| 00:00 | |
| 00:00 | |
| meeting founders and making decisions is way more of an art than a science | |
| 与创始人会面并做出决策更像是一门艺术，而不是一门科学 | |
| and as Dalton says unfortunately in this | |
| 正如道尔顿在这本书中不幸所说的那样 | |
| game I think you have to lose some money before you can really become an expert | |
| 游戏我认为你必须先损失一些钱才能真正成为专家 | |
| as much as anyone is an expert at at at answering the questions you need to | |
| 就像任何人都擅长回答您需要的问题一样 | |
| answer to make an investment the the next person who's about to come up has | |
| 下一个即将出现的人有进行投资的答案 | |
| more wisdom and knowledge about this than perhaps anybody I know | |
| 这方面的智慧和知识可能比我认识的任何人都多 | |
| before I introduce PB however first for the live streamers I apologize for the | |
| 在介绍 PB 之前，首先对直播主播表示歉意 | |
| problems we're having with the live stream as I said this is the first time | |
| 正如我所说，这是我们第一次在直播中遇到问题 | |
| we've done this here in Mountain View so we're bound to have kinks the good news | |
| 我们已经在山景城做到了这一点，所以我们一定会遇到好消息 | |
| is that everything is going to show up on this site and once it shows up on the | |
| 是所有内容都会出现在这个网站上，一旦出现在 | |
| 00:01 | |
| 00:01 | |
| site it will be more immune from networking issues they're less likely to | |
| 网站将更能免受他们不太可能出现的网络问题的影响 | |
| be ours and more likely to be yours at that point all of the slides will appear | |
| 是我们的，并且更有可能是您的，届时所有幻灯片都会出现 | |
| on the site within 24 hours after the session so I believe it's - all of the | |
| 会议结束后 24 小时内出现在网站上，所以我相信 - 所有 | |
| slides from yesterday are now up with the transcripts from yesterday at | |
| 昨天的幻灯片现在与昨天的文字记录放在一起 | |
| investor that's startup school.org and we'll do our best to to make the | |
| 投资者是startup school.org，我们将尽最大努力使 | |
| live stream work as well as possible so the next investor the next presenter | |
| 直播工作尽可能顺利，以便下一个投资者成为下一个演示者 | |
| excuse me he's also an investor obviously it's Paul Buchheit who has | |
| 对不起，他也是一名投资者，显然是 Paul Buchheit | |
| been a partner at YC with me as long as I've been here he's been at YC as long | |
| 只要我在这里，他就一直是我在 YC 的合伙人 他在 YC 工作的时间一样长 | |
| as anyone here I think it's probably seven years he's been hanging around YC | |
| 和这里的任何人一样，我想他可能已经在 YC 待了七年了 | |
| for even loveland that he has also notably the inventor of gmail which | |
| 就连 Loveland 来说，他也是 Gmail 的发明者。 | |
| sucks for me because I was part of the team that invented Yahoo Mail so we have | |
| 对我来说很糟糕，因为我是发明雅虎邮件团队的一员，所以我们有 | |
| 00:02 | |
| 00:02 | |
| a lot of good conversations he's still my friend I think he he also created a | |
| 很多愉快的谈话，他仍然是我的朋友，我认为他还创造了一个 | |
| company called FriendFeed which he sold to Facebook he knows a lot about a lot I | |
| 他把一家名为 FriendFeed 的公司卖给了 Facebook，他对我了解很多 | |
| guess that's the best way to talk about Paul but but one of the things he does | |
| 我猜这是谈论保罗的最好方式，但他所做的事情之一 | |
| know a lot about is investing here's a quote from | |
| 了解很多关于投资，这是来自 | |
| Paul that is actually an important one I would think about it a lot is you think | |
| 保罗，这实际上是一个重要的问题，我会思考很多，你认为 | |
| about investing I think the best kind of morality is a product that people like | |
| 关于投资，我认为最好的道德是人们喜欢的产品 | |
| so much that they just want to tell people about it | |
| 以至于他们只是想告诉人们这件事 | |
| so here's one of the smartest and best investors I know in the world Paul | |
| 这是我认识的世界上最聪明、最好的投资者之一保罗 | |
| bouquet to talk about that all right so thank you Jeff that was probably | |
| 花束谈论这个好吧，谢谢杰夫，这可能是 | |
| 00:03 | |
| 00:03 | |
| studying the expectations too high so so as Jeff mentioned I've been involved in | |
| 研究期望太高，所以正如杰夫提到的，我参与了 | |
| startups for a while probably about 20 years now I've been investing for the | |
| 创业公司有一段时间了，大概有20年了，现在我一直在投资 | |
| past 12 years I've invested in hundreds of companies I've seen thousands here at | |
| 过去 12 年里，我投资了数百家公司，我在这里见过数千家公司 | |
| YC I've interviewed thousands of founders and so last year I kind of came | |
| YC 我采访了数千名创始人，所以去年我来了 | |
| to the realization that I needed to stop | |
| 意识到我需要停下来 | |
| and actually like think about what I had | |
| 实际上喜欢想想我所拥有的 | |
| done because I spent most of those years | |
| 完成了，因为那些年的大部分时间我都花在了 | |
| just making somewhat haphazard decisions so I spent a bunch of time trying to | |
| 只是做出了一些随意的决定，所以我花了很多时间试图 | |
| actually figure out like what are the patterns that gave rise to favorable | |
| 实际上弄清楚产生有利影响的模式是什么 | |
| outcomes for me and what are the patterns that gave rise to unfavorable | |
| 对我来说结果是什么以及导致不利的模式是什么 | |
| outcomes with the idea that in the future I can maybe do better so really | |
| 结果是我认为将来我也许可以做得更好，所以真的 | |
| 00:04 | |
| 00:04 | |
| this is like something I more did for myself in my own investing process it | |
| 这就像我在自己的投资过程中为自己做的事情 | |
| may or may not work for anyone else but it's what what I intend to do and so the | |
| 可能对其他人有用，也可能不起作用，但这就是我打算做的，所以 | |
| structure of this is I'll tell a series of stories first of favorable outcomes | |
| 这个的结构是我将首先讲述一系列有利结果的故事 | |
| things that went good for me and then some unfavorable outcomes things that | |
| 对我有利的事情，然后是一些不利的结果 | |
| did not go good for me and then finally followed by some conclusions about you | |
| 对我来说不太好，最后得出了一些关于你的结论 | |
| know how I plan to invest going forward so first there's this idea I'm not | |
| 知道我计划如何继续投资，所以首先我不知道这个想法 | |
| limiting myself to good ideas and this actually started out as a joke | |
| 将自己限制在好想法上，这实际上是从一个笑话开始的 | |
| about 20 years ago but then I kind of realized it was true a lot of my ideas | |
| 大约 20 年前，但后来我意识到我的很多想法都是真的 | |
| are not good but it's also really relevant to startups because oftentimes | |
| 不好，但它也与初创公司密切相关，因为很多时候 | |
| the bad ideas I mean the good ideas look bad | |
| 坏主意 我的意思是好主意看起来很糟糕 | |
| and the reason for this is that if the idea were obviously good like the | |
| 这样做的原因是，如果这个想法明显像 | |
| opportunity wouldn't exist big companies are not that dumb they're capable of | |
| 机会不会存在 大公司并没有那么愚蠢 他们有能力 | |
| executing they have lots of resources they have market power like if they | |
| 执行 他们有很多资源 他们有市场力量 就像他们 | |
| 00:05 | |
| 00:05 | |
| thought there is this you know 10 billion dollar business sitting there | |
| 以为有这个你知道的 100 亿美元的生意坐在那里 | |
| they would just go do it themselves so necessarily for it to be a good startup | |
| 他们会自己去做，所以必然会成为一个好的初创公司 | |
| it kind of has to be something that inside of a big company would get shot | |
| 这一定是大公司内部会被枪杀的事情 | |
| down for being you know stupid or unimportant and actually the example I | |
| 因为你知道愚蠢或不重要而实际上是我的例子 | |
| like the best is this company I don't know if who recognizes that logo that's | |
| 最好的是这家公司我不知道谁认得那个标志 | |
| the original Google logo when Google as a research project at Stanford called | |
| 最初的谷歌标志，当时谷歌作为斯坦福大学的一个研究项目被称为 | |
| backrub it's Larry page's hand in a flatbed | |
| 拉里·佩奇的手在平板上按摩 | |
| scanner and so you know Google started out as this research project at Stanford | |
| 扫描仪，所以你知道谷歌最初是斯坦福大学的一个研究项目 | |
| Larry and Sergey were PhD students there and they actually wanted to continue | |
| 拉里和谢尔盖是那里的博士生，他们实际上想继续下去 | |
| being PhD students and like finish their degree so they went off and tried to | |
| 作为博士生并且喜欢完成学位，所以他们开始尝试 | |
| sell Google to one of the big internet companies at the time so Yahoo excite | |
| 将谷歌出售给当时最大的互联网公司之一，以便雅虎兴奋 | |
| Infoseek they made the rounds to all these companies they wanted a million | |
| Infoseek 他们拜访了所有他们想要 100 万美元的公司 | |
| 00:06 | |
| 00:06 | |
| dollars for Google and fortunately everyone said no no what no one thought | |
| 谷歌的美元，幸运的是每个人都说不，没有人想到的 | |
| it was worth a million dollars they thought search was unimportant they | |
| 它价值一百万美元，他们认为搜索并不重要 | |
| thought it was just like a commodity sort of a flavor of the month thing | |
| 认为它就像一种商品，某种月度风味的东西 | |
| they're like oh you're hot now but next month it'll be you know some other | |
