风险投资公司为何如此保守？
But VCs never offered that option.
但是风投们可从不提供那个选项。
对风险投资人也要谨慎。
But that's still a problem for VCs.
但是对风投仍然是个问题。
VCs think they're playing a zero sum game.
风险投资家认为他们在进行一场零和博弈。
Who will win, the super-angels or the VCs?
谁将取得胜利，超级天使们还是风险投资者们？
Many of the VCs passed on that opportunity.
多数投资商都放弃了这个机会。
VCs are good for much more than just their money.
风险投资对创业者的用处不仅仅是他们的钱。
When the VCS engine, HAD, is not running on the system.
当VCSengine、HAD没有运行在该系统上时。
I've also heard them called "Mini-VCs" and "Micro-VCs."
我也听过他们被叫作“迷你风投”和“微风投”。
VCs don't want these shares; instead, they want preferred stock.
风投并不想要这些股份，相反，它们想要的是优先股。
The conference was also filled with early-stage investors and VCs.
大会上到处都能见到早期投资者和风险投资家。
Nowadays Valley VCs are more likely to take 2 weeks than 2 months.
目前硅谷的风投们更可能花2周而不是2个月的时间。
In the negotiation with VCs, you'll spend much time with your attorneys.
在与风投进行谈判时，你会和你的律师花大量时间。
The VCs will say you need them, and the super-angels will say you don't.
风投们会说你需要它们，而超级天使们会说你不需要。
VCs and founders are like two components that used to be bolted together.
风险投资和创业者就好像是两个零件，过去它们总是通过螺栓连接在一起。
You might already know this, but a VCS is not about files; it's about changes.
您可能已经有所了解，但是VCS 与文件无关；它关注的是修改。
VCs place a bet, and if it fails they move their money and attention elsewhere.
风险投资商们相当于在下赌注，一旦失败他们就把资金和注意力转向别处。
What should biotech entrepreneurs look for in their VCs, in today's environment?
在今日的环境中，生技创业家应该在他们的创投业者身上寻找什么？
But the truth is, no one knows yet, not even the VCs and super-angels themselves.
但是事实是，还没人知道，连风投们和超级天使们自己也不知道。
There is a danger of having VCs in an angel round: the so-called signalling risk.
在天使轮引入风投有一个危险：所谓的信号风险。
Fear of VCs is a common problem for first time entrepreneurs.It is a natural fear.
对于首次创业的企业家们而言，对VC的恐惧是一个通病，是一种自然而然的恐惧。
Most VCs want to make at least five times their money in a five - to 10-year span.
大多数风险投资都想在5-10年内赚取至少5倍的利润。
So the previously sharp line between angels and VCs has become hopelessly blurred.
因此过去天使与风投之间的明显界限已经变得模糊得不像样了。
Nine times out of ten, the meeting ends with them asking me for introductions to VCs.
这样的会议十次有九次以他们要求我介绍风险投资公司结束。
If VCs are only doing it in the hope of investing more later, what happens if they don't?
如果风投只是希望在接下来投入更多的话，如果他们接下来不投的话会发生什么？
Whatever the outcome, the conflict between VCs and super-angels is good news for founders.
不管结果如何，风投与超级天使之间的冲突对于创始人们是个好消息。
All of this requires the VCs' most scarce and valuable resource (and it's not money) - time.
所有这些都需要风险资本家奉献其最宝贵、最稀缺的资源(不是金钱)——时间。
All of this requires the VCs' most scarce and valuable resource (and it's not money) - time.
所有这些都需要风险资本家奉献其最宝贵、最稀缺的资源(不是金钱)——时间。
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