Uhlu lwamaqiniso ezibalo athakazelisayo asekelwe kokuthunyelwe okuvela esiteshini sami seTelegram . Imiphumela yezifundo ezihlukahlukene ezichazwe ngezansi yake yashintsha ukuqonda kwami ngokutshalwa kwezimali kwebhizinisi kanye nendawo yokuqala. Ngethemba ukuthi nawe uthola lokhu okuphawulile kuwusizo. Kuwe obheka insimu yemali ohlangothini lwabasunguli.
1. Imboni yokuqala iyashabalala phakathi kokuhwebelana kwembulunga yonke
Izinkampani ezisencane ezingaphansi kweminyaka emibili ubudala zazibalelwa ku-13% wawo wonke amabhizinisi ase-US ngo-1985, futhi ngo-2014 isabelo sazo sasivele singu-8%. Okubaluleke nakakhulu, iphesenti labasebenzi bemboni ezimele abasebenzela lezi zinkampani eziqalayo selicishe lehle ngesigamu ngesikhathi esifanayo.
Njalo ngonyaka kuba nzima nakakhulu ukuncintisana ngabasebenzi abanezinkampani ezinkulu. Ku-Quartz lesi sigameko ngokuningiliziwe. Ngiyaqonda ukuthi izibalo zinikezwa kuphela “elikhululekile”, kodwa nginesiqiniseko sokuthi ngokwezinga elithile le nkinga ithinta izwe ngalinye lonxiwankulu.
2. Ingxenye yakho konke ukutshalwa kwezimali kwebhizinisi yehluleka ukukhokha.
Ngaphezu kwalokho, kuphela i-6% yazo zonke izinkokhelo ezinikeza u-60% wesamba sembuyiselo, U-Ben Evans ka-Andreessen Horowitz. Isihloko Ukugeleza kwemali akugcini lapho. Ngakho-ke, i-1,2% yayo yonke imisebenzi yebhizinisi Ama-25% awo wonke ama-dollar ebhizinisi ngo-2018.
Kungani ibalulekile? Ngoba abasunguli kudingeka bacabange njengabatshalizimali. Futhi hhayi kuphela lapho behlela ukuqoqa izimali, kodwa nalapho beqala ukucabanga ngokuqalisa lo mbono. Nakuba kunzima kakhulu ukucabanga ngezigaba ezinjalo - kuphela izimali ezinhle kakhulu zokutshala izimali emhlabeni 100 X's ezinkampanini ezihamba phambili emhlabeni.
Yiqiniso, akulimazi ukuphupha, kodwa izinga elamukelekayo elingaphezulu noma elincane lingama-20% IRR noma ama-X amathathu. Bheka izinga lokukhula, funda okuthile mayelana nezimiso zokuhlola ukuqaliswa kongxiwankulu abamabhizinisi. Ingabe izinga elidingekayo lokubuyisela lingokoqobo kuphrojekthi yakho?
3. Umthamo kanye nenani lembewu etshaliwe liyehla
Ngo-2013, isabelo samadili esiteji sembewu kumthamo ophelele wemali yebhizinisi yase-US sasingu-36%, futhi ngo-2018 lesi sibalo. kuya ku-25%, nakuba imali yembewu emaphakathi njengephesenti inyuke kakhulu kunakweminye imijikelezo. Kukhona futhi idatha evela ku-Crunchbase, ngokusho kwenani lokutshalwa kwezimali elingadluli ku-$1 million kule minyaka emihlanu edlule. cishe kabili.
Namuhla kunzima kakhulu ukuheha ukunaka kwabatshalizimali kuphrojekthi kusenesikhathi. Ezinkulu - eziningi, ezincane - ezincane, njengoba uMarx eshiye.
4. Igebe phakathi kwemizuliswano yokuxhaswa ngezimali iminyaka emibili.
Leli qiniso ngokusekelwe kudatha yezentengiselwano zeminyaka engu-18 kusukela ekuqaleni kwawo-XNUMX. Ngokuhamba kweminyaka, kube nokuthambekela okuzinzile kwezinga lokuheha imali. Ama-unicorns akhula ngokushesha - ukuhluka. Ukwazi lokhu, cabanga ngesabelomali sakho futhi uqaphele izindleko zakho, ikakhulukazi uma usuvele uvale umjikelezo woxhaso lwesigaba sangaphambi kwesikhathi.
Phela, ukushisa izimali ezikhona kungokwesibili okuvame kakhulu ukwehluleka ukuqalisa. Futhi iphuzu lapha akukhona ukuthi ibhizinisi elingenanzuzo lisebenzise yonke imali elinayo. Lokhu kumayelana namacala okuvalwa kwamaphrojekthi anemodeli yebhizinisi ephumelelayo, lapho abasunguli bethathwe ngokukhula futhi benethemba lokuheha ngokushesha izimali ezintsha.