| 他们就像哦，你现在很性感，但下个月你就会认识其他人了 | |
| startup and we'll just hop from one to the next so again like if if this | |
| 启动，我们将从一个跳到下一个，就像如果这样 | |
| opportunity were obvious Google wouldn't exist | |
| 机会很明显谷歌不会存在 | |
| so necessarily it has to look kind of bad and so I'll start my story at Google | |
| 所以它看起来一定很糟糕所以我将从谷歌开始我的故事 | |
| and the reason here is I think I really want to emphasize the absolute | |
| 这里的原因是我想我真的想强调绝对 | |
| importance in this game of being extremely lucky so the good news is you're all | |
| 在这个游戏中非常幸运的重要性所以好消息是你们都 | |
| accredited investors supposedly that means you're already among the luckiest | |
| 据说，经过认可的投资者这意味着您已经是最幸运的人之一 | |
| people on earth but I also like to think about this a lot because you know being | |
| 地球上的人们，但我也喜欢思考这个问题，因为你知道 | |
| a start-up employee is actually a lot like being an investor except you can | |
| 初创公司的员工实际上很像投资者，只不过你可以 | |
| 00:07 | |
| 00:07 | |
| really only do one at a time and so I've asked myself like how did I end up at | |
| 实际上一次只做一个，所以我问自己，我是如何最终做到这一点的 | |
| Google like what what took me there in the first thing is just that they | |
| 谷歌就像把我带到那里的第一件事就是他们 | |
| actually had a product that I used I was a very early user and so I just knew | |
| 实际上我使用过一个产品，我是一个非常早期的用户，所以我只知道 | |
| about it like they had made something people want namely me they made | |
| 就好像他们制造了人们想要的东西，即他们制造的我 | |
| something I want and the second thing the second reason is Linux so I was | |
| 我想要的东西，第二个原因是 Linux，所以我是 | |
| really really really into Linux a friend in college once put it shut the up | |
| 真的真的真的很喜欢Linux，一位大学朋友曾经把它闭嘴了 | |
| not everything is about Linux so when I went looking for a start-up to go work | |
| 并非一切都与 Linux 相关，所以当我寻找一家初创公司上班时 | |
| at really my only criteria was that they'd be doing cool stuff with Linux | |
| 事实上，我唯一的标准是他们会用 Linux 做一些很酷的事情 | |
| and so that was how I ended up at Google is they were building these like | |
| 这就是我最终加入谷歌的原因，他们正在构建这样的东西 | |
| clusters of Linux machines they're like nothing could be more exciting than that | |
| Linux 机器集群，没有什么比这更令人兴奋的了 | |
| and when I interviewed there the people were really smart they asked good | |
| 当我在那里采访时，人们真的很聪明，他们问得很好 | |
| questions interviewed at another startup | |
| 另一家初创公司面试的问题 | |
| 00:08 | |
| 00:08 | |
| when people asked dumb questions and you could really tell the difference what I | |
| 当人们问愚蠢的问题时，你真的能分辨出我说的是什么 | |
| didn't know was that it was a good business I actually expected that Google | |
| 我不知道这是一项好生意，我实际上期望谷歌 | |
| would get squashed by like Alta Vista or | |
| 会被像 Alta Vista 或 | |
| something I didn't go in thinking like I was gonna make money I went in thinking | |
| 我没有想到我会赚钱，而是想到了 | |
| I would learn something about startups and in fact I did learn some stuff which | |
| 我会学到一些关于初创公司的东西，事实上我确实学到了一些东西 | |
| was good so I had a good time there Jeff mentioned lost Gmail but eventually it | |
| 很好，所以我在那里度过了一段愉快的时光，杰夫提到丢失了 Gmail，但最终还是丢失了 | |
| was kind of turning into a big company and I'm interested in startups so kind | |
| 有点变成了一家大公司，我对初创公司很感兴趣 | |
| of got the itch again to get back involved in startups so I'm looking | |
| 再次渴望重新参与初创公司，所以我正在寻找 | |
| around and then in early 2005 I see this thing the summer founders program and | |
| 大约在 2005 年初，我在夏季创始人计划中看到了这件事 | |
| this is this is sort of funny because I don't know a lot of you probably don't | |
| 这有点有趣，因为我不认识你们很多人，可能也不认识 | |
| know this the very first batch of Y Combinator it was pitched as like a | |
| 知道这是第一批 Y Combinator，它的定位就像 | |
| replacement for a summer job so the idea | |
| 替代暑期工作所以这个想法 | |
| was college students instead of going to work at Google as an int | |
| 是大学生而不是作为一名实习生去谷歌工作 | |
| 00:09 | |
| 00:09 | |
| we just come to YC and start a company misil eli k really bad idea to most | |
| 我们刚刚来到 YC 并创办了一家公司 Misil eli k 对大多数人来说确实是个坏主意 | |
| people in 2005 in fact their original lawyers they tried to work with refused | |
| 事实上，2005 年他们试图合作的原律师拒绝了 | |
| to do the work he said this is this is terrible we're not going to do it | |
| 去做他说的工作，这太可怕了，我们不会做 | |
| investors all thought it was a joke they're like no good company is ever | |
| 投资者都认为这是一个笑话，他们认为没有什么好公司是这样的 | |
| gonna come out of this so how did I end up here how did I end up connected to YC | |
| 我要摆脱这一切，我是怎么到这里来的，我是怎么和 YC 联系起来的 | |
| and the answer is that Paul Graham had written a lot of really good essays and | |
| 答案是保罗·格雷厄姆写了很多非常好的文章 | |
| so I had read a lot of his stuff he he was really smart I didn't know him | |
| 所以我读了很多他的东西，他真的很聪明，我不认识他 | |
| I thought he was really smart I had really good insights and I thought this | |
| 我认为他真的很聪明，我有很好的洞察力，我认为 | |
| was a really intriguing idea not necessarily a good idea but like | |
| 是一个非常有趣的想法，不一定是个好主意，但就像 | |
| intriguing interesting and for me I think interesting kind of includes this | |
| 有趣有趣，对我来说，我认为有趣的包括这个 | |
| element of unpredictable like if I know what the outcome is then there's no | |
| 不可预测的因素，比如如果我知道结果是什么，那么就没有 | |
| point in getting involved it's the things where I don't know the outcome | |
| 参与其中的重点是我不知道结果的事情 | |
| 00:10 | |
| 00:10 | |
| where I can learn so basically I just cold email PG and it was like hey you | |
| 我可以在哪里学习，所以基本上我只是给 PG 发了冷邮件，就像嘿你 | |
| know can I help out and so I started hanging out here got to know the first | |
| 知道我可以帮忙吗，所以我开始在这里闲逛，首先了解了 | |
| or the first batch that was in this building which was the winter oh six | |
| 或者第一批在这栋楼里的那是冬天哦六 | |
| batch and there was about 12 years ago I | |
| 大约12年前我有一批 | |
| actually since then haven't met with him invested in every batch I'm a repeat | |
| 实际上从那以后就没有见过他投资的每一批我都是重复的 | |
| offender but my very first angel investment was was in a YC company | |
| 罪犯，但我的第一笔天使投资是在一家 YC 公司 | |
| called wufu and here's what the internet thought about it for those of you who | |
| 叫做“wufu”，以下是互联网上对它的看法： | |
| can't read it which is probably most of them person says is anyone keeping a | |
| 无法阅读，这可能是大多数人说的，有人保留了 | |
| list of all these new Y Combinator startups seems like it might be | |
| 所有这些新 Y Combinator 初创公司的名单似乎可能是 | |
| entertaining a year from now after all the hype has died down to go back and | |
| 一年后，在所有的炒作都平息之后，再回去吧 | |
| look at it I mean sure it seems like it's written in Python and it uses XML | |
| 看看它，我的意思是肯定它看起来像是用 Python 编写的并且使用了 XML | |
| HTTP requests as being confused with stuff like I have a business plan and my | |
| HTTP 请求与诸如我有一个商业计划和我的 | |
| 00:11 | |
| 00:11 | |
| product satisfies a demand that consumers actually have and I like this | |
| 产品满足了消费者的实际需求，我喜欢这个 | |
| because it's both kind of like making fun of YC and wufu and it was very | |
| 因为这有点像取笑 YC 和 wufu，而且非常有趣 | |
| characteristic of the thinking at that time and in fact you know woo-hoo | |
| 当时的思维特征，事实上你知道 woo-hoo | |
| never did IPO but my investment on that returned like 44 X when SurveyMonkey | |
| 从未进行过 IPO，但当 SurveyMonkey 时，我的投资回报率高达 44 倍 | |
| bought them and the founder Kevin Hale who's extremely talented ended up being | |
| 买下了他们，创始人凯文·黑尔（Kevin Hale）非常有才华，最终成为了 | |
| a partner here at YC some years later and no doubt there for help earn me more | |
| 几年后，我成为了 YC 的合伙人，毫无疑问，他帮助我赚了更多钱 | |
| money hi by helping our startups so you know that there's both an immediate | |
| 通过帮助我们的初创公司，您可以立即获得资金 | |
| return and then there's like the long-term return the following year I | |
| 回报然后第二年就会有长期回报我 | |
| invested in this YC company it's called justin.tv the idea was that Justin here | |
| 投资了这家名为 justin.tv 的 YC 公司，想法是贾斯汀在这里 | |
| was gonna stick a camera on his head and then livestream it to the internet that | |
| 要把一个摄像头戴在他的头上，然后将其直播到互联网上 | |
| 00:12 | |
| 00:12 | |
| was like the idea and at first I was like are you joking like now we're gonna | |
| 就像这个想法，一开始我想你是在开玩笑吧，现在我们要 | |
