{"id":875,"date":"2022-06-01T11:54:00","date_gmt":"2022-06-01T11:54:00","guid":{"rendered":"https:\/\/milutt.com\/?p=875"},"modified":"2022-06-06T08:30:23","modified_gmt":"2022-06-06T08:30:23","slug":"a16z%e5%90%88%e4%bc%99%e4%ba%ba%e7%9a%84%e5%85%ac%e5%bc%80%e4%bf%a1%ef%bc%9a%e4%bd%8e%e8%bf%b7%e5%b8%82%e5%9c%ba%e4%b8%8b%e5%88%9b%e4%b8%9a%e5%85%ac%e5%8f%b8%e7%9a%84%e6%88%98%e7%95%a5%e8%b0%83","status":"publish","type":"post","link":"https:\/\/milutt.com\/t\/875","title":{"rendered":"A16Z\u5408\u4f19\u4eba\u7684\u516c\u5f00\u4fe1\uff1a\u4f4e\u8ff7\u5e02\u573a\u4e0b\u521b\u4e1a\u516c\u53f8\u7684\u6218\u7565\u8c03\u6574"},"content":{"rendered":"<div class=\"jsx-2558377382 summary\">\n<p class=\"one-p\">\n<p class=\"one-p\">D.Va\u5728\u7845\u8c37\u671f\u95f4\uff0c\u66fe\u7ecf\u591a\u6b21\u548c<strong>A16Z\u57fa\u91d1<\/strong>\u7684\u5c0f\u4f19\u4f34\u4ea4\u6d41\uff0c\u8fd9\u5bb6\u66fe\u7ecf<strong>\u6295\u51faGithub\u3001Slack\u3001StackOverflow\u3001Databricks\u7b49\u4f1f\u5927\u516c\u53f8<\/strong>\u57fa\u91d1\u7684\u5408\u4f19\u4ebaJustin Kahl\u524d\u4e24\u5929\u4e13\u95e8\u64b0\u6587\u5c31\u201c\u521b\u4e1a\u516c\u53f8\u5982\u4f55\u5728\u4f4e\u8ff7\u5e02\u573a\u4e0b\u8fd0\u4f5c\u201d\u505a\u4e86\u8ba8\u8bba\uff0cD.Va\u89c9\u5f97\u5f88\u6709\u4ee3\u8868\u6027\uff0c\u4eca\u5929\u5e26\u7ed9\u5927\u5bb6\u3002<\/p>\n<p class=\"one-p\">\u5e02\u573a\u9677\u5165\u4f4e\u8ff7\uff0c\u5e02\u9762\u4e0a\u6240\u6709\u7684\u4e13\u5bb6\u548c\u6295\u8d44\u4eba\u5efa\u8bae\u4f3c\u4e4e\u90fd\u5982\u51fa\u4e00\u8f99\uff1a\u8282\u6d41\uff0c\u6d3b\u7740\uff0c\u589e\u957f\u5bfc\u5411\u8f6c\u4e3a\u6548\u7387\u5bfc\u5411\u3002\u5728\u5e02\u573a\u7684\u8d77\u8d77\u4f0f\u4f0f\u4e2d\uff0c\u6211\u4eec\uff08a16z\uff09 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class=\"one-p\">\u5728\u8fd9\u7bc7\u6587\u7ae0\u4e2d\uff0c\u6211\u4eec\u5c06\u4ecb\u7ecd\u8fd9\u4e2a<strong>\u7ecf\u8fc7a16z\u591a\u6b21\u9a8c\u8bc1\u7684\u5224\u65ad\u6846\u67b6\uff1a\u91cd\u65b0\u8bc4\u4f30\u516c\u53f8\u4f30\u503c\uff0c\u63a7\u5236\u70e7\u94b1\u901f\u5ea6\uff0c\u642d\u5efa\u591a\u79cd\u573a\u666f\u7684\u89c4\u5212<\/strong>\u3002<\/p>\n<p class=\"one-p\">Enjoy\uff01<\/p>\n<p class=\"one-p\">\u4ee5\u4e0b\u4e3a\u672c\u6587\u76ee\u5f55\uff0c\u65b9\u4fbf\u7ed3\u5408\u8981\u70b9\u8fdb\u884c\u9488\u5bf9\u6027\u9605\u8bfb<\/p>\n<p class=\"one-p\">01 \u91cd\u5851\u4f30\u503c<\/p>\n<p