5. Ukuthola kuyindlela engenzeka kakhulu yempumelelo
97% iyaphuma ye-M&A kanye no-3% kuphela we-IPO. Ukuphuma kubaluleke kakhulu ngoba yilapho wena, ithimba lakho nabatshalizimali bakho nikhokhelwa khona. Onxiwankulu bama-Venture bahlala ezindaweni zokuphuma, kodwa abasunguli bayaqhubeka nokuphupha ama-unicorn, begwema noma imiphi imicabango yokuthengisa ingqondo yabo.
Kodwa ngolunye usuku kungase kuphuze kakhulu. Osomabhizinisi abaningi baphuthelwa yithuba abalinikezwayo lokukhipha imali, nakuba isinqumo esifike ngesikhathi sokuthengisa ibhizinisi singase sibe yisinqumo esingcono kakhulu. Ngendlela, iningi liyaphuma ezigabeni zokuqala: 25% enzalweni, 44% ngaphambi komjikelezo B.
6. Ukuntuleka kwesidingo semakethe yisona sizathu esiyinhloko esenza ukuthi ukuqalisa kwehluleke
Abahlaziyi be-CB Insights benze inhlolovo phakathi kwabasunguli bokuqalisa okuvaliwe kanye uhlu lwezizathu ezingu-20 ezivame kakhulu zokwehluleka kwezinkampani ezisanda kwakhiwa. Ngincoma ukuthi uzijwayeze nabo bonke, kodwa lapha ngizokhuluma ngokuyinhloko - ukuntuleka kwesidingo emakethe.
Osomabhizinisi bavamise ukuxazulula izinkinga abathanda ukuzixazulula kunokusebenzela izidingo zemakethe. Yeka ukuthanda umkhiqizo wakho, ungaqambi izinkinga, hlola imibono. Okuhlangenwe nakho kwakho kwe-empirical akuzona izibalo; izinombolo kuphela ezingaba inhloso. Kuleli qophelo angikwazi ukuzibamba kodwa ukwabelana yebhizinisi le-SaaS kusuka ku-Stripe.
7. Ingxenye ye-B2C2B inkulu kunalokho ekubonakala kuyiyo
Kuwo wonke amadola izinkampani ezichitha kuzixazululo ze-IT, amasenti engeziwe angama-40 asetshenziselwa ukutholwa okuqondile ngabaphathi abaphezulu. Okubalulekile ukuthi i-B2B SaaS ingaqondiswa hhayi kuphela ekuthengisweni kwezinkampani, kodwa futhi esigabeni esihlukile se-B2C2B (ibhizinisi-kuya-kumthengi-kuya-ibhizinisi).
Futhi le modeli yokuthengwa kwesoftware ijwayelekile eminyangweni eminingi ebalulekile ezinkampanini. Imininingwane ingatholakala ku Usonxiwankulu uTomasz Tunguz waseRedpoint "Kungani ukuthengisa phansi kuwushintsho olubalulekile ku-SaaS."
8. Intengo ephansi iyinzuzo embi yokuncintisana
Abaningi bayaqiniseka ukuthi uma benganikeza inani eliphansi, impumelelo ibalindele. Kodwa izinsuku zama-bazaars zadlula kudala. Isevisi yamakhasimende iyitshe legumbi lanoma yimuphi umkhiqizo, futhi kunezindatshana eziningi ezinekhono eziqinisekisa le thesis. Ngaphezu kwalokho, ngenkathi uzama ukwehlisa intengo, lowo oqhudelana naye angase ayinyuse, ngaleyo ndlela andise imali yakhe engenayo.
Kukhona okumangalisayo kusuka ku-ESPN, elahlekelwe ababhalisile abayizigidi ezingu-13 ngemva kokwenyusa inani layo ngo-54%. Futhi okuyindida lapha ukuthi imali engenayo ye-ESPN nayo inyuke cishe ngama-54%. Mhlawumbe kufanele ukhuphule inani lakho ukuze uqale ukuzuza okwengeziwe? Ngendlela, imali engenayo eningi ingenye yezinzuzo ezingcono kakhulu zokuncintisana.
9. Umthetho KaPareto Usebenza Emalini Engenayo Yokukhangisa
Ngokwemiphumela Inkampani ehlaziyayo i-Soomla, abasebenzisi abangu-20% babuka u-40% wezikhangiso futhi bathatha u-80% wemali engenayo yokukhangisa. Lesi siphetho sisekelwe emibonweni engaphezu kwezigidigidi ezimbili ezinhlelweni ezingu-25 ezisebenza emazweni angaphezu kuka-200.
