????說(shuō)到這里，不得不說(shuō)一說(shuō)我經(jīng)常思考的兩件很有意思的事情：第一，就算是風(fēng)投業(yè)界最出色的投資者也只有1/3的投資成功率。這意味著他們也會(huì)遇到“苦干到底”和“撞墻”的情形。我當(dāng)然也在這個(gè)行列。第二，我們最終在2/3不成功的投資中花費(fèi)了大量時(shí)間和精力(希望不是金錢(qián))。如果一切順利，事實(shí)上你或許并不那么需要風(fēng)投。

????當(dāng)然，在我所有最終成功的案例中，我都為投資的企業(yè)實(shí)現(xiàn)了價(jià)值增值。但真正讓我付出大量心血和汗水的并不是這些成功的案例。這也是風(fēng)投人不得不面對(duì)的兩難困境。你希望和哪一類風(fēng)投合作？

????弗雷德?威爾森1996年成為風(fēng)險(xiǎn)投資人，現(xiàn)為合廣投資的董事總經(jīng)理。本文轉(zhuǎn)載自其個(gè)人博客。

????There are two interesting things here that I always think about. The first is that even the very best investors in the VC business only get a hit about 1/3 of the time. That means that they have their share of "slog it outs" and "hit the walls" too. I am certainly in that camp. The second is that we end up spending an incredible amount of time and energy (hopefully not money) on the 2/3 of our investments that don't work out. When everything goes well, you really don't need that much from a VC.

????Of course, I have added value in all of my winners. But it’s the ones that don't work that I have left my blood, sweat, and tears on. And that's the paradox of being a VC that cares. Which is the only kind of VC you want to work with.

????Fred Wilson has been a venture capitalist since 1996 and currently serves as managing partner of Union Square Ventures. This is reposted from his personal blog.