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2015\u5e74\uff0c\u5979\u8fd8\u548c\u9ec4\u6e24\u4e00\u8d77\u52a0\u5165\u4e86\u4efb\u6cc9\u3001\u9ec4\u6653\u660e\u3001\u674e\u51b0\u51b0\u521b\u7acb\u7684Star VC\uff0c\u6210\u4e86\u5408\u4f19\u4eba\u3002\u8fd9\u652f\u660e\u661f\u57fa\u91d1\u540e\u6765\u6295\u51fa\u4e86\u7406\u60f3\u6c7d\u8f66<\/a>\u3001\u5546\u6c64\u79d1\u6280\u3001\u97e9\u90fd\u8863\u820d\u3002<\/p>\n

\u5728\u90a3\u4e00\u6ce2“\u660e\u661f\u8de8\u754c\u505aVC”\u7684\u6d6a\u6f6e\u91cc\uff0c\u7b97\u662f\u5c11\u6570\u6ca1\u7ffb\u8f66\uff0c\u8fd8\u80fd\u62ff\u51fa\u6210\u7ee9\u5355\u7684\u673a\u6784\u3002\u6709\u7edf\u8ba1\u663e\u793a\uff0c\u7ae0\u5b50\u6021\u540d\u4e0b\u5173\u8054\u516c\u53f8\u4e00\u5ea6\u591a\u8fbe30\u5bb6\uff0c\u5728\u5973\u660e\u661f\u91cc\u6392\u540d\u7b2c\u4e00\uff0c\u6bd4\u540e\u9762\u7684\u6768\u6f9c\u3001\u674e\u9759\u90fd\u8981\u591a\u3002<\/p>\n

\u660e\u661f\u505aVC\uff1a\u4ece\u76f4\u6295\u5230LP<\/h4>\n

\u8fd9\u4e9b\u5e74\uff0c\u9664\u4e86\u81ea\u5df1\u76f4\u63a5\u6295\u9879\u76ee\uff0c\u7ae0\u5b50\u6021\u8fd8\u6084\u6084\u5b8c\u6210\u4e86\u4e00\u6b21\u8eab\u4efd\u5347\u7ea7——\u4ece\u5355\u7eaf\u7684“\u6295\u8d44\u4eba”\uff0c\u53d8\u6210\u4e86\u521b\u6295<\/a>\u5708\u91cc\u7684“LP”\u3002<\/p>\n

2015\u5e74\uff0c\u5317\u4eac\u9752\u5c71\u57fa\u4e1a\u5929\u4f7f\u6295\u8d44\u5408\u4f19\u4f01\u4e1a\uff08\u6709\u9650\u5408\u4f19\uff09\u6210\u7acb\uff0c\u6ce8\u518c\u8d44\u672c4500\u4e07\u5143\uff0c\u6267\u884c\u4e8b\u52a1\u5408\u4f19\u4eba\u662f\u9752\u5c71\u8d44\u672c\uff0c\u7ae0\u5b50\u6021\u4ee5\u7ea66.67%\u7684\u6301\u80a1\u6bd4\u4f8b\u5165\u80a1\uff0c\u6210\u4e3a\u8fd9\u53ea\u65e9\u671f\u57fa\u91d1\u7684\u51fa\u8d44\u4eba\u4e4b\u4e00\u3002<\/p>\n

2020\u5e74\uff0c\u8fd9\u5bb6\u5408\u4f19\u4f01\u4e1a\u53d1\u751f\u5de5\u5546\u53d8\u66f4\uff0c\u65b0\u589e\u4e86\u4e00\u4f4d\u6295\u8d44\u4eba——\u56fd\u6c11\u5973\u795e\u9ad8\u5706\u5706\uff0c\u6301\u80a1\u6bd4\u4f8b\u540c\u6837\u662f6.67%\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u4e24\u4f4d\u5973\u6f14\u5458\u5148\u540e\u6210\u4e3a\u540c\u4e00\u53ea\u57fa\u91d1\u7684LP\uff0c\u628a\u94b1\u4ea4\u7ed9\u4e13\u4e1a\u7684\u6295\u8d44\u56e2\u961f\u53bb\u6253\u7406\uff0c\u81ea\u5df1\u5219\u9000\u5c45\u5e55\u540e\uff0c\u4e0d\u518d\u64cd\u5fc3\u5177\u4f53\u9879\u76ee\u600e\u4e48\u7b5b\u9009\u3001\u600e\u4e48\u5c3d\u8c03\u3002<\/p>\n

