# David Lee at Startup School NY 2014 > `[00:00:00]` Right now we have pretty special investor here right now David Lee has done a thing or two with investing over the years he\'s one of the founding members and one of the founding partners rather of the angel a little investment outfit you may have heard of invest that in a few things. `[00:00:00]` 現在我們這里有相當特別的投資者，大衛·李(David Lee)多年來在投資方面做了一兩件事-他是創始成員之一，也是天使-你可能聽說過的一個小投資機構-投資于幾件事。 > Airbnb indeed. 的確是 Airbnb。 > Dropbox Twitter Snapchatetc. Dropbox，Twitter，Snapchat 等。 > So let\'s hear a little bit of his insights gained over the years about all things startups. 因此，讓我們聽聽他多年來對所有創業公司的見解。 > Please Clap it up. 請把它卷起來。 > David. 大衛。 > `[00:00:43]` So I have to admit some I\'ve I\'ve spoken a lot I\'m a little nervous right now. `[00:43:00]` 所以我不得不承認我說了很多話，我現在有點緊張。 > My daughter is here. 我女兒來了。 > I\'ve never spoken in front of her and my mother in law is here so if I stumble just you know bear with me. 我從來沒有在她面前說過話，我的岳母也在這里，所以如果我絆倒了，你知道的，請容忍我。 > `[00:00:59]` But let me just say this there has never been a more exciting or better time to start a company from what\'s happening in mobile computing and different areas like drones virtual reality bitcoin bioinformatics. `[00:00:59]` 不過，讓我直截了當地說，在移動計算和無人機、虛擬現實、比特幣生物信息學等不同領域，創立一家公司的時機從來沒有像現在這樣令人興奮或更好。 > There are so many different areas to explore as as a as a startup founder. 作為初創公司的創始人，有很多不同的領域需要探索。 > So I\'m really honored to be here and really excited for you as you think about starting a company. 所以，我很榮幸能來到這里，在你考慮創辦一家公司的時候，我為你感到非常興奮。 > `[00:01:30]` So as Alexis mentioned I\'ve been angel investing since 2007 really with Ron. `[00:01:30]` 正如亞歷克西斯所提到的，我從 2007 年起就一直在天使投資，真的和羅恩在一起。 > `[00:01:37]` I\'ve been doing that with Ron Conaway and ASV Angel. `[00:01:37]` 我一直在和 RonConaway 和 ASV 安琪爾一起做這件事。 > So it\'s been about seven years but it feels like dog years through that time. 所以已經過去了大約七年，但從那時起，感覺就像狗年了。 > I\'ve worked with probably over 500 founders in the team and I at SFA annual have reviewed over 6000 business plans. 我曾與該團隊的 500 多位創始人合作過，在 SFA 年度會議上，我已經審閱了 6000 多份商業計劃。 > `[00:01:55]` So as Alexis mentioned some of those companies and I don\'t know where the clicker is. `[00:01:55]` 正如 Alexis 提到的，有些公司我不知道點擊器在哪里。 > Some of those companies include Pinterest Dropbox square stripe geared hub. 其中一些公司包括 Pinterest Dropbox 方形條形齒輪輪轂。 > Many of these companies and many of these founders have spoken here at Startup School. 這些公司中的許多人和這些創始人都曾在創業學校發表過演講。 > So I really encourage you to go back go to YouTube listen to their stories because some of their stories are really telling because particularly when they start their company they\'re not the people that you see today. 所以我鼓勵你回到 YouTube 上去聽他們的故事，因為他們的一些故事是真實的，尤其是當他們開始他們的公司時，他們不是你今天看到的那個人。 > `[00:02:30]` So given all of this data that we have and obviously given the number of companies that we\'ve reviewed and the companies that we\'ve worked with not all if not most of the companies are not the Pinterest Dropbox Airblade and stripe. `[00:02:30]` 因此，鑒于我們擁有的所有這些數據，顯然，考慮到我們審查過的公司的數量，以及我們曾與之合作過的公司-如果不是全部的話-大多數公司不是 Pinterest Dropbox Air 刀片和 Stripe 公司。 > `[00:02:44]` I thought what I would do today is for you is really three things. `[00:02:44]` 我以為我今天要為你們做的是三件事。 > The first thing I would do is tell you a little bit about what we look for at Assefi Angel when evaluating a startup. 我要做的第一件事就是告訴你，當我們評估一家初創公司時，我們在 Assefi 天使公司尋找什么。 > The second thing I want to do is I want to talk a little bit about what you should be looking for when picking investors. 我想做的第二件事是，我想談談你在選擇投資者時應該尋找什么。 > There\'s never been a better time as a as a startup founder to seek financing reasons which I\'ll get into a little bit later and so it\'s important to be discerning and think about what you should be looking for in the final thing that I\'m going to share is the biggest lesson that I\'ve learned from Ron Conway in my seven years of working with him. 