风投行业的结构正在发生变化

    风投行业各个细分领域的估值全面上升，从5年来市场的增长就能预见到这一点，但估值水平增幅最大的是后期融资，它的中位数已从2010年的6600万美元上升到了2014年的1.55亿美元（年均复合增长率为24%）.

    那么，我们总是听到的“泡沫”怎么样了呢？

    对于即将上市的私营科技公司来说，当然还不存在泡沫问题。它们不仅上市时间较晚——此时它们规模更大，实力更强，它们上市时的估值水平也比互联网泡沫时期合理得多。从DotCom 1.0时期到现在，我们看到的情况是，公司从设立到上市的时间从3.1年延长到了7.4年，初创公司IPO时的收入规模从3500万美元增至1.02亿美元，估值水平（市值/收入比例）从13.3倍降到了5.3倍。当然，目前的公募市场比上次更加理性。

    Venture capital valuations are up across every segment of the industry as can be expected by our 5-years of growth markets but they are up most pronounced in the late-stage financings. There, the median valuation has risen from $66 million in 2010 to $155 million in 2014 (a 24% compound annual growth rate).

    .

    But about that “bubble” we always hear about?

    It certainly doesn’t yet seem to be the case regarding private tech market companies going public. Not only are they going public later, when they are larger & stronger, but the valuations upon their debuts are significantly more rational than the public dotcom bubble. From DotCom 1.0 to now we have seen the following: Years to IPO went from 3.1 years to 7.4, revenue of a startup at IPO went from $35m to $102m, and the valuation (market cap / revenue multiple) went from 13.3x to just 5.3x. Certainly the public markets for now are more rational than the last time around.

    总结

    廉价、移动化、社交化、全球化、全天候在线和一键购物让初创公司的收入增速达到前所未有的水平，也让这些公司的私营身份保持更长时间。也就是说，风投公司面临的机遇比以往任何时候都多，而且许多市场新军都在捕捉这样的价值。所有这些都意味着今后十年将存在绝佳的机会、风险以及不确定性。(财富中文网)

    译者：Charlie

    Summary

    Cheap, mobile, social, global, always-on, one-click-purchase leads to unprecedented revenue growth and companies staying private longer. That means there are more opportunities than ever in history for venture capital firms and lots of new entrants moving to capture this value. All of that means there are amazing opportunities, risks and uncertainties for the coming decade.