\u7ae0\u5b50\u6021\u4e0d\u662f\u4e2a\u4f8b\u3002<\/p>\n

\u628a\u65f6\u95f4\u7ebf\u62c9\u56de2014\u5e74\uff0c\u90a3\u662f\u56fd\u5185\u660e\u661f\u96c6\u4f53“\u4e0b\u6d77”\u505a\u521b\u6295\u6700\u70ed\u95f9\u7684\u4e00\u5e74\u3002\u8fd9\u4e00\u5e747\u6708\uff0c\u4efb\u6cc9\u62c9\u7740\u9ec4\u6653\u660e\u3001\u674e\u51b0\u51b0\u4e00\u8d77\u51d1\u4e868000\u4e07\u5143\u9996\u671f\u8d44\u91d1\uff0c\u6210\u7acb\u4e86\u540e\u6765\u8d6b\u8d6b\u6709\u540d\u7684Star VC——\u4e09\u4eba\u5404\u6301\u80a130%\uff0c\u8fd8\u7ea6\u5b9a\u4e86“\u4e00\u7968\u5426\u51b3\u5236”\uff1a\u4efb\u4f55\u4e00\u4e2a\u9879\u76ee\uff0c\u53ea\u8981\u4e09\u4eba\u4e2d\u6709\u4e00\u4e2a\u4e0d\u540c\u610f\uff0c\u518d\u8bf1\u4eba\u4e5f\u4e0d\u6295\u3002<\/p>\n

\u57fa\u91d1\u6210\u7acb\u4ec5\u4e00\u4e2a\u6708\uff0c\u5c31\u6536\u52303000\u591a\u4e2a\u9879\u76ee\u627e\u4e0a\u95e8\u878d\u8d44<\/a>\uff0c\u524d\u4e09\u5929\u90ae\u7bb1\u91cc\u5c31\u8eba\u77401000\u591a\u5c01BP\u3002\u7b2c\u4e00\u6279\u6295\u8d44\u9879\u76ee\u5b9a\u5728\u4e86\u670d\u9970\u7535\u5546\u97e9\u90fd\u8863\u820d\u548c\u77ed\u89c6\u9891\u5e73\u53f0\u79d2\u62cd\uff0c\u4e4b\u540e\u53c8\u9646\u7eed\u6295\u4e86\u638c\u95e81\u5bf91\u3001\u5c0f\u72d7\u7535\u5668\u3001\u96f6\u58f9\u7a7a\u95f4\u6c11\u8425\u5546\u4e1a\u706b\u7bad\uff0c\u751a\u81f3\u8fd8\u53c2\u4e0e\u4e86\u540e\u6765\u7684\u72ec\u89d2\u517d\u5546\u6c64\u79d1\u6280\u7684\u65e9\u671f\u878d\u8d44\u3002<\/p>\n

2015\u5e7410\u6708\uff0c\u7ae0\u5b50\u6021\u548c\u9ec4\u6e24\u4f5c\u4e3a\u65b0\u80a1\u4e1c\u52a0\u5165\uff0cStar VC\u7684\u5408\u4f19\u4eba\u9635\u5bb9\u51d1\u9f50\u4e86\u4e94\u4e2a\u4eba\u3002<\/p>\n

2016\u5e74\uff0c\u4efb\u6cc9\u6b63\u5f0f\u5ba3\u5e03\u606f\u5f71\uff0c\u5168\u804c\u6251\u5728\u57fa\u91d1\u8fd0\u8425\u4e0a\uff0c\u622a\u81f3\u76ee\u524d\uff0cStar VC\u7d2f\u8ba1\u7ba1\u7406\u8fc77\u652f\u57fa\u91d1\uff0c\u516c\u5f00\u6295\u8d44\u9879\u76ee\u8fd150\u4e2a\uff0c\u7406\u60f3\u6c7d\u8f66\u4fbf\u662f\u5176\u4e2d\u4e4b\u4e00\u3002<\/p>\n

