Lecture 19: Sales and Marketing, How to Pitch, and Investor Meeting Roleplaying 第19讲：销售与市场推广、如何推销及投资

Lecture 19: Sales and Marketing, How to Pitch, and Investor Meeting Roleplaying

第19讲：销售与市场推广、如何推销及投资

第19讲课程视频

讨论地址:http://www.huomen.com/topic-show-id-103.html

Tyler: Ok. Great! Thanks for having me.
泰勒：好的。伟大的！谢谢你邀请我。
My name’s Tyler. I’m the CEO of Clever. What I want to talk today is about sales. I graduated college, where I studied math and statistics, and thought I was destined for this world of finance. I was about to start at a hedge fund, but at the last second a friend of mine roped me into joining his startup to do sales, which I knew nothing about. I had to figure it out on the fly. I spent a couple of years there figuring out sales for this very early stage company. When it came time to start Clever, I started Clever with two co-founders who were very technical and very product oriented. We wanted to build this product for schools and I thought that experience would have no relevancy whatsoever. It turns out that what I picked up while doing sales at this previous job has been a huge part of what’s made Clever grow so quickly today.
我的名字是泰勒。我是Clever的首席执行官。今天我要谈的是销售。我大学毕业，学的是数学和统计学，以为自己注定要进入金融世界。我本想从一家对冲基金起步，但在最后一刻，我的一个朋友说服我加入了他的创业公司，从事销售，对此我一点也不了解。我不得不一下子就想出来。我花了几年时间为这家处于起步阶段的公司计算销售额。当我开始变得机灵时，我开始机灵的时候有二位共同创办人，他们都是非常技术化和产品化的。我们想为学校开发这个产品，我认为这种体验毫无关联。原来，我在前一份工作中做销售时所学的知识，很大程度上是让我今天变得如此迅速的原因。
A quick background on Clever: we build software for schools. We are an app platform for developers that is used today by about one in five schools in America. We started it about two years ago.
简要介绍：我们为学校开发软件。我们是一个面向开发人员的应用程序平台，目前美国每五所学校中就有一所使用。我们大约二年前开始的。
Sales has been key. I want to use this time to share some of the things that have worked for me along the way. Of course, there’s a million ways to do this, so you’ll find what works for you.
销售一直是关键。我想利用这段时间分享一些对我有帮助的事情。当然，这有一百万种方法，所以你会找到适合自己的方法。
First I want to start about how I used to perceive sales. A lot of people see sales as having mystique around it. It’s people who are articulate and impossibly charming. They have these killer closing lines that they use. This is how I saw sales. I think this is how a lot of founders I talk to see sales because they say things to me like, “You know, we’re just going to work on the product and build a great product and then when it’s finally finished, we’re going hire the sales people.” What I’ve learned is that when it comes to “hiring the sales people,” as a founder, the reality is that it’s you. Paul Graham likes to talk about how there’s two things you should be doing at any point in time when you’re starting your company. You should be either talking to your users or building your product. The talking to your users part, that’s selling. This is intimidating to some people because they’re like, “I’ve never done sales, and I wouldn’t even know where to begin.” It turns out that as a founder you have some unique advantages that make it possible for you to be really, really good at sales. One of those is your passion for the product and what you’re building. The second is your knowledge of the industry and the problem that you’re solving. Those two things actually totally trump sales experience from what I’ve seen.
第一，我想从我过去如何理解销售开始。很多人认为销售有其神秘之处。能言善辩、魅力无限的人。他们用这些致命的暗线。这就是我对销售的看法。我认为这是我和很多创办人讨论销售的方式，因为他们对我说的话都是这样的，“你知道，我们只会在产品上努力，开发出一个优秀的产品，然后当产品最终完成时，我们会雇用销售人员”，我了解到作为创办人，当涉及到“雇用销售人员”时，事实上是你。保罗•葛兰汉（paulgraham）喜欢讨论在创办公司的任何时候，有二件事情你都应该做。您应与用户交流或构建产品。与用户交流部分，即销售。这对一些人来说是有威胁的，因为他们会说“我从未做过销售，我甚至不知道从哪里开始”，结果发现作为一名创办人，你有一些独特的优势，使你能够真正非常擅长销售。其中之一是你对产品和你正在构建的产品的热情。第二是你对行业和你正在解决的问题的了解。这二件事实际上完全超过了我所看到的销售经验。
This is actually my co-founder doing sales. This is what sales looks like in the very early stage of a startup. It’s not Don Drapers. It’s a lot of calls like these. This is something that even as a founder who has never done it before, is very easy to do but you have to commit yourself. What we did at Clever is we dedicated one founder, which was me, to peel off and say, “Ok, Tyler you gotta go figure this out and work on this full time because it’s so important to our business.”
这实际上是我的联合创办人在做销售。这就是在创业初期的销售情况。不是唐•德雷普。很多这样的电话。这是一件很容易做到的事，即使作为一个从未做过的创办人，但你必须承诺自己。我们在Clever的所作所为是，我们奉献了一位创办人，就是我，脱去衣服，对他说：「好吧，泰勒，你得想清楚这个问题，然后全职工作，因为这对我们的业务非常重要。」欢迎到火门网讨论:huomen.com
The first thing that everybody knows about sales is it’s a funnel. You have these different stages of the funnel and you move your customers through it. A pretty common category is the prospecting category. We were trying to figure out who’s even interested. Then you’re having a lot of conversations, which is the second level of the funnel. Then you’re finding out who’s really serious and you want to close them and sign the deal. Then you’re in the promised land of revenue. I thought it would be interesting to talk about each stage and a couple of strategies that we’ve used at Clever that have worked well, so that these aren’t abstract but hopefully lessons you can use at your start up.
每个人对销售的第一个了解是它是一个渠道。你有这些不同阶段的渠道，你通过它移动你的客户。一个相当常见的类别是prospecting类别。我们正试图找出谁更感兴趣。然后你会有很多对话，这是渠道的第二层。然后你会发现谁是真正认真的，然后你会关闭他们并签署协议。然后你进入了收益之地。我认为讨论每个阶段以及我们在Clever使用的一些行之有效的策略会很有意思，因此这些都不是抽象的，但希望可以在您的起步阶段使用。
Prospecting is the process of figuring out who will even take your call. There’s this guy at Everett Rogers who has created a technology life cycle adoption curve. He describes it as a bell curve where you have innovators who will try new things, early adopters, mid-stage adopters, late adopters, and laggers. One of the things that was really helpful for me in understanding sales at an early start up is he’s quantified the tail of this bell curve. This part over here are innovators, those are your potential customers. It might seem discouraging that only 2.5 percent of companies are your potential customers or would even consider buying from a startup that has no users and no revenue, but I found the opposite. I found it extremely helpful to have this frame of mind because when only 2.5 percent of companies will even take your call or consider using your product, you realize what a numbers game this becomes. If you want to reach that 2.5 percent and you want to get some early sales, you’re hopefully starting to realize you have to do a lot of calling. You have to talk to a lot of people.
Prospecting是一个确定谁会接你电话的过程。埃弗雷特Rogers的这个人创造了一个技术生命周期采纳曲线。他将其描述为一个钟形曲线，在该曲线中，创新者将尝试新事物，早期采用者、中期采用者、后期采用者和滞后者。对我理解一开始的销售有帮助的一件事是他量化了这个钟形曲线的尾部。这部分是创新者，他们是你的潜在客户。只有2.5%的公司是你的潜在客户，甚至会考虑从一家没有用户、没有收入的初创公司购买产品，这似乎令人泄气，但我发现情况相反。我发现拥有这样的心态非常有帮助，因为当只有2.5%的公司甚至会接你的电话或考虑使用你的产品时，你会意识到这将成为一场怎样的数字游戏。如果你想达到2.5%，并且想提前销售，你很有希望开始意识到你需要做很多工作。你必须和很多人交流。
In the early days Clever, this was my job. In the first two months of YC I reached out to over 400 companies trying to to get them to take a call and talk to us about what we were building.
在最初的日子里，这是我的工作。在YC的第一个月，我联系了超过400家公司，希望他们能打电话和我们讨论我们正在建设的项目。
There are three methods that I have found to be most successful in prospecting and getting these people. One is your personal network. That’s obvious. I’m not going to spend any time there. Another one is conferences, which is surprising to a lot of people. The one that people are most familiar with is cold email. When I say conferences, people think I am talking about CES or E3. The kind of conferences where sales happen look more like this. In the early days we would go to a lot of these because you’ve got to go to where your users are. If you’re selling to CIO’s and there happens to be a gathering of them at a hotel in Milwaukee, guess what? That’s where you should be. So we went to conferences like these. We got the attendee list in advance. We’d email every single person in advance and try set up meetings so when we got there every single minute of that trip was was well spent. It was huge in Clever’s early days. This is where met all of our earliest customers.
我发现有三种方法最能成功地发现并吸引这些人。一是你的个人网络。这很明显。我不会在那待上任何时间。另外一个是会议，这让很多人感到意外。人们最熟悉的一种是冷邮件。当我说会议，人们认为我是在讨论消费电子展或E3。销售会议的形式更像这样。在最初的日子里，我们会去很多这样的地方，因为你必须去你的用户所在的地方。如果你向首席信息官推销产品，而他们恰好在密尔沃基的一家酒店里聚会，你猜怎么着？那是你该去的地方。所以我们参加了这样的会议。我们事先得到了与会者名单。我们会提前给每一个人发电子邮件，并尝试安排会议，这样当我们到达时，旅行的每一分钟都会得到充分的利用。在高明的早期，它是巨大的。这是我们接触所有最早客户的地方。
The second thing I mentioned is cold email. A lot of people don’t know how to write cold emails. It’s actually easy and the key is not to write a lot. Your email should be concise. This is an email template that I used early on. You’re welcome to copy it but it’s really short. Here’s who I am. Here’s what I’m building. I’d love to talk to you about this. Could we find time tomorrow? It’s really easy and you can customize this for every business you want to sell to. Find out who the right person is to send it to and you can send out quite a few of these.
