国匠城工作台

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rgb(3, 80, 154);box-sizing: border-box;" powered-by="gulangu"><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="margin: 0px 0% -50px;text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 20%;margin: 0px -50px 0px 0px;box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: left;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 50px;height: 100px;vertical-align: top;overflow: hidden;background-color: rgb(187, 42, 31);border-right: 0px none rgb(62, 62, 62);border-top-right-radius: 100px;border-bottom: 0px none rgb(62, 62, 62);border-bottom-right-radius: 100px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 80%;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnlIRRp7Uibbuick4RSibgghicjAdxGUhoiaWicmFXRMfR7Rd8OKialXPCkaA1Q/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg" data-ratio="1.413888888888889" data-w="1080"  /></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="margin: 10px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 14px;color: rgb(160, 160, 160);letter-spacing: 1px;padding: 0px 30px;line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">城市空间是经人规划和设计的，也是需要人去体验和反馈的。近期一览团队在上海、北京、深圳、广州等地开展了Jane's Walk (简称JW)的活动，邀请市民们一起，戴上对社区营造和市民生活的观察眼，来一次城市漫步。本期节目集结了本次上海JW的灵魂人物们，聊聊此次活动探访的三个超有腔调的上海社区：老小区的爆笑烟火气 - 普陀区·镇坪路、百年老路的反差萌 - 长宁区·愚园路、那些年白相过的外国弄堂 - 长宁区·新华路。一览众山小播客《不止是市民》Vol.11《上海Jane's Walk 寻找“消失的附近”|陪你荡荡马路，开开11路！》，扫码或点击阅读原文收听！</p></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  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border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="display: inline-block;vertical-align: top;width: 43%;height: auto;box-sizing: border-box;"><section style="text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: bottom;width: 14%;background-color: rgba(216, 223, 224, 0.32);align-self: flex-end;margin: 0px 0px -20px;height: auto;box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="display: inline-block;vertical-align: bottom;width: 52%;background-color: rgb(242, 241, 235);padding: 5px 0px;align-self: flex-end;box-sizing: border-box;"><section style="text-align: center;font-size: 18px;color: rgb(186, 146, 143);letter-spacing: 2px;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">一览导读</strong></p></section></section><section style="display: inline-block;vertical-align: top;width: 14%;background-color: rgba(242, 207, 201, 0.28);align-self: flex-start;margin: -20px 0px 0px;height: auto;box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section><section style="margin: 15px 0%;text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: bottom;height: auto;align-self: flex-end;padding: 0px 12px;border-left: 2px dashed rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgb(227, 169, 124);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 7px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;padding: 0px;letter-spacing: 0px;line-height: 1.8;color: rgb(146, 118, 116);box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">在这次冠状病毒的疫情影响下，初创公司的命运该何去何从？风险资本家们在经济危机的情形下紧盯着初创公司，他们试图控制创业人口。谁能在这场疫情过后继续存活，取决于初创公司抵御经济危机的能力。通常他们有三种做法：被大公司并购、寻求贷款或裁员。</p></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: center;justify-content: center;margin: -22px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: bottom;width: 16%;height: auto;align-self: flex-end;box-sizing: border-box;"><section style="justify-content: center;margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 25%;vertical-align: top;height: auto;background-color: rgb(242, 207, 201);box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section></section><section style="display: inline-block;vertical-align: bottom;width: 42%;background-color: rgba(239, 233, 207, 0);padding: 10px;height: auto;align-self: flex-end;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;background-color: rgb(206, 174, 161);padding: 0px;box-sizing: