最近已经写了很多关于风险投资“生态系统”的文章 - 是否有足够的资本流入该行业，以使其蓬勃发展，甚至保持漂浮。随着2011年数字的涌入，许多观察家感到震惊的是，VC的投资是他们提出的两倍。Many tend to see this as a necessary correction following a long period of over-capitalization relative to the opportunity set–this is small consolation, though, to the entrepreneur fretting that there will be less capital from fewer sources when it’s time to raise the next round.
许多企业家都问我如何避免被缩小的资本库拒之门外。这是一个很好的问题，所有企业家都应该问自己一个问题，因为他们着眼于下一轮。
对于大多数企业家来说，现实是，筹集资金很少很容易，而且从来都不是没有弦乐。作为风险投资家，我们不喜欢谈论这些弦乐。这是我们整个VC-企业家关系的方法。我们是对创始人友好的，我们是耐心的资本，我们是公司建设的长期合作伙伴。但是，我们也对自己的投资者负责（队列弦乐）。
我们的投资者是我们资金中有限合作伙伴的投资者，他们预计内部收益率（IRR）至少高出500个基准点500分500名 - 鉴于风险投资是这样的高风险资产类别。随着大多数市场平均每年增长8-10％，我们资产类别的投资者正在中高中寻找IRR。
For a fund to return that kind of IRR to its limited partners, the IRR for general partners must be several points higher than that. Given that not all investments will return money and successes must compensate for failures, you need to ratchet that up to about a 25 or 30 percent IRR. An entrepreneur needs to have this figure on the radar–that’s what a segment of our very complex ecosystem will consider a “successful” investment.
It’s the cost of capital for the entrepreneur. And at the end of the day, it’s not just about a cash-on-cash return; it’s also about the time value of money. A 2x in 3 years is a 26% IRR, but a 2x in 10 years is only 7% IRR. As VCs, our investors measure our performance based on IRR–when they talk about top quartile or top decile funds, it’s net IRR to LPs that drives those rankings.
有趣的是，当NEA创造了十多年前投资的“风险增长股权”一词时，这是一种对这些动态发挥不佳的策略。通过机会主义地对具有风险风险风险的后阶段公司进行一些投资，但时间范围较短，我们看到了在投资子集中增加IRR的机会，从而为核心的早期核心创造了一些投资组合绩效的余地那些需要更长时期的支持的公司才能达到成熟。
As a CEO, you have to ask yourself whether you are creating enterprise value. To gauge this from the perspective of a VC, it is necessary to think about the return on invested capital compared to the cost of that capital. If your return on invested capital is lower than your cost of capital, then you are decreasing enterprise value. Not all investments are accretive to enterprise value. Here is a simple equation to keep in mind when contemplating any kind of investment, whether related to operations or capital expenditures:
Enterprise Value Added = (Return on Invested Capital – Weighted Average Cost of Capital)∙Capital Employed
在这个行业可能会散布干粉末的行业，他们认为像投资者一样的企业家将满足高需求。那里有很多高质量的首席执行官专注于业务，任务，战略，执行和文化的所有核心原则，但他们忘记了他们也是投资者资本的管家。
VC不能忘记这一点。对于生态系统而言，企业家也不能。
- 作者克里希纳“ Kittu” Kolluri是New Enterprise Associates的普通合伙人，他专注于信息技术和能源技术投资。
[Image: Flickr userdcosand这是给出的