Mndandanda wazinthu zosangalatsa zowerengera zochokera patsamba langa la Telegraph . Zotsatira zamaphunziro osiyanasiyana zomwe zafotokozedwa pansipa zidasintha kamvedwe kanga kazachuma zamabizinesi komanso malo oyambira. Ndikukhulupirira kuti mukuwonanso izi ndizothandiza. Kwa inu omwe mumayang'ana gawo la ndalama kuchokera kumbali ya oyambitsa.
1. Makampani oyambitsa bizinesi akutha pakati pa kudalirana kwa mayiko
Makampani achichepere osakwana zaka ziwiri adawerengera 13% ya bizinesi yonse yaku US ku 1985, ndipo mu 2014 gawo lawo linali kale pa 8%. Chofunika koposa, kuchuluka kwa ogwira ntchito m'mabungwe azibizinesi omwe amagwira ntchito m'makampani oyambitsawa atsala pang'ono kutsika ndi theka nthawi yomweyo.
Chaka chilichonse kumakhala kovuta kwambiri kupikisana ndi ogwira ntchito ndi makampani akuluakulu. Mu Quartz chodabwitsa ichi mwatsatanetsatane. Ndikumvetsetsa kuti ziwerengero zimaperekedwa kwa "omasuka" okha, koma ndikukhulupirira kuti kumlingo wina vuto ili limakhudza dziko lililonse la capitalist.
2. Theka la ndalama zonse zogulira ndalama zimalephera kulipira.
Komanso, 6% yokha ya zochitika zonse zomwe zimapereka 60% ya kubwerera kwathunthu, Ben Evans wa Andreessen Horowitz. Mutu Kuyenda kwa ndalama sikuthera pamenepo. Chifukwa chake, 1,2% yazinthu zonse zamabizinesi 25% ya ndalama zonse zamabizinesi mu 2018.
Chifukwa chiyani kuli kofunikira? Chifukwa oyambitsa ayenera kuganiza ngati osunga ndalama. Ndipo osati kokha pamene akukonzekera kusonkhanitsa ndalama, komanso pamene ayamba kuganizira za kukhazikitsa lingalirolo. Ngakhale kuti ndizovuta kwambiri kuganiza m'magulu oterowo - ndalama zabwino kwambiri zogulitsa ndalama padziko lonse lapansi 100 X's pamakampani abwino kwambiri padziko lapansi.
Kulota, ndithudi, sikuvulaza, koma mlingo wovomerezeka kwambiri ndi 20% IRR kapena ma X atatu. Yang'anani kuchuluka kwa kukula, werenganipo za mfundo za momwe ma capitalist amawunikira oyambira. Kodi mulingo wofunikira wobwezera ndi wowona wa polojekiti yanu?
3. Kuchuluka kwa mbeu ndi kuchuluka kwa mbeu zikuchepa
Mu 2013, gawo la magawo ambewu mu ndalama zonse za US venture anali 36%, ndipo mu 2018 chiwerengerochi. mpaka 25%, ngakhale mtengo wambewu wapakati monga peresenti unakula kwambiri kuposa m'magulu ena. Palinso deta yochokera ku Crunchbase, malinga ndi kuchuluka kwa ndalama zomwe sizinapitirire $ 1 miliyoni pazaka zisanu zapitazi. pafupifupi kawiri.
Masiku ano ndizovuta kwambiri kukopa chidwi chaogulitsa ku projekiti isanayambike. Akuluakulu - ochulukirapo, ang'onoang'ono - ochepa, monga Marx adasiyira.
4. Kusiyana pakati pa zozungulira ndalama ndi zaka ziwiri.
Mfundo imeneyi kutengera zomwe zachitika pazaka 18 kuyambira koyambirira kwa XNUMXs. Kwa zaka zambiri, pakhala pali chizolowezi chokhazikika pamlingo wokopa chuma. Ma unicorn omwe amakula mwachangu - kusiyanasiyana. Podziwa izi, ganizirani za bajeti yanu ndipo samalani ndi ndalama zanu, makamaka ngati mwatseka kale ndalama zoyambira.
Kupatula apo, kuwotcha ndalama zomwe zilipo ndi chachiwiri chofala kulephera koyambira. Ndipo mfundo apa sikuti bizinesi yopanda phindu yagwiritsa ntchito ndalama zonse zomwe ili nazo. Izi ndizochitika za kutsekedwa kwa mapulojekiti omwe ali ndi chitsanzo chabwino cha bizinesi, pamene oyambitsawo adatengedwa ndi kukula ndikuyembekeza kukopa mwamsanga ndalama zatsopano.
