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。。。 Wary since last year of a fresh outburst of exuberance, Mr Sohl now monitors the share of business plans in America that succeed in getting finance. In the long run, he estimates that only 10% of new ideas get enough money to set up. However, in 2000 the proportion shot up to 25%, before falling back to the teens during the bear market. He frets that since 2004 the approval rate has steadily risen from 18% to 23%. It is still rising. This rise may reflect the increasing supply of capital as existing angels lend more and new angels join the throng. Either way, some undeserving businesses are probably raising capital. 这种忧虑开始与去年此类组织的暴发性增加，现在Sohl先生正在密切注意美国的商业计划成功融资的比例。从长远来看，他估计只有10%的新创意能得到足够的启动资金。这一组织的比例在2000年的时候增加到了25%，此后，由于熊市的到来，曾一度下滑至百分之十几。他担心地指出，自2004年起，这一组织的比例已经从18%稳步增长至23%，并继续增加。而随着现存天使投资人的借贷越来越多和新天使投资人加入此行列，这一增长将对资金供应的增加产生负面影响。与此同时，一些不知的投资的公司却可能获得投资。 The value of nothing 看不到的东西也有价值 It is all very well to talk in general terms about an overheating market. But in any single deal how do the entrepreneur and the angel work out whether the price is right? As any corporate financier will privately admit, assessing the value of even an established business is more art than science. When that business has rarely made a sale, let alone a profit, valuation becomes inspired guesswork. 一般来说提到市场过热的问题在谈判中总是有用的。但是对于每个具体的项目而言，创业者和天使们该如何决定（投资的）价格是否合理呢？由于参与合作的任何一个投资人都将自己来作出决定，即使是为一家已经成立的公司定出价格都不只是科学而更是一门艺术。而如果这家公司还基本上没有卖出什么东西，更不要说还没有盈利，想订出一个合适的价格就只能靠大胆的猜测了。 David Beer runs a network that matches British entrepreneurs with prospective investors. In 20 years of observing start-ups, he has developed a simple rule of thumb. “If it's just an idea, it's worth euro10,000; if it has a credible management team in place, it might be worth euro100,000. On the other hand, if it has sold something for real money to real customers, it could be worth euro500,000.” David Beer经营着一个为英国创业者提供潜在投资人的网络。在对新企业进行了20年的观察之后，他总结出了一套（定价的）简单经验。“如果它只有一个设想，它值1万欧元；如果它有一个让人信得过的管理团队，它能值10万欧元。而另一方面，如果它已经向真实的用户买出东西获得了真正的收益，它就能值50万欧元。” Another investor says that early stage capital is flowing too freely now. He remarks that managers now “think 30 pages of business plan are worth $5m without a management team or even having made a penny in sales.” He believes that entrepreneurs have less humility than they once did. “You have to make these guys understand that they are better off with a smaller slice of a really big pie than owning most of a tiny business.” 另一位投资者说，早期投资资金流动现在过于自由。他强调说，“即使是没有管理团队甚至也没有挣到半个子儿，一份30页的商业计划”到了现在的经理人嘴里，“也能值5百万美元。”他认为创业家们已经不像过去那样的谦逊了。“你得让那些家伙们明白，他们在大蛋糕上分得的一小部分也比那到大半快的小蛋糕要强。” Although luck is a big part of finding the right opportunities, Anthony Clarke, president of the European Business Angel Network, offers further advice to budding angels. He advises avoiding lone wolves and backing fully formed founding management teams instead. The founders should show an innate ability to sell. And they must have a one-track mind and the obsession to work 60 or 70 hours week in, week out. 而正确选择投资机会很大程度上也要靠运气，欧洲商业天使网络主席，Anthony Clarke，为新入行的天使们提出了更多的建议。他建议，不应投资那些单打独干的皮包公司，而应选择支持那些有完整的创业管理团队的公司。公司的创立者们必须具有销售天赋。而且他们必须能咬定青山不放松，专注于自己的工作，一周接一周的，每周工作60或70小时。 Perhaps of greater importance in raising finance is what angel networks now call “investor readiness”. Few entrepreneurs realise that most angels will decide whether or not to look at a business in depth after skimming a business plan for only a couple of minutes. In spite of this, one commentator suggests that fully four-fifths of business plans put potential investors off, by being badly written or making implausible claims such as “we have no competition”. 