\u591a\u5e74\u540e\uff0c\u4efb\u6cc9\u4f5c\u4e3a\u6295\u8d44\u4eba\u4e4b\u4e00\uff0c\u8fd8\u51fa\u73b0\u5728\u4e86\u7406\u60f3\u6c7d\u8f66\u8d74\u6e2f\u4e0a\u5e02\u7684\u6572\u949f\u73b0\u573a\u3002<\/p>\n

Star VC\u5f00\u4e86\u5934\u4e4b\u540e\uff0c\u8ddf\u8fdb\u7684\u660e\u661f\u8d8a\u6765\u8d8a\u591a\u3002<\/p>\n

\u6b4c\u624b\u80e1\u6d77\u6cc9\u521b\u7acb\u4e86\u4e13\u6ce8\u65e9\u671f\u9879\u76ee\u7684“\u6d77\u6cc9\u57fa\u91d1”\uff0c\u65d7\u4e0b\u5148\u540e\u8bbe\u7acb\u4e868\u652f\u5b50\u57fa\u91d1\uff0c\u6295\u8d44\u8303\u56f4\u4ece\u56fd\u5bb6\u91cd\u70b9\u6276\u6301\u7684\u6218\u7565\u65b0\u5174\u4ea7\u4e1a\u4e00\u8def\u94fa\u5230\u73af\u4fdd\u3001\u4e92\u8054\u7f51+\uff0c\u516c\u5f00\u6295\u8d44\u4e8b\u4ef6\u591a\u8fbe49\u8d77\uff0c\u6295\u51fa\u8fc7\u5c0f\u7c73<\/a>\u751f\u6001\u94fe\u516c\u53f8\u3001\u7535\u5b50\u97f3\u4e50\u5e73\u53f0\u7b49\u9879\u76ee\u3002<\/p>\n

“\u9876\u6d41”\u9e7f\u6657\u5219\u57282017\u5e74\u4ee5LP\u8eab\u4efd\u52a0\u5165\u4e86\u6e05\u6d41\u8d44\u672c\u3001\u65b0\u5e0c\u671b\u96c6\u56e2\u548c\u4ed6\u672c\u4eba\u8054\u5408\u53d1\u8d77\u7684“\u6e05\u6657\u57fa\u91d1”\uff0c\u4e13\u6ce8\u6295\u8d44\u9762\u5411\u5e74\u8f7b\u4e16\u4ee3\u7684\u6587\u5316\u6d88\u8d39\u5185\u5bb9\u884c\u4e1a\u3002<\/p>\n

\u6768\u9896\uff08Angelababy\uff09\u57282015\u5e74\u6210\u7acb\u4e86AB Capital\uff0c\u81ea\u4efb\u521b\u59cb\u5408\u4f19\u4eba\uff0c\u4e3b\u6295“\u65b0\u65f6\u4ee3\u5973\u6027\u751f\u6d3b\u65b9\u5f0f”\u76f8\u5173\u7684\u521b\u4e1a<\/a>\u9879\u76ee\uff0c\u6295\u8fc7\u6d77\u5916\u77ed\u79df\u5e73\u53f0\u3001\u8de8\u5883\u7535\u5546<\/a>\u6d0b\u7801\u5934\u7b49\u3002<\/p>\n

\u6b64\u5916\uff0c\u9ec4\u6653\u660e\u3001\u51af\u5c0f\u521a\u3001\u674e\u51b0\u51b0\u3001\u5f20\u56fd\u7acb\u7b49\u4eba\u8fd8\u5171\u540c\u53c2\u80a1\u4e86\u5317\u4eac\u541b\u8054\u5609\u777f\u80a1\u6743\u6295\u8d44<\/a>\u5408\u4f19\u4f01\u4e1a\uff0c\u6210\u4e3a\u8001\u724c\u673a\u6784\u541b\u8054\u8d44\u672c\u7684LP\uff0c\u628a\u94b1\u4ea4\u7ed9\u66f4\u4e13\u4e1a\u7684\u56e2\u961f\u6253\u7406\u3002<\/p>\n

