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	<title>创业投资与创业融资 &#187; 投资</title>
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		<title>谈创业方向和商业模式的选择</title>
		<link>http://www.vc-investment.net/blog/%e8%b0%88%e5%88%9b%e4%b8%9a%e6%96%b9%e5%90%91%e5%92%8c%e5%95%86%e4%b8%9a%e6%a8%a1%e5%bc%8f%e7%9a%84%e9%80%89%e6%8b%a9/</link>
		<comments>http://www.vc-investment.net/blog/%e8%b0%88%e5%88%9b%e4%b8%9a%e6%96%b9%e5%90%91%e5%92%8c%e5%95%86%e4%b8%9a%e6%a8%a1%e5%bc%8f%e7%9a%84%e9%80%89%e6%8b%a9/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 13:32:57 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[制造业]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[利润]]></category>
		<category><![CDATA[商业模式]]></category>
		<category><![CDATA[市场]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[高科技]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=178</guid>
		<description><![CDATA[零售业做到最后就是一堆属于供应商的货；制造业做到最后就是一堆东西（厂房和机器）； 软件业做到最后就是一堆不值钱要淘汰的电脑；服务业做到最后就是一群各奔东西大哥哥小妹妹。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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		<item>
		<title>买个小咖啡馆，怎样做尽职调查？</title>
		<link>http://www.vc-investment.net/blog/%e4%b9%b0%e4%b8%aa%e5%b0%8f%e5%92%96%e5%95%a1%e9%a6%86%ef%bc%8c%e6%80%8e%e6%a0%b7%e5%81%9a%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%ef%bc%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e4%b9%b0%e4%b8%aa%e5%b0%8f%e5%92%96%e5%95%a1%e9%a6%86%ef%bc%8c%e6%80%8e%e6%a0%b7%e5%81%9a%e5%b0%bd%e8%81%8c%e8%b0%83%e6%9f%a5%ef%bc%9f/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 12:23:49 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[卖主]]></category>
		<category><![CDATA[占用资金]]></category>
		<category><![CDATA[尽职调查]]></category>
		<category><![CDATA[店主]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[营业额]]></category>

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</table>]]></description>
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		</item>
		<item>
		<title>第一是人，第二是人，第三还是人。VC怎样选人？</title>
		<link>http://www.vc-investment.net/blog/%e7%ac%ac%e4%b8%80%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%ba%8c%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%b8%89%e8%bf%98%e6%98%af%e4%ba%ba%e3%80%82vc%e6%80%8e%e6%a0%b7%e9%80%89%e4%ba%ba%ef%bc%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e7%ac%ac%e4%b8%80%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%ba%8c%e6%98%af%e4%ba%ba%ef%bc%8c%e7%ac%ac%e4%b8%89%e8%bf%98%e6%98%af%e4%ba%ba%e3%80%82vc%e6%80%8e%e6%a0%b7%e9%80%89%e4%ba%ba%ef%bc%9f/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 10:29:35 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[人]]></category>