作為一名初創公司的創始人，尋求融資理由的時機再合適不過了，我會在稍晚些時候進入這一階段的。因此，重要的是要有洞察力，思考你應該在最后一件事上尋找什么-這是我在與羅恩·康韋(RonConway)合作七年中從他身上學到的最大的教訓。 > `[00:03:26]` So as Alexis mentioned you know Ron is a prolific angel investor he\'s been investing since for about 20 years and really invented this class of angel and seed investing. 正如亞歷克西斯所提到的，羅恩是一個多產的天使投資者，他投資了大約 20 年，并真正發明了這類天使和種子投資。 > And this one thing he taught me. 這是他教我的一件事。 > I bring it up over and over again and I think it has particular relevance for you as a startup founder or if you decide to work for a company or you decide to be an investor. 我一次又一次地提起這個問題，我認為它對你作為一個初創公司的創始人，或者如果你決定為一家公司工作，或者你決定成為一名投資者，都有著特別的相關性。 > And frankly it\'s the one lesson that I always think about when we decide whether or not to invest in a founder again. 坦率地說，當我們決定是否再次投資于一位創始人時，這是我一直在思考的一個教訓。 > So before I get more specific I want to tell you a story about the first founder or entrepreneur that I\'ve ever known and that\'s my dad. 因此，在我講得更具體之前，我想給大家講一個關于我認識的第一位創始人或企業家的故事，那是我的父親。 > So my dad graduated with hisPh.D. 所以我爸爸拿到了博士學位。 > in mechanical engineering from UCLA in 1962. 1962 年畢業于加州大學洛杉磯分校機械工程專業。 > He was the first Asian to graduate in that graduate program and then in the mid 70s he worked at a company called Alpha Industries. 他是第一個畢業于這個研究生項目的亞洲人，在 70 年代中期，他在一家名為 Alpha Industries 的公司工作。 > And so for those of you I mean this probably I\'m dating myself but in the mid 80s mid 70s Route 128 in Boston that was Silicon Valley Silicon Valley was the upstart that was Silicon Valley SoMa as hot as you can get. 所以對你們這些人來說，我的意思是，這可能是我自己在約會，但在 80 年代中期，70 年代中期，波士頓的 128 號公路，也就是硅谷，是一個新貴，也就是硅谷，就像你所能得到的一樣火爆的硅谷索馬。 > And he was a senior engineer at one of these high flying companies. 他是一家高飛公司的高級工程師。 > So he did that for about five years and one day and this is about the early 80s he decided to quit. 所以他做了五年零一天，這大約是 80 年代初，他決定辭職。 > And he realized that even though he was very happy doing what he was doing and he had two kids to provide for a family he wasn\'t following his passion and his passion really was building things for other people and for other companies. 他意識到，盡管他很高興做他正在做的事情，而且他有兩個孩子要養活一個家庭，但他并沒有追隨自己的熱情，他的熱情實際上是在為其他人和其他公司建立東西。 > And he thought if others could do it why couldn\'t he. 他想，如果別人能做到，為什么他不能。 > So he just quit. 所以他就辭職了。 > Didn\'t know what the product was and decided to go out on his own a very risky venture. 不知道產品是什么，所以決定自己出去冒險。 > `[00:05:25]` So the first product that he built was of the first fully automated fortune cookie machine. `[00:05:25]` 所以他制造的第一個產品是第一臺全自動幸運餅干機。 > So before my dad\'s machine you made fortune cookies by hand. 所以在我爸爸的機器之前你用手做了幸運餅干。 > And he built the machine that automated the whole process so he was sort of a robotic startup before it\'s time. 他建造了一臺機器來實現整個過程的自動化，所以他在時間還沒有成熟之前就已經是一家機器人初創公司了。 > And I don\'t know if any of you remember there there used to be those fortunes with the smiley faces on them. 我不知道你們是否還記得曾經有過那些笑臉的命運。 > Those were my dad\'s. 那是我爸爸的。 > That\'s how I went to college. 我就是這樣上大學的。 > `[00:05:55]` So laughter so please thank you. `[00:05:55]` 所以請笑，謝謝。 > `[00:06:04]` But this was the first product that he was going to use to catapult his whole company because he wanted to build other things. `[00:06:04]` 但這是他第一次用這個產品來彈射他的整個公司，因為他想建造其他的東西。 > But it turns out there was actually a decent market for Fortune Cookie machines and fortune cookies. 但事實證明，“財富”餅干和幸運餅干是一個不錯的市場。 > People eat them. 人們把它們吃了。 > And 30 years later at 79 years old he is still building these machines and he\'s doing it. 30 年后，79 歲的他還在制造這些機器，他正在做。 > I mean it\'s a great story and it sounds good. 我是說，這是個很棒的故事，聽起來不錯。 > He\'s doing it in one part because he loves it. 他之所以這樣做，是因為他喜歡它。 > He would rather do nothing else than build. 他寧愿什么也不做，而不愿建造。 > But there\'s another part where he does it because he has to. 但他還得做另一件事，因為他必須這樣做。 > He does it because he has to do it to keep the lights on because this 30 year journey which I witnessed and lived through. 