border-box;" powered-by="gulangu"><section style="margin: -20px 0% 20px;transform: translate3d(20px, 0px, 0px);box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;padding: 10px;background-color: rgb(242, 207, 201);box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnicpjNgEz97ibDT9c7b334A3KFLVDgOrSclAKmLxc7ZozNia0pRdArUC8Q/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg" data-ratio="1" data-w="265"  /></section></section></section></section></section></section><section style="display: inline-block;vertical-align: bottom;width: 42%;padding: 15px 15px 15px 5px;background-color: rgba(239, 233, 207, 0);height: auto;align-self: flex-end;border-top: 2px none rgba(227, 169, 124, 0.43);border-top-left-radius: 0px;box-sizing: border-box;"><section style="margin: -52px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;box-sizing: border-box;"><section style="opacity: 0.15;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 20px;color: rgb(206, 174, 161);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="text-decoration: none;box-sizing: border-box;">一览众山小</span></strong></p></section></section><section style="opacity: 0.15;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 20px;color: rgb(206, 174, 161);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="text-decoration: none;box-sizing: border-box;">团队成员</span></strong></p></section></section></section></section><section style="display: inline-block;width: 100%;vertical-align: top;box-sizing: border-box;" powered-by="gulangu"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnJodZNMJZMVpa5DxUgEIadhLahhcGQKcBxghOneu4WbVGvgicH7v4IEg/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg" data-ratio="1" data-w="265"  /></section></section></section><section style="transform: translate3d(13px, 0px, 0px);text-align: right;justify-content: flex-end;margin: 10px 0% 0px;opacity: 0.3;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 75%;vertical-align: top;background-color: rgb(242, 207, 201);height: auto;box-sizing: border-box;"><section style="text-align: justify;line-height: 1.2;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 70%;vertical-align: top;height: auto;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0%;text-align: left;justify-content: flex-start;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;background-color: rgb(242, 207, 201);padding: 8px;min-width: 10%;max-width: 100%;height: auto;margin: 0px;border-width: 0px;flex: 0 0 auto;align-self: flex-start;z-index: 1;box-sizing: border-box;"><section style="margin: 0px 0% -30px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;padding: 6px 13px;background-color: rgb(242, 241, 235);box-sizing: border-box;"><section style="text-align: center;color: rgb(186, 146, 143);font-size: 18px;line-height: 1.8;letter-spacing: 2px;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">后疫情时代的初创公司</strong></p></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 52.4375px;height: auto;margin: -20px 0px 0px -10px;flex: 0 0 auto;align-self: flex-start;z-index: 1;box-sizing: border-box;"><section style="margin: 0px 0%;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section><section style="margin: 0px 0%;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(239, 205, 175);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">盯着经济危机的阴影，风险资本家正在控制着创业人口。在这一点上，这不是要挽救初创公司，而是有关于谁能在经济危机中存活下来。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">依靠12至18个月的融资周期，初创公司在其发展的尽头等待着与投资者会面，并等待前景逐渐消退。投资者将不得不确定他们是否拥有下一个Facebook的股份，或不值得承担的风险。风险投资人更倾向于规避风险。根据GlobalData的数据，到3月29日，风险投资资金与前一周同比下降了22.5％。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">风险投资之间的外逃或死路可能决定了一家初创公司抵御经济危机的能力——或者说，让提供产业的一方无法抗拒购买的能力。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">经济不景气为B2B初创企业提供了通过新客户为其业务融资的机会。如果一家初创公司可以在经济危机时期通过客户订购服务来证明其价值，那么它就可以保持连续性或并购。对于那些资金链缩水，资本萎缩的初创公司来说，大型科技公司在经济低迷时期的收购欲是生存的又一机会。最后的选择是什么？答案是消亡。