大众筹资对撼风险投资

3. 摩擦

    • 风险投资：高

    • 大众筹资：低

    鉴于大众筹资平台越来越倾向于实施总承包，而且所提供信息的质量越来越高，找到一大批可靠的投资者来提供启动资金护理变得越来越容易。而无论怎样理顺风投程序，风投伙伴总是会带来较多的摩擦。为了完成一个投资周期，风投伙伴总会要求对方付出较大的努力。他们会问较多的问题，投入较多的时间，分散注意力的程度也可能较大。但我的亲身体验表明，这个过程往往有益于刚刚起步的创业者，而且会促使他们的自知力、领悟力、专业性和透明度达到一个前所未有的水平。

    较为老练的创业者可能认为这样做没什么价值，而且更为顺畅的大众筹资程序可能更有吸引力。实际上，我认为大众筹资在两种特定情况下才显得很合适，这两种情况是：

    1. 筹集资金的目的是推出产品原型，而且重点完全放在技术方面，而不是搭建一家公司；

    2. 所筹资金来自一位老练的创业者，他认为风投伙伴所提供的有形和无形资产没什么价值，而且确实觉得资金不可或缺。

    作者是数据行业风投公司IA Ventures创始人。他的博客地址是InformationArbitrage.com。（财富中文网）

    译者：Charlie

3. Friction

    • VC: High

    • Crowdfunding: Low

    As crowdfunding platforms become increasingly turn-key and the information provided becomes better, it will become easier and easier to tap a broad array of accredited investors for start-up capital. VCs, regardless of how streamlined their process might be, will always represent more friction and require more effort in order to close a round. They will ask more questions. Spend more time. Likely distract to a greater extent. But, in my experience, this process is often healthy for the start-up founder and forces a level of self-awareness, insight, professionalism and transparency that did not exist previously.

    For more seasoned founders this might not be seen as valuable, and the more streamlined crowdfunding process might be more appealing. In fact, as I see it crowdfunding appears most appropriate in two distinct circumstances:

    1. Where the money raised is to hack together a prototype, and the focus is purely technical and not on business-building; or

    2. Where the money is raised from a seasoned founder who doesn't value the tangibles and intangibles offered by a VC, and really does view dollars as fungible.

    Roger Ehrenberg is founder of IA Ventures. He blogs at InformationArbitrage.com