| do it I'm like awesome like because again this is like really unpredictable | |
| 这样做我感觉棒极了，因为这又是不可预测的 | |
| what's gonna happen when you start live streaming your life 24/7 and I guarantee | |
| 当你开始 24/7 直播你的生活时会发生什么，我保证 | |
| this is not the idea that would come out | |
| 这不是会出现的想法 | |
| of Google right like you're not going to | |
| Google 的权利就像你不会那样 | |
| see Larry Page with a camera strapped to his head 24/7 and Norton or should it | |
| 看看拉里·佩奇头上绑着相机 24/7 和诺顿还是应该 | |
| come out of Google so again this was just like an unpredictable thing and in | |
| 来自谷歌，所以这又是一件不可预测的事情，在 | |
| fact the company struggled for quite a while which I mentioned because someone | |
| 事实上，我提到的公司已经挣扎了很长一段时间，因为有人 | |
| asked earlier Dalton you know what if the company is kind of going sideways | |
| 之前问道尔顿，你知道如果公司走上歧途怎么办 | |
| should i I mean I think the implication was should I like kick the founders | |
| 我应该说我认为这意味着我应该踢创始人吗 | |
| until they give me my money back the answer is no so this kind of money they | |
| 在他们退还我的钱之前，答案是否定的，所以他们会用这种钱 | |
| actually even tried to do an aqua hire several years in but no one would a co | |
| 实际上，几年前甚至尝试过雇用一名水族，但没有人愿意合作 | |
| hire them because they thought they didn't have any talent they couldn't do | |
| 雇用他们是因为他们认为自己没有做不到的才能 | |
| a talent acquisition because the choirs thought there was no talent | |
| 人才收购，因为合唱团认为没有人才 | |
| 00:13 | |
| 00:13 | |
| fortunately they eventually pivoted to twitch which was focusing on just the | |
| 幸运的是，他们最终转向了 twitch，专注于 | |
| one part of their product people were streaming all kinds of things on | |
| 他们的产品的一部分人们正在流式传输各种各样的东西 | |
| justin.tv but Emmitt became interested in specifically video game streaming | |
| justin.tv 但埃米特对视频游戏流媒体产生了兴趣 | |
| people were streaming their games which I never would have thought was a | |
| 人们正在直播他们的游戏，我从来没想过这是一个 | |
| business that was a toll prai's to me but that turned out to be a | |
| 这件事对我来说是一项收费任务，但结果却是 | |
| great business which they sold to Amazon | |
| 他们卖给亚马逊的伟大业务 | |
| unfortunately for a billion dollars it's probably worth way more than that right | |
| 不幸的是，对于十亿美元来说，它的价值可能远不止于此，对吧 | |
| now but the other interesting thing I want to point out here is this company | |
| 现在但我想指出的另一件有趣的事情是这家公司 | |
| had four founders so Emmet who is the CEO of twitch is still the CEO of twitch | |
| 有四位创始人，所以 twitch 的首席执行官 Emmet 仍然是 twitch 的首席执行官 | |
| at Amazon where it's estimated to be like a twenty billion dollar business at | |
| 在亚马逊，它的价值估计相当于 200 亿美元的业务 | |
| this point Justin Khan has started a bunch more | |
| 贾斯汀·汗 (Justin Khan) 已经开始了更多 | |
| startups he was here as a partner at YC for a couple years now he has a new | |
| 他作为 YC 的合伙人在这里工作了几年，现在他有了一个新的 | |
| 00:14 | |
| 00:14 | |
| company called atrium which if you invest in any of our companies going | |
| 名为 atrium 的公司，如果您投资我们的任何一家公司 | |
| forward you'll probably interact with because they're doing kind of like the | |
| 转发您可能会与之互动，因为他们的做法有点像 | |
| default legal legal provider now for YC companies Michael Seibel started a | |
| 现在，YC 公司的默认法律法律提供商 Michael Seibel 启动了 | |
| company called Socialcam which actually was a justin.tv spin-out sold that | |
| 名为 Socialcam 的公司实际上是 justin.tv 的衍生公司，出售该产品 | |
| Autodesk for 60 million and then became a YC partner and actually he's now the | |
| Autodesk 6000万，然后成为YC合伙人，实际上他现在是 | |
| CEO of Y Combinator and finally Kyle vote started a company called crews but | |
| Y Combinator 的首席执行官和最终凯尔投票创办了一家名为船员的公司，但 | |
| you may have heard of because GM bought them for a billion dollars | |
| 你可能听说过，因为通用汽车以十亿美元收购了它们 | |
| so like that for group of people who had so little talent that no one would | |
| 对于一群才华横溢的人来说就像这样，没有人会这样做 | |
| talent acquire them I've done some pretty remarkable things | |
| 人才获得他们我做了一些非常了不起的事情 | |
| all right so eventually I wanted to start my own company I was like REI I | |
| 好吧，所以最终我想创办自己的公司，我就像 REI I | |
| think I see how this is done I can do better so so that leads me to FriendFeed | |
| 我想我知道这是如何完成的，我可以做得更好，这样我就可以使用 FriendFeed | |
| know when I decided to start a startup I actually had a lot of ideas probably | |
| 知道当我决定创办一家初创公司时，我实际上可能有很多想法 | |
| 00:15 | |
| 00:15 | |
| most of them were genuinely not good but | |
| 他们中的大多数确实不好，但是 | |
| the one idea that was totally correct is that I thought the most important thing | |
| 一个完全正确的想法是我认为最重要的事情 | |
| was having a really great team and so that was sort of the original focus is | |
| 拥有一支非常出色的团队，所以这就是最初的重点 | |
| just like figuring out who I can get to join on to this and fortunately I | |
| 就像弄清楚我可以让谁加入这个项目一样，幸运的是我 | |
| managed to convince this guy Brett Taylor to co-found FriendFeed with us in | |
| 成功说服布雷特·泰勒 (Brett Taylor) 与我们共同创立 FriendFeed | |
| Brett is someone that I knew from Google I hadn't worked with him but I kind of | |
| Brett 是我在 Google 认识的人，我没有与他共事过，但我有点 | |
| knew him you know we had chatted I knew him by | |
| 认识他 你知道我们聊过 我认识他 | |
| reputation and the story I like to tell about Brett | |
| 声誉和我喜欢讲述的关于布雷特的故事 | |
| is he was the p.m. on maps not even or maybe like an APM not even an engineer | |
| 他是下午吗？在地图上甚至不是或可能像 APM 甚至不是工程师 | |
| and he was frustrated that the product was so slow and clunky this was before | |
| 他对以前的产品如此缓慢和笨重感到沮丧 | |
| it was launched and so finally one weekend he he was just like you know | |
| 它推出了，所以最后一个周末他就像你知道的那样 | |
| what I'm just gonna fix it and so he rewrote the entire JavaScript front-end | |
| 我只是要修复它，所以他重写了整个 JavaScript 前端 | |
| 00:16 | |
| 00:16 | |
| over a weekend made it a third the size in ten times as fast as what an entire | |
| 在一个周末的时间里，它的尺寸扩大了三分之一，速度是整个机器的十倍 | |
| team of developers had been working on for a long time this is the kind of | |
| 开发团队已经为此工作了很长时间 | |
| person you want to invest in right like that is an absolutely great bet let's | |
| 像这样你想投资的人绝对是一个不错的选择，让我们 | |
| see so friend Pete generated a lot of buzz unfortunately it didn't generate a | |
| 看到这样，朋友皮特引起了很多关注，不幸的是它没有引起关注 | |
| lot of growth in part because we ended up competing with this company Facebook | |
| 大量增长的部分原因是我们最终与 Facebook 这家公司竞争 | |
| so they they turned out to be a very formidable competitor I got a chance to | |
| 所以他们被证明是一个非常强大的竞争对手，我有机会 | |
| meet Zach he's like really impressive and eventually he came to believe that | |
| 遇见扎克，他给人留下了深刻的印象，最终他开始相信 | |
| Facebook was unbeatable not by us not by Google not by anyone and that it would | |
| Facebook 是不可战胜的，不是我们，不是谷歌，不是任何人，而且它会 | |
| therefore be like a Google sized success and therefore we should sell so we sold | |
| 因此，就像谷歌规模的成功一样，因此我们应该出售，所以我们出售 | |
| 00:17 | |
| 00:17 | |
| FriendFeed to Facebook for about half a percent of Facebook's equity which | |
| FriendFeed 向 Facebook 出售约 0.5% 的 Facebook 股权 | |
| turned out to be a pretty good deal and so the the lesson here I really want to | |
| 事实证明这是一笔非常划算的交易，所以我真的很想在这里吸取教训 | |
| emphasize is find your betters like you want to find people who are smarter in | |
| 强调的是找到比你更好的人，就像你想找到在以下方面更聪明的人一样 | |
| everything more insightful than than than you are and I think Bret and and | |
| 一切都比你更有洞察力，我认为布雷特和 | |
| Zach and the team at Facebook are great examples of this like they were just | |
| 扎克和 Facebook 的团队就是很好的例子，就像他们只是 | |
| clearly better at it than I am so that's | |
| 显然比我更擅长所以 | |
| like one of my criteria when I'm meeting a founder if I'm thinking like oh I | |
| 就像我在会见创始人时的标准之一，如果我的想法是哦，我 | |
| could do this job better than you like I | |
| 可以像我一样比你做得更好 | |
| shouldn't fund right I only want to fund people who are better than I am right | |
| 不应该资助正确的人，我只想资助比我更好的人，对吧 | |
| and so this is why it's not that I think idea in market don't matter like those | |
| 这就是为什么我认为市场上的想法并不像那些想法那么重要 | |
| things are of critical importance you're not gonna | |
| 事情至关重要，你不会 | |