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">“真正的问题将是，在什么程度上有强烈的收购目标，到什么程度他们才有能力或被迫出售？” ISG首席分析师布莱尔·汉利·弗兰克（Blair Hanley Frank）告诉CIO Dive。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">根据Gartner的数据，与经济较为稳定的年份相比，在2001年的经济危机期间，并购交易下降了23％。在2007年12月至2009年6月的大萧条期间，并购活动下降了34％。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">在熊市中，上市公司和私营公司的估值会有波动。上市公司的股票可作为私营公司的经济指标。当股价下跌时，上市公司将使用流动资产收购估值下降的私营公司。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">“我一直被人问到，'是不是没有失败的大公司？”它们不能称之为失败，其实风险投资人非常聪明，企业家能预估未来。” Sherwood Partners，Inc.联合总裁Martin Pichinson告诉CIO Dive。尽管如此，要告诉初创公司创始人是时候关门了，即使是对于硅谷的“承办商”，也“非常困难”。自网络泡沫破灭以来，皮钦森（Pichinson）因出售部分初创的初创公司而得名。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">根据PitchBook的数据<strong style="box-sizing: border-box;"><span style="color: rgba(38, 176, 231, 0.79);box-sizing: border-box;">（参考文献1，请后台联系我们下载）</span></strong>，虽然2020年第一季度有近2,300笔风险投资交易受到进出口和筹款活动的支持，但由于冠状病毒使未来投资脱轨，这一势头可能会在第一季度下降。</p></section></section></section><section style="text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 45%;vertical-align: top;height: auto;border-bottom: 2px dashed rgba(227, 169, 124, 0.2);border-bottom-right-radius: 0px;box-sizing: border-box;"><section style="margin: 0px 0% -13px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.3;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: 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0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.33;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(242, 207, 201);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 34%;height: auto;background-color: rgb(242, 241, 235);padding: 10px;align-self: center;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;box-sizing: border-box;" powered-by="gulangu"><section style="opacity: 0.15;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 20px;color: rgb(206, 174, 161);line-height: 1.3;letter-spacing: 1px;box-sizing: border-box;"><p style="display: inline-block;width: 1em;margin: 0px 0.2em;float: left;clear: none;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">一览众山小</strong></p><p style="display: inline-block;width: 1em;margin: 0px 0.2em;float: left;clear: none;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">可持续城市与交通</strong></p><p style="clear: both;font-size: 0px;line-height: 0;min-height: 0px;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section></section><section style="display: inline-block;width: 42%;background-color: rgb(239, 205, 175);padding: 10px;height: auto;margin: 0px 0px 0px -30px;vertical-align: middle;align-self: center;box-sizing: border-box;"><section style="display: inline-block;width: 100%;vertical-align: top;box-sizing: border-box;" powered-by="gulangu"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPngSRNDhME5EvuCBxKG5t5CJhK5iawBFibXULHxHpjZKDXkSYibRdD4gw5Q/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg" data-ratio="1.2951724137931035" data-w="725"  /></section></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: right;opacity: 0.54;justify-content: flex-end;transform: translate3d(80px, 0px, 0px);margin: -50px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 115px;height: 50px;vertical-align: top;overflow: hidden;border-bottom: 1px none rgb(242, 207, 201);border-bottom-right-radius: 100px;border-left: 0px none rgb(242, 207, 201);border-bottom-left-radius: 100px;background-color: rgb(242, 241, 235);border-right: 0px dashed rgb(62, 62, 62);border-top-right-radius: 0px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 24%;background-color: rgba(239, 233, 207, 0);margin: 0px;align-self: flex-start;box-sizing: border-box;"><section style="justify-content: center;margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 25%;vertical-align: top;height: auto;background-color: rgba(227, 169, 124, 0.43);box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 70%;vertical-align: top;height: auto;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 7px 0% 0px;text-align: left;justify-content: flex-start;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;background-color: rgb(239, 205, 175);padding: 8px;min-width: 10%;max-width: 100%;height: auto;margin: 0px;border-width: 0px;flex: 0 0 auto;align-self: flex-start;z-index: 1;box-sizing: border-box;"><section style="margin: 0px 0% -30px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;padding: 6px 13px;background-color: rgb(242, 241, 235);box-sizing: border-box;"><section style="text-align: center;color: rgb(186, 146, 143);font-size: 18px;line-height: 1.8;letter-spacing: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">“它们并非失败”</strong></p></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 52.4375px;height: auto;margin: -20px 0px 0px -10px;flex: 0 0 auto;align-self: flex-start;z-index: 1;box-sizing: border-box;"><section style="margin: 0px 0%;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section><section style="margin: 0px 0%;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(242, 207, 201);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">“它们并非失败，其实风险投资人非常聪明，企业家能预估未来。”皮钦森说，如果初创企业能够扩大到足够的规模，他们可以“轻松地”成为“正规公司”。但是，成为一家正规企业取决于谁在掌舵。“多年来，我一直在劝诫投资者，但没有人听。牺牲性的大举措是在一开始就让创始人成为首席执行官。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">面对即将到来的经济危机，可能缩短的资金外逃以及很少的收购选择条件，对于初创企业而言，重组领导层为时已晚。初创企业至少需要一年的时间才能考虑到重组以度过经济危机。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">对于其他初创公司，Pichinson给了他们六个月的时间来拯救自己。</p></section></section></section><section style="text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 45%;vertical-align: top;height: auto;border-bottom: 2px dashed rgba(227, 169, 124, 0.2);border-bottom-right-radius: 0px;box-sizing: border-box;"><section style="margin: 0px 0% -13px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.3;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.23;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(239, 205, 175);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.33;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(242, 207, 201);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="opacity: 0.15;margin: 0px 0% -20px;transform: translate3d(11px, 0px, 0px);box-sizing: border-box;" powered-by="gulangu"><section style="text-align: center;font-size: 27px;color: rgb(206, 174, 161);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><p style="text-align: left;margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="text-decoration: none;box-sizing: border-box;">  拯救你<span style="text-decoration: none;box-sizing: border-box;"> </span></span></strong></p></section></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 45%;height: auto;background-color: rgb(216, 223, 224);align-self: center;box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="margin: 0px 0% 10px;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;width: 70%;height: auto;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnu5QUAcf1APeRvNkDUOUO7oUoMUu4lJD0QDoIWMaqYHv1QubOOkRiaiag/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;width: 100%;box-sizing: border-box;" data-type="jpeg" data-ratio="0.9716859716859717" data-w="777"  /></section></section><section style="transform: rotateZ(170deg);box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;justify-content: flex-start;opacity: 0.47;margin: -5px 0% 0px;transform: translate3d(-10px, 0px, 1px) rotateX(180deg) rotateY(180deg);box-sizing: border-box;"><section style="display: inline-block;width: 70px;height: 35px;vertical-align: top;overflow: hidden;border-bottom: 1px none rgb(242, 207, 201);border-bottom-right-radius: 100px;border-left: 1px none rgb(242, 207, 201);border-bottom-left-radius: 100px;background-color: rgb(242, 207, 201);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: 35%;height: auto;background-color: rgba(227, 169, 124, 0.2);align-self: center;box-sizing: border-box;"><section style="transform: rotateZ(32deg);box-sizing: border-box;" powered-by="gulangu"><section style="justify-content: center;opacity: 0.16;margin: -20px 0% 0px;box-sizing: border-box;"><section style="display: inline-block;width: 70px;height: 35px;vertical-align: top;overflow: hidden;border-bottom: 1px none rgb(242, 207, 201);border-bottom-right-radius: 100px;border-left: 1px none rgb(242, 207, 201);border-bottom-left-radius: 100px;background-color: rgb(99, 182, 196);box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="margin: 20px 0% 10px;transform: translate3d(25px, 0px, 0px);box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;width: 90%;height: auto;box-sizing: border-box;"><img data-ratio="0.7074074" data-w="1080" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnEdyHGYR399zHgaxDp3ddt7Y0ybFlAkPaTHRdawSXibia7icnqGqWN1BuQ/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;width: 100%;box-sizing: border-box;" width="100%" data-type="png"  /></section></section><section style="opacity: 0.15;margin: 0px 0% -25px;transform: translate3d(1px, 0px, 0px);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 27px;color: rgb(206, 174, 161);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="text-decoration: none;box-sizing: border-box;"> 初创公司</span></strong></p></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 7px 0% 17px;box-sizing: border-box;"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;border-width: 0px;align-self: flex-start;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;margin: 0px -15px 0px 0px;padding: 0px 10px 0px 5px;border-width: 0px;z-index: 1;background-color: rgb(216, 223, 224);box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;height: auto;border-left: 3px solid rgb(242, 241, 235);border-bottom-left-radius: 0px;padding: 0px 0px 0px 6px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;text-shadow: rgb(255, 255, 255) 1px -1px, rgb(255, 255, 255) 1px 1px, rgb(255, 255, 255) -1px 1px, rgb(255, 255, 255) -1px -1px, rgb(255, 255, 255) 1px 0px, rgb(255, 255, 255) 0px 1px, rgb(255, 255, 255) -1px 0px, rgb(255, 255, 255) 0px -1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">01</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 50 50 0%;align-self: stretch;height: auto;border-style: dashed;border-width: 2px;border-radius: 0px;border-color: rgb(216, 223, 224);padding: 2px 10px 2px 20px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: right;font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">大科技公司的钱包在燃烧</strong></p></section></section></section></section></section></section></section></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">投资和收购通常受经济危机的影响。由于并不知道冠状病毒会持续多久，企业不愿冒险。根据GlobalData的数据，3月29日的一周内交易量比前一周下降了近20％。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2019年，与英国脱欧和关税有关的价格略有下降。Gartner高级研究主管Max Azaham对CIO Dive表示：“大多数人没有想到2020年会那么疲软。”第一季度冠状病毒“完全蒸发”，导致交易急剧下降。根据GlobalData的数据，与2019年第一季度相比，冠状病毒大流行导致在技术，媒体和电信领域的并购活动下降了26％。GlobalData的主题分析师Sapana Meheria表示，到2020年中，现金不足的初创公司“将很容易受到潜在收购者的攻击”。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">尽管在一段时间内并购活动减少，但在动荡的市场中，大型技术可能是看涨的，尤其是收购者手头有现金时。Cybrary首席执行官兼联合创始人Ryan Corey对CIO Dive表示：“这将是成为买家的绝佳时机。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">除去那些有现金但负债累累的公司，Gartner在2019年发现了71家拥有至少50亿美元现金的公司。其中有47家从事IT，通信服务和互联网业务的公司拥有超过1.1万亿美元的现金。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">“这将是买家的绝佳时机。”</strong></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">根据财务记录，2006年，微软拥有超过340亿美元的现金或现金等价物，但在2007年和2008年，该公司的现金或现金等价物约为230亿美元。微软开始随着经济复苏，到2009年6月和2010年6月，该公司分别拥有314亿美元和368亿美元的现金。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2008年，微软的现金投资减少了，部分原因是前一年它在收购上花费了69亿美元。而在大萧条期间，Microsoft、Oracle、Amazon和 IBM等公司的资产负债表可以为收购提供资金。2008年Microsoft、Oracle和Amazon收购的公司数量达到或超过了正常会计年度的平均收购数量。