5. Kupeza ndi njira yotheka kwambiri yopambana
97% akutuluka ya M&A ndi 3% yokha ya IPO. Kutuluka ndikofunikira kwambiri chifukwa ndipamene inu, gulu lanu ndi omwe akukugulitsani ndalama mumalipidwa. Venture capitalists amakhala potuluka, koma oyambitsa akupitiliza kulota za unicorns, kupewa malingaliro aliwonse ogulitsa ubongo wawo.
Koma tsiku lina zingakhale mochedwa kwambiri. Amalonda ambiri amaphonya mwayi wopatsidwa kwa iwo kuti atenge ndalama, ngakhale chisankho chanthawi yake chogulitsa bizinesi chingakhale chisankho chabwino kwambiri. Mwa njira, ambiri amatuluka koyambirira: 25% pambewu, 44% isanakwane B.
6. Kupanda kufunikira kwa msika ndiko chifukwa chachikulu choyambira chimalephera
Ofufuza a CB Insights adachita kafukufuku pakati pa omwe adayambitsa zoyambira zotsekedwa ndi mndandanda wa 20 zifukwa zofala za kulephera kwa makampani atsopano. Ndikupangira kuti mudziwe bwino nawo onse, koma apa nditchula chachikulu - kusowa kwa msika.
Amalonda nthawi zambiri amathetsa mavuto omwe akufuna kuwathetsa m'malo mopereka zosowa za msika. Lekani kukonda malonda anu, osayambitsa mavuto, yesani malingaliro. Zomwe mwakumana nazo sizowerengera; manambala okha ndi omwe angakhale otsimikiza. Pakadali pano sindingathe kugawana kwa bizinesi ya SaaS kuchokera ku Stripe.
7. Gawo la B2C2B ndi lalikulu kuposa momwe likuwonekera
Pamadola aliwonse omwe makampani amawononga pamayankho a IT, masenti 40 owonjezera amagwiritsidwa ntchito pogula mwachindunji ndi oyang'anira akuluakulu. Mfundo yaikulu ndi yakuti B2B SaaS ikhoza kuyang'aniridwa osati pa malonda amakampani, komanso pagawo lapadera la B2C2B (bizinesi-kwa-ogula-ku-bizinesi).
Ndipo mtundu uwu wogulira mapulogalamu ndi wofanana ndi madipatimenti ambiri ofunikira m'makampani. Zambiri zitha kupezeka mu Tomasz Tunguz wochokera ku Redpoint "Chifukwa chiyani kugulitsa ndikusintha kwakukulu ku SaaS."
8. Mtengo wotsika ndi mwayi wopikisana nawo woyipa
Ambiri ali otsimikiza kuti ngati angapereke mtengo wotsika, ndiye kuti kupambana kumawayembekezera. Koma masiku a malonda apita kale. Utumiki wamakasitomala ndiye mwala wapangodya wa chinthu chilichonse, ndipo pali zolemba zambiri zotsimikizira nkhaniyi. Komanso, pamene mukuyesera kuchepetsa mtengo, mpikisano wanu akhoza kukweza, motero akuwonjezera ndalama zawo.
Pali zodabwitsa kuchokera ku ESPN, yomwe idataya olembetsa 13 miliyoni atakweza mtengo wake ndi 54%. Ndipo chododometsa apa ndikuti ndalama za ESPN zidakweranso pafupifupi 54%. Mwinamwake muyenera kukweza mtengo wanu kuti muyambe kupeza zambiri? Mwa njira, ndalama zambiri ndi imodzi mwazabwino zopikisana.
9. Lamulo la Pareto Limagwira Ntchito pa Ndalama Zotsatsa
Malinga ndi zotsatira Kampani yowunikira Soomla, 20% ya ogwiritsa ntchito amawona 40% ya zotsatsa ndipo amakhala ndi 80% yazotsatsa. Izi zachokera ku malingaliro oposa mabiliyoni awiri m'mapulogalamu 25 omwe akugwira ntchito m'mayiko oposa 200.