他這么做是因為他必須這樣做才能讓燈亮著，因為我目睹和經歷了 30 年的旅程。 > `[00:06:44]` It\'s something the ups and downs. `[00:06:44]` 這是一些起起落落的東西。 > It\'s something that were borderline. 這是一種邊緣性的東西。 > I mean it\'s gut wrenching. 我是說這很痛苦。 > It\'s really hard and I\'m sure a lot of founders have talked about this but there is the one thing that I\'ve learned in that sort of being his son is the price you have to pay in order to do what you love for a living. 這真的很難，我相信很多創始人都談到過這一點，但我在做他兒子的過程中學到了一件事，那就是你必須付出代價才能做你喜歡做的事。 > And that\'s a pretty steep price. 這是一個相當昂貴的價格。 > And that\'s why we try to really stand behind all of the founders who do it because we know it\'s not easy. 這就是為什么我們試圖真正支持所有這樣做的創始人，因為我們知道這并不容易。 > So with that in mind I want to jump into what we look for at Assefi Angel. 因此，考慮到這一點，我想跳到我們在 Assefi 天使公司尋找的東西。 > So I\'m going to give access to all of you to this one document and many a here at Wykeham air have seen it and it\'s document that we have used since I started working at Assefi angel. 所以我要讓你們所有人都能看到這一份文件，在 Wykeham Air 的許多人都看到了這份文件，這也是自從我開始在 Assefi 天使公司工作以來我們一直使用的文件。 > It\'s a document that Ron wrote 20 years ago and a document that we refined over time and it\'s the one document that that\'s really it\'s our Magna Carta. 這是羅恩 20 年前寫的一份文件，也是我們經過一段時間改進的一份文件，這份文件實際上就是我們的“大憲章”。 > `[00:07:43]` It\'s our Bill of Rights and it\'s called appropriately what Ron NSV angel look for in a company. `[00:07:43]` 這是我們的權利法案，它恰如其分地稱為羅恩·NSV 天使在一家公司尋找的東西。 > And it is simply just a laundry list of items that we look for over the and over the years things that that just remind us. 這只是一張清單，上面列出了我們多年來一直在尋找的物品，這些都提醒著我們。 > It\'s almost like a checklist. 就像一張清單。 > And so given that it\'s a laundry list. 所以考慮到這是一份洗衣單。 > And I will share this with you afterwards. 之后我會和你分享這件事。 > What I wanted to do is just point out one or two laundry list items and tell you you know what we look for and why these things are important to us. 我想做的只是指出一兩件衣服清單，告訴你我們要找什么，為什么這些東西對我們很重要。 > So the first point that I want to highlight is that in the very first line in this document and this is the this is a sentence that Ron wrote 20 years ago so you have this title and then you have this line. 所以我要強調的第一點是，在這份文件的第一行，這是羅恩 20 年前寫的一句話，所以你有這個標題，然后你有這一行。 > And so for those this is a little inside baseball you can see this is sort of a weird lots of weird typos all caps. 所以對于那些，這是在棒球里面，你可以看到，這是一種奇怪的，很多奇怪的排字，所有的帽子。 > This `[00:08:38]` is just how low a lot of grammatic grammatical nets in this document but this document talks about the team we had us angel we look at Founders first ideas second we believe that ideas morph. 這是`[00:08:38]` 本文檔中語法網的數量有多低，但是這個文檔談到了我們的團隊，我們的天使，我們首先看到創建者的想法，其次是我們相信思想的變化。 > But people don\'t. 但人們不會。 > If we like the founder and we believe in the founder more than likely we will invest. 如果我們喜歡創始人，我們更相信創始人，我們就會投資。 > If it\'s a sector that we like and for us there are some particulars we may like. 如果這是我們喜歡的一個部門，對我們來說，有一些我們可能喜歡的細節。 > We\'ve always preferred founders who build things for themselves or founders whose company is an extension of their life story. 我們一直傾向于那些為自己創造東西的創始人或那些公司是他們人生故事延伸的創始人。 > In that the founding of a company has been built. 一家公司的成立已經建立起來了。 > It\'s been built up over years but not all startups are like that. 它是多年來建立起來的，但并不是所有的初創公司都是這樣的。 > And one thing I do want to emphasize is that while we look for may be very different from what other investors look for and so hopefully though that this is just one proxy and some insight into how we make decisions so one of the qualities that I want to talk about and one of the items in our laundry list is this good elevator pitch. 我想強調的一件事是，雖然我們尋找的可能與其他投資者所尋求的完全不同，但希望這只是一種代理，也是對我們如何做出決定的一些洞察力，所以我想談談的其中一個特點，以及我們洗衣清單上的項目之一，就是這個很好的電梯宣傳。 > Keep it simple. 保持簡單。 > Now again this probably you know if I was looking at this for the first time eyes would glaze over I\'d say of course you have to have a good elevator pitch. 再來一次，你可能知道，如果我第一次看到這個，眼睛會呆滯的，我會說，當然，你必須有一個好的電梯音高。 > You know this is it\'s written in every single MBA textbook but this is there\'s a nuance to this. 你知道這是每本 mba 教科書上寫的，但這是有細微差別的。 > So in this environment where startups are more popular than ever and more smart people are going to startups than ever. 因此，在這樣的環境中，創業公司比以往任何時候都更受歡迎，更多聰明的人將比以往任何時候都更傾向于創業。 > I believe that the single most important skill for a founder as the leader of his or her company is to be able to express their vision to other people and your ability to communicate that to prospective employees investors and customers is critical in this environment where there\'s so much noise and people have so many different options. 我認為，對于作為公司領導者的創始人來說，最重要的一項技能就是能夠向其他人表達他們的愿景，而你與潛在員工、投資者和客戶溝通的能力在這樣的環境中至關重要，因為在這種環境中，噪音如此之大，人們有如此多不同的選擇。 > You know when you start your company and you\'re trying to hire somebody you will see how many options this candidate has. 你知道，當你開始你的公司，你試圖雇用某人時，你會看到這個候選人有多少選擇。 > And I want to be clear about something as well. 我也想說清楚一些事情。 > You know this is not about being a great public speaker. 你知道這不是為了成為一個偉大的公眾演說家。 > This is not about you know being Ronald Reagan or Bill Clinton and having this magnetic charisma. 這與你所知的羅納德·里根或比爾·克林頓的魅力無關。 > You know some of the best startup pitchers in the best start of founders that I\'ve known are some of the most classically inarticulate people that you would meet. 你知道一些最好的創業投手在創始人的最佳開端，我認識的是一些最經典的口齒不清的人，你會遇到。 > And you know experts say that 80 percent of communication is nonverbal. 你知道專家說 80%的交流是非語言的。 > It\'s body language and your ability to express that vision is critical in this environment. 在這種環境中，它的肢體語言和你表達愿景的能力是至關重要的。 > So I want to give one example or one story of this. 所以我想舉一個例子或者一個故事。 > So I met Rick Morris and in at Y Combinator Demo Day I think it was in the winter of 2011. 所以我遇到了里克·莫里斯，在 Y Combinator 演示日，我想那是在 2011 年的冬天。 > Rick\'s company comprehend clinical what they do is they take disparate data sources in a Palantir like way and they bring them together and they make the data actionable and usable to shorten and make clinical trials more efficient for pharmaceutical companies and researchers at the time. Rick 的公司理解臨床他們所做的是他們以一種類似 Palantir 的方式獲取不同的數據源，并將它們結合在一起，使這些數據具有可操作性和實用性，從而縮短和提高當時制藥公司和研究人員的臨床試驗效率。 > And that is this is not photo sharing it\'s not something that you look at you go wow this is awesome. 這不是照片分享\不是什么東西，你看，你去，哇，這太棒了。 > This is something that healthcareI.T. 這是一種健康護理。 > was not something that made me lean forward and so at Demo Day Rick said hey can can we grab some coffee and to be courteous I said yep let\'s grab some coffee. 不是什么讓我向前傾的東西，所以在演示日，瑞克說，嘿，我們能喝點咖啡嗎？出于禮貌，我說，是的，我們去喝點咖啡吧。 > And I knew what the pitch was and he told me about it and he seemed like a very nice guy and his background was in this area. 我知道球場是什么，他告訴了我，他看起來是個很好的人，他的背景就在這個地區。 > So we ended up meeting about a week or two later and we met at this cafe on University Avenue in Palo Alto. 所以我們在大約一到兩周后見面，我們在帕洛阿爾托大學大道上的一家咖啡館見面。 > And for those of you who don\'t know university avenues like the Times Square of startups in Silicon Valley it\'s just you see everybody it\'s very loud it\'s very crowded. 對于那些不了解硅谷時代廣場(TimesSquare)這樣的大學大道的人來說，只要你看到每個人，它就會非常嘈雜，非常擁擠。 > And so we sat down in a coffee shop and again this was more of a courtesy see if I could help him as an entrepreneur after demo day and he was able to in that short period of time in that environment. 于是我們在一家咖啡店里坐了下來，這又是一種禮貌，看我能不能在演示一天之后幫助他，他在那個環境下能在很短的時間內幫助他。 > He talked to me about what he was trying to do and why this whole process was fundamentally broken and why this was such a big opportunity and why he was the person. 他跟我講了他想做什么，為什么整個過程都被徹底打破了，為什么這是一個巨大的機會，為什么他是那個人。 > And he talked about how this could impact people\'s lives and the timing was right because what was happening with Obama care and what was happening with the digitization of genomic data and his background and Hall and his co-founder with expertise in machine learning. 