我提到的第二件事是冷邮件。很多人不知道如何写冷电子邮件。其实很容易，关键是不需要写很多。您的电子邮件应简明扼要。这是我早期使用的电子邮件模板。欢迎复制，但篇幅很短。我就是这样。这是我正在建造的。我很愿意和你谈这个。我们明天能找到时间么？这真的很容易，你可以为每一个你想出售的业务定制。找出合适的寄信人，你可以寄出很多这样的信。
That’s prospecting. The reason this so important is because you have to build that first layer of the funnel.
这就是潜在客户。如此重要的原因是因为你必须建立第一层的管道。
Then you have to get them to take your call. This is another place where a lot of founders have questions about what to actually do. The biggest thing to take away, in fact if you ONLY take away one thing from this presentation today this should be it, is when you get them on the phone, remember to shut up. That’s really surprising to people. So many founders, when I help them with their first sales pitch, would finally get somebody on the phone who wanted to talk to them about their product and they’d be so proud of this thing that they’d been building for the last three months that all they wanted to do was get on the phone and talk about every feature and talk about why it’s the greatest thing in the world. I have that temptation too. It’s just part of being really proud of something.
然后你得让他们接你的电话。这是另一个地方，许多创办人对实际做什么有疑问。最重要的是，事实上，如果你今天只从这个演示中删除了一件事情，那就是，当你接到他们的电话时，要记得住嘴。这真让人意外。许多创办人，当我帮助他们进行第一次推销时，最终会有人通过电话向他们介绍他们的产品，他们会为这件事而自豪，在过去的三个月里，他们一直在开发，他们所要做的就是通过电话讨论每一项功能，并讨论它为何是世界上最伟大的事情。我也有这种想法。这只是为某件事感到自豪的一部分。
It turns out that if you watch the best sales people, the top one percent, or you have a chance to listen in on a call with some of those people, the most surprising thing is how little talking they do. In fact I’ve seen calls where the sales person told me their goal was to only spend 30 percent of the call talking and have 70 percent of the call be the other person. They would ask a lot of questions. They’d say things like, “Why did you even agree to take my call today?” “This problem that we’re talking about solving for you, how do you solve it today?” “What would your ideal solution look like?” They’re not doing the talking. They’re doing everything they can to find out what this person needs and hopefully understand their problem even better than they do. That’s what really great sales is. This is something I drill into everybody at Clever. It’s a really important part of sales. If any of you use UberConference, they have this amazing feature where when you hang up a call it sends you an email automatically and tells you how much you talked versus how much the other person talked. Looking at one of those emails, I can tell immediately how likely the sale is based on how much talking we were doing. Do a lot of listening. Really understand their problem.
结果发现，如果你观察到最优秀的销售人员、前百分之一的销售人员，或者你有机会在与其中一些人通话时倾听他们的声音，最令人意外的是他们很少说话。事实上，我也看到过一些电话，销售人员告诉我，他们的目标是只花30%的时间和对方通话，70%的时间和对方通话。他们会问很多问题。他们会说：「你今天为何同意接我的电话我们要为您解决的这个问题，您今天是如何解决的您的理想解决方案是什么样的他们没有说话。他们竭尽所能了解这个人需要什么，并希望比他们更了解他们的问题。这才是真正的大销售。这是我在《聪明人》里向每个人灌输的。这是销售中非常重要的一部分。如果你们中的任何一个使用超级会议，他们有一个令人惊异的功能，当你挂断电话时，它会自动向你发送一封电子邮件，告诉你你和其他人说了多少话。看了其中的一封电子邮件，我可以立即根据我们的谈话内容判断销售的可能性。多听几次。真正了解他们的问题。
The other part of this stage that surprises a lot of people is you have to follow up. Here’s a lot of different steps that you go through: emailing somebody, not getting a response and emailing them back. Calling them, leaving a voice mail. Having a pricing call. There are probably sixty things on this slide that could be steps for closing a deal. These aren’t random things — this was the second deal Clever ever signed. These are all the different steps that we had to do in order to get this done. You can see there’s a lot of really embarrassing things up there. I emailed somebody and they didn’t respond. I emailed them again and they didn’t respond. I emailed them again. This was from somebody who wanted to buy our product. Isn’t that crazy? That surprises a lot of people. I see so many founders who think they have a great call with someone and send an email, but don’t hear back. They say, “Oh that person might not be interested.” Well guess what? This is what it looks like in the best case. You really have to have kind this unhuman and unreasonable willingness to follow up and drive things to closure.
另一个让很多人感到意外的是你必须跟进。以下是你所经历的一个不同的步骤：向某人发送电子邮件，而不是收到回复并将其发回电子邮件。打电话给他们，留下一封语音邮件。有定价要求。这张幻灯上可能有六十件事情可以作为达成交易的步骤。这些都不是随机的，这是史上第二笔聪明的交易。这些都是我们为完成这项工作而必须采取的不同步骤。你可以看到上面有很多非常令人难堪的事情。我给某人发了电子邮件，他们没有回复。我再次给他们发电子邮件，他们没有回复。我又给他们发了邮件。这是有人要买我们的产品。是不是很疯狂？这让很多人感到意外。我看到许多创办人认为他们有很好的电话和人，并发送电子邮件，但没有收到回复。他们说，「那人可能不感兴趣。」你猜怎么着？这就是最佳情况下的情况。你真的需要有一种不人道的、不合理的意愿来跟进并推动事情结束。
I qualify with that with one thing which is to say when starting a company your time is extremely valuable because it’s your only resource. You couldn’t possibly do this for every single person who might buy your product. Your goal should be to get people to a yes or no as quickly as you can. Where you die is if you have a thousand maybes and sometimes I talk to founders who say, “Oh yeah I have this great pipeline of a hundred people who have expressed interest in our product.” The maybes are what kill you. If you can get to a yes or a no, in some ways a no is even better than a maybe because it allows you to move on and focus somebody who might be a yes.
我认为有一件事可以说明，在创办一家公司时，你的时间非常宝贵，因为这是你唯一的资源。你不可能为每一个可能购买你产品的人都这样做。你的目标应该是尽快让人们认同你的观点。如果你有一千个可能，有时我会对创办人说，「是的，我有一条由一百人组成的伟大管道，他们对我们的产品表示了兴趣。」可能就是你的死亡。如果你能得到一个“是”或一个“否”，在某些方面一个“否”甚至比一个“可能”更好，因为它允许你继续前进，关注可能是一个“是”的人。
So, have a super human level of follow up and ambition, but make sure you’re focusing it on the right pieces.
所以，要有一个超人的跟进和抱负，但要确保你专注于正确的部分。
Alright, so you’ve talked to a ton of people. You’ve had all these phone calls. You’ve followed up with them to the point where they know you’re not going away and they’ve got to sign an agreement. This final step is something if you haven’t done before it might seem hard but it’s actually really simple. It’s called red lining. You’ll send over an agreement and their lawyers will mark it up. Your lawyers will also mark it up and you kind of go back and forth. If you’re part of YC this is really easy because YC has standard template agreements that they give you so you can just use those. But if you weren’t part of YC you have to figure this out on your own.
好吧，你已经和一吨人谈过了。这些电话你都接过。你一直在跟踪他们，直到他们知道你不会离开，他们必须签署协议。如果你之前没有做过，这最后一步可能看起来很难，但实际上很简单。它被称为红色内里。你将寄出一份协议，而他们的律师将对其进行评估。你的律师也会为你加价，然后你就有点来来回回。如果你是YC的一部分，这真的很容易，因为YC有标准的模板协议，他们给你，让你可以使用这些。但如果你不是YC的一部分，你必须自己解决这个问题。
One of the things that I am really excited about is as part of this presentation, YC has agreed to open source their deal documents. The documents that YC founders use are going to be available to everybody. So this should never be a barrier to anyone who wants to do sales for their start up. You’ve got some great documents. The other place where so many smart people go wrong is they don’t remember what their goal is. Your goal is to sign some deals, get some reference customers, get some validation, and get some revenue. If you don’t do that, your startup is toast.
其中一件令我非常兴奋的事是，作为本次报告的一部分，YC已同意公开其交易文件的来源。YC创办人使用的文件将提供给所有人。因此，这不应成为任何想为初创公司做销售的人的障碍。你有一些很好的文件。另一个让许多聪明人犯错的地方是他们不知道自己的目标是什么。您的目标是签订一些交易，获得一些参考客户，获得一些验证，并获得一些收入。如果你不这样做，你的初创公司就完蛋了。
In light of that it’s really surprising how many smart people will want to do ten rounds of document review over the most minor points because of pride. Whatever. Make sure the agreement is the way you want it but then sign and move on. I’ve seen founders spend month quibbling over some indemnification clauses. Their business would have been way better off if they’d just signed the deal and moved on to the next one. That’s one trap you can fall into.