		<category><![CDATA[投人]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[风险投资]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=137</guid>
		<description><![CDATA[“第一是‘人’，第二是‘人’，第三还是‘人’。” 这是一句流传甚广的一字真言，可是谁也讲不清楚依据这个真言具体怎么操作。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 8 —— VC 的尽职调查与企业的反向调查</font>
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		</item>
		<item>
		<title>投人， 跟风， 投行业， 原来VC都是文科生</title>
		<link>http://www.vc-investment.net/blog/%e6%8a%95%e4%ba%ba%ef%bc%8c-%e8%b7%9f%e9%a3%8e%ef%bc%8c-%e6%8a%95%e8%a1%8c%e4%b8%9a%ef%bc%8c-%e5%8e%9f%e6%9d%a5vc%e9%83%bd%e6%98%af%e6%96%87%e7%a7%91%e7%94%9f/</link>
		<comments>http://www.vc-investment.net/blog/%e6%8a%95%e4%ba%ba%ef%bc%8c-%e8%b7%9f%e9%a3%8e%ef%bc%8c-%e6%8a%95%e8%a1%8c%e4%b8%9a%ef%bc%8c-%e5%8e%9f%e6%9d%a5vc%e9%83%bd%e6%98%af%e6%96%87%e7%a7%91%e7%94%9f/#comments</comments>
		<pubDate>Thu, 07 Jan 2010 10:24:16 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[web2.0]]></category>
		<category><![CDATA[中国]]></category>
		<category><![CDATA[人]]></category>
		<category><![CDATA[华尔街]]></category>
		<category><![CDATA[品牌时装]]></category>
		<category><![CDATA[商业模式]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[文科生]]></category>
		<category><![CDATA[气象学]]></category>
		<category><![CDATA[跟风]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=134</guid>
		<description><![CDATA[VC投什么，大家都跟我说，投人。门内汉与门外汉异口同声地说：第一是人，第二是人，第三还是人。
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 2 —— 创业融资概要</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">第一是人，第二是人，第三还是人。VC怎样选人？</font>
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                    <img border="0" src="http://static.wumii.com/images/widget/widget_solidPoint.gif">
                    <a target="_blank" style="text-decoration: none !important;" href="http://app.wumii.com/ext/redirect.htm?url=http%3A%2F%2Fwww.vc-investment.net%2Fblog%2Fvc-%25E6%258A%2595%25E8%25B5%2584%25E5%2585%25AC%25E5%258F%25B8%25E7%259A%2584%25E6%258A%2595%25E8%25B5%2584%25E5%258F%2596%25E5%2590%2591%2F&from=http%3A%2F%2Fwww.vc-investment.net%2Fblog%2F%25E6%258A%2595%25E4%25BA%25BA%25EF%25BC%258C-%25E8%25B7%259F%25E9%25A3%258E%25EF%25BC%258C-%25E6%258A%2595%25E8%25A1%258C%25E4%25B8%259A%25EF%25BC%258C-%25E5%258E%259F%25E6%259D%25A5vc%25E9%2583%25BD%25E6%2598%25AF%25E6%2596%2587%25E7%25A7%2591%25E7%2594%259F%2F">
                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">VC 投资公司的投资取向</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">VC行业兴旺发达的的方方面面</font>
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		<item>
		<title>单纯以技术作价控股成立合资公司，结果是双方都不满意。</title>
		<link>http://www.vc-investment.net/blog/%e4%bb%a5%e6%8a%80%e6%9c%af%e4%bd%9c%e4%bb%b7%e5%87%ba%e8%b5%84%e6%8e%a7%e8%82%a1%e5%90%88%e8%b5%84%e5%85%ac%e5%8f%b8/</link>