| build a big company in a tiny market but my belief is that if the founders are | |
| 在一个小市场中建立一家大公司，但我相信，如果创始人 | |
| actually better than me then they're gonna have better insights they're gonna | |
| 实际上比我更好，那么他们会有更好的见解 | |
| 00:18 | |
| 00:18 | |
| know more than me so I can kind of outsource that part of the thinking to | |
| 比我了解更多，所以我可以将这部分思考外包给 | |
| the founder and then I just have to figure out like does the founder believe | |
| 创始人，然后我只需要弄清楚创始人是否相信 | |
| it and so what you want to do here I believe is use your knowledge to probe | |
| 所以我相信你在这里想做的是用你的知识来探索 | |
| to ask intelligent questions to see if they really do know what they're talking | |
| 提出明智的问题，看看他们是否真的知道自己在说什么 | |
| about right but but not using it to decide not being like oh you know I'm an | |
| 大约是对的，但不是用它来决定不像哦，你知道我是一个 | |
| expert on air mattresses I know there's no business here right the challenge of | |
| 气垫专家 我知道这里没有什么生意可以应对的挑战 | |
| course is finding these great founders so I want to go through a couple more | |
| 当然是寻找这些伟大的创始人，所以我想了解更多 | |
| examples that I think highlight some traits the first is Meraki this is another | |
| 我认为突出一些特征的例子第一个是 Meraki 这是另一个 | |
| early investment 2006 and when I went in to meet them in their | |
| 2006 年的早期投资，当我去见他们的时候 | |
| little office and Mountain View they showed me around they introduced me to | |
| 他们带我参观了小办公室和山景城，他们向我介绍了 | |
| the team they showed me some of the hardware they were building these little | |
| 他们的团队向我展示了他们正在构建的一些硬件 | |
| mesh Wi-Fi boxes at the time and I was like wow this is really impressive like | |
| 当时的网状 Wi-Fi 盒子，我就想哇，这真是令人印象深刻，就像 | |
| 00:19 | |
| 00:19 | |
| how much money of you guys raised and they're like we don't raise any that's | |
| 你们筹集了多少钱，但他们好像我们没有筹集到任何资金 | |
| why we're talking to you right like and I was shocked because they had like | |
| 为什么我们要和你说话，我很震惊，因为他们有 | |
| hardware there they had they'd been selling these devices and they did it | |
| 他们在那里有硬件 他们一直在销售这些设备并且他们做到了 | |
| all by kind of like scraping together money here and there they got somehow a | |
| 就像到处凑钱一样，他们以某种方式得到了 | |
| deal on this and a deal on that and someone lent them money and they were | |
| 谈这个谈那个，有人借钱给他们，他们就被 | |
| able to string the whole thing together for $0 which is exactly what I like to | |
| 能够以 0 美元的价格将所有东西串在一起，这正是我喜欢的 | |
| see and so this is another one I like to think about as an example of like what | |
| 瞧，这是我喜欢思考的另一个例子 | |
| you want and then just kind of her laughs I'll give you what would be an | |
| 你想要然后只要她笑我就会给你什么 | |
| opposite of Meraki I would say is juice arrow like they spent a hundred million | |
| Meraki的对面我想说的是果汁箭头就像他们花了一个亿 | |
| dollars on their like juice bag squeezer without ever talking to a customer | |
| 无需与顾客交谈即可购买果汁袋挤压机 | |
| without ever trying to sell someone a bag of juice which by the way is what it | |
| 从来没有试图向某人推销一袋果汁，顺便说一句，这就是它的意思 | |
| is it's just a bag of juice and it squeezes it out | |
| 它只是一袋果汁然后把它挤出来吗 | |
| it's horrible right so you want the opposite of juice arrow you want Meraki | |
| 这太可怕了，所以你想要与你想要 Meraki 的果汁箭头相反的东西 | |
| 00:20 | |
| 00:20 | |
| and this was Cisco bought this for 1.2 billion which was like a seventy three | |
| 这是思科以 12 亿美元买下的，相当于 73 亿美元 | |
| extra turn once again they sold too early that company's worth ten twenty | |
| 再次额外轮流，他们太早卖掉了那家价值十二十分的公司 | |
| billion dollars now founders always sell too early because a billion dollars I | |
| 现在创始人总是卖得太早，因为我有十亿美元 | |
| make the same mistake I sell too early next up is cruise cruise I mentioned | |
| 犯同样的错误，我太早卖掉了，接下来是我提到的游轮游轮 | |
| earlier one of the founders of justin.tv Kyle vote started this company and my | |
| 早些时候，Justin.tv 的创始人之一凯尔投票创办了这家公司，我的 | |
| favorite Kyle story is actually from the early days of Justin TV where they came | |
| 最喜欢的凯尔故事实际上来自贾斯汀电视台的早期阶段 | |
| to me with this problem I had invested and then they came to me that with this | |
| 对我来说，我已经投资了这个问题，然后他们来找我，用这个 | |
| problem where they were burning up all of their money on streaming because it | |
| 问题是他们在流媒体上耗尽了所有的钱，因为它 | |
| turned out streaming video was very expensive they could either use the | |
| 结果发现流媒体视频非常昂贵，他们可以使用 | |
| streaming CD ends that were really expensive or they could like license | |
| 流媒体 CD 端非常昂贵，或者他们可能需要许可证 | |
| some kind of software to run their own streaming CDN but that was also really | |
| 某种软件来运行自己的流媒体 CDN，但这也确实是 | |
| expensive so they're like what should we | |
| 很贵所以他们就像我们应该做什么 | |
| 00:21 | |
| 00:21 | |
| do you know we're gonna burn all of your money which I don't like so I was like | |
| 你知道吗，我们会烧掉你所有的钱，我不喜欢，所以我就想 | |
| you know what this doesn't seem like a hard problem to me like bits go in bits | |
| 你知道吗，这对我来说似乎并不是一个难题，就像一点一滴一样 | |
| go out like what's the big deal you should just write your own streaming | |
| 出去吧，有什么大不了的，你应该写自己的流媒体 | |
| media server and Kyle you know it took me seriously I was like well okay I | |
| 媒体服务器和凯尔，你知道它很认真地对待我，我当时想，好吧，我 | |
| guess if you know PB says it's possible and actually I told him he should be | |
| 猜猜你是否知道 PB 说这是可能的，实际上我告诉他他应该这样做 | |
| able to do it in an evening I said you should you should just build this | |
| 一个晚上就可以完成我说你应该建造这个 | |
| tonight launch it tomorrow like I don't get what's so hard just make it work it | |
| 今晚明天启动它就像我不明白什么那么难只是让它发挥作用 | |
| turns out it took him maybe like a whole weekend but he did in fact write their | |
| 事实证明，他可能花了整个周末的时间，但事实上他确实写了他们的 | |
| own streaming media server and this is actually the reason that justin TV | |
| 拥有自己的流媒体服务器，这实际上就是 Justin TV 的原因 | |
| survived at all right because there was no way that the business was viable if | |
| 幸存下来是因为如果 | |
| they were paying so much for streaming and and so again it's a founder who's | |
| 他们为流媒体支付了如此多的费用，因此创始人又 | |
| willing to like do something that a more reasonable person would say is | |
| 愿意做一些更理性的人会说的事情 | |
| impossible like 99% of Engineers if I told them oh yeah you should replicate | |
| 如果我告诉 99% 的工程师，他们应该复制，那是不可能的 | |
| 00:22 | |
| 00:22 | |
| this other company's product and you should do it tonight okay | |
| 这是另一家公司的产品，你今晚应该做，好吗 | |
| it'd just be like you're an idiot like you don't know what you're talking about | |
| 就像你是个白痴一样你不知道自己在说什么 | |
| it would give me a big long list of reasons why it's and | |
| 它会给我一长串原因，并且 | |
| but instead he just did it and so the crews idea actually seemed four years | |
| 但他只是这么做了，所以工作人员的想法实际上似乎四年了 | |
| ago kind of in a similar boat now self-driving cars are really soft | |
| 以前在类似的船上现在自动驾驶汽车真的很软 | |
| wearing car startups are really hot but four years ago it actually seemed like | |
| 穿戴汽车初创公司确实很热门，但四年前它实际上看起来像 | |
| an absurd idea like the technology is so hard | |
| 像技术这么难这样荒唐的想法 | |
| Google has like a huge team working on it like there's no way like this is too | |
| 谷歌有一个庞大的团队正在研究它，就像不可能的那样 | |
| much for a little startup isn't there's no way it can work but of course it had | |
| 对于一家小初创公司来说，这并不是说它无法运作，但它当然可以 | |
| Kyle invest it anyway and as mentioned GM bought them for like a billion which | |
| 不管怎样，凯尔投资了它，正如前面提到的，通用汽车以大约十亿美元的价格购买了它们 | |
| was about a 50 extra turn not too bad again probably sold too early this | |
| 大约多了 50 回合，还不错，可能卖得太早了 | |
| company you may or may not have heard of they get a lot of press because it's | |
| 您可能听说过也可能没有听说过的公司他们受到了很多媒体的关注，因为它 | |
| 00:23 | |
| 00:23 | |
| awesome they came out of YC two years ago they're building supersonic jets in | |
| 太棒了，他们两年前从 YC 出来，他们正在建造超音速喷气机 | |
| 10 years when you want to go to Tokyo you're gonna get there in like six hours | |
| 10年来，当你想去东京时，你只需六个小时就能到达那里 | |
| like that's pretty exciting and so this is another great example the founder | |
| 这非常令人兴奋，这是创始人的另一个很好的例子 | |
| Blake he's actually a software guy he doesn't know anything about he didn't he | |
| 布莱克，他实际上是一个软件人员，他对此一无所知，不是吗？ | |