\u5728\u8fd9\u7fa4\u4eba\u91cc\uff0c\u9ec4\u6653\u660e\u7684\u80a1\u6743\u7248\u56fe\u6269\u5f20\u5f97\u6700\u51f6\u3002\u4e0d\u53ea\u505aLP\uff0c\u8fd8\u4eb2\u81ea\u4e0b\u573a\u505aGP\u30022015\u5e74\uff0c\u4ed6\u5355\u98de\u6210\u7acb\u660e\u5609\u8d44\u672c\uff0c\u81ea\u5df1\u6301\u80a180%\u30022026\u5e74\u5e74\u521d\uff0c\u4ed6\u540d\u4e0b\u7684\u673a\u6784\u53c8\u65b0\u8bbe\u4e86\u4e00\u5bb6\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\uff0c\u4e13\u6ce8\u79d1\u6280\u6295\u8d44\uff0c\u636e\u516c\u5f00\u4fe1\u606f\uff0c\u4ed6\u76f4\u63a5\u63a7\u80a1\u7684\u4f01\u4e1a\u5df2\u7ecf\u8d85\u8fc730\u5bb6\uff0c\u95f4\u63a5\u6301\u80a1\u7684\u4f01\u4e1a\u66f4\u662f\u9ad8\u8fbe200\u4f59\u5bb6\uff0c\u6a2a\u8de8\u6d88\u8d39\u3001\u5a31\u4e50\u3001\u9910\u996e\u3001\u79d1\u6280\u3001\u65b0\u80fd\u6e90<\/a>\u7b49\u591a\u4e2a\u9886\u57df\u3002<\/p>\n

\u8fd9\u4e24\u5e74\u4ed6\u7684\u6295\u8d44\u53e3\u5473\u4e5f\u5728\u53d8\u5316——\u4ece\u65e9\u5e74\u504f\u7231\u7684\u9910\u996e\u3001\u6587\u5a31\u9879\u76ee\uff0c\u8f6c\u5411\u4e86\u673a\u5668\u4eba\u8d5b\u9053\uff0c\u5148\u540e\u4e24\u8f6e\u52a0\u6ce8\u4e86\u4e00\u5bb6\u7531\u77e5\u540d\u673a\u5668\u4eba\u516c\u53f8\u5b75\u5316\u7684\u79df\u8d41\u5e73\u53f0\uff0c\u8fd9\u7b14\u6295\u8d44\u7684\u5951\u673a\uff0c\u636e\u8bf4\u59cb\u4e8e\u4ed6\u5728\u4e00\u6863\u7efc\u827a\u8282\u76ee\u91cc\u548c\u4e00\u53f0\u673a\u5668\u4eba\u540c\u53f0\u5f55\u5236\u3002<\/p>\n

\u597d\u83b1\u575e\u660e\u661f\u7684\u53e6\u4e00\u79cd\u73a9\u6cd5<\/h4>\n

\u628a\u89c6\u7ebf\u632a\u5230\u5927\u6d0b\u5f7c\u5cb8\uff0c\u4f1a\u53d1\u73b0\u56fd\u5916\u660e\u661f\u505a\u6295\u8d44\u7684\u8def\u6570\u548c\u56fd\u5185\u6709\u76f8\u4f3c\u4e4b\u5904\uff0c\u4f46\u66f4\u5f7b\u5e95\u5730\u8d70\u5411\u4e86\u673a\u6784\u5316\u3002<\/p>\n

\u4ed6\u4eec\u66f4\u5c11\u81ea\u5df1\u5f00\u516c\u53f8\u5f53\u8001\u677f\uff0c\u51e0\u4e4e\u6e05\u4e00\u8272\u5730\u9009\u62e9\u5728\u7845\u8c37<\/a>\u5f0f\u7684\u521b\u6295\u4f53\u7cfb\u91cc\uff0c\u4ee5\u4e13\u4e1a\u57fa\u91d1\u5408\u4f19\u4eba\u7684\u8eab\u4efd\u4e0b\u6ce8\uff0c\u628a\u9009\u9879\u76ee\u3001\u505a\u5c3d\u8c03\u3001\u6295\u540e\u7ba1\u7406\u8fd9\u4e9b\u6d3b\u513f\uff0c\u7edf\u7edf\u4ea4\u7ed9\u804c\u4e1a\u6295\u8d44\u56e2\u961f\u3002<\/p>\n