他談到了這會如何影響人們的生活，時機是對的，因為奧巴馬關心的事情，基因組數據的數字化，以及他的背景和霍爾以及他的共同創始人在機器學習方面的專業知識。 > And by the 40 45 minutes I was hooked. 到了 40 分鐘 45 分鐘我就迷上了。 > And we invested right there and his ability to articulate that vision in this picture is a picture of him with his co-founder signing our term sheet. 我們就在那里投資，他在這張圖片中清晰地表達了他的愿景，這是他和他的共同創始人在我們的學期表上簽名的一張照片。 > I felt like if he could pitch if he could make me interested in this topic in healthcare II.T. 我覺得如果他能提出，如果他能讓我對這個話題感興趣，在醫療，二，T。 > in 45 minutes what could he do with a prospective employees or a prospective investor or a prospective customer. 在 45 分鐘內，他能對一位潛在的雇員、一位潛在的投資者或一位潛在的客戶做些什么。 > And I just said that is the type of person that I want to back. 我只是說那是我想要支持的那種人。 > And for me as somebody who\'s 44 years old that is something I think about I think about does this person have the potential to be somebody that I would want to work for and that I would want to get behind. 對我來說，作為一個 44 歲的人，這就是我所想的，這個人是否有潛力成為我想要為之工作的人，我想成為一個落后的人。 > And so again he was not the most you know I hope he\'s not listening. 所以他不是你所知道的最好的人，我希望他沒有在聽。 > Most charismatic person but he was able to express his vision in a very authentic way and that in a very authentic infectious way. 最有魅力的人，但他能夠以一種非常真實的方式表達他的愿景，并且以一種非常真實的、具有傳染性的方式表達他的愿景。 > So the second item that I want to highlight from this laundry list and that\'s Rick\'s company and again this is straight from the document. 所以，我想從這個洗衣清單中突出顯示的第二項，是瑞克的公司，這也是文件中的直接內容。 > Good listeners strong willed but flexible. 好的傾聽者意志堅強但靈活。 > So the flip side of being a good communicator in my opinion is what I\'ve learned in my time investing is that the very best founders are great listeners. 因此，在我看來，做一個好的溝通者的另一面是，在我的時間投資中，我學到的是，最優秀的創始人都是偉大的傾聽者。 > And by that I mean they\'re not. 我的意思是他們不是。 > I don\'t mean listeners in the empathetic sense. 我指的不是同理心的聽眾。 > I mean listeners in the sense of taking multiple inputs processing and synthesizing all of them and being able to come to a decision or a point of view based on all of those inputs and sticking to that that vision. 我指的是聽眾在接受多個輸入、處理和綜合所有輸入的過程中，能夠根據所有這些輸入做出決定或觀點，并堅持這一愿景。 > You know Ron has always told me that Mark Zuckerberg This is his greatest strength his ability to listen and think about all the different opinions all the data points and come up with a vision based on that is the best that he\'s ever seen. 你知道，羅恩總是告訴我，馬克·扎克伯格(MarkZuckerberg)，這是他最大的力量，他能傾聽和思考所有不同的觀點，所有的數據點，并在此基礎上提出一個愿景，這是他所見過的最好的。 > And so that ability to me again you will have many investors you\'ll have many advisers you\'ll have many mentors and they\'ll all be telling you different things or or they may be telling you the same thing. 所以，對我來說，你會有很多投資者，你會有很多顧問，你會有很多導師，他們都會告訴你不同的事情，或者他們會告訴你同樣的事情。 > And your ability to process that and synthesize that and make your decision based on that is something that it\'s really it\'s a skill that\'s invaluable because we have seen many many founders who are strong willed but inflexible. 你處理、綜合、做出決策的能力是很有價值的，因為我們看到很多創始人意志堅強，但不靈活。 > These are bad listeners. 這些都是糟糕的聽眾。 > These are founders that we probably wouldn\'t back again. 他們是創始人，我們可能不會再回來了。 > These are founders who have a point of view and it\'s inspirational and it\'s strategic and it\'s smart but it\'s wrong and it\'s wrong in hindsight of course. 這些創始人都有自己的觀點，這是鼓舞人心的，是戰略性的，是聰明的，但事后看來，這是錯誤的，當然也是錯誤的。 > But at the time the way they do they just don\'t listen. 但在當時，他們就是不聽。 > They ignored the inputs because they have one point of view. 他們忽略了輸入，因為他們有一個觀點。 > So I\'m going to use Rick again as an example. 因此，我將再次以 Rick 為例。 > So we invested in Rick. 所以我們投資了瑞克。 > He did his seed. 他做了他的種子。 > He then six months later as often happens he hit a rough patch and he realized that not everybody bought into his vision from a fundraising standpoint and not all the customers were biting either. 六個月后，就像經常發生的那樣，他遇到了困難，他意識到，并不是每個人都從籌款的角度來看待他的愿景，也不是所有的顧客都在咬他。 > And so like all startups there was just this point of doing okay but not doing great. 