| didn't have like an aeronautics background or anything he just became | |
| 没有航空背景或他刚刚成为的任何人 | |
| determined he's like you know it's the future we should have supersonic travel | |
| 确定他就像你知道的那样，这是我们应该拥有超音速旅行的未来 | |
| he's like I'm just gonna do it and so he took the time to just go teach himself | |
| 他好像我就要做，所以他花时间去自学 | |
| everything and figure out why like the Concorde it was such a huge failure and | |
| 一切并弄清楚为什么它像协和式飞机一样是一个巨大的失败 | |
| what was different now and what was so remarkable I remember when he was in YC | |
| 现在有什么不同，有什么让我记得他在 YC 时如此引人注目 | |
| is that he was able to very clearly explain to me why he was gonna do this | |
| 他能够非常清楚地向我解释他为什么要这样做 | |
| thing that seems really impossible but he could very clearly outlined to me | |
| 看起来确实不可能的事情，但他可以非常清楚地向我概述 | |
| 00:24 | |
| 00:24 | |
| essentially like the three things that were wrong with a Concorde that he was | |
| 本质上就像他驾驶的协和式飞机的三个问题一样 | |
| fixing the three the reasons that this was actually a viable business in like | |
| 解决这三个原因，这实际上是一个可行的业务 | |
| work through the economics of it all and he laid out a very clean picture and | |
| 他详细研究了这一切的经济学原理，描绘了一幅非常清晰的图景 | |
| again this is one of the traits of really great founders is they're able to | |
| 这又是真正伟大创始人的特质之一，他们能够 | |
| communicate what's a fairly complex idea I don't know anything about supersonic | |
| 传达一个相当复杂的想法 我对超音速一无所知 | |
| aircraft I'm not an expert supersonic aircraft right but he's able | |
| 飞机 我不是超音速飞机专家，但他可以 | |
| to explain this to me in a way that I understand very easily | |
| 以我很容易理解的方式向我解释这一点 | |
| he's got good insights and just absurd ambition just like really ambitious | |
| 他有很好的洞察力和荒谬的野心，就像真正的野心一样 | |
| something that again people would be like there's no way a start-up is gonna | |
| 人们会再次认为初创企业不可能这样做 | |
| build a supersonic airliner I believe they are you know it's not yet proven | |
| 建造一架超音速客机我相信它们是你知道的还没有被证明 | |
| but they're making amazing progress I always love to read their investor | |
| 但他们取得了惊人的进步 我总是喜欢读他们的投资者 | |
| updates he also sends the best investor updates of any company I've ever | |
| 他还发送了我见过的所有公司中最好的投资者更新 | |
| invested in and so the other point I want to make here actually is don't be | |
| 投资，所以我想在这里提出的另一点实际上是不要 | |
| afraid to invest in things that aren't software if you're if you're working | |
| 如果你在工作，就害怕投资软件以外的东西 | |
| 00:25 | |
| 00:25 | |
| according to this philosophy that like you want a really great founder and the | |
| 根据这种哲学，就像你想要一个真正伟大的创始人和 | |
| founder brings the expertise then you're able to invest in so much more and and | |
| 创始人带来了专业知识，那么你就可以投资更多，并且 | |
| we have so many great companies that are like in bio I think we're gonna have | |
| 我们有很多伟大的公司，就像生物领域一样，我想我们将会有 | |
| some just giant exits you know 10 years from now and and I see every time at | |
| 十年后你就会知道一些巨大的退出，而我每次都会看到 | |
| demo day cuz I work with a lot of the bio companies cuz I really like them I | |
| 演示日因为我与很多生物公司合作因为我真的很喜欢他们 | |
| see you know at least half the investors just like cross it off the list on | |
| 看看你认识至少一半的投资者，就像把它从名单上划掉一样 | |
| principle because like I don't know anything about supersonic aircraft so | |
| 原理因为我对超音速飞机一无所知所以 | |
| don't do that alright now as promised I will talk | |
| 现在别那么做，好吧，正如我所承诺的，我会谈谈 | |
| about some of the less flattering stories so in honor of the Dropbox IPO | |
| 关于一些不太讨人喜欢的故事，以纪念 Dropbox IPO | |
| let's talk about Dropbox so this email again for those who can't read it | |
| 我们来谈谈 Dropbox，所以为那些无法阅读的人再次发送这封电子邮件 | |
| there's me replying to Drew this is September 14th 2007 | |
| 这是我在 2007 年 9 月 14 日回复 Drew | |
| 00:26 | |
| 00:26 | |
| sorry I wasn't able to make it today are you gonna be around this weekend so I | |
| 抱歉，我今天没能来，这个周末你能来吗？ | |
| had actually gone to Boston to meet the summer 7 batch which was only like 19 | |
| 实际上去波士顿参加了夏季第 7 批的比赛，当时只有 19 名 | |
| companies so it wasn't that hard drew seemed really good he was definitely you | |
| 公司所以并不是硬画看起来真的很好他绝对是你 | |
| know seemed like one of the strongest and best founders in the batch but you | |
| 知道似乎是这批创始人中最强大、最好的创始人之一，但你 | |
| know I had some questions about competition like what are you gonna do | |
| 我知道我有一些关于竞争的问题，比如你要做什么 | |
| about Google Drive and all that so I set | |
| 关于 Google Drive 以及我设置的所有内容 | |
| up a meeting to meet with him when we're back in San Francisco and then on the | |
| 当我们回到旧金山时，安排一个会面与他见面，然后 | |
| day of the meeting my previous meeting ran long and I | |
| 会议当天 我上次的会议持续了很长时间，而且我 | |
| cancelled I'm drew and I want to make a couple of points here one is that that's | |
| 取消 我被吸引了，我想在这里提出几点，其中之一是 | |
| really shitty investor behavior because you're wasting the founders time don't | |
| 投资者的行为真的很糟糕，因为你在浪费创始人的时间。 | |
| do that and to convert karma kind of got me back I missed out on what would have | |
| 这样做并转换业力让我回来，我错过了将会发生的事情 | |
| been like a thousand extra turn and an exciting IPO because I didn't show up | |
| 因为我没有出现，所以就像多了一千次回合和一次令人兴奋的首次公开募股 | |
| 00:27 | |
| 00:27 | |
| alright so I missed Airbnb I mean a Dropbox but what about Airbnb so here's | |
| 好吧，所以我错过了 Airbnb，我的意思是 Dropbox，但是 Airbnb 怎么样，所以这里是 | |
| a Michael Seibel introducing me this was June 26 2008 to to this company air bed | |
| Michael Seibel 于 2008 年 6 月 26 日向我介绍了这家公司的气垫床 | |
| and breakfast and then just sort of like humorously four years later something | |
| 和早餐，然后有点像四年后幽默的事情 | |
| three years later I respond I should have responded the thing that actually | |
| 三年后我回应我应该回应实际上的事情 | |
| triggered this was that the Airbnb founders were like standing right here | |
| 触发这一点的是 Airbnb 创始人就像站在这里 | |
| telling their story and I was like ah this hurts so much I can't believe I | |
| 讲述他们的故事，我就像啊，这太痛苦了，我不敢相信我 | |
| like missed this company in my defense I had my own startup at the time and I | |
| 就像错过了这家公司一样，我当时有自己的初创公司，而且我 | |
| think if you are a start-up founder you need to give your own company absolute | |
| 我认为如果你是一家初创公司的创始人，你需要给自己的公司绝对的权力 | |
| priority over angel investing the thing that actually makes is more painful is | |
| 优先于天使投资实际上更痛苦的是 | |
| that this was just the first time this was before they are in YC once they're | |
| 这只是他们第一次来 YC 之前 | |
| in YC pgu is like oh you got to talk to the air being these they're so good | |
| 在 YC pgu 就像哦，你必须与空气交谈，因为这些他们太棒了 | |
| 00:28 | |
| 00:28 | |
| they're like the best company he was just constantly hyping them and | |
| 他们就像是他不断炒作的最好的公司 | |
| generally if PG gives that strong of an endorsement just | |
| 一般来说，如果 PG 给予那么强烈的认可， | |
| like you just invest I'm like cool you know I'll invest I'll you know I'll | |
| 就像你只是投资我很酷你知道我会投资我会你知道我会 | |
| watch for them on angel day which is what you used to call demo day now I | |
| 在天使日留意他们，这就是你以前所说的演示日，现在我 | |
| show up on angel day and there's no airBnB | |
| 在天使日出现，但没有爱彼迎 | |
| so I email Brian I'm like hey misty guys today was you know hoping to chat and | |
| 所以我给布莱恩发了邮件，我想嘿，今天的迷雾小伙子们，你们知道希望能聊天吗？ | |
| invest he's like yeah sorry we just signed a term sheet with Sequoia so | |
| 投资他就像是的，抱歉我们刚刚与红杉签署了一份投资意向书，所以 | |
| again I had basically in my head decided to invest but then just kind of was | |
| 我再次基本上决定投资，但后来就有点了 | |
| lacks today cycle and and and and took some time fortunately I was able to get | |
| 今天缺乏周期和和并花了一些时间幸运的是我能够得到 | |
| into a later round but at a much higher price but again the point I want to make | |
| 进入后一轮，但价格要高得多，但我想再次强调这一点 | |
| here is that if you move slow you're going to get adverse | |
| 如果你行动缓慢，你就会遇到不利的情况 | |
| selection like the companies that you can string along for months you know | |
| 选择您可以连续几个月了解的公司 | |
| give a hundred different meetings and like you need to talk to this person | |
| 举行一百次不同的会议，就像你需要和这个人交谈一样 | |
| 00:29 | |
| 00:29 | |
| probably aren't going to be the best companies so like be very deliberate in | |
