# 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]` 现在我们这里有相当特别的投资者，大卫·李(David Lee)多年来在投资方面做了一两件事-他是创始成员之一，也是天使-你可能听说过的一个小投资机构-投资于几件事。 > Airbnb indeed. 的确是 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，让我们听听他多年来对所有创业公司的见解。 > Please Clap it up. 请把它卷起来。 > David. 大卫。 > `[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]` 所以我不得不承认我说了很多话，我现在有点紧张。 > My daughter is here. 我女儿来了。 > 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. 我从来没有在她面前说过话，我的岳母也在这里，所以如果我绊倒了，你知道的，请容忍我。 > `[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]` 不过，让我直截了当地说，在移动计算和无人机、虚拟现实、比特币生物信息学等不同领域，创立一家公司的时机从来没有像现在这样令人兴奋或更好。 > There are so many different areas to explore as as a as a startup founder. 作为初创公司的创始人，有很多不同的领域需要探索。 > So I\'m really honored to be here and really excited for you as you think about starting a company. 所以，我很荣幸能来到这里，在你考虑创办一家公司的时候，我为你感到非常兴奋。 > `[00:01:30]` So as Alexis mentioned I\'ve been angel investing since 2007 really with Ron. `[00:01:30]` 正如亚历克西斯所提到的，我从 2007 年起就一直在天使投资，真的和罗恩在一起。 > `[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 安琪尔一起做这件事。 > So it\'s been about seven years but it feels like dog years through that time. 所以已经过去了大约七年，但从那时起，感觉就像狗年了。 > I\'ve worked with probably over 500 founders in the team and I at SFA annual have reviewed over 6000 business plans. 我曾与该团队的 500 多位创始人合作过，在 SFA 年度会议上，我已经审阅了 6000 多份商业计划。 > `[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，有些公司我不知道点击器在哪里。 > Some of those companies include Pinterest Dropbox square stripe geared hub. 其中一些公司包括 Pinterest Dropbox 方形条形齿轮轮毂。 > Many of these companies and many of these founders have spoken here at Startup School. 这些公司中的许多人和这些创始人都曾在创业学校发表过演讲。 > 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. 所以我鼓励你回到 YouTube 上去听他们的故事，因为他们的一些故事是真实的，尤其是当他们开始他们的公司时，他们不是你今天看到的那个人。 > `[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，鉴于我们拥有的所有这些数据，显然，考虑到我们审查过的公司的数量，以及我们曾与之合作过的公司-如果不是全部的话-大多数公司不是 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]` 我以为我今天要为你们做的是三件事。 > 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诉你，当我们评估一家初创公司时，我们在 Assefi 天使公司寻找什么。 > 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，我想谈谈你在选择投资者时应该寻找什么。 > 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. 作为一名初创公司的创始人，寻求融资理由的时机再合适不过了，我会在稍晚些时候进入这一阶段的。因此，重要的是要有洞察力，思考你应该在最后一件事上寻找什么-这是我在与罗恩·康韦(RonConway)合作七年中从他身上学到的最大的教训。 > `[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. 正如亚历克西斯所提到的，罗恩是一个多产的天使投资者，他投资了大约 20 年，并真正发明了这类天使和种子投资。 > And this one thing he taught me. 这是他教我的一件事。 > 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这个问题，我认为它对你作为一个初创公司的创始人，或者如果你决定为一家公司工作，或者你决定成为一名投资者，都有着特别的相关性。 > And frankly it\'s the one lesson that I always think about when we decide whether or not to invest in a founder again. 坦率地说，当我们决定是否再次投资于一位创始人时，这是我一直在思考的一个教训。 > 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，在我讲得更具体之前，我想给大家讲一个关于我认识的第一位创始人或企业家的故事，那是我的父亲。 > So my dad graduated with hisPh.D. 所以我爸爸拿到了博士学位。 > in mechanical engineering from UCLA in 1962. 1962 年毕业于加州大学洛杉矶分校机械工程专业。 > 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. 他是第一个毕业于这个研究生项目的亚洲人，在 70 年代中期，他在一家名为 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. 所以对你们这些人来说，我的意思是，这可能是我自己在约会，但在 80 年代中期，70 年代中期，波士顿的 128 号公路，也就是硅谷，是一个新贵，也就是硅谷，就像你所能得到的一样火爆的硅谷索马。 > And he was a senior engineer at one of these high flying companies. 他是一家高飞公司的高级工程师。 > 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，这大约是 80 年代初，他决定辞职。 > 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. 他意识到，尽管他很高兴做他正在做的事情，而且他有两个孩子要养活一个家庭，但他并没有追随自己的热情，他的热情实际上是在为其他人和其他公司建立东西。 > And he thought if others could do it why couldn\'t he. 他想，如果别人能做到，为什么他不能。 > So he just quit. 所以他就辞职了。 > Didn\'t know what the product was and decided to go out on his own a very risky venture. 不知道产品是什么，所以决定自己出去冒险。 > `[00:05:25]` So the first product that he built was of the first fully automated fortune cookie machine. `[00:05:25]` 所以他制造的第一个产品是第一台全自动幸运饼干机。 > So before my dad\'s machine you made fortune cookies by hand. 所以在我爸爸的机器之前你用手做了幸运饼干。 > And he built the machine that automated the whole process so he was sort of a robotic startup before it\'s time. 他建造了一台机器来实现整个过程的自动化，所以他在时间还没有成熟之前就已经是一家机器人初创公司了。 > And I don\'t know if any of you remember there there used to be those fortunes with the smiley faces on them. 我不知道你们是否还记得曾经有过那些笑脸的命运。 > Those were my dad\'s. 那是我爸爸的。 > That\'s how I went to college. 我就是这样上大学的。 > `[00:05:55]` So laughter so please thank you. `[00:05:55]` 所以请笑，谢谢。 > `[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]` 但这是他第一次用这个产品来弹射他的整个公司，因为他想建造其他的东西。 > But it turns out there was actually a decent market for Fortune Cookie machines and fortune cookies. 但事实证明，“财富”饼干和幸运饼干是一个不错的市场。 > People eat them. 人们把它们吃了。 > And 30 years later at 79 years old he is still building these machines and he\'s doing it. 30 年后，79 岁的他还在制造这些机器，他正在做。 > I mean it\'s a great story and it sounds good. 我是说，这是个很棒的故事，听起来不错。 > He\'s doing it in one part because he loves it. 他之所以这样做，是因为他喜欢它。 > He would rather do nothing else than build. 他宁愿什么也不做，而不愿建造。 > But there\'s another part where he does it because he has to. 但他还得做另一件事，因为他必须这样做。 > 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. 他这么做是因为他必须这样做才能让灯亮着，因为我目睹和经历了 30 年的旅程。 > `[00:06:44]` It\'s something the ups and downs. `[00:06:44]` 这是一些起起落落的东西。 > It\'s something that were borderline. 这是一种边缘性的东西。 > I mean it\'s gut wrenching. 我是说这很痛苦。 > 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. 这真的很难，我相信很多创始人都谈到过这一点，但我在做他儿子的过程中学到了一件事，那就是你必须付出代价才能做你喜欢做的事。 > And that\'s a pretty steep price. 这是一个相当昂贵的价格。 > And that\'s why we try to really stand behind all of the founders who do it because we know it\'s not easy. 这就是为什么我们试图真正支持所有这样做的创始人，因为我们知道这并不容易。 > So with that in mind I want to jump into what we look for at Assefi Angel. 因此，考虑到这一点，我想跳到我们在 Assefi 天使公司寻找的东西。 > 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. 所以我要让你们所有人都能看到这一份文件，在 Wykeham Air 的许多人都看到了这份文件，这也是自从我开始在 Assefi 天使公司工作以来我们一直使用的文件。 > 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. 这是罗恩 20 年前写的一份文件，也是我们经过一段时间改进的一份文件，这份文件实际上就是我们的“大宪章”。 > `[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]` 这是我们的权利法案，它恰如其分地称为罗恩·NSV 天使在一家公司寻找的东西。 > 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. 这只是一张清单，上面列出了我们多年来一直在寻找的物品，这些都提醒着我们。 > It\'s almost like a checklist. 就像一张清单。 > And so given that it\'s a laundry list. 所以考虑到这是一份洗衣单。 > And I will share this with you afterwards. 之后我会和你分享这件事。 > 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. 我想做的只是指出一两件衣服清单，告诉你我们要找什么，为什么这些东西对我们很重要。 > 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. 所以我要强调的第一点是，在这份文件的第一行，这是罗恩 20 年前写的一句话，所以你有这个标题，然后你有这一行。 > 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. 所以对于那些，这是在棒球里面，你可以看到，这是一种奇怪的，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. 这是`[00:08:38]` 本文档中语法网的数量有多低，但是这个文档谈到了我们的团队，我们的天使，我们首先看到创建者的想法，其次是我们相信思想的变化。 > But people don\'t. 但人们不会。 > If we like the founder and we believe in the founder more than likely we will invest. 如果我们喜欢创始人，我们更相信创始人，我们就会投资。 > If it\'s a sector that we like and for us there are some particulars we may like. 如果这是我们喜欢的一个部门，对我们来说，有一些我们可能喜欢的细节。 > We\'ve always preferred founders who build things for themselves or founders whose company is an extension of their life story. 我们一直倾向于那些为自己创造东西的创始人或那些公司是他们人生故事延伸的创始人。 > In that the founding of a company has been built. 一家公司的成立已经建立起来了。 > It\'s been built up over years but not all startups are like that. 它是多年来建立起来的，但并不是所有的初创公司都是这样的。 > 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. 我想强调的一件事是，虽然我们寻找的可能与其他投资者所寻求的完全不同，但希望这只是一种代理，也是对我们如何做出决定的一些洞察力，所以我想谈谈的其中一个特点，以及我们洗衣清单上的项目之一，就是这个很好的电梯宣传。 > Keep it simple. 保持简单。 > 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. 再来一次，你可能知道，如果我第一次看到这个，眼睛会呆滞的，我会说，当然，你必须有一个好的电梯音高。 > You know this is it\'s written in every single MBA textbook but this is there\'s a nuance to this. 你知道这是每本 mba 教科书上写的，但这是有细微差别的。 > So in this environment where startups are more popular than ever and more smart people are going to startups than ever. 因此，在这样的环境中，创业公司比以往任何时候都更受欢迎，更多聪明的人将比以往任何时候都更倾向于创业。 > 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. 我认为，对于作为公司领导者的创始人来说，最重要的一项技能就是能够向其他人表达他们的愿景，而你与潜在员工、投资者和客户沟通的能力在这样的环境中至关重要，因为在这种环境中，噪音如此之大，人们有如此多不同的选择。 > 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，当你开始你的公司，你试图雇用某人时，你会看到这个候选人有多少选择。 > And I want to be clear about something as well. 我也想说清楚一些事情。 > You know this is not about being a great public speaker. 你知道这不是为了成为一个伟大的公众演说家。 > This is not about you know being Ronald Reagan or Bill Clinton and having this magnetic charisma. 这与你所知的罗纳德·里根或比尔·克林顿的魅力无关。 > 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. 你知道一些最好的创业投手在创始人的最佳开端，我认识的是一些最经典的口齿不清的人，你会遇到。 > And you know experts say that 80 percent of communication is nonverbal. 你知道专家说 80%的交流是非语言的。 > It\'s body language and your ability to express that vision is critical in this environment. 在这种环境中，它的肢体语言和你表达愿景的能力是至关重要的。 > So I want to give one example or one story of this. 所以我想举一个例子或者一个故事。 > 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 的公司理解临床他们所做的是他们以一种类似 Palantir 的方式获取不同的数据源，并将它们结合在一起，使这些数据具有可操作性和实用性，从而缩短和提高当时制药公司和研究人员的临床试验效率。 > And that is this is not photo sharing it\'s not something that you look at you go wow this is awesome. 这不是照片分享\不是什么东西，你看，你去，哇，这太棒了。 > This is something that healthcareI.T. 这是一种健康护理。 > 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. 不是什么让我向前倾的东西，所以在演示日，瑞克说，嘿，我们能喝点咖啡吗？出于礼貌，我说，是的，我们去喝点咖啡吧。 > 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. 我知道球场是什么，他告诉了我，他看起来是个很好的人，他的背景就在这个地区。 > So we ended up meeting about a week or two later and we met at this cafe on University Avenue in Palo Alto. 所以我们在大约一到两周后见面，我们在帕洛阿尔托大学大道上的一家咖啡馆见面。 > 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. 对于那些不了解硅谷时代广场(TimesSquare)这样的大学大道的人来说，只要你看到每个人，它就会非常嘈杂，非常拥挤。 > 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. 于是我们在一家咖啡店里坐了下来，这又是一种礼貌，看我能不能在演示一天之后帮助他，他在那个环境下能在很短的时间内帮助他。 > 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. 他跟我讲了他想做什么，为什么整个过程都被彻底打破了，为什么这是一个巨大的机会，为什么他是那个人。 > 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. 他谈到了这会如何影响人们的生活，时机是对的，因为奥巴马关心的事情，基因组数据的数字化，以及他的背景和霍尔以及他的共同创始人在机器学习方面的专业知识。 > And by the 40 45 minutes I was hooked. 到了 40 分钟 45 分钟我就迷上了。 > 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. 我们就在那里投资，他在这张图片中清晰地表达了他的愿景，这是他和他的共同创始人在我们的学期表上签名的一张照片。 > I felt like if he could pitch if he could make me interested in this topic in healthcare II.T. 我觉得如果他能提出，如果他能让我对这个话题感兴趣，在医疗，二，T。 > in 45 minutes what could he do with a prospective employees or a prospective investor or a prospective customer. 在 45 分钟内，他能对一位潜在的雇员、一位潜在的投资者或一位潜在的客户做些什么。 > And I just said that is the type of person that I want to back. 我只是说那是我想要支持的那种人。 > 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. 对我来说，作为一个 44 岁的人，这就是我所想的，这个人是否有潜力成为我想要为之工作的人，我想成为一个落后的人。 > 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，我希望他没有在听。 > 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，但他能够以一种非常真实的方式表达他的愿景，并且以一种非常真实的、具有传染性的方式表达他的愿景。 > 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，我想从这个洗衣清单中突出显示的第二项，是瑞克的公司，这也是文件中的直接内容。 > Good listeners strong willed but flexible. 好的倾听者意志坚强但灵活。 > 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，在我看来，做一个好的沟通者的另一面是，在我的时间投资中，我学到的是，最优秀的创始人都是伟大的倾听者。 > And by that I mean they\'re not. 我的意思是他们不是。 > I don\'t mean listeners in the empathetic sense. 我指的不是同理心的听众。 > 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. 我指的是听众在接受多个输入、处理和综合所有输入的过程中，能够根据所有这些输入做出决定或观点，并坚持这一愿景。 > 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，罗恩总是告诉我，马克·扎克伯格(MarkZuckerberg)，这是他最大的力量，他能倾听和思考所有不同的观点，所有的数据点，并在此基础上提出一个愿景，这是他所见过的最好的。 > 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，对我来说，你会有很多投资者，你会有很多顾问，你会有很多导师，他们都会告诉你不同的事情，或者他们会告诉你同样的事情。 > 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. 你处理、综合、做出决策的能力是很有价值的，因为我们看到很多创始人意志坚强，但不灵活。 > These are bad listeners. 这些都是糟糕的听众。 > These are founders that we probably wouldn\'t back again. 他们是创始人，我们可能不会再回来了。 > 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. 这些创始人都有自己的观点，这是鼓舞人心的，是战略性的，是聪明的，但事后看来，这是错误的，当然也是错误的。 > But at the time the way they do they just don\'t listen. 