对于融资来说，可能更重要的是现在天使投资网络们所说的“投资准备读”。一些创业者们认识到，大多数的商业天使们只会花几分钟浏览商业计划书，之后就为是否投资做出决定。除此之外，一位评论者认为，五分之四的商业计划书会起草的很糟糕或者喜欢说“没人能与我们竞争”之类无法取信于人的话，它们会使投资者放弃投资意向。 Ultimately, the success of any new venture will depend on the desire of people with ideas to risk their careers and livelihoods on the promise of wealth and success. According to the Global Entrepreneurship Monitor, an annual report of enterprise, the proof of such animal spirits depends on the fear of failure and the example of successful entrepreneurs. A survey on attitudes to entrepreneurship, sponsored by the European Commission, estimated that 26% of Americans would refrain from starting a business because of the risk to income and career. This share grows to 34% in Britain and to 46% in the European Union as a whole. 最终，任何新风险投资的成功，都取决于拥有商业创意的人赌上他们的工作和生计来追求财富与成功的决心。据每年发表一份的企业报告，《全球创业观察》（译注10）称，这种野兽般的精神可以从人们对失败的恐惧和成功创业家的例子中得到证实。由欧盟委员会资助的一项关于创业精神的调查显示，26%的美国人会因为失去收入和工作的危险而放弃创业。这一比例在英国为34%而在欧盟整体范围内则为46%。 The European Business Angel Network says there is a social dimension to this disparate result. Americans are surrounded by entrepreneurs who have “cashed out” and have lived through a full cycle of founding, cultivating and then selling their businesses only to start all over again. Angels are more likely to put up their money if the person knocking on the gate has already worked out a heavenly exit route. 欧洲商业天使网络认为，产生这样的结果有它的社会基础。美国人身边随处可以找到已经成功“退出”（cashed out）[译注11]的创业者，他们通过创立、培育、出售他们的公司然后再从头开始的循环来生活。而天使们也更青睐那些已经创造过成功业绩的求助者。 译注： 1. Business Angels: The term angel was coined in theatre land in the USA in reference to wealthy backers who make risky investments on Broadway in order to produce shows. This definition has now broadened and business angels are characterized as private individuals who invest venture capital, and often time and expertise, in smaller unquoted companies. They play an important part in the venture capital market by supplying smaller amounts of capital to companies that cannot be economically funded by the established venture capital market, helping fill what is commonly referred to as the 'equity gap'. Research has suggested that business angels will invest anywhere between 10,000 and 150,000 in a single venture and occasionally much larger sums (although these are usually as part of a syndicate, either with other angels or venture capitalists). 商业天使 “天使”一词用在商业上最早是在美国的演艺行业，它被用来指那些为百老汇的剧目制作提供风险投资的援助人。这一概念的范围现在已经扩大，商业天使一词特指那些为小型非上市公司提供风险投资、以及时间和经验上帮助的个人。他们为那些因为规模太小而无法从公开的风险投资市场上融资的小企业提供小额的资金支持。他们的存在填补了所谓的“股权空隙”，从而在风险投资市场上扮演了重要的角色。研究表明商业天使们每一笔的投资额度在1万到15万美元上下，偶尔他们也会有更大规模的投资（虽然这样的投资常常是与其他的商业天使或者风险投资者合作进行的。） 2．Venture Capital Venture capital (VC) is funding invested, or available for investment, in an enterprise that offers the probability of profit along with the possibility of loss. Indeed, venture capital was once known also as risk capital, but that term has fallen out of usage, probably because investors don't like to see the words 'risk' and 'capital' in close conjunction. Venture capitalists often don't tend to think that their investments involve an element of risk, but are assured a successful return by virtue of the investor's knowledge and business sense. DataMerge, a financial information provider, says that VC investments in an enterprise are usually between $500,000 and $5 million, and that the investor is likely to expect an annual return of 20% to 50%. 