| 可能不会成为最好的公司，所以要非常慎重 | |
| your decision-making like do or do not write don't just be like yeah you know | |
| 你的决定，比如做或不写，不要只是像是的，你知道 | |
| I'll see what happens like when you identify a company is being really | |
| 我会看看当你发现一家公司真的在做生意时会发生什么 | |
| promising as something you want to invest in you could spend like another | |
| 承诺作为您想要投资的东西，您可以像其他东西一样花钱 | |
| week thinking about it or you could pull the trigger and get Airbnb all right | |
| 一周考虑一下，或者你可以扣动扳机，让 Airbnb 一切顺利 | |
| what else doesn't work ah a really good price | |
| 还有什么不行啊，价格真的很好 | |
| this one I've been duped into a bunch where I'm like oh it's such a you know | |
| 我被骗到了一堆，我想哦，这就是你知道的 | |
| they're giving me a bargain like I'm Tremp today a bargain like all the | |
| 他们给了我一个讨价还价的机会，就像我今天是特伦普一样 | |
| valuations so low it's a steal like I'm gonna I'm getting a great deal | |
| 估值如此之低，就像我要得到一笔划算的交易一样 | |
| I've never gotten any return that's something that I invested in because it | |
| 我投资的东西从来没有得到任何回报，因为它 | |
| was a good deal they're really literally | |
| 很划算，他们确实是真的 | |
| is no such thing as a value investing in startups as as much as it seems like | |
| 对初创公司的价值投资并不像看上去那么重要 | |
| 00:30 | |
| 00:30 | |
| there should be a every time I've done this it's been a mistake | |
| 每次我这样做都应该是一个错误 | |
| another mistake not investing because of price and clearly there must be some | |
| 另一个错误是因为价格而没有投资，显然一定有一些 | |
| limit at which this isn't true but I've never encountered it anytime I've been | |
| 这是不正确的极限，但我从来没有遇到过它 | |
| like excited about something but then there's like ah the price is so high | |
| 就像对某件事感到兴奋，但价格却如此之高 | |
| yeah you know I'll invest in something else I've always regretted it like so | |
| 是的，你知道我会投资其他东西，我一直很后悔 | |
| now actually in my head I kind of turn around the rule I'm like if I'm | |
| 现在实际上在我的脑海里我有点扭转规则我就像如果我 | |
| disappointed by their price I should probably invest more I need to write a | |
| 对他们的价格感到失望我可能应该投资更多我需要写一篇 | |
| larger check this one is probably kind of obvious I make this mistake a lot | |
| 更大的检查这个可能有点明显我经常犯这个错误 | |
| because I work with the founders I get emotionally attached and I just want to | |
| 因为我与创始人一起工作，所以我产生了情感上的依恋，我只想 | |
| help them out they seem helpless if you're investing out of pity but is | |
| 帮助他们，如果你出于怜悯而投资，他们看起来很无助，但实际上 | |
| 00:31 | |
| 00:31 | |
| also have never made any money always turned up at because again like the | |
| 也从来没有赚过钱总是出现在因为再次喜欢 | |
| really great founders just are so formidable you know someone like like | |
| 真正伟大的创始人是如此强大，你认识这样的人 | |
| Blake get boom it's just sort of like a force of nature like he's somehow just | |
| 布莱克得到了繁荣，这有点像自然的力量，就像他不知何故只是 | |
| gonna will this thing into existence the people who come to me with like a sob | |
| 那些带着抽泣来找我的人将会把这件事变成现实 | |
| story oh no one wants to invest maybe if you write a check they will like no I | |
| 故事哦，没有人愿意投资，也许如果你写一张支票，他们会不喜欢我 | |
| haven't made anything so I'm gonna try to keep myself for making this mistake | |
| 我什么也没做所以我会努力让自己不犯这个错误 | |
| I'll probably do it a little bit more cynical ideas this one is something | |
| 我可能会做一些更加愤世嫉俗的想法，这是一件事情 | |
| where I'm actually not really that excited about what they're doing and | |
| 事实上我对他们正在做的事情并不那么兴奋 | |
| what it means for the future but it seems like it could make a lot of money | |
| 这对未来意味着什么，但似乎可以赚很多钱 | |
| and so you know if they can make a lot of money I'd like some of it so far so | |
| 所以你知道他们是否能赚很多钱，到目前为止我想要其中一些 | |
| far and I'm kind of actually happy about this I've never made money on these | |
| 到目前为止，我对此感到非常高兴，我从未在这些上赚过钱 | |
| companies somehow the cynical idea is I don't know why but they haven't they | |
| 公司某种程度上愤世嫉俗的想法是我不知道为什么但他们没有 | |
| haven't worked out for me maybe I have the wrong kind of cynicism | |
| 对我来说没有成功 也许我有错误的愤世嫉俗 | |
| 00:32 | |
| 00:32 | |
| but the principle here I would suggest is invest in optimism invest in the | |
| 但我建议的原则是投资乐观主义 | |
| future you want to see not the future you fear and these are basically ideas | |
| 你想看到的未来不是你害怕的未来，这些基本上都是想法 | |
| where I invested in the future I fear I had this one idea at one point that I | |
| 我对未来的投资 我担心我曾经有过这样一个想法 | |
| should just invest in anything that would not be out of place in the movie | |
| 应该只投资于电影中不会不合适的任何东西 | |
| idiocracy fortunately those investments didn't work all right another mistake | |
| 白痴幸运的是这些投资没有发挥作用又是一个错误 | |
| really impressive numbers I think Sam touched on this yesterday it's really | |
| 非常令人印象深刻的数字，我认为 Sam 昨天谈到了这一点，这真的是 | |
| easy to get excited and good numbers on their own are not a bad thing obviously | |
| 很容易兴奋，而且好的数字本身显然并不是一件坏事 | |
| sometimes really good companies have really good numbers but the thing that | |
| 有时真正优秀的公司拥有非常好的数字，但是 | |
| happens is you kind of get blinded by the numbers you're like wow it just | |
| 发生的是你有点被数字蒙蔽了，你就像哇，只是 | |
| keeps going up ignore the fact that like somehow the founders are kind of a or | |
| 不断上涨，忽略了这样一个事实：创始人有点像或 | |
| like the product doesn't really make sense to me and again I never made money | |
| 就像这个产品对我来说真的没有意义，而且我又没赚到钱 | |
| 00:33 | |
| 00:33 | |
| on these if I'm just investing because of the numbers it turns out to be a bad | |
| 如果我只是因为数字而投资的话，结果会很糟糕 | |
| investment and I think the reason for this that the question to ask is is this | |
| 投资，我认为要问的原因是这样的 | |
| company actually creating value like are they actually making the world a | |
| 公司实际上创造了价值，就像他们实际上让世界成为一个 | |
| wealthier place or are they maybe just exploiting some temporary inefficiency | |
| 更富裕的地方，或者他们可能只是利用一些暂时的低效率 | |
| in like Facebook Facebook's going to change their album algorithm and that | |
| 就像 Facebook Facebook 将改变他们的相册算法 | |
| companies there be dead right all right so I've tried to boil that all down | |
| 那里的公司已经死了，好吧，所以我试图把这一切归结为 | |
| again just more for my own use to a checklist because again my my thinking | |
| 再次只是为了我自己使用清单，因为我的想法 | |
| on startups is that it's really like the founders are absolutely critical and | |
| 对初创公司来说，创始人确实是绝对挑剔的 | |
| everything else kind of derives from that so if I'm just asking myself like | |
| 其他一切都源于此，所以如果我只是问自己 | |
| is this person a great founder here's some of the traits clear concise | |
| 这个人是一位伟大的创始人吗？这里有一些特征，清晰简洁 | |
| 00:34 | |
| 00:34 | |
| communication and I want to be clear this doesn't mean slick salesy kind of | |
| 沟通，我想澄清这并不意味着圆滑的销售 | |
| communication I mean people who can demonstrate a real depth of | |
| 沟通 我指的是能够表现出真正深度沟通的人 | |
| understanding and clarity of thought in the example actually probably one of the | |
| 示例中思想的理解和清晰度实际上可能是其中之一 | |
| best examples of this is just Paul Graham with Y Combinator like the whole | |
| 最好的例子就是 Paul Graham 和 Y Combinator 的整体 | |
| reason why Combinator really exists is because he'd been writing these essays | |
| Combinator 真正存在的原因是因为他一直在写这些文章 | |
| for years that we're sort of like he's kind of like the Pied Piper of nerds | |
| 多年来我们都觉得他有点像书呆子里的花衣魔笛手 | |
| like everyone would just read these things and get excited and that was in | |
| 就像每个人都会读到这些东西并感到兴奋，那就是 | |
| to this day I believe it's like the number one or number two source of leads | |
| 直到今天，我相信它就像是第一或第二的潜在客户来源 | |
| to people applying to Y Combinator we asked a question on the application how | |
| 对于申请 Y Combinator 的人，我们问了一个关于申请的问题： | |
| did you hear about Y Combinator and they say from Paul Graham's essays but also | |
| 你听说过 Y Combinator吗？他们从 Paul Graham 的文章中说，而且 | |
| you know essentially all of the other founders fall into this category right | |
| 你知道基本上所有其他创始人都属于这一类，对吧 | |
| like Kyle was able to tell me a story about how he's gonna make a self-driving | |
| 就像凯尔能够告诉我一个关于他如何制作自动驾驶汽车的故事 | |
| car boom again he's able to tell me the story about how they're gonna do this | |
| 汽车再次繁荣，他能够告诉我他们将如何做到这一点的故事 | |