有鉴于此，有多少聪明人会因为骄傲而想对最细微的地方进行十轮文件审查，真是令人意外。无论什么。确保协议是你所希望的方式，然后再签署并继续。我看到创办人花了一个月的时间就一些赔偿条款进行辩论。如果他们刚签了合同，转投下一个一年，他们的生意会好得多。这是一个你可以陷入的陷阱。
Another trap that I see founders struggle with a lot is they’re talking to a company who says, “I will use your product but I just need one more feature.” Or they say, “You know I’d love to use your product but it doesn’t have this one feature. So we’re just not ready.” To most people, especially if you’re ambitious, when somebody says that to you, what you want to think is, “Oh. I can build that feature and then they’re going to use my product.” The problem is it almost never works that way. Somebody telling you that they want to use your product but it’s missing this one feature, I would almost map that to a pass in your mind. Nine times out of ten if you actually build that feature and go back to them, there will be one more feature or some other reason that they’re not using the product.
我看到创办人经常遇到的另一个陷阱是，他们正与一家公司交流，该公司说，“我会使用你的产品，但我只需要再增加一个功能”，或他们说，“你知道我很想使用你的产品，但它没有这一个功能。对大多数人来说，特别是当你有远大抱负的时候，当有人对你说这句话时，你想说的是。我可以建立这个功能，然后他们会使用我的产品。有人告诉你，他们想使用你的产品，但它缺少这一个功能，我几乎可以把它映射到你的思维中的一个通道。十次中有九次，如果您实际构建该功能并返回到它们，将会有一次以上的功能或其他原因导致它们不使用该产品。
If somebody says to you, “There’s this one thing that’s preventing us from using your product.” I would do one of two things. One say, “Well that’s great! Let’s sign an agreement and we’ll put in the agreement that we’re going to build this feature.” In which case, if you build it you’re off to the races. More commonly, what we did at Clever was we would say, “That’s great. We’re going to wait to see if we hear that demand from more customers.” Once you have a lot of customers requesting it, then you should build it. Then you don’t have to worry about doing something that’s a one off, which is what you really want to avoid.
如果有人对你说“有一件事使我们无法使用你的产品”，我会做二件事中的一件。一个人说：「太好了！让我们签署一份协议，然后我们将达成协议，我们将构建此功能。更常见的是，我们在Clever的所作所为是我们会说“太好了。我们将等待更多客户的需求，“一旦有大量客户提出要求，则应自行开发。然后你就不必再为做一些你真正想避免的事情而操心了。
The other trap I would highly recommend you try to avoid is the free trial trap. The customer says, “Can I get a free trial?” You can’t blame them that’s a totally reasonable thing to ask for. The problem is when you are starting a startup you need revenue. You need validation. You need users. You need commitment. Free trials get you none of those things. You do all this work and if you end up with a free trial, unfortunately you haven’t made as much progress as you think, it’s actually terrible. You think you’ve made progress but at the end of the free trial you’re going to have to sell them all over again. The way I handle this that has worked really well is that when somebody says, “Can I get a free trial?” you say, “We don’t do free trials. We do annual agreements and what we’ll do is for the first 30 or 60 days, if for any reason you’re not happy, you can opt out.” That’s a way to get you the things that you need while giving them the comfort that they might need to take a chance on a startup. That minor change actually makes a night and day difference when you’re thinking about these things.
另一个我强烈建议你尽量避免的陷阱是免费试用的陷阱。客户说，“我能免费试用一下么你不能责难他们，这是完全合理的要求。问题是当你开始创业时，你需要收入。你需要验证。你需要用户。你需要承诺。免费试用不会带来任何好处。你做了所有这些工作，如果你以一个免费的试验结束，不幸的是，你没有取得你认为的进展，这实际上是很恐怖的。你认为你已经取得了进步，但在免费试用期结束时，你必须再次将它们全部售出。我处理这件事的方式非常有效，就是当有人说“我能得到一个免费的审判么你说，“我们不进行免费试用。我们会签订年度协议，在第一或60天内，如果因为任何原因你不开心，你可以选择退出。这是一个让你得到你所需要的东西的方法，同时让他们感到舒适，因为他们可能需要在一创业时把握机会。当你在考虑这些事情时，这种细微的变化实际上会使你日夜不一样。
Alright, so you’ve prospected. You’ve had a lot of conversations. Now you’ve closed people. You’ve gone through the red line process. You worked out the free trials. You’re on your way to your first sales. Early on, you can think of sales as just like any other thing at a startup. You don’t have to do things at scale. In fact you can purposely do unscalable things to try and get early customers. That’s the fun part. The other thing that is important to keep in mind is once you’ve done this enough, what you should start thinking about is what aspects of this are repeatable. What aspects are we going to scale further? Christoph Janz wrote this really great blog post online about the five ways to build a hundred million dollar company. He talks about how he can have a thousand customers buy a product that costs a hundred thousand dollars. Or he can have ten thousand customers buy a product that cost ten thousand dollars. Or he can have a hundred thousand customers by a product that cost a thousand dollars. Even though you don’t need to know on day one which bucket you’re going to fall into, most companies do fall into one of these buckets. If you want to be in the elephant category of a hundred thousand dollar product, you’re going to have a really high touch sales cycle. That’s Salesforce. That’s Workday. If you think that you’re going to be a rabbit and sell products for a thousand dollars a year and your sales process involves flying out to see them, and eight demos, and three months of redlining, then you probably have to rethink something.
好吧，那么你已经展望了。你已经谈了很多次了。现在你已经把人关起来了。你已经通过了红线程序。你计算出了免费试卷。你正在去第一次销售的路上。在创业初期，你可以将销售视为任何其他事情。你不必按规模行事。事实上，你可以有目的地做一些不可量化的事情来争取早期客户。这是有趣的部分。另一件重要的事情是，一旦你已经做了足够的事情，你应该开始考虑的是这其中哪些方面是可重复的。我们将进一步扩展哪些方面？克里斯托夫Janz在网上写了一篇非常好的博文，内容是关于建立一家一亿美元公司的五种方法。他说他如何能让一千名顾客购买一种价值十万美元的产品。或者，他可以让一万名客户购买一种价值一万美元的产品。或者，他可以用一种价值十万美元的产品吸引一千名客户。尽管在第一天你不需要知道自己会陷入哪一个困境，但大多数公司确实会陷入其中的一个困境。如果你想成为十万元产品的象类，你将有一个真正的高接触销售周期。那是销售人员。那是工作日。如果你认为自己将成为一只一岁的小白兔，每年以一千美元的价格出售产品，而你的销售过程涉及到飞出去看它们，以及八个演示和三个月的删减，那么你可能需要重新考虑一些事情。
I see a lot of startups who want to be rabbits that don’t think about how to do it in a scalable way. That’s one area where you can get under water or it just forces you to increase your prices.
我看到很多创业者都想成为一只不会考虑如何以可扩展的方式去做的小白兔。这是一个地方，你可以得到水下，或它只是强迫你提高你的价格。
This is how I think about different businesses. It will be helpful for you when you get started and once you’ve done sales to say, “Ok, where am I?” The corollary to that is, “How do I have to price my product to be a viable business?”
这就是我对不同业务的看法。当你开始销售时，说一声“好的，我在哪里”会对你有帮助由此得出的推论是，“要使我的产品成为一项可行的业务，我该如何定价
Those are some of the things I figured out building sales at a few different companies, specifically on this very narrow stage of zero to one million. After you get to one million, you’ll find there’s a million blog posts about how to get from five million to fifty million or ten million to a hundred million, but not the zero to one step. I wanted to focus the presentation on that because there’s not as much written about it and it is something that I think is very opaque to our founders. I figured this out just by doing it and I’m confident that if you’re starting a company you can too. If for whatever reason you would like to join a startup that’s figured it out and hone your skills and hone your craft, we are hiring at Clever. That’s an option. If you do want start your own company and you have questions about sales, I put my email address up here. Feel free to reach out at any time. I am happy to help.
这些都是我在几家不同公司，特别是在这个零至一百万的非常狭窄的阶段，计算出的建筑销售额。当你达到一百万，你会发现有一百万条关于如何从五百万到五千万或一千万到一亿的博客文章，但不是零到一步。我希望将演讲重点放在这一点上，因为没有太多关于这一点的文章，我认为这对我们的创办人来说是非常不透明的。我就是通过这样做才明白这一点，我有信心，如果你正在成立一家公司，你也可以。无论出于何种原因，如果你想加入一家有新意的初创公司，磨练你的技能，磨练你的手艺，我们将聘请Clever。这是个选择。如果你确实想开办自己的公司，而且对销售有疑问，我会把我的电子邮件地址放在这。随时欢迎伸出援手。我很乐意帮助你。
Thank you.
谢谢您。
Sam: Thank you very much! That was awesome! Now we’re going talk about a little more about how to raise money. Michael Seibel is first going to talk about how you give a pitch and then Qasar will do investor role playing.
山姆：非常感谢！太棒了！现在我们要多谈一点如何筹集资金。Michael Seibel（Michael Seibel）将在第一节讨论如何进行一次推销，然后Qasar将扮演投资者的角色。
Qasar: Yeah, so this isn’t mind blowingly new. It really is a basic blocking attack. And the one point we wanted to make before we get started is we actually don’t spend a lot of time at YC focusing on this. The main reason is the best way you can make your pitch better is to improve your company. If you – if you have traction and your product is doing well – these conversations are like the investors want to see you succeed. If you remember anything, it’s make your company better and the pitch will be easier.
卡萨：是的，所以这可不是什么新鲜事。这确实是一种基本的拦网攻击。在开始之前，我们想说的一点是，我们实际上并没有在YC花费太多时间专注于此。最主要的原因是你能让自己的推销变得更好的最好方法是改善你的公司。如果你-如果你有牵引力，你的产品做得很好-这些对话就像投资者希望看到你成功。如果你还记得什么，这会让你的公司更好，推销也会更容易。
Sam: We’re going to spend the time in three kinds of sections. Before the meeting what Michael will kind of focus on will do kind of a role play what meetings actually look like and then we’ll just wrap it up. We are going to do Q&A at the end. We’ll save five minutes. If there is something we don’t cover please write down your questions and we’ll go through them.
