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Welcome to the HBR IdeaCast from Harvard Business Review.[qh]
欢迎收看哈佛商业评论的HBR IdeaCast。[qh]
I’m Curt Nickisch.[qh]
我是柯特·尼基施。[qh]
Startups have a strong brand.[qh]
初创企业拥有强大的品牌。[qh]
They’re famous for their resourcefulness, their willingness to fail for thriving and uncertainty, for their ability to see an opportunity where no one else does.[qh]
他们以足智多谋而闻名，他们愿意为繁荣和不确定性而失败，因为他们有能力在别人看不到的地方看到机会。[qh]
But these qualities get repeated so often.[qh]
但这些品质经常重复。[qh]
They kind of become startup cliches.[qh]
这些似乎成了创业公司的陈词滥调。[qh]
It’s easy to forget the underlying wisdom there, and the power is in the details.[qh]
人们很容易忘记这些潜在的智慧，而力量就在细节中。[qh]
Take venture capital.[qh]
以风险投资为例。[qh]
What specifically makes venture capitalists different in their ability to seek value, and what practical lessons can any organization learn from that?[qh]
风险资本家在寻求价值的能力上有什么特别之处？任何组织都能从中学到什么实际经验？[qh]
Today’s guest is someone who has spent decades researching the most successful venture capital firms, and he’s walked away with findings into what really makes them tick.[qh]
今天的嘉宾是一位花了几十年时间研究最成功的风险投资公司的人，他在离开时发现了真正让这些公司运转起来的东西。[qh]
Ilya Strebulaev is a professor at the Stanford Graduate School of Business with technology executive and consultant Alex Dang, he wrote the new book, the Venture Mindset, as well as the HBR article, Make Decisions with a VC Mindset.[qh]
伊利亚·斯特雷布拉耶夫是斯坦福大学商学院的教授，他与科技高管兼顾问亚历克斯-当共同撰写了新书《创业心态》，以及《哈佛商业评论》的文章《用风投心态做出决策》。[qh]
Ilya, excited to talk to you.[qh]
伊利亚，很高兴能和你说话。[qh]
Thank you, Curt.[qh]
谢谢你，柯特。[qh]
It’s great to be here with you.[qh]
很高兴在这里和你交谈。[qh]
You have made your career as a researcher and professor out of venture capital, something that you would think would be really well understood and covered.[qh]
您以风险投资为职业，既是这行的研究员又是教授，这在您看来应该是很好理解和报道的事情。[qh]
I’m curious why you latched onto that industry for your work.[qh]
我很好奇你为什么要在这个行业工作。[qh]
People always think that in Silicon Valley you know a lot about venture capital.[qh]
人们总觉得，你在硅谷对风险投资很了解。[qh]
And yet when I came to Stanford about 20 years ago, nobody studied venture capital.[qh]
然而，当我大约20年前来到斯坦福大学时，没有人研究风险投资。[qh]
What I realized very early on is that the way venture capitalists make decisions is very different from the way we teach our students.[qh]
我很早就意识到，风险投资家做出决策的方式与我们教育学生的方式非常不同。[qh]
It is also very different from how executives typically make decisions in large corporations, in large organizations.[qh]
这也与大公司、大组织中高管通常做出决策的方式非常不同。[qh]
But there is something else.[qh]
但还有一件事。[qh]
In my research I showed that the venture capital industry in the United States is causally responsible for a very non-trivial fraction of all the new large companies that appeared in this country in the last 50 years.[qh]
在我的研究中，我发现，在过去50年里，美国出现的所有新的大公司中，有很大一部分是由美国的风险投资业造成的。[qh]
The VC industry that is relatively small is responsible for a very large fraction of companies that became very successful.[qh]
风投行业的规模相对较小，但在非常成功的公司中，有很大一部分是由风投行业贡献的。[qh]
Think Apple, Google, Moderna, Netflix, Airbnb, Salesforce, Tesla, Uber, Zoom, and of course now OpenAI.[qh]
想想苹果、谷歌、莫德纳、Netflix、Airbnb、Salesforce、特斯拉、优步、Zoom，当然现在还有OpenAI。[qh]
What this really means is that in the era of discontinuity and disruption, at the time when there are rapid advances in technology, large corporations face competitive pressure, not just from their traditional competitors, but also from newcomers that typically are venture-backed.[qh]
这实际上意味着，在这个中断和颠覆的时代，在技术快速进步的时候，大公司面临着竞争压力，不仅来自传统竞争对手，还来自通常得到风险投资支持的新来者。[qh]
And I think to respond effectively, these large companies would want to acquire, would want to adopt what I call the VC, the venture mindset.[qh]
我认为，为了有效应对，这些大公司会想要收购，想要采用我所说的风险投资心态。[qh]
So let’s dig into the VC mindset and what sets these decision makers apart.[qh]
因此，让我们深入挖掘风投的心态，以及是什么让这些决策者与众不同。[qh]
One thing that probably anybody would tell you if you ask them on the street is that this willingness to fail, comfort with failure is sort of at the heart of that mindset.[qh]
如果你在街上问任何人，他们可能会告诉你的一件事是，愿意失败，对失败感到舒适是这种心态的核心。。[qh]
Does your research bear that out?[qh]
你的研究证实了这一点吗？[qh]
It does.[qh]
确实如此。[qh]
Of course, willingness to fail is one of the many principles that we identified that constitute the venture mindset.[qh]
当然，愿意失败是我们确定的构成风险思维的众多原则之一。[qh]
In fact, the way I think about failure is in terms of baseball.[qh]
事实上，我对失败的看法是从棒球的角度来看的。[qh]
For venture capitalists, home runs matter, and strikeouts don’t.[qh]
对于风险资本家来说，全垒打很重要，而三振出局并不重要。[qh]
What you’ll see is that out of 20 typical early-stage venture capital investments, most may fail.[qh]
你会看到在20个典型的早期风险投资中，大多数可能会失败。[qh]
A few will maybe return the money back, and maybe will earn a little bit.[qh]
一些人可能会退还钱，也可能会赚一点钱。[qh]
And it’s only one out of 20 that becomes a home run.[qh]
而且20个人中只有一个能打出全垒打。[qh]
