初创企业估值时的10个构成要素 (9-7)
如何写一份简单的商业计划书 (9-2)
一个推销公司的失败案例 (8-20)
一个VC可以胜任10家公司的董事吗？ (8-13)
什么是创业合伙人，他为什么对你很重要？ (8-11)
跟VC见面之后，下一步该怎么办？ (7-29)
别伤害你投资的公司 (7-20)
最好的VC会谈是辩论而不是推销 (7-16)
VC每天都做什么？ (6-29)
外部融资与内部融资：夜总会效应 (6-15)
创业者和VC都应该放弃“码头”融资 (6-7)
VC尽职调查：好的与烂的 (5-30)
小规模基金的好处 (5-19)
请别找VC做推荐 (5-12)
当心VC把你当做情报来源 (4-26)
VC入门 - VC可以用2支基金对一个项目投资吗？ (4-18)
VC入门 - VC基金的规模会影响你融资吗？ (4-13)
做VC是什么样子的？ (4-8)
VC入门 - 你处于航道的什么位置？ (4-6)
初创企业的收入预测：连续创业者是怎么做的 (4-2)
当投资人进入董事会 (3-28)
投资人愿意做视觉学习者 (3-21)
对于风险投资的4大幻想 (3-18)
VC的10大建议：怎样给VC做融资演示 (3-14)
你的初创企业值多少钱？ (3-3)
增值型投资人如何增值？ (2-26)
VC什么时候可以收回Term Sheet (2-12)
给VC做融资演示 之 市场分析 (2-9)
创始人之一也是投资人时，股份如何分配 (2-7)
给VC做融资演示 之 竞争分析 (1-31)
战略投资人的坏处 (1-24)
要当心7种天使投资人 (1-20)
融资时的9大错误 (1-16)
创始人套现 (1-13)
VC想要了解什么？ (1-11)
投资人董事能够给企业带来的5大增值 (1-10)
向天使融资 (12-31)
NDA及保密 (12-30)
For entrepreneurs, it belittles their companies and their personal sacrifice. I once even heard a prominant executive recruiter call his placements “deals”. I will never work with this guy. Entrepreneurs and executives are people. Their companies are their babies. They aren’t transactions. They aren’t deals.
这些PE的“权贵”色彩，可以在多大程度上决定项目的成功、甚至决定PE界游戏规则往非市场化方向走呢？它们真的是在用“钱权”交易的方式获利吗？《中国企业家》通过对与权贵PE合作过的律所、投行、同行等进行调查，得到的答案基本上是：在个别项目上，这些PE独特的背景也许会助其募集资金、拿到项目，但它只是一块“敲门砖”，不会是一张畅通无阻的王牌，现在中国投资市场这么大，非少数特殊背景PE所能垄断。
不清楚的是哪些飞机在天上并等待落地，VC可以让某架飞机最终降落（签署一份Term Sheet，起草法律文件，项目投资就会很快完成）。如果一个VC正在让一架飞机降落，那你就能确定他们会花费很大的注意力去保证飞机安全着陆，这也会让你更难以在短期内得到停机位。假如这家VC拥有不止一条跑道，但是每个合伙人只能控制其中一条，因此，如果你在跟一个正在控制塔指挥飞机降落的合伙人沟通，那你不太可能得到清场降落的机会。
“现在PE/VC处于一个群雄并起的战国时代，很多人都想挤进来，但这并不是一个可以赚快钱的行当。相反从投资到退出，需要很长的时间，说到底是一个流动性很差的投资资产类行当。”阎焱判断，“今后几年可能会看到在行业整合时，有些人做得不好，出现一些赔钱的例子，且这种效应会越来越明显。”
十年前，活跃中国的VC大多是国外机构的中国办事处，这些“海派”或“海归”的VC都会遵守很多VC行业的基本法则。但随着更多海外VC的涌入、大量“土鳖”VC的崛起，加上在中国市场环境的耳熏目染后，这个群体中有些个体（注意：是个体，不是整体）已经开始出现变质和病态。有道是：卑鄙是卑鄙者的通行证，高尚是高尚者的墓志铭。
I've received a few emails recently asking me where VCs find their investment companies. I can't speak for all firms, but if I look over the past 10 years of my career and add in results from other VCs that I'm close to, I will conclude the following:
VCs get their deal flow from the following sources (in no particular order):
by Paul Jozefak
I thought it was time for a blog post on this topic as I've been asked this so many times over the years. Most recently I was doing an interview for a professor doing some research on the effectiveness of business plan competitions. We ended up having a fairly long discussion about how we generate dealflow. (Note: I haven't yet received his paper on the effectiveness of business plan competitions based on all his interviews!)
In short, the answer is our network. That doesn't really answer the question clearly but it's basically as simple as that. Having now been in the space for 10 years, I honestly can't remember doing one deal which came in unsolicited. I don't want to sound like an arrogant putz about this but it's just fact. The largest percentage of deals I've worked on came in via my network of other VC's, entrepreneurs and various business people, sometimes even lawyers or tax advisers. As a VC, you are regularly at events or on the road talking with people whom you know or may have worked with. This is where the most deals tend to trade hands. It's pretty simple. I talk to people whom I know, respect and trust. Their "good word" in regards to a deal gets me interested enough usually to follow up or to take the meeting when it's offered. As has also been written many times before, VC's like to syndicate. Hence, there's a few funds whom we tend to work with more than others and over time, you end up sharing a greater number of deals.
Further dealflow is generated on my own. I read everything VC and tech on the web. If I find companies which are of interest, I'll go ahead and approach them to discuss what they are doing. A good number of deals I've done originated in this way. I also believe that this is starting to become an ever greater source of dealflow. Proactively pursuing deals gets you in the door usually before the company is even out looking for money. This allows you to be therewhen the company is looking to raise cash. On the best deals, this is often the "little somethin' extra" that gets you a deal.
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