</p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnibBOvL02H6rFbWibHwLicGV8rvCiaQ84XmHZd6Hfr0cuxzojicibwYJn1Hnw/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png" data-ratio="0.7940780619111709" data-w="743"  /></section></section><section style="font-size: 14px;color: rgb(125, 146, 160);text-align: justify;letter-spacing: 2px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">图、Microsoft, Oracle和 Amazon利用大萧条时期的大笔资金进行收购。每家公司在大萧条之前（2006年6月– 2007年11月），（2007年12月– 2009年6月）以及之后（2009年7月– 2010年12月）进行的资产收购数量。图：Nami Sumida/CIO Dive</p></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">即使资金雄厚，上一次经济危机也削弱了科技公司的信心。在大萧条期间，Google仅宣布了几笔收购。其中一项涉及广告服务公司ZAO Begun的交易在2008年被俄罗斯垄断监管机构阻止。Google的广告业务（其主要收入来源）在大萧条时期有所放缓。该公司在2008年的收入接近220亿美元，但增长停滞不前。自2004年上市以来，Google的季度收入在2009年第一季度首次出现下滑，这是因为尽管客户仍在为广告付费，但他们互动的程度却不高。同时，Google在其内部投入了更广泛的技术类别，包括移动和软件解决方案等。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2008年9月，前首席执行官埃里克·施密特（Eric Schmidt）告诉路透社电视台“Google又重新开始了收购工作，我们正在针对一些小型公司按常规方式进行操作。”施密特（Schmidt）预测，由于最严重的经济危机已经过去，Google每月将进行一次收购。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">Google的现金流量在2010年达到近350亿美元，并且开始大举收购。根据其提交给SEC的文件，该公司“投资了18亿美元用于收购公司、产品、服务或技术。” “我们期望我们目前的收购步伐将继续下去。”到2010年9月，Google已完成了37项收购。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 7px 0% 17px;box-sizing: border-box;"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;border-width: 0px;align-self: flex-start;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;margin: 0px -15px 0px 0px;padding: 0px 10px 0px 5px;border-width: 0px;z-index: 1;background-color: rgb(216, 223, 224);box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;height: auto;border-left: 3px solid rgb(242, 241, 235);border-bottom-left-radius: 0px;padding: 0px 0px 0px 6px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;text-shadow: rgb(255, 255, 255) 1px -1px, rgb(255, 255, 255) 1px 1px, rgb(255, 255, 255) -1px 1px, rgb(255, 255, 255) -1px -1px, rgb(255, 255, 255) 1px 0px, rgb(255, 255, 255) 0px 1px, rgb(255, 255, 255) -1px 0px, rgb(255, 255, 255) 0px -1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">02</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 50 50 0%;align-self: stretch;height: auto;border-style: dashed;border-width: 2px;border-radius: 0px;border-color: rgb(216, 223, 224);padding: 2px 10px 2px 20px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: right;font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">勉强度日</strong></p></section></section></section></section></section></section></section></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">虽然收购对于某些初创公司而言可能是救命之道，但这并不总是正确之道。微软对大萧条的第一笔收购之一是快速搜索和转让（FAST公司），交易价格为12亿美元。微软是FAST的客户和竞争对手。FAST前首席执行官兼联合创始人，现任首席执行官兼Cognite联合创始人John Markus Lervik告诉CIO Dive：“从我的角度来看，我从未专注于要收购该公司。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">他说，初创企业“可能会分散注意力，并在不确定性期间失去注意力”。“公司可以利用这段时间来发挥创造力，用更少的钱做更多的事。”如果公司拥有稳定的产品，并认为他们可以度过经济危机并坚持以更高的价格出售，则最终可以吸引更多的客户。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">Twilio首席执行官兼联合创始人杰夫·劳森（Jeff Lawson）在4月7日与投资者以及Pinterest和Shopify创始人的电话会议上说，如果初创公司可以让客户预先支付服务费用，那么“收入就没有错”。“这是目前最好的投资。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">企业购买者不想与可能在经济不景气的时候首先出现倒闭倾向的公司签订合同。根据他们的业务，客户可能会推迟交易，这将影响未来的收入目标。科里说：“未来几个月您可能不会获得现金，也肯定不会增加新客户。” “那真的非常可怕。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">如果即将走到尽头的初创公司不打算出售，那么有些人可能会在联邦救济中找到慰藉，相信这些可以延长初创公司的灭亡。皮钦森说：“现在，每个人都感觉良好，因为他们将从政府那里得到一些钱。但这绝对没有任何意义。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">美国国会的2万亿美元救助计划充满了对初创企业的潜在警告。美国小企业管理局的隶属规则计算与企业相关的所有人员-包括投资者的劳动力。如果员工人数超过500，则初创公司可能会损失一笔贷款。4月3日，美国财政部更新了从属关系规则，但这些规则并不能自动消除创业公司的模糊之处：创业公司能否与投资者一起申请贷款？</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">因为贷款的目的是使员工保持工资，所以初创企业必须确定这些人（和成本）是否在承受经济危机方面具有战略上的必要性。如果答案是肯定的，那么初创企业将仍然不得不跳圈以获得贷款。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">初创企业可能会“变得分散注意力，并在不确定性期间失去注意力”。风险资本家马克·苏斯特（Mark Suster）写道，贷款是授予首批申请的人，因此初创公司可能会急于申请，这“造成了不必要的紧迫性”，甚至不必要的申请。初创企业考虑申请贷款“这不是您应该做的，因为所有同行都告诉您应该这样做。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">像初创公司的创始人一样，投资者正在等待，看看当前健康危机对经济的影响是否是短暂的，利率仍然处于低位以及美联储的刺激措施能否成功。弗兰克说：“类似于大萧条之后，您将拥有可以带来丰厚回报的机构投资者。”并将转向风险投资市场。