山姆：我们将把时间分为三类。在会前，米迦勒会专注于做一个角色扮演，让大家了解会议的实际情况，然后我们就结束了。我们将在最后进行一问。我们将节省五分钟。如果有我们不知道的地方，请把你的问题写下来，我们会仔细检查。
Michael: My name is Michael Seibel. I am a current YC partner. I started two companies. One was called Justin.tv, which I ended up selling to Amazon. The other was called Socialcam, which sold to Autodesk. What I want to do is break down and demystify the process of creating a pitch. What happens too often when I see companies coming to talk to me is that they don’t know how to simply explain what they do or how to ask for money. That’s basically what you have to do as a founder.
米迦勒：我的名字是米迦勒•赛贝尔。我是YC的现任合伙人。我创办了二家公司。其中一名Justin.tv，我最终将其出售给了Amazon。另一种被称为Social Cam，出售给了欧特克。我想做的是打破和揭秘的过程，创造一个沥青。当我看到公司来找我谈话时，经常发生的情况是，他们不知道如何简单地解释他们所做的事情或如何要钱。这基本上是作为一个创办人你必须要做的。
We’re going to go over four things. The first is your 30 second pitch. You need to be armed with this constantly. This is basically how you talk about your company. It’s magic. Whether you’re talking to people who want give you money or don’t want to give you money, this is your go to.
我们将讨论四件事。第一个是30投。你需要时刻准备着。这基本上是你对公司的看法。这是神奇的。无论你在和想给你钱或不想给你钱的人说话，这都是你的目标。
The second is your two minute pitch. This is for people who are more interested. This is people who you might want to raise money from or people who you might want to get hire. People with whom you need to get a little bit deeper. Notice that’s where I stop. A lot of people practice ten/thirty minute pitches or hour pitches. That’s all garbage. You can get everything you need done in two minutes. One thing I like to tell founders is the more you talk, the more you have an opportunity to say something that people don’t like. Talk less and it will probably be better.
第二个是你二分钟的投球。这是为更感兴趣的人准备的。这些人可能是你希望向他们集资或是你希望得到聘用的人。和你需要深入了解的人。注意，我就停在这里。许多人练习十分钟或三十分钟或一小时的投球。都是垃圾。你可以在二分钟内完成你需要的一切。我想对创办人说的一件事是，你说的越多，就越有机会说一些人们不喜欢的话。少说话，情况可能会更好。
I want to tell you about when to fundraise because I think a lot of companies get this a little bit wrong. And then quickly how to to set up investor meetings.
我想告诉你何时筹集资金，因为我认为很多公司都有点误会。以及如何快速召开投资者会议。
The 30 second pitch is so simple. It’s three sentences. You can take your time. You can breathe when you do this. You don’t have to get that much information out. The first is one sentence on what your company does. Everyone I meet for the first time screws this up. You have to be able to do it in a way that is simple and straight forward, that requires no further questioning on my part. You have to assume I know nothing. Literally nothing about anything. This is how you make it super simple. What we tell people is apply the Mom test. If in one sentence you cannot tell your mom what you do, then rework the sentence. There is a one sentence explanation that your mom or your dad is going to understand. So really, really start there. It’s ok if you use basic language. It’s ok if you say, “Hey we’re Airbnb and we allow you to rent out the extra room in your house.” That’s simple! You don’t have to say, “We’re Airbnb and we’re a marketplace for space.” I don’t know what that is! That’s going to require more time. Use simple language, it’s very important.
30的投球很简单。这是三句话。你可以从容不迫。当你这样做时，你可以呼吸。你不必把那么多信息说出来。第一句是关于贵公司业务的一句话。我第一次遇见的每个人都把这件事弄得一团糟。你必须能够以一种简单而直接的方式去做，这不需要我进一步的质疑。你得假设我什么都不知道。从字面上看，没有任何事情。这就是你如何让它变得超级简单。我们告诉人们的是应用Mom测试。如果在一句话里你不能告诉你妈妈你在做什么，那么就修改这句话。有一个一句的解释，你的妈妈或你的父亲将会理解。所以真的，真的从这开始。用基本语言也行。如果你说“嗨，我们是Airbnb，我们允许你出租你家额外的房间”，这很简单！你不必说，“我们是Airbnb，我们是空间的市场”，我不知道这是什么！这需要更多时间。用简单的语言，这很重要。
The second is in a multi-billion dollar market, it’s pretty simple to do this. You know Airbnb might say, “How big is the hotel market? How big is the vacation rental market? How big is the online hotel booking market?” These are simple numbers to look up on Google. It makes an investor understand, “Oh wait. If we’re big, if we really blow this company up, it could be worth billions of dollars.” Don’t skip this up. Second sentence. How big is your market?
第二个是在一个价值数十亿美元的市场上，做这个相当简单。你知道Airbnb可能会说，“酒店市场有多大？假期租赁市场有多大？网上酒店预订市场有多大这些都是在谷歌上查找的简单数字。这让投资者明白，“等等。如果我们是大公司，如果我们真的把这家公司给毁了，它可能价值数十亿美元。第二句。你的市场有多大？
Third sentence, how much traction do you have? Ideally this sentence is saying something on the order of, “We launched in January and we’re growing 30 percent month over month. We have this number of sales. This amount of revenue. This number of users.” Very simple. If you can’t speak to traction because you’re prelaunch, you need to convince the investor that you’re moving extremely quickly. “The team started working in January. By March we launched a Beta. By April we launched our product.” Convince the investor that you guys are moving fast and that this isn’t some long slog. You guys aren’t thinking about this like a big corporation. You’re thinking about it like a startup where you can move fast and make mistakes. That’s all you have to do in 30 seconds. Three sentences. From that basis you should be able to start a conversation about your company. From that basis I understand exactly what you do. You have no idea how valuable it is to be able to explain to someone what you do in 30 seconds. Internalize that. If you take nothing else away, that’s going to help you.
第三句，你有多大的牵引力？理想的情况下，这句话的主旨是“我们于一月推出，且我们正以每月30%的速度增长。我们有这个数目的销售额。这部分收入。非常简单。如果因为你是先驱者而无法与traction沟通，你需要说服投资者，你的行动非常迅速该团队于一月开始工作。到3月份，我们推出了一个Beta测试版。到了四月，我们推出了我们的产品，“让投资者相信，大家都在快速发展，这不是一段漫长的过程。你们可没把这当作大公司。你认为这就像一家初创公司，你可以快速行动，犯错误。这就是你在30年秒所要做的。三句话。在此基础上，你应该可以开始一段关于你公司的对话。基于此，我完全理解你的工作。你不知道能在在30年秒内向某人解释你所做的事情有多重要。内化。如果你不带走任何其他东西，这将对你有所帮助。
Ok. Two minute pitch. Now you got someone you actually have to convince of something. Maybe even someone you have to ask for money. So I like to add four additional components. And these also go by very quick. The first is unique insight. Now if you talk to VC’s they’ll say stuff like, “What’s your secret sauce? What’s your competitive advantage? What’s unique insight?” It’s all the same thing. When I think about unique insight, what I think about is here’s your opportunity to tell me something that I don’t know. Here’s your opportunity to tell me something that the biggest players in the market you’re trying to enter don’t understand. Or don’t do well. This is the AHA moment and you better have it down in two sentences. The AHA moment. So you got to crystalize all the reasons why you guys are going kill the competitors or the really intelligent thought that got this business started in two sentences. And I need to AHA. You can see whether it’s happening when you’re saying it. That’s why I like two sentences so you get in and out fast. So if I look at you and I’m like, “Uh.” Then it’s ok. You nailed it. If I look at you and I’m like, “I already knew that.” Then you didn’t nail it. If I looked at you and I just don’t understand what you’re talking about you definitely didn’t nail it. So practice that unique insight. In your two minute pitch that’s all you’re going to get – you’re only going to get two sentences to get that out there. So it can’t be complicated. And that’s basically the theme of this whole thing right? It cannot be complicated.
好 啊。二分钟的投球。现在你要说服一个人。甚至可能是你要钱的人。因此，我希望增加四个额外的组成部分。这些也很快就会过去。第一是独到见解。现在，如果你和风险投资公司交流，他们会说“你的秘密酱是什么？你的竞争优势是什么？独到见解是什么这都是同一件事。当我想独到的见解时，我所想的是给你机会告诉我一些我不知道的事情。这是你的机会，告诉我一些在你试图进入的市场中最大的参与者不明白的事情。或者做得不好。现在是阿哈时刻，你最好用二句话来表达。阿哈时刻。所以，你必须找出所有的理由，你们要去杀竞争对手，或真正的智慧思想，使这项业务开始在二句话。我需要啊哈。当你说的时候，你可以看到是否发生了。这就是我喜欢二句话的原因，所以你能快速进出。所以如果我看你的时候，我会说“额”，那没关系。你成功了。如果我看到你，我会说“我早就知道了”，那说明你没有抓住机会。如果我看了你一眼，我真的不明白你在说什么，你肯定没有理解。所以要实践这种独特的见解。在你二分钟的演讲里，你只会得到二句话。所以这不复杂。这基本上就是整件事的主题，对吧？这不复杂。
Next – how do you make money? You know your business model. I see so many founders run away from this question because they think things like if I say advertising people are going to be like “Oh that’s stupid.” Just say it! Don’t run away. If it’s advertising – say advertising. Facebook’s a massive advertising business. So is Google. If it’s direct sales – it’s direct sales. If it’s you know a game and you’re selling in app add ups – like that’s fine. Just say it. Don’t run away from the sentence. It only has to be one sentence long. Where founders get tricked on how you will make money is they say, “Well – we’re going to run advertising. Maybe some virtual goods. We’re going to figure out how to this. And maybe this. And maybe this.” Well now you’re saying nothing. Now you’ve told me you have no idea how you monetize this. This was a check mark that I just wanted to write. And then I am going to monetize it – instead I am writing a bug question mark. So do the thing that everyone else your industry does to monetize 95 percent of the time – say it and move on. Like it’s totally ok. No one’s going to hold your feet to the fire and say three years later you didn’t monetize this way. But it’s much better to be clear and concise than it is to start spouting out every single way your company can make money.