因此，就像所有的初創公司一樣，有一點做得還不錯，但做得不太好。 > And the thing that Rick did over and I\'ve seen it. 瑞克做的事我已經看到了。 > The thing that he did over this 16 month period is that he really listened he got to multiple inputs. 在這 16 個月的時間里，他所做的事情是，他真的聽了，他得到了多個輸入。 > He really understood and ask great questions. 他真的理解并問了很多問題。 > Why. 為什么 > Why aren\'t you buying this. 你為什么不買這個。 > Why aren\'t you investing with one particular investor. 你為什么不和一個特定的投資者一起投資。 > He invested it. 他投資了。 > He pitched them three times and he did this with multiple investors. 他給他們投了三次球，他和多位投資者一起做了這件事。 > And each time they said no. 每次他們拒絕。 > He said Why what\'s the feedback. 他問為什么反饋是什么？ > Why. 為什么 > Why wouldn\'t you invest. 你為什么不投資。 > What do I need to do better. 我需要什么才能做得更好。 > And some of the things that they told him he ignored. 他們告訴他的一些事情他忽略了。 > But some of the things that they told him he said you know what they might be right. 但是他們告訴他的一些事情他說你知道他們可能是對的。 > And when when those opinions resonated with the opinions of his customers he took his product and he moved it from a hosted solution to a SaaS solution. 當這些意見與他的客戶的意見產生共鳴時，他把他的產品從托管解決方案轉移到 SaaS 解決方案。 > And by this third pitch with this one investor the partner said to him You\'re the most persistent SLB I\'ve ever met. 在第三次與這位投資者的對話中，這位合伙人對他說，你是我見過的最執著的 SLB。 > And but he couldn\'t ignore the progress made the fourth time he pitched this firm Sequoia Capital. 但是他不能忽視他第四次創立紅杉資本公司時所取得的進步。 > The chairman of the firm Doug Leonys stood up and clapped and they eventually invested in his company. 公司董事長道格·萊昂尼斯起立鼓掌，他們最終投資了他的公司。 > And that is I think this is the best example one of the best examples that I\'ve seen of a founder getting to the root cause. 這就是我認為這是最好的例子-我見過的最好的例子之一-一個創辦者從根本上解決問題的例子。 > I can\'t tell you the number of times I\'ve seen I\'ve seen companies pitch either investor or a customer and they say no and then they give him the same pitch with maybe some progressive data and they\'re not getting to the root cause as to why somebody is saying no it\'s OK to go back. 我不能告訴你我見過的公司推銷投資者或客戶的次數，他們說“不”，然后他們給他同樣的建議，也許是一些進步的數據，他們沒有找到為什么有人說“不”的根本原因-回去是沒問題的 > It\'s ok to be persistent. 堅持下去是可以的。 > So long as you\'re going with a different with a different angle and a different vector a more informed angle or more form vector so those are just a couple of things. 只要你有一個不同的角度和一個不同的向量，一個更知情的角度，或者更多的形式向量，那么這些只是幾樣東西。 > And again what we look for in a company is really just a laundry list of what we look for in people. 再說一遍，我們在一家公司里尋找的只是一張我們在人身上尋找的東西的清單。 > I can\'t tell you the number of times I\'ve been working with Ron and we talk about a founder and he\'ll say to me here she is a good founder or she is she is a bad founder and they\'re not he\'s not talking about Mark Zuckerberg or Ben Silbermann or the people who have flamed out. 我不能告訴你我和羅恩共事的次數，我們談論一個創始人，他會在這里對我說，她是一個好的創始人，或者她是一個壞的創始人，他們不是他不是在談論馬克·扎克伯格或本·西爾伯曼，也不是說那些已經發火的人。 > These are just the people who are who are going through their startup right now and it\'s because they do some of these things. 這些人現在正在經歷他們的創業，這是因為他們做了一些這樣的事情。 > They do some of the things that are simple but not easy. 他們做一些簡單但不容易的事情。 > So that\'s those are just a couple of items and again I\'ll share this list with you. 因此，這些只是幾個項目，我將再次與您分享這個列表。 > Now I want to take sort of a flip side and talk about what you should look for when looking when speaking to investors and looking for money. 現在，我想從另一個角度談一談，在與投資者交談和尋找資金時，你應該尋找什么。 > So you\'re going to hear a lot of different viewpoints and a lot of different advice in my opinion it\'s just one thing and one thing only value add. 所以在我看來，你會聽到很多不同的觀點和很多不同的建議，這只是一件事和一件事，只會增加價值。 > The only thing you should think about is that every investor needs to add value. 你唯一需要考慮的是，每個投資者都需要增加價值。 > And this statement is kind of like a Rorschach test. 這句話有點像羅夏測驗。 > It\'s like value add is different things to different people and different founders. 就像增值一樣，對于不同的人和不同的創始人來說，是不同的東西。 > It means something completely different for a first time founder doing an enterprise company to a second time founder doing something and consumer. 這意味著，創辦人第一次做企業公司和第二次創辦人做某事和消費者完全不同。 > It depends on the founder the market and the industry. 這取決于創始人、市場和行業。 > And you as the founder you should really think about be self-critical of your sort of you and your company to think about what are some of the known unknowns as Don Rumsfeld said. 拉姆斯菲爾德說：作為創始人，你真的應該考慮對你和你的公司進行自我批判，去思考一些眾所周知的未知數，比如唐·拉姆斯菲爾德(DonRumsfeld)。 > Like what are some of the challenges that I can anticipate even though most of the challenges are going to be unknown. 就像我可以預見到的一些挑戰，即使大部分的挑戰都是未知的。 > You at least want to think about hey who do I think can help me. 你至少想想我認為誰能幫我。 > And what do I need to do to get him in her him or her on my side. 我該怎么做才能讓他或她站在我這邊。 > And so a lot of founders focus on valuation dilution and we\'ve always said if you just focus on this and you focus on value addvs. 因此，許多創始人關注估值稀釋，我們總是說，如果你只關注這個，而你只關注價值增值。 > ownership in the company then the valuation discussion just flows from that. 在公司的所有權，然后，估值的討論就是從這一點。 > So I\'ll give you one example so we invested in a guy named Jason Tan and his company is SIFF science. 我舉個例子，我們投資了一個叫詹森·譚的人，他的公司是 SIFF 科學公司。 > So Jason he was doing a company and is doing a company that currently is in preventing fraud for e-commerce. 所以詹森，他是在做一家公司，并且正在做一家公司，目前正在防止電子商務欺詐。 > As you as some of you know e-commerce is changing the way people buy the way people sell and so the fraud problems are different. 正如你們中的一些人所知道的，電子商務正在改變人們的購買方式和銷售方式，因此欺詐問題是不同的。 > And we invested in him. 我們在他身上投資了。 > We\'re very excited about the company and an opportunity came up for him. 我們對那家公司非常興奮，給他帶來了一個機會。 > Now this is now an opportunity came up for somebody an individual named Max Levchin. 現在，這是一個機會，一個人，一個名叫馬克斯·萊文的人。 > You may know who he is. 你可能知道他是誰。 > He was one of the founders of PayPal probably one of the best people in the world when it comes to this area and he\'s spoken here at Startup School. 他是貝寶(PayPal)的創始人之一，當談到這一領域時，他可能是世界上最好的人之一，他在創業學校(StartupSchool)發表演講。 > And Max said to him Hey I want to get involved in this company and I want to help you. 馬克斯對他說，嘿，我想加入這個公司，我想幫你。 > But here\'s the thing I want you to to stay with me. 但這是我想讓你留在我身邊的東西。 > I want you to sit in our office. 我要你坐在我們的辦公室里。 > I want to mentor you one day a week. 我想每周有一天指導你。 > I want to really dig deep and help you here. 我真的想在這里深入挖掘并幫助你。 > And I spoke to Jason about it and that the terms were different probably more favorable to max than other investors. 我和杰森談過這件事，條件不同，可能比其他投資者對 max 更有利。 > But I said you have to do this. 但我說你必須這么做。 > I mean this is you can\'t were you know and not that he was. 我是說，這是你不可能知道的，而不是他。 > But don\'t worry about the dilution or what your cap table looks like worry about getting the best people who will add the most amount of value to your side if Max wanted to invest and said Hey I\'ll give you 100k and maybe I\'ll have breakfast with you once or twice a month. 但是，不要擔心你的帽子表會被稀釋，或者你的帽子表看起來會是什么樣子？如果麥克斯想投資的話，最好的人會給你帶來最大的價值，他說：嘿，我會給你 10 萬塊錢，也許我每個月會和你一起吃一兩次早餐。 > That\'s a different proposition than what Max was offering. 這與馬克斯的提議不同。 > And so Jason without much thought decided to work with Max and today he is a company that his is a company that\'s doing well. 于是，賈森不假思索地決定和 Max 一起工作，今天他是一家公司，他的公司做得很好。 > And Max was instrumental in that and now that\'s an extreme case. 馬克斯在這件事上起了作用，現在這是一個極端的例子。 > And hey for some of you and for many of you it\'ll be the case that the biggest value add for the investor is that the money is green and that they want to invest. 對你們中的一些人和你們中的許多人來說，對投資者來說，最大的增值就是資金是綠色的，他們想投資。 > But for those of you who have choices. 但對于那些有選擇的人來說。 > And the reason why I say that this is the best time to raise money is that you will have more you have more choices than ever you know with what\'s happening here at Y Combinator Angel List the Jobs Act crowdfunding Kickstarter. 