| 00:35 | |
| 00:35 | |
| impossible thing and so if people if I find myself struggling to understand or | |
| 不可能的事情，所以如果人们发现自己很难理解或 | |
| like doing the work for them it's always | |
| 就像为他们做事一样 | |
| a bad time and it's the trap I sometimes fall into is all talk to them for so | |
| 一段糟糕的时光，这是我有时会陷入的陷阱，就是与他们交谈 | |
| long I'll come up with a story that makes sense and then I'll just sell | |
| 很长一段时间我都会想出一个有意义的故事然后我就会卖掉 | |
| myself on my own story you know I think maybe I'm just not smart enough but no | |
| 我自己讲述我自己的故事，你知道，我想也许我只是不够聪明，但不 | |
| if they're a good founder they're gonna be able to communicate to me moves fast | |
| 如果他们是一位优秀的创始人，他们将能够与我快速沟通 | |
| again like think of Brett rewriting maps in a weekend or Kyle making a media | |
| 再次像布雷特在周末重写地图或凯尔制作媒体一样 | |
| server or you know the Meraki team building building that product with no | |
| 服务器或者您知道 Meraki 团队在构建该产品时无需 | |
| money moving fast is absolutely critical and again it's something that I think | |
| 资金的快速流动绝对是至关重要的，我也认为这一点 | |
| most people don't do it's really easy to | |
| 大多数人不这样做，但这很容易 | |
| come up with the reasons why this should | |
| 提出为什么应该这样做的原因 | |
| take longer or you know I really want to | |
| 需要更长的时间或者你知道我真的很想 | |
| get this thing right or that thing right | |
| 把这件事做好或那件事做好 | |
| like founders will come up with infinite reasons to move slow and that's fine I | |
| 就像创始人会想出无数理由缓慢行动一样，这很好我 | |
| 00:36 | |
| 00:36 | |
| just not going to invest accomplishes a lot with a little | |
| 只是不打算投资就能用一点点成就很多事 | |
| and so again like Meraki is the great example of this no money in there | |
| 所以，Meraki 就是一个很好的例子，说明里面没有钱 | |
| shipping Hardware somehow juice arrow is the anti story of that most most | |
| 运输硬件不知何故果汁箭头是最最的反故事 | |
| startups unfortunately accomplish very little with a lot implausibly ambitious | |
| 不幸的是，初创公司雄心勃勃却收效甚微 | |
| or frivolous ideas and the reason that we're kind of at these two extremes is | |
| 或无聊的想法，而我们处于这两个极端的原因是 | |
| that if the idea is in the middle as I mentioned it at the start probably | |
| 如果这个想法是在中间，正如我一开始提到的那样 | |
| there's like a big company somewhere working on it or a hundred other | |
| 就像有一家大公司或其他一百家公司正在研究它 | |
| startups and so you want to see something that's either it sounds | |
| 初创公司，所以你想看到一些听起来像的东西 | |
| impossible like you know a supersonic jet or just straight-up stupid like | |
| 不可能，就像你知道超音速喷气式飞机一样，或者只是简单的愚蠢的事情 | |
| putting a camera on Justin's head right things that seem like toys actually | |
| 把相机放在贾斯汀的头上，对那些看起来像玩具的东西 | |
| Aaron Harris had a good blog post about this I think last week you should you | |
| 亚伦·哈里斯 (Aaron Harris) 有一篇关于此的很好的博客文章，我认为上周您应该 | |
| should look up on the YC blog ideas that look like toys are oftentimes really | |
| 应该看看 YC 博客上的想法，那些看起来像玩具的想法往往是真的 | |
| 00:37 | |
| 00:37 | |
| great and the founders have the conviction to pursue these obviously bad | |
| 伟大而创始人有信念去追求这些明显不好的 | |
| ideas is a talent magnet so the best people want to work with the best people | |
| 创意就像一块人才磁铁，所以最优秀的人希望与最优秀的人一起工作 | |
| and somehow the really great founders seem to be able to attract other great | |
| 不知何故，真正伟大的创始人似乎能够吸引其他伟大的创始人 | |
| people and actually YC this is I think really the secret of YC is that it's | |
| 人们，实际上 YC，我认为 YC 的真正秘密在于它 | |
| just a giant top talent magnet like we could bring them in and do almost | |
| 只是一个巨大的顶尖人才磁铁，就像我们可以把他们带进来并做几乎 | |
| anything I think it was still sort of work the key thing is that we're | |
| 我认为这仍然是一项工作，关键是我们 | |
| attracting the best people and the best people want to come be a part of a Y | |
| 吸引最优秀的人才，最优秀的人才希望成为 Y 的一部分 | |
| Combinator because this is where all the | |
| 组合器，因为这是所有 | |
| other best people are and so this and we see this with a lot of our top startups | |
| 其他最优秀的人都是如此，我们在许多顶级初创公司中都看到了这一点 | |
| like stripe you know really brilliant founders and then their team is also | |
| 就像条纹一样，你知道非常出色的创始人，然后他们的团队也是 | |
| really impressive make something people want this is this is key this is our | |
| 真的令人印象深刻，做一些人们想要的东西，这是关键，这是我们的 | |
| slogan make something people a lot Google is a great example like I | |
| 口号让很多人喜欢谷歌是一个很好的例子，就像我一样 | |
| 00:38 | |
| 00:38 | |
| actually was using the product if it's if they're building a thing that you | |
| 实际上正在使用该产品，如果他们正在构建您想要的东西 | |
| actually want that's a good sign if you can't identify anyone in the world who | |
| 实际上希望这是一个好兆头，如果你无法识别世界上的任何人 | |
| would possibly want the thing that they're making anyone who's who if you | |
| 可能会想要他们正在制作的任何人的东西，如果你 | |
| offer it to them they'll be like no thank you | |
| 提供给他们，他们会拒绝，谢谢 | |
| that's that's a bad sign I was gonna say | |
| 我想说那是一个坏兆头 | |
| something else about that but I remember oh right | |
| 还有其他事情，但我记得哦，对了 | |
| like actually another funny story here is door - which you may have seen in the | |
| 实际上，另一个有趣的故事是门——你可能已经在 | |
| news they just raised another half-billion when they interviewed here | |
| 消息称他们在这里接受采访时刚刚筹集了另外五亿美元 | |
| like actually in the room right over there I like one question for them was | |
| 就像实际上在那边的房间里一样，我想问他们一个问题是 | |
| like will you deliver to my house because at the time when they went | |
| 就像你会送货到我家一样，因为他们去的时候 | |
| through I see there is no food delivery where I live and I get hungry and so | |
| 通过我看到我住的地方没有送餐服务，我很饿，所以 | |
| they're like yes there's like you're funded so I I mainly funded that company | |
| 他们说是的，就像你得到了资助，所以我主要资助了那家公司 | |
| just because I wanted food for myself but you know they're doing good and | |
| 只是因为我想要自己吃东西，但你知道他们做得很好 | |
| 00:39 | |
| 00:39 | |
| finally determined and committed and in fact peih-gee says determined is the | |
| 最终下定决心并承诺，事实上，佩吉说决心就是 | |
| number one most important trait in a start-up founder and the reason for this | |
| 初创企业创始人最重要的特质及其原因 | |
| is because starting a start-up is really | |
| 是因为创业确实是 | |
| really really hard and unpleasant and so if you're not super determined you'll | |
| 真的真的很难而且不愉快，所以如果你不是非常有决心，你就会 | |
| probably give up at some point you'll be like why am I putting myself through | |
| 可能会在某个时候放弃，你会想为什么我要让自己经历这样的磨难 | |
| hell I should just go get a job at Google and be like a normal person | |
| 天哪，我应该去谷歌找一份工作，像个正常人一样 | |
| unfortunately I think like this can sometimes be a little bit hard to suss | |
| 不幸的是，我认为这样有时会有点难以怀疑 | |
| out because the founders will of course be like oh yeah I'm totally committed | |
| 因为创始人当然会说，哦，是的，我完全承诺 | |
| but some of the things you can look for is are they hedging their bets like do | |
| 但你可以寻找的一些事情是他们是否像这样做一样对冲他们的赌注 | |
| they have kind of it's easy Plan B and actually the group of founders where | |
| 他们有一种很简单的 B 计划，实际上创始人团队 | |
| I've seen this happen them most is founders who are on leave from | |
| 我见过这种情况发生最多的是那些正在休假的创始人 | |
| med school doctors who realize they didn't really want to be a doctor so | |
| 医学院的医生意识到他们并不是真的想成为一名医生，所以 | |
| they're like I'll try out the startup thing and so they come in here they'll | |
| 他们就像我会尝试创业一样，所以他们来到这里他们会 | |
| 00:40 | |
| 00:40 | |
| work for six months or whatever in the big man this is hard I'm scared I'm | |
| 工作六个月或者其他什么大人物这很难我害怕我 | |
| gonna go back to medical school right like they have that easy out they've | |
| 会回到医学院，就像他们轻松地离开一样 | |
| already made a huge investment in in being a doctor and they don't want to | |
| 已经为成为一名医生投入了巨额投资，但他们不想这样做 | |
| throw that all away for some pipe dream startup and I think the other thing that | |
| 为了一些白日梦的创业公司而把这一切都扔掉，我认为另一件事是 | |
| I like to look at is have the people made mistakes in their life I'm very | |
| 我喜欢看人们在生活中犯过错误，我非常喜欢 | |
| nervous about people who've always gotten perfect grades they got into all | |
| 对那些总是在所有科目中取得完美成绩的人感到紧张 | |
| the right things they did all the right clubs the people who have the perfect | |
| 他们做了正确的事情 所有正确的俱乐部 拥有完美的人 | |