风险投资 风险投资（VC）是指，一种为投资而设立或者拥有投资基金的公司，这种公司的投资收益总是与损失的风险相伴。事实上，风险投资（venture capital）过去曾被称为危险投资（risk capital），不过可能是因为投资者不喜欢看到“危险”（Risk）和“投资”（Capital）两个词放在一起，所以这个名字现在已经不用了。风险投资家们往往不认为他们的投资包含什么危险，他们总是能保证通过投资人的专业知识和商业能力来获得丰厚的回报。经融信息顾问DataMerge说，VC投向一家公司的资金一般在50万到500万美元之间，而投资者预期的年收益率一般在20%到50%。 3．The equity gap 股权空隙 Some businesses require much larger funding than that which can be provided by business angels, but do not need the levels of funding venture capitalists would consider. The gap between these two finance situations is known as the equity gap. 有的公司需要的资金超过了商业天使们所能提供的规模，但又没有大到风险投资者所要求的底线。这两种经济状况之间的鸿沟就被称为‘股权空隙’ （不过，我认为文中的equity gap主要还是指早期的启动资金与风险投资两个融资渠道之间的渠道缺失。而商业天使的出现填补了这个空白。） Businesses in this situation may wish to approach private equity firms for help. These are organisations that invest and manage investments and they tend to focus on management buy-outs and buy-ins. 这种情况下公司们会希望从私人公司那里得到帮助。这些组织从事投资并管理投资他们的关注点倾向于管理层外购和内购（MBO和MBI）。 On 18 July 2005, the government launched a multi-million pound equity finance scheme to close the equity gap. Up to £200 million will be made available through Enterprise Capital Funds (ECFs) to match private funding from venture capitalists or business angels. Small and medium-sized enterprises (SMEs) with high-growth potential will be able to apply for up to £2 million of equity finance from the SME-approved ECFs as soon as these are announced. 英国政府于2005年6月18日开始实施一项上亿英镑规模的股权融资计划，以缩小股权空隙。政府将投资2亿英镑创立企业资本基金（EFCs）来和风险投资、商业天使的私人资金相配套，以填补后两者之间的空缺。拥有高成长潜力的中小型企业（SMEs），从此之后，就可以从SME核准的企业资本基金申请最高200万英镑的股权融资。 In England there are other options available if your financing needs fall into the equity gap. The Regional Venture Capital Fund (RVCF) programme is aimed at providing risk capital finance of up to £500,000 for SMEs that have good growth prospects. Funding is supplied by the government - through the SBS - and the European Investment Fund. The remainder - typically 50 per cent - comes from private sector investors. 在英格兰，如果你的融资遇到了股权空隙，那还有个解决途径。区域风险投资基金（RVCF）计划致力于为有良好成长潜力的中小企业提供最高达50万英镑的风险投资。英国政府（通过SBS）与欧洲投资基金都向其提供资金支持，剩余的约50%资金则来源于私人投资者 4．二次贷款：指用贷款购买到的财物作为抵押再向银行融资的贷款形式。比如，以贷款购买的房屋作为抵押，再次向银行申请贷款。有的银行有这种贷款业务。国内也有银行提供房屋二次抵押贷款业务。 5. Dragons' Den:BBC电视台的一档创业类真人秀节目。 6. The Producers: 《制片人》，也有译成《金牌制片人》，最早是1968年的电影场景在1920年代。不是所有的制片人都能象Cameron Mackintosh那样风光，这不，一位叫Max Bialystock的原百老汇制片人只能靠在退休女歌舞演员面前装小丑过日子。一天，“高级经济师”Leo Bloom来到他的办公室，告诉他怎样吸引风险投资来排戏，以及如何搞砸这部叫《希特勒的春天》的戏，好让投资都进他们两个人的腰包。未曾想，那部“大话希特勒”版的闹剧大受欢迎，他们的计划也因此暴露，双双上了法庭。这就是影片《制片人》的大概情节。喜剧演员Zero Mostel和Gene Wilder分别饰演两位主角，他们外表冷面，貌似精明，举手投足之际却处处让人忍俊不禁；戏中戏《希特勒的春天》本是一出为希魔翻案的音乐剧，由于启用了最糟糕的剧本和演员，每一句歌功颂德的唱词都变成了恰到好处的讽刺，如果要问片中什么歌曲最“抓人”的话，我一定推荐那首Springtime for hitler。 执导本部影片的是著名导演Mel Brooks。2001年，他在百老汇推出了影片的舞台音乐剧版本，一举夺得当年最佳音乐剧、最佳插曲和最佳原著三项戏剧托尼奖，使他成为又一位集奥斯卡（电影）、艾美（电视）、托尼（戏剧）和格莱美（音乐）奖于一身的成功人士 7．liquidation preferences：清算优先，即如何公司清算或解散（非破产），优先股股东有权优先于公司其他股东分得当初投资额一定倍数的资产 8．redemption rights：股份回购权，包括强制性回购和选择性回购，这种权力要求在一定条件下（如企业在约定时期的业绩没有达到合同要求），企业购买VC拥有的股票。这对企业而言需要大量的现金流，在这种压力就可能迫使EN在退出方式选择上与VC进行在谈判，使得VC在谈判过程中获得相应的'租金'或者将退出决策权交由VC。 9．antidilution protection：反稀释保障，也叫反摊薄条款。条款限制创业家出售新股的价格，规定新股售价必须大于或等于风险投资公司的优先股债券的转换价格。其目的在于确保风险投资公司的股权比例不因新投资而受稀释。反稀释条款又分为荆轮型和加权型两种。前者规定债券或优先股转换为普通股的价格可以降至任何普通股的最低值，后者则是按所有发行在外的普通股的加权平均值来转换。 10．Global Entrepreneurship Monitor：《全球创业观察》（Global Entrepreneurship Monitor - GEM）。它是一个国际组织，由四十多个国家共一百五十多位研究員组成，每年调查各国的创业情況。由伦敦商学院和百森商学院（Babson College）担任主席。 11．Cash out: 扑克牌术语，指离开游戏并把筹码换成现金。 |
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