Ndipo pakati pa ogwiritsa ntchito mabiliyoni awiri a Facebook ndi okhala ku United States ndi Canada 11,5% yokha, koma amapanga 48,7% ya ndalama. ARPU m'maiko awa ndi $21,20, ku Asia - $2,27 yokha. Zikuoneka kuti ndibwino kukhala ndi wogwiritsa ntchito mmodzi wochokera ku North America kusiyana ndi asanu ndi anayi ochokera ku India. Kapena mosemphanitsa - zonse zimatengera mtengo wowakopa.
10. Pali zikwi zochepa chabe iOS mapulogalamu mu kalabu mamiliyoni '
Pali mapulogalamu opitilira mamiliyoni awiri omwe amapezeka mu App Store, ndipo 2857 okha aiwo amapanga ndalama zoposa $ 1 miliyoni pachaka, malinga ndi AppAnnie. Zikuoneka kuti pa apulo anasonyeza mwayi wopambana kwambiri ndi pafupifupi 0.3%. Ndipo sitikudziwa kuti ndi makampani angati omwe ali kumbuyo kwa mapulogalamuwa, koma n'zoonekeratu kuti alipo ochepa kwambiri.
Nditsindikanso kuti tikukamba za ndalama zapachaka, osati phindu. Ndiko kuti, zina mwazofunsirazi zitha kukhala zopanda phindu kwa eni ake. Pazifukwa zotere, nkhani zomveka bwino za kukhazikitsidwa kwa lingaliro ndi mphamvu ya makina a virus a Apple amawoneka ngati mwayi kuposa zotsatira zomwe zakonzedwa.
11. Zaka zimawonjezera mwayi wopambana
В Iwo anawerengera kuti mwayi wopanga kampani yopambana ali ndi zaka 40 ndizowirikiza kawiri kuposa zaka 25. Kuphatikiza apo, zaka zapakati pa oyambitsa 2,7 miliyoni mu dataset yawo ndi zaka 41,9. Komabe, kupambana kwakukulu kumakhala kaŵirikaŵiri kwa amalonda achichepere.
Pamene mukukula, m’pamenenso mumasankha zinthu mosamala kwambiri, koma m’pamenenso mumatsimikiza mtima kukana malingaliro oipa. Mwanjira ina, mukakhala wamkulu, zilakolako zanu zamabizinesi zimatsitsa, koma mwayi wanu wopambana. Thesis iyi imatsimikiziranso wina wodziyimira pawokha kuchokera ku Nexit Ventures.
12. Simufuna woyambitsa nawo
Mosiyana ndi zomwe anthu ambiri amakhulupirira kuti mwayi umakonda kukonda mabungwe omwe ali ndi oyambitsa nawo angapo, oyambitsa ambiri omwe amatuluka anali ndi woyambitsa m'modziMalinga ndi Crunchbase.
Komabe, mosamalitsa ma unicorns amatiuza kuti 20% yokha yaiwo idakhazikitsidwa ndi munthu m'modzi. Koma kodi kuli koyenera kuganizira za mtengo umenewu pamene kampani iliyonse ya madola mabiliyoni ndi nkhani yapadera komanso yosayerekezeka? Kuonjezera apo, chiwerengero chachikulu chowerengera nthawi zonse chimakhala cholondola. Nthano yawonongedwa.
13. Zonse zili m'manja mwako...
Makampani opitilira theka la madola biliyoni amachokera ku United States osamukira. Izi zikutanthauza kuti mosasamala kanthu komwe mukuchokera, muli ndi mwayi wopambana. Zonse zili m'manja mwanu… ayenera kufuna kugula. Investors - kugawana. Makasitomala ndi mankhwala. Chinthu chachikulu ndikugulitsa.
40% ya oyambitsa AI aku Europe kwenikweni luso limeneli, koma kukopa 15% ndalama zambiri. Chinthu chachikulu ndi ndalama. 83% yamakampani omwe adadziwika mu 2018 , ndipo mtengo wamakampani osapindula pambuyo polemba mndandanda ukuwonjezeka kuposa opindulitsa. Ndalama ndi pomwe pali zoopsa, zoopsa ndizomwe zimapangidwira. Gulitsani. Ndalama. Capital.
Zikomo kwambiri chifukwa cha chidwi chanu. Ndipo kuthokoza kwapadera kwa director director a Da Vinci Capital kuti awathandize kukonza nkhaniyi. Ngati muli ndi chidwi ndi zokambirana zotere zomwe sizikugwirizana ndi mtundu wa nkhani yonse, lembetsani ku .
Source: www.habr.com