class=\"one-p\">02 \u63a7\u5236\u70e7\u94b1\u901f\u5ea6<\/p>\n<p class=\"one-p\">03 \u5b8c\u5584\u591a\u79cd\u573a\u666f\u89c4\u5212<\/p>\n<p class=\"one-p\">\u539f\u6587\uff1aJustin Kahl, David George<\/p>\n<p class=\"one-p\">\u7ffb\u8bd1\u3001\u7f16\u8f91\uff1a\u7814\u7a76\u5458D.Va<\/p>\n<p class=\"one-p\">01<\/p>\n<p class=\"one-p\"><strong>\u91cd\u5851\u4f30\u503c<\/strong><\/p>\n<p class=\"one-p\">\u9996\u5148\uff0c\u6211\u4eec\u9700\u8981<strong>\u91cf\u5316<\/strong>\u5f53\u524d\u5e02\u573a\u4f30\u503c\u500d\u6570\u7684\u53d8\u5316\u3002<\/p>\n<p class=\"one-p\">\u4e8c\u7ea7\u5e02\u573a\u5f80\u5f80\u6700\u5148\u770b\u5230\u4f30\u503c\u4e0b\u964d\uff0c\u6240\u4ee5\u4e8c\u7ea7\u5e02\u573a\u516c\u53f8\u7684\u6307\u6807\u662f\u8c03\u6574\u4e00\u7ea7\u5e02\u573a\u4f30\u503c\u500d\u6570\u91cd\u8981\u7684\u57fa\u7840\u3002\u5982\u4e0b\u56fe\u6240\u793a\uff0c\u5728\u76ee\u524d\u80a1\u7968\u5e02\u573a\u4e2d\uff0c\u4e0a\u5e02SaaS\u516c\u53f8\u7684\u4f30\u503c\u4e2d\u67a2\u5df2\u7ecf\u4ece 2021 \u5e74 10 \u6708\u7684\u9ad8\u70b9\uff0c12\u500dNTM\u6536\u5165\uff0c\u4e0b\u964d\u81f3 5 \u500d\u6216\u66f4\u4f4e\u3002FinTech\u516c\u53f8\u548cConsumer Tech\u516c\u53f8\u4e5f\u662f\u5982\u6b64\uff0c\u5b83\u4eec\u4e5f\u4e0b\u8dcc\u4e86 70-80% \u4ee5\u4e0a\u3002<\/p>\n<p class=\"one-p\">\u7136\u800c\uff0c\u622a\u6b62\u76ee\u524d\uff0c<strong>\u8fd9\u4e2a\u5f71\u54cd\u8fd8\u6ca1\u5b8c\u5168\u53cd\u6620\u5230\u73b0\u5728\u7684\u98ce\u9669\u6295\u8d44\uff08VC\uff09\u5e02\u573a<\/strong>\u3002\u5373\u4f7f2022\u5e74Q2\u7684\u878d\u8d44\u6570\u636e\u516c\u5e03\uff0c\u8fd9\u4e9b\u4ea4\u6613\u5f80\u5f80\u662f\u5728Q1\u6216\u66f4\u65e9\u4e4b\u524d\u786e\u5b9a\u7684\u3002\u6240\u4ee5\u6362\u53e5\u8bdd\u8bf4\uff0c<strong>\u6211\u4eec\u53ef\u80fd\u8fd8\u9700\u8981 6 \u4e2a\u591a\u6708\u7684\u65f6\u95f4\uff0c\u624d\u80fd\u770b\u5230\u4e8c\u7ea7\u5e02\u573a\u8d70\u4f4e\u5bf9\u4e00\u7ea7\u5e02\u573a\u7684\u5f71\u54cd<\/strong>\u3002<\/p>\n<p class=\"one-p\">\u7ecf\u6d4e\u4e0b\u884c\u5bf9\u4e0d\u540c\u884c\u4e1a\u7684\u5f71\u54cd\u4e0d\u5c3d\u76f8\u540c\uff0c\u6211\u4eec\u5fc5\u987b\u5173\u6ce8\u548c\u81ea\u5df1\u516c\u53f8\u9886\u57df\u63a5\u8fd1\u7684\u4e0a\u5e02\u516c\u53f8\u7684\u53d8\u5316\uff0c\u4ece\u800c\u6b63\u786e\u5224\u65ad\u81ea\u5df1\u516c\u53f8\u53ef\u80fd\u7684\u4f4d\u7f6e\u3002\u4f8b\u5982\uff0c\u4e00\u5e74\u524d\uff0c\u4e2d\u540e\u671f\u672a\u4e0a\u5e02SaaS\u516c\u53f8\u7684\u4f30\u503c\u901a\u5e38\u662f