但在当时，他们就是不听。 > They ignored the inputs because they have one point of view. 他们忽略了输入，因为他们有一个观点。 > So I\'m going to use Rick again as an example. 因此，我将再次以 Rick 为例。 > So we invested in Rick. 所以我们投资了瑞克。 > He did his seed. 他做了他的种子。 > 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. 六个月后，就像经常发生的那样，他遇到了困难，他意识到，并不是每个人都从筹款的角度来看待他的愿景，也不是所有的顾客都在咬他。 > And so like all startups there was just this point of doing okay but not doing great. 因此，就像所有的初创公司一样，有一点做得还不错，但做得不太好。 > And the thing that Rick did over and I\'ve seen it. 瑞克做的事我已经看到了。 > The thing that he did over this 16 month period is that he really listened he got to multiple inputs. 在这 16 个月的时间里，他所做的事情是，他真的听了，他得到了多个输入。 > He really understood and ask great questions. 他真的理解并问了很多问题。 > Why. 为什么 > Why aren\'t you buying this. 你为什么不买这个。 > Why aren\'t you investing with one particular investor. 你为什么不和一个特定的投资者一起投资。 > He invested it. 他投资了。 > He pitched them three times and he did this with multiple investors. 他给他们投了三次球，他和多位投资者一起做了这件事。 > And each time they said no. 每次他们拒绝。 > He said Why what\'s the feedback. 他问为什么反馈是什么？ > Why. 为什么 > Why wouldn\'t you invest. 你为什么不投资。 > 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. 他们告诉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. 但是他们告诉他的一些事情他说你知道他们可能是对的。 > 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. 当这些意见与他的客户的意见产生共鸣时，他把他的产品从托管解决方案转移到 SaaS 解决方案。 > And by this third pitch with this one investor the partner said to him You\'re the most persistent SLB I\'ve ever met. 在第三次与这位投资者的对话中，这位合伙人对他说，你是我见过的最执着的 SLB。 > And but he couldn\'t ignore the progress made the fourth time he pitched this firm Sequoia Capital. 但是他不能忽视他第四次创立红杉资本公司时所取得的进步。 > The chairman of the firm Doug Leonys stood up and clapped and they eventually invested in his company. 公司董事长道格·莱昂尼斯起立鼓掌，他们最终投资了他的公司。 > 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. 这就是我认为这是最好的例子-我见过的最好的例子之一-一个创办者从根本上解决问题的例子。 > 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. 我不能告诉你我见过的公司推销投资者或客户的次数，他们说“不”，然后他们给他同样的建议，也许是一些进步的数据，他们没有找到为什么有人说“不”的根本原因-回去是没问题的 > It\'s ok to be persistent. 坚持下去是可以的。 > 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. 只要你有一个不同的角度和一个不同的向量，一个更知情的角度，或者更多的形式向量，那么这些只是几样东西。 > And again what we look for in a company is really just a laundry list of what we look for in people. 再说一遍，我们在一家公司里寻找的只是一张我们在人身上寻找的东西的清单。 > 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. 我不能告诉你我和罗恩共事的次数，我们谈论一个创始人，他会在这里对我说，她是一个好的创始人，或者她是一个坏的创始人，他们不是他不是在谈论马克·扎克伯格或本·西尔伯曼，也不是说那些已经发火的人。 > 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. 这些人现在正在经历他们的创业，这是因为他们做了一些这样的事情。 > They do some of the things that are simple but not easy. 他们做一些简单但不容易的事情。 > So that\'s those are just a couple of items and again I\'ll share this list with you. 因此，这些只是几个项目，我将再次与您分享这个列表。 > 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. 现在，我想从另一个角度谈一谈，在与投资者交谈和寻找资金时，你应该寻找什么。 > 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. 所以在我看来，你会听到很多不同的观点和很多不同的建议，这只是一件事和一件事，只会增加价值。 > The only thing you should think about is that every investor needs to add value. 你唯一需要考虑的是，每个投资者都需要增加价值。 > And this statement is kind of like a Rorschach test. 这句话有点像罗夏测验。 > It\'s like value add is different things to different people and different founders. 就像增值一样，对于不同的人和不同的创始人来说，是不同的东西。 > It means something completely different for a first time founder doing an enterprise company to a second time founder doing something and consumer. 这意味着，创办人第一次做企业公司和第二次创办人做某事和消费者完全不同。 > It depends on the founder the market and the industry. 这取决于创始人、市场和行业。 > 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. 拉姆斯菲尔德说：作为创始人，你真的应该考虑对你和你的公司进行自我批判，去思考一些众所周知的未知数，比如唐·拉姆斯菲尔德(DonRumsfeld)。 > Like what are some of the challenges that I can anticipate even though most of the challenges are going to be unknown. 就像我可以预见到的一些挑战，即使大部分的挑战都是未知的。 > You at least want to think about hey who do I think can help me. 你至少想想我认为谁能帮我。 > And what do I need to do to get him in her him or her on my side. 我该怎么做才能让他或她站在我这边。 > 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，许多创始人关注估值稀释，我们总是说，如果你只关注这个，而你只关注价值增值。 > ownership in the company then the valuation discussion just flows from that. 在公司的所有权，然后，估值的讨论就是从这一点。 > So I\'ll give you one example so we invested in a guy named Jason Tan and his company is SIFF science. 我举个例子，我们投资了一个叫詹森·谭的人，他的公司是 SIFF 科学公司。 > 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，目前正在防止电子商务欺诈。 > 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. 正如你们中的一些人所知道的，电子商务正在改变人们的购买方式和销售方式，因此欺诈问题是不同的。 > And we invested in him. 我们在他身上投资了。 > We\'re very excited about the company and an opportunity came up for him. 我们对那家公司非常兴奋，给他带来了一个机会。 > Now this is now an opportunity came up for somebody an individual named Max Levchin. 现在，这是一个机会，一个人，一个名叫马克斯·莱文的人。 > You may know who he is. 你可能知道他是谁。 > 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. 他是贝宝(PayPal)的创始人之一，当谈到这一领域时，他可能是世界上最好的人之一，他在创业学校(StartupSchool)发表演讲。 > And Max said to him Hey I want to get involved in this company and I want to help you. 马克斯对他说，嘿，我想加入这个公司，我想帮你。 > But here\'s the thing I want you to to stay with me. 但这是我想让你留在我身边的东西。 > I want you to sit in our office. 我要你坐在我们的办公室里。 > I want to mentor you one day a week. 我想每周有一天指导你。 > I want to really dig deep and help you here. 我真的想在这里深入挖掘并帮助你。 > And I spoke to Jason about it and that the terms were different probably more favorable to max than other investors. 我和杰森谈过这件事，条件不同，可能比其他投资者对 max 更有利。 > But I said you have to do this. 但我说你必须这么做。 > I mean this is you can\'t were you know and not that he was. 我是说，这是你不可能知道的，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，不要担心你的帽子表会被稀释，或者你的帽子表看起来会是什么样子？如果麦克斯想投资的话，最好的人会给你带来最大的价值，他说：嘿，我会给你 10 万块钱，也许我每个月会和你一起吃一两次早餐。 > That\'s a different proposition than what Max was offering. 这与马克斯的提议不同。 > 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，贾森不假思索地决定和 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. 马克斯在这件事上起了作用，现在这是一个极端的例子。 > 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. 对你们中的一些人和你们中的许多人来说，对投资者来说，最大的增值就是资金是绿色的，他们想投资。 > But for those of you who have choices. 但对于那些有选择的人来说。 > 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. 我之所以说这是筹集资金的最佳时机，是因为你将拥有比以往任何时候更多的选择-你知道 Y 组合天使名单上发生了什么-就业法案众筹 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. 这些公司正在改变其扩大债务和股本融资来源的方式。 > 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. 现在有许多公司可能夸大了这一点，但现在这种情况并不少见，如果明年有许多公司在 Kickstarter 上获得融资，我就不会感到惊讶了。 > Some of the other crowdfunding platforms and then go straight to the larger cities. 一些其他的众筹平台，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，在所有这些不同的选择中，你真的想要洞察一个投资者要增加什么价值。 > 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，我想说的最后一件事-和我的时间相提并论-这是我从罗恩身上学到的一个教训。 > It\'s the biggest lesson that I always think about and this is simply this. 这是我一直在思考的最大的教训，这就是。 > Never forget your reputation is your biggest asset. 永远不要忘记你的名声是你最大的财富。 > `[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]` 现在你作为创办人，这也是一些洗衣清单项目，从这一部分，你作为创立者。 > What I can say is building your reputation is the best investment you can make in your career in technology. 我能说的是，建立你的声誉是你在科技事业中所能做的最好的投资。 > And it\'s the best way that you can sort of build your your your career. 这是你建立事业的最好方式。 > `[00:25:02]` What do I mean by that. `[00:25:02]` 这是什么意思？ > What do I mean that is leading by example. 什么叫以身作则。 > You want to be completely focused on your on your startup. 你想完全专注于你的创业。 > Everybody is going to be looking at you and you want to control what you can control. 每个人都会看着你，你想控制你能控制的东西。 > I don\'t know how many startups or how many founders who ignored this and who ignored the little things. 我不知道有多少初创公司，有多少创始人忽视了这一点，谁忽视了这些小事。 > 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，当罗恩在 1998 年投资时，他会谈到他们将如何举办最佳实践研讨会，谢尔盖·布林和拉里·佩奇是唯一出现在每个人面前的人。 > 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. 现在我不是说这是因为他们是谷歌的原因，但这只是控制你能控制的东西的一个例子。 > `[00:25:44]` Another example Joseph Wollar. `[00:25:44]` 另一个例子约瑟夫·沃尔拉。 > Hello sign. 你好签名。 > We had Sefi angel. 我们有塞菲天使。 > We have cocktail parties for our CEO summits where we bring our investors partners and CEOs. 我们为我们的首席执行官峰会举办鸡尾酒会，让我们的投资者、合作伙伴和首席执行官参加。 > `[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]` 他来了，他拍了拍我的肩膀，他贴了一张黄色的帖子，上面写了他想要见的所有能对他的公司有所帮助的人。 > He was the only founder who did that and this was a cocktail party. 他是唯一这么做的创始人，这是一个鸡尾酒会。 > Most of it thought it was a boondoggle. 大多数人都认为这是一只小混混。 > He thought it was work. 他以为是工作。 > `[00:26:11]` I will never forget that. `[00:26:11]` 我永远不会忘记这一点。 > So in summary. 总之。 > `[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]` 我给了你们很多陈词滥调，很多东西可以写在推特或幸运饼干上。 > Be a good leader lead by example. 做一个好的领导者，以身作则。 > Look for value add stores. 寻找增值商店。 > Be a good listener. 做一个好的倾听者。 > But I can\'t emphasize enough that that\'s just a starting point for this journey that you\'re going on. 但我再怎么强调也不为过，那只是你将要进行的这段旅程的起点。 > 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. 我们真的知道，这很简单，但并不容易，这是很多艰苦的工作，真正跟随和做你喜欢的事情。 > 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. 我们有 SVR 天使，不能对环境感到更兴奋，也不能更兴奋地见到你，并可能对你进行投资。 > Good luck. 祝好运!