下一步—你如何盈利？你知道你的商业模式。我看到很多创办人都逃避这个问题，因为他们认为，如果我说广告人会像“啊，那真是太蠢了”，那就直说吧！别跑了。如果是广告，比如广告。脸谱网是一项庞大的广告业务。谷歌也是。如果是直销，那就是直销。如果你知道一款游戏，而且你在销售应用内的附加功能，这很好。就说出来。别逃避这句话。只需一句话。当创办人被你如何盈利所欺骗时，他们会说，“好吧，我们要经营广告。可能是一些虚拟物品。我们会想办法的。可能是这个。现在你什么也没说。现在你告诉我你不知道你是如何把这些钱变现的。这是我刚想写的一个对号。然后我要将其货币化，而不是我在写一个错误问号。所以，做你所在行业的其他所有人在95%的时间里都会做的事情—说出来，然后继续前进。似乎完全没关系。没有人会对你说三年后你没有通过这种方式获利。但清晰和简明总比开始滔滔不绝地讲述公司每一条盈利之路好得多。
Then next one is team. I think that this answer is actually really clear. I think you’re trying to do two things. If your team has done something particularly impressive – you need to call that out. “We were the founders of PayPal.” Probably want to say that. “We were the founders of Amazon.” Probably want to say that. So if you guys have done something that is made investors money. You want to say that. If not, then please don’t go on about the awards your team has one or the PhDs – I don’t care. I don’t care. What we want to hear is how many founders. Hopefully between two and four. We want to here is how many them are technical? How many engineers versus business people. Hopefully it’s fifty/ fifty of more engineers. We want to hear is that how long have you guys known each other? We don’t want to hear that you guys met a founders dating an even three days ago. Ideally you’ve known each other either personally or professional for at least six months. We want hear is that you’re all working full time. It’s really helpful. We’re all committed to this business. And what we wanna hear is how you met. That’s it. You can get in and out of that two sentences very easy. Your only way to build credentials is if you have accomplished something. And with an investor, typically if you accomplished something that’s made someone some money. So don’t try to over inflate yourself if you don’t have that stat on your resume. Move on. The more you talk about a bad thing – the worse it looks.
下一个一是团队。我认为这个答案确实很清楚。我认为你在尝试做二件事。如果你的团队做了一些特别令人印象深刻的事情，你需要把它说出来我们是PayPal的创办人我们是Amazon的创始人。所以，如果你们做了一些能让投资者获利的事情。你想说的。如果没有，那么请不要继续你的团队有一个奖项或博士-我不关心。我不在乎。我们想听的是有多少创始人。希望在二点到四点之间。我们要问的是他们有多少是技术人员？多少工程师与业务人员。希望多出五十╱五十名工程师。我们想知道的是，你们认识多久了？我们不想听你们在三天前就认识了一位创始人。理想情况下，双方至少有六个月的私人或专业认识。我们想知道的是，大家都在全职工作。这真的很有帮助。我们都致力于这项业务。我们想听的是你是如何相识的。就这样。你可以很容易地进出这二个字。建立证书的唯一方法是在完成某项工作后。和一个投资者在一起，通常情况下，如果你完成了某件事，为某人带来了一些钱。所以，如果你的简历上没有这方面的信息，就不要过分夸大自己。继续前进。你越是说一件坏事，事情就越糟。
So the last one is the big ask. When it comes to this, you have to figure out whether this is a conversation involves fundraising or not. What I tell people is like this is the time where you kind have to know what you’re talking about. This is a time where you have to know are you raising on convertible note. Are you raising on a safe. You have to know what the cap of that safe is. You have to know how much money you’re raising. You have to know what the minimum check size is. These are things where if you don’t know these things, investors going be like, “These guys aren’t serious. Or they haven’t done their homework.” So where’s the rest of this whole thing you shouldn’t use any jargon. This part you shouldn’t just be like “Oh we’re just raising some money.” Now is time to actually use a little bit of that jargon. If you don’t know that jargon – Google search it. Like it’s real simple. You’ll guys learn it fast. That’s it. That’s all your pitch. Done. Game over. Now you let them talk.
所以最后一个是大问题。当涉及到这一点时，你必须弄清楚这是否是一个涉及集资的对话。我告诉人们的是，在这个时候，你必须了解自己在说什么。这是一个你必须知道你是以可换股票据筹集资金的时期。你是在一保险柜上养大的。你必须知道保险箱的盖子是什么。你必须知道你筹到了多少钱。你必须知道最低支票金额是多少。如果你不知道这些，投资者会说，“这些人不是认真的。或者他们没有做家庭作业。这一部分你不应该只说“我们只是在筹集一些资金”，现在是时候用一点这种行话了。如果你不知道这个行话—谷歌搜索。像是真的很简单。你们很快就会学会的。就这样。这就是你要说的。完成。游戏结束。现在你让他们说话。
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When to fundraise? This is important. You’ve got this little growth graph here. Investors like to invest based on traction. It is literally always better to raise money when you have more traction than less. Often times though, you will be in a situation where you’re just starting or you just launched. What you need to do is you need to think about how you flip the equation. Your entire mindset should be: you are the ones asking investors for money and therefore they are strong and you are weak. How do you create a scenario where you are strong and they are weak? That’s where you want to be fundraising. First, how do you know that you’re strong? If investors are asking to give you money, you’re strong. That might be a good time to start fundraising. If investors aren’t asking about giving you money, are you talking to people about your start up? Or are you running super stealth? If you’re talking to people about your start up and you’re getting the word out, either through the press or just through talking to your friends or people you know doing startups, that’s a good way to start feeding that.
何时筹集资金？这很重要。这是一个小增长图。投资者喜欢基于吸引力进行投资。事实上，当你有更多的牵引力时，筹集资金总比没有牵引力时好。然而，通常情况下，你会处于刚刚起步或刚刚起步的状态。你需要做的是，你需要考虑如何推翻方程式。你的整个心态应该是：你是向投资者要钱的人，因此他们强而你弱。你如何创造一个你强大而他们脆弱的情景？这是你想筹款的地方。第一，你怎么知道自己强大？如果投资者要求给你钱，你很强大。这可能是开始筹款的好时机。如果投资者不要求给你钱，你是在和别人讨论你的创业计划？或者你是在潜行？如果你通过媒体或与你的朋友或认识的创业者交流，向他们讲述你的创业经历，这是一个很好的开始。
The second this is, have you created a plan so that you can launch and grow without needing to raise a bunch of money? 95 percent of the startups that I meet can get a product to market with a very little bit of money. Never put the investor in the ultimate position of power. “We can’t do anything until you give us money.” You always want to flip it around. You always want it to be, “This thing’s moving. We all left our jobs. We’re all working full time and it’s moving. If you want to jump on, great. If not, there are a lot of angel investors.” That’s the attitude you want to have. That’s the confidence you want to have. If you need money early, always plan on needing less money. Always be able to show that you’ve got a fully committed team that’s working fast. That’s going to be how you gain an advantage when you can’t show traction. If you can show an investor that you haven’t launched yet but you’ve done eight months of work in one month or two months and you’ve got a great team that have all quit their jobs and they’re totally committed, then you get some advantage back. You don’t get all of the advantage unless you have launched and are growing.
第二个问题是，你是否已经制定了一个计划，这样你就可以在不需要筹集大量资金的情况下启动和发展？在我遇到的创业公司中，95%的人都能用一点钱就把一个产品推向市场。决不让投资者处于最终的权力地位“除非你给我们钱，否则我们不能做任何事情”，你总想翻个底朝天。你一直希望它是“这东西在动。我们都离开了工作岗位。我们都在全职工作，而且进展顺利。如果你想跳下去，太好了。如果没有，天使投资者会很多。这是你希望拥有的信心。如果你提前需要钱，总要计划少点钱。始终能证明你有一支全心全意投入、工作迅速的团队。当你不能发挥牵引力时，这将是你获得优势的方式。如果你能向投资者展示，你还没有成立，但你已经在一个月或二个月内完成了八个月的工作，而且你有一支优秀的团队，他们都辞职了，并且全力以赴，那么你就会获得一些优势。除非你已经推出并不断发展，否则你不会获得所有的优势。
Finally how to set up investor meetings. This is really, really simple but I’m surprised at how many companies don’t get this right. The first is you want a warm introduction from another entrepreneur preferably. Or a previous investor of yours. That’s where you want to start. If someone who’s past on your company as an investor offers you to make introductions that’s kryptonite. Don’t touch that. So first warm introduction. Very simple. You don’t want to cold call these people. You don’t want to bum rush these people. The person – the credibility of the person who is introducing you to an investor is big part on whether the investor will take that meeting.