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">即使微软通过收购来增强其解决方案和人才，该公司仍在2009年裁员了数千名工人，以减少运营支出。据该公司称，截至9月底的年度收入，该公司的年收入出现了“有史以来首次”下降。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">弗兰克说：“问题是，对于其他我们可能认为规模较大且资本丰富的公司而言，其中一些公司可能比其他公司感觉紧缩。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 7px 0% 17px;box-sizing: border-box;"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;border-width: 0px;align-self: flex-start;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;margin: 0px -15px 0px 0px;padding: 0px 10px 0px 5px;border-width: 0px;z-index: 1;background-color: rgb(216, 223, 224);box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;height: auto;border-left: 3px solid rgb(242, 241, 235);border-bottom-left-radius: 0px;padding: 0px 0px 0px 6px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;text-shadow: rgb(255, 255, 255) 1px -1px, rgb(255, 255, 255) 1px 1px, rgb(255, 255, 255) -1px 1px, rgb(255, 255, 255) -1px -1px, rgb(255, 255, 255) 1px 0px, rgb(255, 255, 255) 0px 1px, rgb(255, 255, 255) -1px 0px, rgb(255, 255, 255) 0px -1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">03</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 50 50 0%;align-self: stretch;height: auto;border-style: dashed;border-width: 2px;border-radius: 0px;border-color: rgb(216, 223, 224);padding: 2px 10px 2px 20px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: right;font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">价值下降</strong></p></section></section></section></section></section></section></section></section><section style="margin: 20px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">“对于初创企业而言，弄清他们还剩下多少资金至关重要。”科里说，“如果公司在消耗大量现金，那显然就需要裁员。”这是“最底层的10％理论，一种常见的杰克·韦尔奇做法”。通用电气前首席执行官韦尔奇（Welch）采取了10％的思维方式来裁员“绩效不佳”的部门。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">因为更少的机会，初创公司可能会争先恐后地筹集资金。风险投资公司红杉资本宣布冠状病毒为“ 2020年的黑天鹅”，并建议初创企业领导者在不确定的时间内调整自己的思维方式。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">科里说：“有很多科技公司可以用几美分的美元购买，因为它们完全没有选择权。” “我认为在市场上会有很多价值，这就是我们的投资者看到它的方式。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">Gartner表示，虽然现在预测今年的跌幅还为时过早，但在大萧条的一年内，估值倍数下降了60％。这一下降激励了积极进取的收购者，其收入超过2.5亿美元。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnLCk4UbUFDkkxqocB0ZcXF12o5NaCCTrToEyI7zkUXXsFibY6Tiaf6GYg/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png" data-ratio="0.8057851239669421" data-w="726"  /></section></section><section style="text-align: justify;font-size: 14px;color: rgb(125, 146, 160);letter-spacing: 2px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">图、2007-2008大萧条期间IT市场跟随股市下跌。图：Nami Sumida/CIO Dive</p></section><section style="margin: 20px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">但据皮钦森（Pichinson）称，估值下降并没有看起来那么有影响力。“估值令人信服。是什么使价值十亿美元的产品因您投资2亿美元而产生价值？这是一种理论。” 市场认可该理论，因为他们已经看到该理论可与Google等公司合作。但其中也不乏失败的案例。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">“问题在于，对于其他我们可能认为规模较大且资本丰富的公司而言，其中一些公司可能比其他公司感觉紧缩。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">大型组织并不打算收购公司，“除非有很好的理由，否则这将严重拖累资产负债表。” “看起来可以被收购只是一部分生意。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">企业客户希望看到他们的供应商具有强大的基础。无论一家初创公司是否打算被收购，他们都必须证明自己在正常市场条件下有能力赚钱。当所有其他选择都用尽时，董事会可能会迫使初创公司的创始人寻求交易，但前提是双方必须达成协议。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">有时，如果“有可能取得良好的结果，但很少见，并且通常在您不愿出售时偶然发生”，初创公司就有机会与另一家公司合作。启动代理，告诉CIO Dive。如果一家初创企业及其投资者认为收购最好，那么投资者将扮演牵线人。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">经济危机期间经常发生并购。Mars说：“实际上，现在有很多这样的言论。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">然而，根据Azaham的说法，初创公司不应期望在未来三个月内进行收购。当大型科技公司决定采取行动时，“他们将试图构建最适合收购方的交易”。Azaham说：“有吸引力的收购不再昂贵，并且可以实现一些收购目标。” “我们只是不知道这种流行病有多严重。