ARR \u7684 100 \u500d\uff0c\u4f46\u73b0\u5728\u60c5\u51b5\u5b8c\u5168\u4e0d\u540c\u4e86\u3002<\/p>\n<p class=\"one-p\">\u4f60\u53ef\u4ee5\u5173\u6ce8\u81ea\u8eab\u6240\u5728\u884c\u4e1a\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u6765\u5927\u6982\u5224\u65ad\u81ea\u5df1\u516c\u53f8\u7684\u4f30\u503c\u53d8\u5316\u3002\u5982\u679c\u4e0a\u5e02\u516c\u53f8\u4e0b\u964d\u4e86 60%\uff0c\u90a3\u4e48\u5f88\u53ef\u80fd\u4f60\u7684\u4f30\u503c\u4e5f\u4f1a\u8ddf\u7740\u4e0b\u964d\u3002<\/p>\n<p class=\"one-p\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-877\" title=\"1000-1\" src=\"https:\/\/milutt.com\/wp-content\/uploads\/2022\/06\/1000-1.jpg\" alt=\"1000-1\" width=\"1000\" height=\"576\" srcset=\"https:\/\/milutt.com\/wp-content\/uploads\/2022\/06\/1000-1.jpg 1000w, https:\/\/milutt.com\/wp-content\/uploads\/2022\/06\/1000-1-600x346.jpg 600w, https:\/\/milutt.com\/wp-content\/uploads\/2022\/06\/1000-1-500x288.jpg 500w, https:\/\/milutt.com\/wp-content\/uploads\/2022\/06\/1000-1-521x300.jpg 521w, https:\/\/milutt.com\/wp-content\/uploads\/2022\/06\/1000-1-768x442.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p class=\"one-p\">\u8d44\u6599\u6765\u6e90\uff1aCapitalIQ<\/p>\n<p class=\"one-p\">\u4e00\u65e6\u6e05\u695a\u6240\u5728\u5782\u76f4\u884c\u4e1a\u4f30\u503c\u7684\u4e0b\u964d\u5e45\u5ea6\uff0c\u63a5\u4e0b\u6765\u4f60\u8be5\u5982\u4f55\u8c03\u6574\u4e1a\u52a1\u76ee\u6807\uff0c\u6765\u5e94\u5bf9\u65b0\u7684\u4f4e\u4f30\u503c\u73af\u5883\u5462\uff1f<\/p>\n<p class=\"one-p\">\u73b0\u5728\u5f00\u59cb\u505a\u4e00\u4e2a\u7b80\u5355\u8ba1\u7b97\uff1a<strong>\u5982\u4f55\u8981\u8ba9\u81ea\u5df1\u7684\u4f30\u503c\u7b26\u5408\u5f53\u524d\u7684\u201c\u5e02\u573a\u9884\u671f\u201d\uff0c\u4f60\u7684ARR\u9700\u8981\u8fbe\u5230\u4ec0\u4e48\u6c34\u5e73\u3002<\/strong><\/p>\n<p class=\"one-p\">\u9996\u5148\u5e94\u5f53\u901a\u8fc7\u89c2\u5bdf\u4e8c\u7ea7\u5e02\u573a\uff0c<strong>\u786e\u8ba4\u6700\u65b0\u7684\u4f30\u503c\u500d\u6570<\/strong>\uff08\u5982\u679c\u4f60\u7684\u589e\u901f\u8db3\u591f\u5feb\uff0c\u53ef\u4ee5\u63d0\u9ad8\u8fd9\u4e2a\u500d\u6570\uff09\u3002\u63a5\u4e0b\u6765\uff0c\u6839\u636e\u524d\u9762\u5f97\u5230\u7684\u4f30\u503c\u500d\u6570\uff0c<strong>\u8ba1\u7b97\u51fa\u81ea\u5df1\u201c\u7b26\u5408\u9884\u671f\u7684ARR\u201d<\/strong>\u3002\u770b\u4e00