Futhi phakathi kwezigidigidi ezimbili zabasebenzisi be-Facebook kukhona izakhamuzi zase-United States naseCanada kuphela u-11,5%, kodwa zenza u-48,7% wemali engenayo. I-ARPU kulawa mazwe ingu-$21,20, e-Asia - $2,27 kuphela. Kuvele ukuthi kungcono ukuba nomsebenzisi oyedwa ovela eNyakatho Melika kunesishiyagalolunye waseNdiya. Noma ngokuphambene nalokho - konke kuncike ezindlekweni zokubaheha.
10. Kunezinkulungwane ezimbalwa kuphela zezinhlelo zokusebenza ze-iOS eklabhu yosozigidi
Kunezinhlelo zokusebenza ezingaphezu kwezigidi ezimbili ezitholakala ku-App Store, futhi ziyi-2857 kuphela zazo ezikhiqiza imali engaphezu kuka-$1 million ngonyaka, ngokusho kombiko. AppAnnie. Kuvele ukuthi embukisweni we-apula Amathuba okuphumelela okukhulu acishe abe ngu-0.3%. Futhi asazi ukuthi zingaki izinkampani ezingemuva kwalezi zicelo, kodwa kusobala ukuthi zimbalwa kakhulu.
Ngizophinde ngigcizelele ukuthi sikhuluma ngemali engenayo yonyaka, hhayi inzuzo. Okusho ukuthi, ezinye zalezi zicelo zingase zingabi nanzuzo kubanikazi bazo. Ngaphansi kwezimo ezinjalo, izindaba ezicacile mayelana nokuqaliswa kombono namandla omshini we-viral we-Apple zibukeka njengenhlanhla kunomphumela ohleliwe.
11. Iminyaka yobudala yandisa amathuba okuphumelela
В Babala ukuthi amathuba okudala inkampani ephumelelayo eneminyaka engu-40 ubudala aphindwe kabili kunaseminyakeni engu-25. Ngaphezu kwalokho, isilinganiso seminyaka yabasunguli abayizigidi ezingu-2,7 kudathasethi yabo yiminyaka engama-41,9. Nokho, impumelelo enkulu ngokuvamile kosomabhizinisi abasebasha.
Lapho ukhula, wenza izinqumo ngokucophelela, kodwa uzimisele ngokwengeziwe ukwenqaba imibono eyingozi. Ngamanye amazwi, lapho usumdala, izifiso zakho zebhizinisi ziyancipha, kodwa amathuba akho okuphumelela ayanda. Le thesis iphinde iqinisekise enye ezimele kusuka ku-Nexit Ventures.
12. Awudingi co-founder
Ngokuphambene nenkolelo evamile yokuthi inhlanhla ivame ukuthanda izinhlangano ezinabasunguli abaningi, iningi leziqalo eziphumayo zazinomsunguli oyedwangokuvumelana ne I-Crunchbase.
Nokho, ngokuqinile ama-unicorns asitshela ukuthi kuphela ama-20% awo asungulwa ngumuntu oyedwa. Kodwa ingabe kufanelekile ukucabangela leli nani lapho zonke izinkampani zamadola ayizigidi eziyizinkulungwane ziyindaba eyingqayizivele futhi engenakulinganiswa? Ngaphezu kwalokho, isampula enkulu yezibalo ihlala inembe kakhulu. Inganekwane ichithiwe.
13. Konke kusezandleni zakho...
Izinkampani ezingaphezu kwengxenye yezigidigidi zamarandi zivela e-United States abafuduki. Lokhu kusho ukuthi noma ngabe uphumaphi, unethuba lokuphumelela. Konke kusezandleni zakho... kumele ufune ukuthenga. Abatshalizimali - share. Amakhasimende angumkhiqizo. Into esemqoka ukuthengisa.
I-40% ye-European AI eqalayo empeleni lobu buchwepheshe, kodwa ukuheha imali engu-15% ngaphezulu. Into esemqoka imali engenayo. Ama-83% ezinkampani eziphume esidlangalaleni ngo-2018 , futhi inani lezinkampani ezingenanzuzo ngemva kokufakwa ohlwini likhuphuka ngaphezu kwalezo ezinenzuzo. Imali yilapho ubungozi bukhona, ubungozi bulapho ibhizinisi likhona. Thengisa. Imali engenayo. Inhlokodolobha.
Ngiyabonga kakhulu nonke ngokunaka kwenu. Futhi sibonga ngokukhethekile kumqondisi wokutshala izimali weDa Vinci Capital ngosizo lwabo ekuhleleni le nto. Uma unentshisekelo ezingxoxweni ezinjalo ezingangeni kufomethi ye-athikili egcwele, bese ubhalisela .
Source: www.habr.com