		<comments>http://www.vc-investment.net/blog/%e4%bb%a5%e6%8a%80%e6%9c%af%e4%bd%9c%e4%bb%b7%e5%87%ba%e8%b5%84%e6%8e%a7%e8%82%a1%e5%90%88%e8%b5%84%e5%85%ac%e5%8f%b8/#comments</comments>
		<pubDate>Wed, 06 Jan 2010 09:55:15 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[VALUATION]]></category>
		<category><![CDATA[创业]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[评估]]></category>
		<category><![CDATA[项目]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=106</guid>
		<description><![CDATA[很多海归希望不出钱，单出技术，还要求控股，着很不现实。 事实上，技术拥有人单纯以技术作价入股成立公司，最后结果是出技术方和出资金方两方面都不满意。 携高新技术项目回国探路的海未归，有很多可能潜意识作怪故意给自己设一个跨不过去的槛，过一把创业幻想证明自己价值的瘾，然后给自己一个光冕堂皇的理由（不是我没有努力过，是我没有找到识货的”），继续在海外过领工资的神仙日子。 有一小部分稍微现实一些的，最后在中国找个地方落下脚来。 这里假设一个简化的投资案例：有一个海归，携世界先进技术，自认为价值10,000万RMB。找到一个土鳖老板，寻求1000万RMB的投资。 下面是我给出非标准解答。 就我们的观察，回国创业大约有40%白折腾一场的，最后收摊走人；有30%不温不火，能够维持糊口；有30%算是成功的，而成功的里面绝大部分实现的价值只有原来预计的几分之一。 创业人数 _________ 40% __ 30% __ 30% 实现价值 __________ 0% __ 10% __ 30% 加权乘积 __________ 0% ___ 3% ___ 9% 加权平均_________12% 如果技术海归携一项技术回国寻找投资人，他自认为他的技术值一个亿RMB。按照上面的计算，有经验的投资人只能给他作价0.12个亿RMB。很多海未归，到这儿就与投资人谈不拢了，每个海未归都认为自己是Top 5%， 认为自己的项目是Exceptional Good，结果就是胜利归海继续给资本家打工。剩下的不多几个，认可的投资人的折扣系数，经过讨价还价，价值谈高了一点，双方认可技术作价1220万 RMB，海归坚持控股，于是投资人投入1000万RMB、现金运作这个项目。股份比例计算如下： *_______________ 价值 ___________ 股份比例 技术作价_____ 1,222 _____________ 55% 投资人现金___ 1,000 _____________ 45% 一个项目，值不值得继续做下去，平均两年基本上见分晓。现在来看看海归机会成本和投资投入成本的比较。假设海归因为全职回国，每年减少税后收入10万美元，两年折合136万RMB。 ********************* 每年收入减少 年数 减少收入(合计) 技术持有人机会成本______ 10 _________ 2 [...]<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 9 —— 创业投资公司怎样评估项目的</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">投资项目或创业企业为什么要 分阶段投资？</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">天使投资看项目的套路</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">关于风险投资，告诉你故事的另一面</font>
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		<title>VC 投资公司的投资取向</title>
		<link>http://www.vc-investment.net/blog/vc-%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e6%8a%95%e8%b5%84%e5%8f%96%e5%90%91/</link>
		<comments>http://www.vc-investment.net/blog/vc-%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e6%8a%95%e8%b5%84%e5%8f%96%e5%90%91/#comments</comments>
		<pubDate>Sat, 02 Jan 2010 05:28:32 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业投资]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[技术]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[投资公司]]></category>
		<category><![CDATA[财务]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=61</guid>
		<description><![CDATA[项目投资有两个基本取向，一个是技术取向，另一个是财务取向。技术取向的投资公司更新换投资于早期的项目，尽职调查也侧重于对技术和市场前景的调查。财务取向的投资公司倾向于投资业务成熟的企业，尽职调查对管理能力更注重，投资时会设计较复杂的投资结构。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 10 ——  维护与投资公司的关系</font>
