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。

youdao

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。

youdao

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。

youdao

Like VCs, he wants partnerships that spread the risk.

FORBES: Red Baron

What he meant was that in order to even consider playing ball, professional partners like VCs have to trust that they will have the right interpersonal, reputational, and emotional environment to operate in.

FORBES: You're Uninvestable, You Don't Follow The Rules

Unlike Boulder however, which rose to prominence due to the efforts of VCs like Brad Feld trying to catalyze a startup scene, Hsieh is trying to use the sheer size of Zappos to make a difference.

FORBES: Zappos and the Rise of Corporate Neo-Urbanism