\u4e0b\u516c\u53f8\u7684\u73b0\u91d1\u4f59\u989d\uff0c\u4f60\u5e94\u5f53\u4fdd\u8bc1\u5728\u8fbe\u5230\u201c\u9884\u671fARR\u201d\u7684\u65f6\u5019\uff0c\u8d26\u4e0a\u73b0\u91d1\u81f3\u5c11\u8fd8\u80fd\u518d\u70e712\u4e2a\u6708\u3002\u5982\u679c\u7b54\u6848\u662f\u80af\u5b9a\u7684\uff0c\u90a3\u4e48\u606d\u559c\u4f60\uff0c\u4f60\u5f88\u6709\u5e0c\u671b\u6210\u529f\u62ff\u5230\u4e0b\u8f6e\u878d\u8d44\u3002\u5982\u679c\u7b54\u6848\u662f\u5426\u5b9a\uff0c\u90a3\u4f60\u53ef\u80fd\u9700\u8981\u9762\u5bf9\u975e\u5e38\u56f0\u96be\u7684\u878d\u8d44\u5e02\u573a\u3002<\/p>\n<p class=\"one-p\">\u4e3e\u4e00\u4e2a\u4f8b\u5b50\u6765\u8bf4\u660e\uff1a\u4e00\u4e2a\u516c\u53f8\u76ee\u524dARR\u4e3a 2000 \u4e07\u7f8e\u5143\uff0c\u6700\u540e\u4e00\u6b21\u878d\u8d44\u65f6\u7684\u4f30\u503c\u4e3a 20\u4ebf\u7f8e\u5143\uff08100x\u7684ARR\uff09\u3002\u4e8c\u7ea7\u5e02\u573a\u540c\u7c7b\u516c\u53f8\u7684multiple\u4e3a10x ARR\uff0c\u4e0d\u8fc7\u8003\u8651\u5230\u521b\u4e1a\u516c\u53f8\u7684\u589e\u957f\u66f4\u5feb\uff0c\u6240\u4ee5\u6211\u4eec\u5047\u8bbe15x ARR\u662f\u5f53\u524d\u7684\u5408\u7406\u500d\u6570\u3002<strong>\u8fd9\u610f\u5473\u7740\u8fd9\u4e2a\u516c\u53f8\u9700\u8981\u5c06ARR\u589e\u957f\u5230 1.33 \u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u8d26\u4e0a\u8d44\u91d1\u8fd8\u80fd\u652f\u649112\u4e2a\u6708\u6216\u66f4\u4e45\u3002<\/strong><\/p>\n<p class=\"one-p\">02<\/p>\n<p class=\"one-p\"><strong>\u63a7\u5236\u70e7\u94b1\u901f\u5ea6<\/strong><\/p>\n<p class=\"one-p\">\u73b0\u5728\u6709\u4e86 ARR\u76ee\u6807\uff0c\u90a3\u4e48\u6211\u4eec\u8be5\u5982\u4f55\u5224\u65ad\u73b0\u6709\u4e1a\u52a1\u6b63\u5728\u9ad8\u6548\u589e\u957f\u4ee5\u8fbe\u5230\u6211\u4eec\u7684\u76ee\u6807\u5462\uff1f\u6211\u4eec\u5c06\u91cd\u70b9\u5173\u6ce8<strong>\u73b0\u91d1\u6d88\u8017\u500d\u6570<\/strong>\u4e0a\uff1a<\/p>\n<p class=\"one-p\">\u73b0\u91d1\u6d88\u8017\u500d\u6570\uff08burn multiple\uff09 = \uff08\u6d88\u8017\u7684\u73b0\u91d1\uff09\/\uff08\u51c0\u589e\u52a0\u7684ARR\uff09<\/p>\n<p class=\"one-p\">\u4f8b\u5982\uff0c\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u70e7\u6389 4000 \u4e07\u7f8e\u5143\u4ee5\u589e\u52a0 1000 \u4e07\u7f8e\u5143\u7684 ARR\uff0c\u90a3\u4e48\u5b83\u7684\u73b0\u91d1\u6d88\u8017\u500d\u6570\u5c06\u662f 4000 \u4e07\u7f8e\u5143\/1000 \u4e07\u7f8e\u5143\uff0c\u5373 4.0 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