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                        <font size="-1" color="#333333" style="line-height: 1.65em; font-size: 12px !important;">怎样获得VC的投资 9 —— 创业投资公司怎样评估项目的</font>
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		<title>怎样获得VC的投资 10 ——  维护与投资公司的关系</title>
		<link>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-10-%e2%80%94%e2%80%94-%e7%bb%b4%e6%8a%a4%e4%b8%8e%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e5%85%b3%e7%b3%bb/</link>
		<comments>http://www.vc-investment.net/blog/%e6%80%8e%e6%a0%b7%e8%8e%b7%e5%be%97vc%e7%9a%84%e6%8a%95%e8%b5%84-10-%e2%80%94%e2%80%94-%e7%bb%b4%e6%8a%a4%e4%b8%8e%e6%8a%95%e8%b5%84%e5%85%ac%e5%8f%b8%e7%9a%84%e5%85%b3%e7%b3%bb/#comments</comments>
		<pubDate>Sat, 26 Dec 2009 13:48:14 +0000</pubDate>
		<dc:creator>tutubishop</dc:creator>
				<category><![CDATA[创业融资]]></category>
		<category><![CDATA[conflict]]></category>
		<category><![CDATA[investment]]></category>
		<category><![CDATA[investment company]]></category>
		<category><![CDATA[investor]]></category>
		<category><![CDATA[vc]]></category>
		<category><![CDATA[投资]]></category>
		<category><![CDATA[投资公司]]></category>

		<guid isPermaLink="false">http://www.vc-investment.net/blog/?p=45</guid>
		<description><![CDATA[维护与投资公司的关系 投融资双方固有的矛盾 融资成功虽然能为创业企业今后的发展创造条件，但不要以为融资成功对创业企业有百利而无一害，投资公司与被投资公司之间有其固有的矛盾（inherent conflicts between investor and investee）将会潜在地影响企业今后的发展： * 创业投资公司套现获利的目的与企业的长期经营目标不一致，创业投资公司获利期望与企业家的事业期望不一致。 * 即使融资交易成功，双方的期望值还是有差距；创业企业觉得公司价值被低估，投资公司又觉得出价太高。 * 投资公司可能在企业的经营理念上与创业企业家不一致；管理上的实践有时很难说谁的方法更好或者谁对谁不对，但是有时很容易演化成意气之争。 * 企业的发起人和管理者对自己的发言权和管理权被投资公司摊薄不满意,而投资公司又很希望自己的理想和建议获得企业的赞同。 双方观点的分歧 融资企业的企业家与投资公司从一开始就要面对矛盾存在的事实。具体表现为： * 创业人总是会认为是自己给投资公司带来了超常的回报，而投资公司则会列举数字证明得到创业投资基金投资的企业比没有得到投资的企业有更高的发展速度，是创业投资公司造就了无数的新经济英雄。 * 创业企业总是说投资公司将会得到多少倍的回报，而投资公司则说万一项目失败，投出去的资金可能颗粒无收。 * 创业者认为自己从事高层管理工作，就应该拿一份相当高的工资；而投资商认为他投资给你的企业不是为了给你发工资的，既然你以无形价值占有企业的股份，你就 有义务承受短期（乃至中期）的较低收入水平，如果你想拿一份很高的工资，那么你应该去其他企业打一份工而不是选择自己创业。 与投资者的信息沟通 企业家在决定向投资公司融资之时就应当明白，融资的结果是企业将不再是独立的了，需要时刻注意加强与投资者的信息沟通。 投资商一般不参与企业的日常管理，但是他们会随时保持对企业的关注，一旦他们发现企业有发生困难的信号，他们就有可能插手企业的具体业务。 利用投资公司的资源 投资公司在管理快速发展的企业方面经验丰富，他们擅长于在企业发展战略和财务安排方面进行指点。有一个投资家列席董事会，将会给董事会带来很多新的思想和好的动议，也会帮助企业家避免很多创业阶段常犯的错误，缩短学习管理高速成长企业的过程。 没有达到期望目标怎么办 如果创业企业出现经营困难的情况，企业家应该怎么办呢？ * 及时向投资者反应情况 如 企业经营遇到困难，企业经营者代表应该在董事会上或经营月报上及时向董事会反应情况。如果只报喜不报忧，甚至故意隐瞒、造成无可挽回的局势，将会造成投资 者与经营方之间的矛盾与隔阂。这种结果对双方都不是好事。事实上企业的有关利益关系人如能尽早知道困难的发生，他们会想办法帮助企业解决困难的。 * 主动与投资者沟通，商议解决办法 很 多创业者在企业遇到困难和挫折时，会变得很敏感。他们可能会隐瞒企业经营状况，尽量避免与投资商见面，或把责任推诿给别人。他们在最需要别人帮助时却自己 把大门关上了。如果创业人能够意识到自己的缺点和不足，虚心听取投资人的意见，并愿意把领导岗位让给有经验的经理人，这实际上是使自己的股份增值的最好选 择。<table class="wumii-related-items" cellspacing="0" cellpadding="2" border="0" width="100%" style="clear: both;">
    
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