To the extent that valuations are being driven up by price-insensitive VCs, they'll fall again if VCs become more like super-angels and start to become more miserly about valuations.
从某种程度上来说,估值是被对于价格不敏感的风投们拉升起来的,如果风投们变得更像超级天使们且开始变得对估值变得更加吝啬,它们就将回落。
VCs form a pyramid. At the top are famous ones like Sequoia and Kleiner Perkins, but beneath those are a huge number you've never heard of.
风投公司是金字塔型的,在顶端有像Sequoia和Kleiner Perkins这样的名人,但是其下有许许多多你听都没听到过的家伙,其共同点就是他们的一块钱就是值一块钱。
If you don't seem like you have the potential to go public, you won't be able to use VCs to drive up the valuation of an angel round.
如果你看上去不像是有公开上市的潜力的话,你就不能够利用风投来拉高天使轮的估值。
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