一位在硅谷从事风投的先生质疑我的决定。
One Silicon Valley venture capitalist questioned my decision.
担心在以后的资金周转中受到风投公司的压榨。
They fear getting squeezed by a VC that invests in a later round.
这可能是谷歌风投与其他风投公司的巨大差异。
This is potentially a huge point of differentiation for Google Ventures.
谷歌风投正试图从以下六大方面颠覆风投行业。
Here are six ways Google Ventures is attempting to disrupt the VC industry.
有些风投公司就会趁火打劫，提出很苛刻的条件。
在天使轮引入风投有一个危险：所谓的信号风险。
There is a danger of having VCs in an angel round: the so-called signalling risk.
还能整个项目从头跟到尾的风投公司已经不多了。
There aren't many other firms left out there that can do it from beginning to end.
我也听过他们被叫作“迷你风投”和“微风投”。
最有说服力的一个例子来自我曾经工作过的一家顶级风投公司。
The most poignant example comes from a premier venture capital firm I once worked for.
一个积极的迹象就是看有几家以色列的风投公司开张。
A positive sign was how many Israeli VC firms were opening their doors.
风投并不想要这些股份，相反，它们想要的是优先股。
VCs don't want these shares; instead, they want preferred stock.
每一个风投，网络出版者，和数字工作者都对这三个趋势了若指掌。
Every venture capitalist, Web publisher, and digital marketer is hyper-aware of these three trends.
天使们与风投们最大的区别之一是他们想要的你的公司份额。
One of the biggest differences between angels and VCs is the amount of your company they want.
总之，如果你没有和传统风投很好的关系，别指望从这里起步。
In short, if you don't have a good relationship with a classic VC, don't start here.
如果披露未上市的、获风投支持公司的财务数据，会毁了它们。
If you disclose the underlying financials of still-private, VC-backed companies, you will destroy them.
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。
But the truth is, no one knows yet, not even the VCs and super-angels themselves.
而且那将导致顶级风投与超级天使们之间的品牌鸿沟逐渐被侵蚀。
And that will cause the brand gap between the top VCs and the super-angels gradually to erode.
开创一家公司越来越便宜，所以很少企业家需要风投的资金注入。
As companies become cheaper to launch, fewer entrepreneurs need the kind of cash infusions that VCs provide.
他们不能在你的董事会里投入像一个风投可以投入的那么多注意力。
They can't pay as much attention to you as a VC on your board could.
但是来到亚洲六个月之后，我前所未有地意识到那位风投人士错了。
But after being in Asia for six months, I'm more convinced than ever that the VC had it wrong.
创业公司们真的非常需要顶级风投们所能提供的那种建议和关系么？
Do startups that want to get really big need the sort of advice and connections only the top VCs can supply?
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。
Whatever the outcome, the conflict between VCs and super-angels is good news for founders.
然而那些大多建址伦敦的风投企业的注资选择模式也并不是一成不变的。
Yet those older VC firms, most of them based in London, have not stood still.
现在风投们已经有了竞争者，这将对他们所能提供的帮助进行到市场定价。
Now that VCs have competitors, that's going to put a market price on the help they offer.
然而，风投们有一个可以对超级天使使用的武器，并且他们已经开始使用。
However, the VCs have a weapon they can use against the super-angels, and they have started to use it.
只和一家风投公司合作有一个很明显的陷阱——如果你感情用事你就完了。
There is an obvious pitfall to working with just one VC - if you fall out of love you're screwed.
如果风投公司没有充足资金的话，这种趋势有可能导致创业公司估值下降。
This trend would likely result in valuations decreasing if commitments to venture funds do not increase.
而对于那些确实需要筹集风投轮的，当他们筹集时可能可以得到更高的估值。
And those who do raise VC rounds will be able to get higher valuations when they do.
而对于那些确实需要筹集风投轮的，当他们筹集时可能可以得到更高的估值。
And those who do raise VC rounds will be able to get higher valuations when they do.
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