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;justify-content: flex-start;display: flex;flex-flow: row nowrap;margin: 7px 0% 17px;box-sizing: border-box;"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;border-width: 0px;align-self: flex-start;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;margin: 0px -15px 0px 0px;padding: 0px 10px 0px 5px;border-width: 0px;z-index: 1;background-color: rgb(216, 223, 224);box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;height: auto;border-left: 3px solid rgb(242, 241, 235);border-bottom-left-radius: 0px;padding: 0px 0px 0px 6px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;text-shadow: rgb(255, 255, 255) 1px -1px, rgb(255, 255, 255) 1px 1px, rgb(255, 255, 255) -1px 1px, rgb(255, 255, 255) -1px -1px, rgb(255, 255, 255) 1px 0px, rgb(255, 255, 255) 0px 1px, rgb(255, 255, 255) -1px 0px, rgb(255, 255, 255) 0px -1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">04</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 50 50 0%;align-self: stretch;height: auto;border-style: dashed;border-width: 2px;border-radius: 0px;border-color: rgb(216, 223, 224);padding: 2px 10px 2px 20px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: right;font-size: 17px;color: rgb(186, 146, 143);letter-spacing: 2px;line-height: 1.5;padding: 0px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">绕来绕去</strong></p></section></section></section></section></section></section></section></section><section style="margin: 20px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">根据GlobalData的数据，在3月1日至3月17日期间，风险投资和私募股权交易下降了近三分之一。投资者认为与冠状病毒有关的担忧是推迟交易的原因。PE通常被称为初创企业的收购者和建设者，而VC则为进入市场做好准备。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">除了种子基金和天使投资人以外，初创公司还可以进行A，B，C轮融资。A系列通常是经过验证的用户和收入的基准，范围在200万美元至1500万美元之间。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">Mars说：“大多数不能满足A轮标准的初创公司倾向于关闭公司，而有些则被收购方收购。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">通过B轮融资，初创公司的平均估值达到5800万美元。在C系列中，初创企业正在扩张规模，对冲基金，投资银行和私募股权公司加入了现有投资者的行列。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">C轮玩家可能会击败A轮和B轮的竞争对手，因为他们已经为客户确立了价值和连续性。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">“如果需要在当前条件下筹集资金，那么就必须修改估值预期，并且必须期望融资金额会减少，” Azaham说。如果一家公司想要1000万美元，则考虑筹集700万美元。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9WNIyLqVtjZXt0lJFHMHPnSZSvK8U74jiaGkLlELLou0o9t5963eysNojOCCNKOoyyO4T9HIByQJw/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png" data-ratio="1.0400667779632722" data-w="599"  /></section></section><section style="text-align: justify;font-size: 14px;color: rgb(125, 146, 160);letter-spacing: 2px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">图、每轮融资平均需要20个月。2015年至2020年，美国风险投资轮次之间的平均月数。图：Nami Sumida/CIO Dive</p></section><section style="margin: 20px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">Mars说，在一个较为缓和的市场中，只有大约40％的初创公司实现了从种子资金轮融资到A轮融资的飞跃。种子资金出资者更有可能冒险，创始人经常从家庭成员那里获得贷款。A轮投资者更为保守，他们期待看到稳定的销售和服务历史。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">但是，从种子到A轮的飞跃虽然对某些人来说是无法实现的，但并非绝无可能。以色列的Granulate是一家优化基础架构和工作负载性能的科技公司，得到Insight Partners的支持，筹集了1200万美元的A轮融资。联合创始人兼首席执行官Asaf Ezra告诉CIO Dive，Granulate与Insight的合作始于冠状病毒爆发期间。“我们认为这笔资金有内部重新评估的过程。”</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">重新评估将是常见的。皮钦森说，风投者们正在“寻找灵魂”，以寻找哪些创业公司将有机会。但是“这是一个平和的生意”，投资者将为他们的初创企业找到地方。</p></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="color: rgb(186, 146, 143);box-sizing: border-box;" powered-by="gulangu"><p style="text-align: center;white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">～ THE END ～</strong></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 45%;vertical-align: top;height: auto;border-bottom: 2px dashed rgba(227, 169, 124, 0.2);border-bottom-right-radius: 0px;box-sizing: border-box;"><section style="margin: 0px 0% -13px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.3;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.23;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(239, 205, 175);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.33;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(242, 207, 201);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width: 0px;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: 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