\u8fd9\u65b9\u9762\u6700\u5178\u578b\u7684\u4f8b\u5b50\uff0c\u662f\u597d\u83b1\u575e\u6f14\u5458\u963f\u4ec0\u987f·\u5e93\u5f7b\u3002\u8fd9\u4f4d\u9760\u60c5\u666f\u559c\u5267\u300a70\u5e74\u4ee3\u79c0\u300b\u548c\u4e00\u7cfb\u5217\u559c\u5267\u7535\u5f71\u8d70\u7ea2\u7684\u6f14\u5458\uff0c2010\u5e74\u548c\u7ecf\u7eaa\u4eba\u76d6\u4f0a·\u5965\u8428\u91cc\u4e00\u8d77\u521b\u7acb\u4e86\u7b2c\u4e00\u652f\u57fa\u91d1A-Grade Investments\uff0c2015\u5e74\u53c8\u8054\u624b\u6210\u7acb\u4e86\u66f4\u673a\u6784\u5316\u7684Sound Ventures\u3002<\/p>\n

\u5341\u51e0\u5e74\u4e0b\u6765\uff0c\u8fd9\u4e24\u652f\u57fa\u91d1\u7d2f\u8ba1\u7ba1\u7406\u7684\u8d44\u91d1\u89c4\u6a21\u8d85\u8fc710\u4ebf\u7f8e\u5143\uff0c\u6295\u8d44\u7ec4\u5408\u516c\u53f8\u8d85\u8fc7300\u5bb6\uff0c\u65e9\u671f\u62bc\u4e2d\u4e86Uber<\/a>\u3001Airbnb\u3001Spotify\u3001Duolingo\u540e\u6765\u8fd9\u4e9b\u5e02\u503c\u767e\u4ebf\u751a\u81f3\u5343\u4ebf\u7f8e\u5143\u7684\u540d\u5b57\u3002\u636e\u5a92\u4f53<\/a>\u7edf\u8ba1\uff0c\u4ed6\u66fe\u628a\u6700\u521d\u6295\u5165\u76843000\u4e07\u7f8e\u5143\u672c\u91d1\uff0c\u6eda\u6210\u4e862.5\u4ebf\u7f8e\u5143\uff0c\u88ab\u79f0\u4e3a“\u5a31\u4e50\u5708\u7b2c\u4e00\u6295\u8d44\u4eba”\uff0c\u5176\u4e2a\u4eba\u6295\u8d44\u5c65\u5386\u751a\u81f3\u88ab\u62ff\u6765\u548c\u4e13\u4e1a\u98ce\u9669\u6295\u8d44<\/a>\u5bb6\u76f8\u63d0\u5e76\u8bba\u3002<\/p>\n

\u8fd9\u51e0\u5e74\uff0c\u4ed6\u7684\u57fa\u91d1\u8fd8\u63d0\u524d\u5e03\u5c40\u4e86\u4eba\u5de5\u667a\u80fd<\/a>\u8d5b\u9053\uff0c\u6295\u8d44\u540d\u5355\u91cc\u51fa\u73b0\u4e86OpenAI<\/a>\u4e43\u81f3Anthropic\u8fd9\u6837\u7684\u5934\u90e8\u516c\u53f8\u3002\u4ed6\u672c\u4eba\u540e\u6765\u603b\u7ed3\u81ea\u5df1\u7684\u65b9\u6cd5\u8bba\u65f6\u8bf4\uff0c\u79d8\u8bc0\u662f\u628a90%\u7684\u65f6\u95f4\u7528\u6765\u503e\u542c\uff0c\u4e0d\u60ee\u4e8e\u5411\u521b\u4e1a\u8005\u63d0\u51fa“\u770b\u8d77\u6765\u5f88\u8822”\u7684\u95ee\u9898\u3002<\/p>\n

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