最后是如何召开投资者会议。这真的，真的很简单，但我很意外有多少公司没有做到这一点。第一是希望能得到另一位企业家的热情介绍。或是你的前投资者。这就是你要开始的地方。如果有人以投资者的身份向你介绍你的公司，那就是Kryptone。别动它。第一次热烈的介绍。非常简单。你不想给这些人打电话。你不想赶这些人。向投资者介绍你的人的信誉对投资者是否参加该会议至关重要。
Second, think in parallel. So many people that I meet will run the fundraising the super slow process. We met with one guy this we. We’re going to schedule a meeting with another guy next week. Another guy three weeks from now. When you’re fundraising you’re on. It’s a sprint. It’s not a marathon. So you want to schedule all of your meetings during the same week. It’s extremely hard to do but here’s one trick that I love – tell when you’re emailing investors you getting those warm intros the investors email you back you say, “Hey we would love to set up a meeting but we’re building like crazy for the next two weeks. So can we set it in that third week?” Right? So then you’ve emailed everyone that. Right? So everyone schedules that meeting three weeks out. It’s better for them because their calendars open. It’s better for you because you’ve got all you meetings in one week. And also what did you do? You hinted, “Hey. I am not desperate for the money. We’re building. Like I can meet you in three weeks but we’re building. We’re busy.” Like it’s signally all of the right things. So, that’s the best way to kind of go about how you’re gonna do that. The last thing is one team member should be investing in fundraising full time. It shouldn’t be something that takes over the whole company. Because it’s very, very distracting.
第二，平行思考。我遇到的很多人都会以非常慢的速度进行筹款。我们遇到了一个人。我们计划下星期和另一个人会面一次。再过三个星期。当你筹款的时候，你就开始了。一次冲刺。这不是马拉松。所以你要在同一周内安排所有会议。这是非常困难的，但我有一个诀窍，我爱-告诉你，当你向投资者发送电子邮件时，你得到那些温暖的介绍投资者邮件你回你说，“嗨，我们很想设立一个会议，但我们在未来二个星期建设一样疯狂。我们能在第三个星期把它定下来么正确的？所以你已经给所有人发了邮件。正确的？所以大家都把会议安排在三个星期之外。这对他们更有利，因为他们的日历已打开。这对你更好，因为你在一周内有所有的会议。你也做了什么？你暗示，“嗨。我并不急于要钱。我们正在建设。我可以在三个星期内和你见面，但我们正在努力。我们很忙。所以，这是你最好的方式。最后一件事是一名团队成员应全职投资于筹款。这不应该是接管整个公司的事情。因为这非常，非常分散注意力。
So with that – let’s kick it off to the next part of this. Who am I handing it to?
好了，让我们开始下一个部分。我把它交给谁？
Dalton: Hi. My name is Dalton Caldwell. I’m one of the partners at YC and one of the things that we’re going to do today real quick is a mock pitch. And first of all I know this is a bit contrived. This is – in this format of like a college class, we’re going to do our best to have fun and kind of demonstrate what it’s like. And I realize there’s a million reasons why this – why you can say, “Of this isn’t realistic of what pitches really like.” But again there’s a lot that we can show you.
达尔顿：嗨。我的名字是达尔顿考德威尔。我是YC的一名合伙人，而我们今天要做的其中一件事就是模拟球场。第一，我知道这有点做作。这是—在这种大学课堂的形式下，我们将尽我们最大的努力来获得快乐和展示它是什么样的。我知道这其中有一百万个原因，所以你可以说，「这并不能真实地反映投球的真实情况」，但我们可以向你展示很多。
Just in terms of my background – over my career I’ve raised 85 million over several companies so I’ve sat in a lot of investors meetings. So I’m going to be pulling as many things as I can. So again, we’re just going to try to show you something to talk to and use it as a learning session. You already did your intro earlier Qasar right?
仅就我的背景而言—在我的职业生涯中，我曾在多家公司筹集8,500万资金，所以我参加了很多投资者会议。所以我会尽我所能地做更多事情。因此，我们将再次尝试向您展示一些可供讨论的内容，并将其用作学习课程。你之前已经介绍过Qasar了对吧？
Qasar: I’ve done a couple of startups.
卡萨：我做过几次创业。
Dalton: Cool. We’re going to do two pitches and go through them pretty fast. As Michael said, these tend to go fast. Let’s go dive into the first one.
达尔顿：酷。我们将投二个球，并以相当快的速度通过。正如米迦勒所说，这些都会进展迅速。我们去第一吧。
Qasar, I understand you’re coming to pitch me today. What can you tell me about what you do?
卡萨，我知道你今天要来推销我。关于你的工作，你能告诉我什么？
Qasar: We’re building a communication platform that will allow businesses and consumers to collaborate on one single platform rather than in the fractured state that they’re in right now.
Qasar：我们正在构建一个沟通平台，让企业和消费者可以在一个单一平台上进行合作，而不是在他们目前的支离破碎状态下进行合作。欢迎到火门网讨论:huomen.com
Dalton: I don’t follow.
达尔顿：我不明白。
Qasar: Think about WhatsApp or Snapchat. Those are for consumers. We want to do that for businesses. I have to do this with a straight face. What that means is we want to enable consumers to talk to businesses. That’s the goal of our business or what our startup is.
卡萨：想一想WhatsApp或Snapchat。这些是给消费者的。我们希望为企业做到这一点。我必须直面这个问题。这意味着我们要让消费者与企业对话。这是我们的业务目标或我们的初创公司。
Dalton: Who uses this product? What does the product do?
达尔顿：谁用这个产品？产品的功能是什么？
Qasar: It’s for consumers and businesses. A messaging product that allows consumers to send-
卡萨：是为消费者和企业而设。允许消费者发送-
Dalton: Why would a consumer want to use your product?
达尔顿：消费者为何要使用你的产品？
Qasar: Because they want to message a business.
卡萨：因为他们想传达一业务的信息。
Dalton: What can you tell me about the market and the opportunity? What’s the size of this company?
达尔顿：关于市场和机会，你能告诉我些什么？这家公司的规模是多少？
Qasar: Messaging companies are really big obviously. WhatsApp sold for 19 billion dollars. Snapchat is really growing very quickly as well. We think the opportunity is very big.
Qasar：很明显，短信公司真的很大。WhatsApp的售价为190亿美元。Snapchat的发展也非常迅速。我们认为机会非常大。
Dalton: Can you tell me a little bit about your traction, your numbers. Have you given this to people yet?
达尔顿：你能不能给我讲讲你的牵引力，你的号码。你把这个给人了没有？
Qasar: We don’t want to open the kimono and go into all the details here. I had a high level hour live, we definitely have thousands of users in the Bay area. Hundreds of businesses.
卡萨：我们不想打开和服，在这里讨论所有细节。我有一个高水平的小时直播，我们绝对有数以千计的用户在湾区。上百家企业。
Dalton: Can you tell me who some of those businesses are?
达尔顿：你能告诉我这些业务是谁？
Qasar: There’s ones that you’ve been to. We don’t really want to get too much into the details because we’re still early, we’re trying to stay stealth.
卡萨：有一些是你到过的。我们真的不想太过深入细节，因为我们还太早，我们正试图保持秘密。
Dalton: Ok well, can you tell me about what you’ve learned so far. What insights that you’ve had from the customers…
达尔顿：好吧，你能不能告诉我你到目前为止所学的知识。您从客户中获得了哪些见解。。。
Qasar: Yeah the consumers are sending messages to these businesses. And we think that’s great. So and these businesses are responding to the messages and we think that’s – I don’t think that’s obvious that would happen.
卡萨：是的，消费者正在向这些企业发送信息。我们认为这很好。因此，这些企业对这些信息作出了回应，我们认为这—我认为这并不明显。
Dalton: So can you tell me about what your business model is and how…
达尔顿：那你能告诉我你的商业模式是什么，以及如何。。。
Qasar: Yeah so we, we charge businesses like a monthly rate. We haven’t precisely figured out what that is. We – right now we’re free for the few hundred companies we’re in right now. But we’re looking to probably do a monthly…
卡萨：是的，我们向企业收取月费。我们还没有完全弄清楚这是什么。我们—我们现在有机会进入数百家公司。但我们希望每月能做一次。。。
Dalton: How much do you think a business would be willing to pay?
达尔顿：你认为一家公司愿意支付多少？
Qasar: We thing certainly ten to fifteen thousand dollars a month…
卡萨：我们每月肯定要十至一万五千美元。。。
Dalton: Ok. So anyway can you tell me a little bit about your team and who you have working on this.
达尔顿：好的。不管怎样，你能不能给我介绍一下你的团队和你在这方面的工作人员。
Qasar: Yeah we have five founders. Technically I am the only one who’s full time. Right now. We’re raising money. So we can get you know the rest of the team on board. Yeah
是的，我们有五位创始人。技术上我是唯一一个全职的人。马上。我们在筹款。我们可以让你了解船上其他人。是 啊
Dalton: Can any of the founders program or…
达尔顿：创办人计划或。。。
Qasar: Yeah. I mean we have – one of them has a Bio PhD but he’s really picked up coding. The – I am a python developer. I did – I learned python the hard way.
卡萨：是的。我的意思是我们有—其中一个拥有生物博士学位，但他确实学会了编码。The-I是一名python开发人员。是的，我是用最难的方法学巨蟒的。
Dalton: Look at the time. Well it’s been really great meeting you. Please keep me in the loop. This sounds fantastic.
达尔顿：看时间。很高兴认识你。请让我参与其中。这听上去太棒了。
Qasar: I will send you an update.
卡萨：我会给你发送最新消息。
Dalton: Just keep me in the loop as this progresses.
