng)投也需要向它上游的投資人(LP)融資,融完資才有錢對下游投資。風(fēng)投融資的難度,甚至不亞于很多創(chuàng)業(yè)企業(yè),說出來也都是淚;

(3) 風(fēng)投從LP那募集來的錢,是有使用期限?;鸫胬m(xù)期(通常5-10年)滿,風(fēng)投就得把投出去的項目清盤,向它背后的投資人(LP)交代。這也決定了,創(chuàng)業(yè)者從風(fēng)投手里拿到的錢,也是有使用期限的。或者說,風(fēng)投是有退出需求,不會和創(chuàng)業(yè)者白頭偕老的。風(fēng)投后端有退出渠道,前端才敢放開手腳去投項目。風(fēng)投的退出渠道包括公司IPO、公司并購(包括通過清算優(yōu)先權(quán)與領(lǐng)售權(quán))與公司回購等。此前新財富雜志的蘇飛龍詳細(xì)解讀過相關(guān)條款;

(4) 風(fēng)投從LP那募來的錢,是有使用成本的。這也決定了,創(chuàng)業(yè)者從風(fēng)投那拿的錢也是有成本的,而且是高成本。風(fēng)投不追求旱澇保收,但追求高收益高回報地從創(chuàng)業(yè)企業(yè)退出。風(fēng)投有“三高”的特點:上游向出資人(LP)募資成本高,下游被投項目死亡概率高,只投具備高成長基因的企業(yè);

(5) 作為投大錢占小股的小股東,風(fēng)投通常不參與公司的經(jīng)營管理,對公司通常也沒控制權(quán)需求。但是,與很多深受大股東侵害的小股東不一樣的是,風(fēng)投是專業(yè)的小股東,風(fēng)投也要對它背后的投資人(LP)負(fù)責(zé),會有一整套保護(hù)自己合法權(quán)益的措施。這也解釋了,為什么風(fēng)投的投資協(xié)議都會比較復(fù)雜;

(6) 風(fēng)投的出資人(LP)與風(fēng)投的管理人(GP),很多要么賺過大錢,要么見過大錢,都是聰明人,并不是很多人認(rèn)為的“錢多人傻”。

其次,創(chuàng)業(yè)者與風(fēng)投,主要是「互相成就」的關(guān)系。這世界賺錢的公司,要么離人近,要么離錢近,更NB的是既離人近又離錢近(BAT一半基因是產(chǎn)業(yè),一半基因是金融,不是投資公司的投資公司)。人力資本與貨幣資本結(jié)合,還是可以發(fā)生很多化學(xué)反應(yīng),互相放大對方價值的。創(chuàng)業(yè)企業(yè)發(fā)展好,對風(fēng)投肯定是利好。風(fēng)投把錢投出去之前,還可以和企業(yè)談?wù)剹l件。錢出去之后,基本就把命運(yùn)交到創(chuàng)業(yè)企業(yè)手里了。

再次,創(chuàng)業(yè)者與風(fēng)投,也可能「互相傷害」。風(fēng)投是資本風(fēng)月場的高手,熟悉資本游戲規(guī)則,可以利用專業(yè)優(yōu)勢合法地保護(hù)自己,損害對方。創(chuàng)業(yè)者是企業(yè)全職的運(yùn)營者與經(jīng)營者,全面掌控企業(yè)的人財物,也可以利用現(xiàn)實影響力保護(hù)自己,損害對方。但是,對風(fēng)投而言,資本游戲規(guī)則不能替代風(fēng)投對項目與團(tuán)隊本身的判斷,也不能改變投資高風(fēng)險的前提,不能本末倒置。對創(chuàng)業(yè)者而言,不理解游戲規(guī)則,不遵守游戲規(guī)則,代價會很大。在信息越來越公開透明,弱關(guān)系陌生人之間的鏈接與交易越來越頻繁,弱關(guān)系陌生人主要靠信用維持關(guān)系和交易,信用越來越值錢的年代,風(fēng)投的不良口碑,創(chuàng)業(yè)者的不良信用,雙方代價都會很高。

問:你磨磨唧唧這么多,說說俏江南事件對創(chuàng)業(yè)者有啥啟發(fā)借鑒吧?

答:(1)老干媽、華為等公司不通過外部機(jī)構(gòu)融資解決企業(yè)發(fā)展的資金問題,蘋果、谷歌、騰訊等公司借助外部機(jī)構(gòu)融資解決企業(yè)發(fā)展的資金問題,不是所有企業(yè)都需要或都適合外部機(jī)構(gòu)融資;

(2)創(chuàng)業(yè)企業(yè)的產(chǎn)品與服務(wù)可以為客戶創(chuàng)造價值,客戶愿意買單,這是企業(yè)健康靠譜的融資方式,這也是聰明的錢投資的前提;

(3)股權(quán)融資,不是創(chuàng)業(yè)者單方出演的“獨(dú)角戲”,創(chuàng)業(yè)者以互相成就的心態(tài)拿錢,有利于減少與資本的沖突博弈;

(4)要喝牛奶,我們沒必要每個人都在家養(yǎng)頭奶牛。股權(quán)融資是個專業(yè)事,專業(yè)人干專業(yè)事性價比高;

(5)沒親歷創(chuàng)業(yè)與資本的人,只會扯淡獵奇,冷嘲熱諷,不足以評論俏江南與資本。創(chuàng)業(yè)者與投資者之間,需要有個專業(yè)中立的第三方平臺,減少雙方的很多誤讀與誤解。

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