我之所以說這是籌集資金的最佳時機，是因為你將擁有比以往任何時候更多的選擇-你知道 Y 組合天使名單上發生了什么-就業法案眾籌 Kickstarter。 > These companies are changing the way that it is expanding the number of sources for financing both debt and equity that you can raise. 這些公司正在改變其擴大債務和股本融資來源的方式。 > There are many many companies now many may be overstating it but it\'s not uncommon right now and I wouldn\'t be surprised if in the next year there are many companies who get financed on Kickstarter. 現在有許多公司可能夸大了這一點，但現在這種情況并不少見，如果明年有許多公司在 Kickstarter 上獲得融資，我就不會感到驚訝了。 > Some of the other crowdfunding platforms and then go straight to the larger cities. 一些其他的眾籌平臺，然后直接去大城市。 > So with all of these different choices you really want to be discerning in thinking about what value is an investor going to add. 因此，在所有這些不同的選擇中，你真的想要洞察一個投資者要增加什么價值。 > So the final thing that I want to talk about and I\'m bumping up against my time this is the one lesson that I\'ve learned from Ron. 所以，我想說的最后一件事-和我的時間相提并論-這是我從羅恩身上學到的一個教訓。 > It\'s the biggest lesson that I always think about and this is simply this. 這是我一直在思考的最大的教訓，這就是。 > Never forget your reputation is your biggest asset. 永遠不要忘記你的名聲是你最大的財富。 > `[00:24:39]` Now you as the founder and this is also some laundry list items from from this part you as the founder. `[00:24:39]` 現在你作為創辦人，這也是一些洗衣清單項目，從這一部分，你作為創立者。 > What I can say is building your reputation is the best investment you can make in your career in technology. 我能說的是，建立你的聲譽是你在科技事業中所能做的最好的投資。 > And it\'s the best way that you can sort of build your your your career. 這是你建立事業的最好方式。 > `[00:25:02]` What do I mean by that. `[00:25:02]` 這是什么意思？ > What do I mean that is leading by example. 什么叫以身作則。 > You want to be completely focused on your on your startup. 你想完全專注于你的創業。 > Everybody is going to be looking at you and you want to control what you can control. 每個人都會看著你，你想控制你能控制的東西。 > I don\'t know how many startups or how many founders who ignored this and who ignored the little things. 我不知道有多少初創公司，有多少創始人忽視了這一點，誰忽視了這些小事。 > So for example when Ron did Ron we invested in 1998 he would talk about how they would have seminars for best practices Sergei Brin and Larry Page where the only ones who showed up to every single one. 例如，當羅恩在 1998 年投資時，他會談到他們將如何舉辦最佳實踐研討會，謝爾蓋·布林和拉里·佩奇是唯一出現在每個人面前的人。 > Now I\'m not saying that\'s because that\'s why they\'re Google but it\'s just an example of controlling what you can control. 現在我不是說這是因為他們是谷歌的原因，但這只是控制你能控制的東西的一個例子。 > `[00:25:44]` Another example Joseph Wollar. `[00:25:44]` 另一個例子約瑟夫·沃爾拉。 > Hello sign. 你好簽名。 > We had Sefi angel. 我們有塞菲天使。 > We have cocktail parties for our CEO summits where we bring our investors partners and CEOs. 我們為我們的首席執行官峰會舉辦雞尾酒會，讓我們的投資者、合作伙伴和首席執行官參加。 > `[00:25:56]` He came and he tapped me on the shoulder and he had a yellow posted of all the people he wanted to meet who could be helpful for his company. `[00:25:56]` 他來了，他拍了拍我的肩膀，他貼了一張黃色的帖子，上面寫了他想要見的所有能對他的公司有所幫助的人。 > He was the only founder who did that and this was a cocktail party. 他是唯一這么做的創始人，這是一個雞尾酒會。 > Most of it thought it was a boondoggle. 大多數人都認為這是一只小混混。 > He thought it was work. 他以為是工作。 > `[00:26:11]` I will never forget that. `[00:26:11]` 我永遠不會忘記這一點。 > So in summary. 總之。 > `[00:26:21]` I\'ve given you a lot of sort of platitudes a lot of things that could be written on tweets or fortune cookies. `[00:26:21]` 我給了你們很多陳詞濫調，很多東西可以寫在推特或幸運餅干上。 > Be a good leader lead by example. 做一個好的領導者，以身作則。 > Look for value add stores. 尋找增值商店。 > Be a good listener. 做一個好的傾聽者。 > But I can\'t emphasize enough that that\'s just a starting point for this journey that you\'re going on. 但我再怎么強調也不為過，那只是你將要進行的這段旅程的起點。 > We really know that this is simple but not easy it\'s a lot of hard work to really follow and do what you love. 我們真的知道，這很簡單，但并不容易，這是很多艱苦的工作，真正跟隨和做你喜歡的事情。 > And we had SVR Angel can\'t be more excited about the environment and can\'t be more excited about meeting you and possibly investing in you. 我們有 SVR 天使，不能對環境感到更興奮，也不能更興奮地見到你，并可能對你進行投資。 > Good luck. 祝好運!