达尔顿：随著事态发展，让我参与其中。
Qasar: I’ll send you an update. Great. That was awful.
卡萨：我会通知你最新情况。伟大的。真是太糟了。
Dalton: Ok. So let’s go through.
达尔顿：好的。让我们一起来。
Sam: That’s disturbing.
山姆：真令人不安。
Dalton: That was obviously not strong. Let’s talk about some of the mistakes. First of all, you need to make sure the person you’re talking to knows what you do.
达尔顿：这显然不强。让我们来讨论一些错误。第一，你需要确保和你说话的人知道你在做什么。
Qasar: This seems really simple but it’s not.
卡萨：这似乎很简单，但事实并非如此。
Dalton: So many times people get flustered. They get nervous and they start talking really fast. There’s no way you’re ever going to convince anyone of anything if they don’t know even what your app actually is. You have to know your numbers obviously. If you’re very vague or evasive, don’t even have a meeting. If you don’t feel comfortable telling an investor what your numbers are, don’t even meet with them. It means you’re not ready yet.
达尔顿：很多时候人们都很紧张。他们变得紧张，开始说得很快。如果任何人甚至不知道你的应用程序是什么，你也不可能说服他们。显然，你必须知道自己的数字。如果你非常含糊或回避，甚至不要开会。如果你不愿意告诉投资者你的数据，甚至不要和他们见面。这意味着你还没准备好。
For market size, try to give some plausible bottom up analysis and don’t just name drop big companies that aren’t even related to what you’re doing. People tend to do that a lot. Try to have insights. Try to convince me that there is something that I don’t already know about the market that I learned talking to you. Also, why are you working on this? Why are you suited for it? Is it a good thing to do? Finally, he didn’t drive the conversation anywhere. Obviously that went poorly and he just let the conversation flail around until I cut the meeting because I ran out of time as fast as I could.
就市场规模而言，试着给出一些似乎合理的由下而上的分析，而不只是列出那些与你所从事的业务完全无关的大公司。人们往往经常这样做。尝试洞察。试着让我相信，有一些我对市场还不了解的事情是我从和你谈话中学到的。另外，你为何要在这方面努力？你为何适合？这是件好事么？最后，他没有把话题推到任何地方。显然情况不太好，他只是让话题四处乱转，直到我因时间尽可能快而取消会议。
That was not a good pitch. Let’s try that again.
投得不好。让我们再试一试。
Qasar. Ok. Let’s do this.
卡萨。好 啊。来吧。
Dalton: Qasar, I understand you have a company. Can you tell me a little bit about what you guys do?
达尔顿：卡萨，我知道你有一家公司。能不能给我讲讲你们的工作？
Qasar: Yes, we’re a messaging product. That’s kind of vague. What we allow you to do is essentially message a location. When you walk into a Crate and Barrel, you can send the Crate and Barrel manager a message like, “Hey. There’s puke in the hallway.” Or if you’re in the airport “I am trying to find this specific gate ’cause I am not at this airport, “Where is the terminal for Virgin?” Or if you’re at Target, “What aisle is the shampoo in?”
是的，我们是一个信息产品。有点模糊。我们允许您做的基本上是信息一位置。当你走进一个木箱和木桶，你可以向木箱和木桶经理发送一个信息，比如“嗨。走廊上有呕吐物。或者，如果你在机场，因为我不在机场，我正试图找到这个特定的登机口或者，如果你的目标是“洗发水在哪一个通道
Dalton: So is this a mobile app?
达尔顿：这是一个移动应用程序？
Qasar: On the consumer side we have an iOS and Android app but getting consumers to download apps is obviously very difficult.
Qasar：在消费者方面，我们有iOS和Android应用，但要让消费者下载应用显然非常困难。
Dalton: I don’t usually download app just to send a message to Crate and Barrel.
达尔顿：我通常不会下载应用程式只是为了向Carte and Barrel发送信息。
Qasar: Most businesses have a call to action which says text the owner directly. We tested a bunch of copy that works the best in small print. In small print we have the messages are anonymous. They also lower the barrier to entry. I think that most counter intuitive then we’ve learned in the kind of launch that we’ve had – in three hundred fifty locations in Bay. We’ve been doing this for about three months. We’re about 11 percent weekly growth rate in terms of requiring businesses but most counterintuitive thing that we learned – Because we weren’t actually sure is – Will people send messages while they walk it work…
Qasar：大多数企业都有一个行动号召，要求直接给所有者发短信。我们测试了一批在小型印刷中效果最好的复印件。小字本上的信息是匿名的。他们也降低了进入的门槛。我认为这与我们在海湾的三百五十个地点所经历的发射最为背道而驰。我们已经做了大约三个月了。就业务需求而言，我们的每周增长率约为11%，但从中我们了解到的最有违常理的事情（因为我们并不确定）是不是有人会边走边发信息。。。
Dalton: Do people send messages
达尔顿：人们会发送信息么
Qasar: and they do.
卡萨：是的。
Dalton: Like what’s the number one type of message that people send?
达尔顿：比如，人们传递的第一类信息是什么？
Qasar: So originally we started the product thinking this is going to be like in location feedback. That was the premise. In location feedback. What we found is more than half the messages are actually not about feedback at all. They ask things like, “We were in this location in San Jose – this khaabob stand – Father and Son and we say messages that went through the satellite like are you hiring? And that’s like very strange because you would think like why wouldn’t you just ask the owner? But we realized that we know this is the owner and the person who’s walking in doesn’t and so they do prefer to actually just text the owner because I think that’s an easier reading.
Qasar：最初我们认为这会像位置反馈一样。这是前提。现场反馈。我们发现超过一半的信息实际上完全不是反馈。他们会问这样的问题，“我们当时在圣何塞（San若泽）的一个地方，这个卡巴布（khaabob）看台，父亲和儿子，我们通过卫星传递的信息，像是在招聘员工？这真是太离奇了，因为你会想，你为何不直接问店主？但我们意识到我们知道这是店主，而走进来的人并不知道，所以他们更愿意直接给店主发短信，因为我认为这样更容易阅读。
Dalton: Ok so it’s like a suggestion box. It’s like a way to just like message a business
达尔顿：好的，这就像一个建议箱。这就像是一种让你喜欢信息一业务的方式
Qasar: Initially that’s what we thought what it was. But what we actually discovered was vast majority of – I shouldn’t say vast majority. Over half the messages are just things like, “When do you open? When do you close? ‘Cause that’s not on Google. Do you – are you catering? Do you have any reservations available tonight?” etc.
卡萨：最初我们是这样认为的。但我们实际发现的绝大多数，我不应该说绝大多数。超过一半的信息都是类似于“你什么时候开门？你什么时候关门因为这不是在谷歌。你-你在餐饮业？您今天晚上有没有预订等。
Dalton: Ok look – in terms of your traction is sounds like you said some businesses. Like tell me about what you guys have right now.
达尔顿：好吧，看，就你的牵引力而言，听上去你说了一些事情。比如告诉我你们现在有什么。
Qasar: So we have three hundred and fifty businesses – all from San Jose to San Francisco. We sold them ourselves as three founders. We’re all technical but we actually did all the sales because we learned a lot about how these businesses work. We actually come from a retail background. We originally built this product for large enterprise players like Starbucks and Walmart but we recognized at closing those contracts and our limited amount of runway wouldn’t really be possible. So we wanted to get the product in the hands of users so we did S&B’s. And that’s when discovered, hey this like messaging product…
卡萨：所以我们有三百五十家公司，全部从圣何塞到旧金山。我们以三位创办人的身份将其出售。我们都是技术型的，但实际上我们做了所有的销售，因为我们对这些业务的运作方式了解了很多。我们实际上来自零售业背景。我们最初为星巴克和沃尔玛等大型企业客户生产这种产品，但我们在完成这些合同时就意识到，我们有限的跑道实际上不可能实现。因此，我们希望将产品交到用户手中，因此我们进行了S&B的测试。。。
Dalton: Ok that sounds interesting. It sounds like you have customers. How can this be big though? Like ok – maybe you can get whole thousands of words….
达尔顿：好吧，这听上去很有意思。似乎你有客户。不过，这怎么能算大？好吧，也许你能读到上千个字。。。。
Qasar: So in terms of like numbers – we see one and half messages on average per location per day. That might not sound a lot but for a business that’s getting thirty messages – you take like a Yelp review or a Google review in a life time of business they might get five or seven. So they’re getting a huge volume of messages relative to what they tend to experience and they’re private so they are not public. So in terms of how do we actually make money, it’s not – you know frankly speaking we don’t have a very clear answer there. The two pats are the S&B side or the LC side the large customer side. Large customers we know from a retail experience just regular feedback tools are are three to four million per per year. So like a Sears – where we came from. S&B’s we’ve tested are willing to pay 50 dollars a month. So I, you know certainly I think this is – can be a large business but there’s clear ways to make money but…
卡萨：所以就类似的数字而言，我们平均每天在每个地点看到一条半信息。这听上去可能不多，但对于一个有三十条信息的业务，你可以像一个Yelp评论或一个商业生命周期中的一个谷歌评论，他们可能会得到五个或七个。因此，他们收到了大量与他们所经历的相关的信息，而且这些信息是私人的，所以不是公开的。因此，就我们实际如何盈利而言，这并不是—你知道，坦白地说，我们没有一个非常明确的答案。二个部分为S&B端或LC端大客户端。我们从零售经验中了解到的大客户仅定期反馈工具每年就有三至四百万。就像我们的家乡一西尔斯。我们测试过的S&B愿意每月支付50美元。因此，我，你知道我当然认为这是-可以是一个大企业，但有明确的方法来盈利，但。。。
Dalton: I can see that. Just a couple things. Like, can you tell me about distribution strategy and also just a little bit about the team
达尔顿：我明白。只有几件事。比如，你能不能给我讲讲分销策略以及团队
Qasar: Yeah, so distribution – so the thing that we learned in selling through these S&B’s is really freaking hard. The formula LTV minus CPA – Life time value minus Cost Proposition A in S&B is never going to work out. So we have two solutions – one is to go up market like we originally planned to Starbucks or Walmart’s. Or two is actually essentially pair with consumer facing companies Yelp, Google, Facebook…
卡萨：是的，所以分销-所以我们从这些S&B的销售中学到的东西真的非常难。标准普尔的LTV减CPA减寿命时间价值减成本建议一的公式永远不会成立。因此，我们有二个解决方案—一个是像我们最初计划的星巴克或沃尔玛一样向上销售，或二个实际上是与面向消费者的公司Yelp、谷歌、脸谱网配对。。。
Dalton: Have you been talking with them. Are they going to actually do it?
达尔顿：你和他们谈过了。他们真的要这样做？
Qasar: Yeah – so we’ve talked to Google and Facebook. We’re meeting with the Apple. We’re basically want to introduce every time you search for a business there should be a message button. We want to get consumers in the habit of knowing they can send essentially a text message to any business. That can help us get broad distribution. Our real vision is to become kind of that infrastructure – that messaging infrastructure between consumers and businesses. If that doesn’t work – Let’s say Google, Facebook and Yelp don’t want to give up that valuable property – it’s really an add unit. We do just want to sell this an s feedback tool to large players.
是的，我们已经和谷歌和脸谱网谈过了。我们要和苹果见面。我们基本上是想介绍每一次你搜索一业务应有一个消息按钮。我们希望让消费者养成习惯，知道他们基本上可以向任何企业发送一条短信。这有助于我们获得广泛的分销。我们的真正愿景是成为一种基础设施，即消费者与企业之间的信息传递基础设施。如果这不起作用，比如说谷歌、脸谱网和Yelp不想放弃这些有价值的资产，这真的是一个额外的单位。我们只想向大型玩家出售这个反馈工具。
Dalton: Alright. Can you tell me a little about the team – we’re running low on time.
达尔顿：好的。你能不能给我介绍一下我们的团队—我们的时间不多了。
Qasar: There’s three of us. All technical. Mike and I did a company before. Sonny was an ex school engineer. We come from retail. So our first start up was a failure. So I don’t know if that’s good or bad. We’ve worked together – we’re all technical. We all built everything ourselves. And we sold everything ourselves.
卡萨：我们有三个人。全技术。迈克和我以前在一家公司工作过。桑尼曾是学校的工程师。我们来自零售业。因此，我们的第一次启动失败了。所以我不知道这是好是坏。我们一直在一起工作—我们都是技术人员。我们都是自己建造的。我们自己把所有东西都卖了。
Dalton: Ok.
达尔顿：好的。
Qasar: So we already had a couple of conversations with your firm. We’re raising five hundred thousand on an 8.5 million convertible note. Of that five hundred two hundred -fifty is committed by Mike Maples, Eli Gill and Aden Sinket. And Mike with Floodgate is willing to fill the round. We think you’re – you particularly – you and your firm can bring a lot to the team with your retail experience. Is this something that’s interesting to you?
卡萨：所以我们已经和贵公司谈过几次了。我们以一张850万美元的可换股票据筹集五十万美元。在这五百零二个五十是承诺的Mike Maples，伊利吉尔和亚丁辛克特。迈克愿意用水闸来填补空缺。我们认为，凭借你的零售经验，你和你的公司能够为团队带来很多。这是你感兴趣的事？
Dalton: Yeah – you know I think this is really interesting. I mean I would need to talk to a couple of more folks on my side but I do think that this – this could be pretty big.
达尔顿：是的，你知道我认为这很有意思。我的意思是，我需要和我身边的其他人多谈几句，但我确实认为这—这可能非常重要。
Qasar: Yeah since we’ve had a couple of conversations before and we’re certainly willing to meet again. We are closing a round this Friday and so certainly take time and let you other partners know. I will be available between now and Friday. I’ll give you another call before Friday before we close the round. But we’ve love to actually see you – see you in the run.
卡萨：是的，因为我们之前有过几次对话，我们肯定愿意再见面。我们将于本星期五结束一轮，因此一定要花时间让其他合作伙伴知道。从现在到星期五我有空。我会在星期五结束前再打电话给你。但我们真的很高兴看到你，在奔跑中见。
Dalton: Ok. Well it sounds good. I got to go but thanks for that
达尔顿：好的。听上去不错。我得走了，谢谢你
Qasar: Great. Thanks.
卡萨：太好了。谢谢。
Dalton: So in terms of that one you know – some key points here is try to actually tell a narrative that makes sense to people. You noticed there was narratives there talking about people – how they really use it. We were able to like tie it down to the real world. Which is good. He was able to demonstrate insights and actually tell me something I didn’t already know about the market. Like there were some tid bits. It was more of a collaborative meeting where it felt more like a conversation than just like I was interviewing about something in my opinion. He actually asked for money. You saw I could have easily been just like, “Ok. Got to go.” But he did talk about fundraising as Michael mentioned. And he was able to provide all he context and all the the questions to actually have a serious conversation with him. If he was KG about it or shy about and clear on the numbers there’s a very good chance I probably would have just ended the conversation due to time pressure.
达尔顿：所以就你所知的一个方面而言，这里的一些关键点是尝试真实地讲述一个对人们有意义的故事。你注意到有关于人们的叙述，他们是如何真正使用它的。我们能够把它与现实世界联系起来。这很好。他能展示自己的见解，并实际告诉我一些我对市场还不了解的事情。就像有一些花边新闻。这更像是一次合作会议，让人感觉更像是一次对话，而不是我就自己认为的某件事进行面试。他实际上是要钱的。你知道我很容易就想“好吧。但正如米迦勒所说，他确实谈过集资。他能够提供所有的背景和问题，与他进行真正的严肃对话。如果他对这件事很敏感，或者对数字很内向和清晰，我很有可能会因为时间压力而结束这段对话。
Qasar: Yeah. It’s interesting we sit on this side a lot. You really – you can tell when people are very passionate and know their business very, very well. And that’s what you have to become.
卡萨：是的。有趣的是我们经常坐在这一边。你真的-你能分辨出人们何时非常热情，何时非常了解他们的业务。这就是你必须成为的。
Ok so closing thoughts here before we – what you want to do after the meeting. Before we get into Q&A. We’re running a little short on time.
好的，在我们结束之前先来结束讨论—您在会后想做什么。在我们开始问答之前，我们的时间有点紧。
After the meeting the first just like Tyler said in the sales things follow up. This is important. Anything other than a check or wired funds is a no. So they we got to keep talking to partners – I assume that’s a no. And so you do want to put some pressure. The way you can do that is get deal heat. A deal heat is just a term that means there’s a demand to be in your round. This is the easiest way and important way to drive a price, etc. Do diligence on investors, So let’s say you have that five hundred thousand to raise for your seed round on the 8.5 million like we used as an example, Do diligence on the investors – If you do find – I do the diligence on Dalton and I found that hey he’s actually not great investor, I can get Millan or Mike Maples or whoever to actually fill the rest of the round. It’s uprising to us how money entrepreneurs don’t do this. You would – it’s like you would actually spend a lot of time hiring somebody – you’re selling a part of your company to somebody you should know who you’re selling it to to make sure they’re the type of people you think they are. And then last – know when to stop. So some founders get so good a fundraising they just want to it all the time because it’s much easier to do than actually building the company.
会后的第一次，正如泰勒在《销售事宜跟进》中所说。这很重要。除了一支票或有线基金以外，其他的都是一号。所以我们要和合伙人保持对话—我假设是一号。所以你要施加一些压力。你能做的就是发热量。一deal heat（交易热度）只是一个术语，表示在你的回合中有一个需求。这是最简单也是最重要的定价方法，等等。对投资者进行尽职调查，假设你有五十万美元可以在850万美元的基础上筹集资金，对投资者进行尽职调查，如果你确实发现，我对达尔顿进行了尽职调查，我发现他实际上不是很好的投资者，我可以让米伦或迈克•迈普或其他任何人填补余下的空缺。我们很难理解金钱企业家是如何做到这一点的。你会-这就像你会花很多时间雇佣某人-你将你公司的一部分出售给一个你应该知道你是向谁出售的人，以确保他们是你认为的人。最后—知道何时停止。因此，一些创办人获得了非常好的一融资，他们一直都想这样做，因为这比实际建立公司容易得多。
Dalton: Fundraising does not equal success. Nobody realizes that. We’ll say this now but I am sure that everyone will still equate fundraising with success and read about someone’s fundraising and assume that means they’re successful.
达尔顿：筹款并不等于成功。没有人意识到这一点。我们现在会这样说，但我相信每个人仍然会把筹款与成功等同起来，并阅读有关某人的筹款，并假设这意味着他们成功。
Qasar: My intuition about why this is true is because a lot of smart people applied to good schools and to good jobs and they think fundraising is just another application that they can check off. Building a company is much more ambiguous.
卡萨：我对这一点的直观理解是因为许多聪明人申请了好学校和好工作，他们认为筹款只是另一个可以通过的申请。建立一公司更为模糊。
Sam: Can you guys just stick around for a few minutes after to answer questions?
山姆：你们能在回答问题后逗留几分钟么？
Thank you guys very much that was great!
非常感谢大家，太好了！