| resume the people who didn't up because these are people who've never | |
| 恢复那些没有上来的人，因为这些人从来没有上来过 | |
| failed and startup founder being a star founder you're basically failing day | |
| 失败了，初创公司创始人成为明星创始人，你基本上是失败的一天 | |
| after day and so what these people do you know they're these are people who | |
| 一天过去了，这些人你知道什么？他们是这样的人 | |
| 00:41 | |
| 00:41 | |
| are scared of failure and so they almost inevitably will take just like an early | |
| 害怕失败，所以他们几乎不可避免地会像早期的失败一样 | |
| exit and then they can put on their resume oh you know started a YC startup | |
| 退出，然后他们就可以把简历贴上哦，你知道，他们创办了一家 YC 初创公司 | |
| and sold it to some other company right it doesn't say that they sold it for | |
| 并把它卖给了其他一些公司，但并没有说他们卖了它 | |
| like zero dollars or whatever but they can add it to their resume and they can | |
| 比如零美元或其他什么，但他们可以将其添加到他们的简历中，他们可以 | |
| go get a safe job at McKinsey or something all right so that is it thank you | |
| 去麦肯锡找一份安全的工作或者其他什么都好，就这样了，谢谢 | |
| [Applause] so the question is with respect to | |
| [鼓掌]所以问题是关于 | |
| making things people want how does how do you evaluate that for like bio | |
| 创造人们想要的东西，你如何评价它，比如生物 | |
| companies and things like that you know actually I find most of the time with | |
| 事实上，我发现大多数时间都与公司和类似的事情有关 | |
| those companies it's pretty obvious like you're making a cure for cancer | |
| 那些公司很明显就像你正在治疗癌症 | |
| I want a cure for cancer right the the risk on those companies is most often | |
| 我想要治愈癌症，因为这些公司面临的风险最常见 | |
| 00:42 | |
| 00:42 | |
| not market risk it's it's not the risk that no one wants a cure for cancer the | |
| 不是市场风险，不是没有人想要治愈癌症的风险 | |
| risk is that they don't you don't actually have a cure for cancer | |
| 风险在于他们不这样做，你实际上并没有治愈癌症的方法 | |
| right so with those companies more often it's one of these things where like the | |
| 是的，所以对于这些公司来说，通常是这样的事情之一 | |
| demand is kind of obvious it's just like a question of whether you can actually | |
| 需求是显而易见的，这就像一个问题：你是否真的可以 | |
| create the product I have a question right just wondering I know Justin I | |
| 创建产品我有一个问题只是想知道我认识贾斯汀我 | |
| know Michael I know I'm it I know Kyle what is it about those guys that made | |
| 认识迈克尔，我知道我就是我，我认识凯尔，那些创造了一切的人到底是怎么回事？ | |
| you invest because I mean that was you didn't really say it but you have you | |
| 你投资是因为我的意思是你并没有真正这么说，但你有你 | |
| heard this incredibly stupid idea and yet you invested in this know talented | |
| 听到这个令人难以置信的愚蠢想法，但你投资了这个知道有才华的人 | |
| group of four people why I mean I think they did have talent | |
| 四人组 为什么我的意思是我认为他们确实有才华 | |
| III think they told a very simple story actually there's a good question they | |
| 我认为他们讲了一个非常简单的故事，实际上他们有一个很好的问题 | |
| they told a story that really connected with me which is we're gonna stick a | |
| 他们讲述了一个与我真正相关的故事，那就是我们要坚持 | |
| camera on our head on Justin's head and then stream it and see what happens and | |
| 将摄像头放在我们的头上，放在贾斯汀的头上，然后进行流式传输，看看会发生什么 | |
| that's the kind of thing I love because I'm like I don't know what's gonna | |
| 这就是我喜欢的事情，因为我不知道会发生什么 | |
| 00:43 | |
| 00:43 | |
| happen right it's really unpredictable but again the thing that I liked was | |
| 发生的对，这确实是不可预测的，但我再次喜欢的事情是 | |
| that they weren't gonna go off and spend | |
| 他们不会去花钱 | |
| a lot of time like thinking about it and like making complex plans they were | |
| 很多时候他们喜欢思考并制定复杂的计划 | |
| literally just gonna do it they bought a camera stuck it on Justin's head and | |
| 他们买了一台相机，把它贴在贾斯汀的头上， | |
| like hacked together some of it so that they could stream it so they were gonna | |
| 就像把其中一些拼凑在一起，这样他们就可以流式传输，这样他们就可以 | |
| be able to test the idea very quickly and learn and iterate and again this is | |
| 能够非常快速地测试这个想法并学习和迭代，这就是 | |
| part of why the you know on the checklist here moves fast is super | |
| 您知道这里清单上的内容移动速度如此之快的部分原因是超级 | |
| important like you can almost defy a predict the I think success of a startup | |
| 很重要，就像你几乎无法预测我认为初创公司的成功一样 | |
| just based on how quickly they're able to iterate and the really great | |
| 只是基于他们迭代的速度和真正的伟大 | |
| companies just like iterate really quickly the ones who you know | |
| 公司只是喜欢快速迭代你认识的人 | |
| 00:44 | |
| 00:44 | |
| do a release every two years fail juice arrow sure so so the question is unlike | |
| 每两年发布一次失败果汁箭头肯定所以所以问题不像 | |
| private equity where you can do months and months of diligence like we kind of | |
| 私募股权投资公司，您可以像我们一样进行数月的尽职调查 | |
| have to move fast as investors or as I mentioned face adverse selection of not | |
| 必须快速行动，因为投资者或正如我提到的，面临逆向选择 | |
| funding Airbnb so how do we how do we know if the founders move fast I think | |
| 为 Airbnb 提供资金 那么我们如何知道创始人是否行动迅速 我认为 | |
| is what you're saying as well as all of these other things in what you can do is | |
| 就是你所说的以及你能做的所有其他事情 | |
| 00:45 | |
| 00:45 | |
| you can actually ask them like what have you done what have you accomplished in | |
| 你实际上可以问他们，比如你做了什么，你在哪些方面取得了成就 | |
| the past month right what what what there's actually a | |
| 过去一个月对什么什么实际上有什么 | |
| really good blog post you should all go find where it says a little bit of slope | |
| 非常好的博客文章，你们都应该去找到它说有点坡度的地方 | |
| is worth a lot of y-intercept I think is the title and the basically the idea is | |
| 值得大量的 y 截距，我认为是标题，基本上的想法是 | |
| you can have something up here you know millions of dollars in revenue but it's | |
| 你可以在这里拥有一些你知道收入数百万美元的东西，但它是 | |
| kind of flatlined or you can have this little toy down here with like almost | |
| 有点扁平，或者你可以把这个小玩具放在这里，就像几乎一样 | |
| nothing but it has an upward slope and you'll want to invest in the thing with | |
| 什么都没有，但它有一个向上的斜率，你会想投资于这个东西 | |
| slope and so this is what we look for in founders and companies is just like how | |
| 斜率，所以这就是我们在创始人和公司中寻找的东西，就像 | |
| quickly are they moving forward how soon | |
| 他们进展得快吗 多久 | |
| are they going to do something right and so like the example of justin.tv it | |
| 他们会做一些正确的事情吗？就像 justin.tv 的例子一样 | |
| wasn't like we're gonna launch this thing next year it was like we're gonna | |
| 并不是我们要在明年推出这个东西，而是我们要 | |
| launch this thing next week right and so and so just talking to them about their | |
| 下周就推出这个东西，某某只是和他们谈论他们的事情 | |
| schedule what they've done in the past and what you know what their anticipated | |
| 安排他们过去做过的事情以及你所知道的他们的预期 | |
| 00:46 | |
| 00:46 | |
| future schedule is and I want and actually asking them like okay why | |
| 未来的时间表是，我想要，实际上问他们，好吧，为什么 | |
| aren't you doing this thing faster and seeing if they give me you know just | |
| 你不是更快地做这件事吗？看看他们是否给我你知道的 | |
| kind of like excuses or if they're maybe is a legitimate reason for not moving | |
| 有点像借口，或者如果它们是不搬家的合理理由 | |
| fast and you know you can also try pushing the founders you know probably | |
| 快，你知道你也可以尝试推动你可能认识的创始人 | |
| more so after you you fund them pushing them to move even faster and see how | |
| 更重要的是，当你资助他们之后，他们就会加快步伐，看看如何 | |
| they respond and you know like my story with Kyle I gave him what was maybe an | |
| 他们回应了，你知道，就像我和凯尔的故事一样，我给了他一个可能是 | |
| unreasonable thing like you should rewrite some other company's product and | |
| 像你应该重写其他公司的产品这样不合理的事情 | |
| an evening but he took it and ran with it right he didn't just like I've worked | |
| 一个晚上，但他接受了它，然后就跑了，他不喜欢我工作过 | |
| with a lot of Engineers 99% of Engineers would just like tell me I'm smoking | |
| 有很多工程师 99% 的工程师只想告诉我我在吸烟 | |
| crack and like don't know what I'm talking about right but he just like | |
| 破解，就像不知道我在说什么，但他只是喜欢 | |
| took it and ran with it right so here at YC we actually fund the companies based | |
| 接受并正确执行，因此在 YC，我们实际上为这些公司提供资金 | |
| on a ten minute interview right so it is possible to get | |
| 在十分钟的采访中，这样就有可能得到 | |
| it's amazing how much you can get out of people in ten minutes and actually this | |
| 令人惊奇的是，你可以在十分钟内从人们那里得到很多东西，实际上这是 | |
| is again why I put for me number one on the list is clear concise communication | |
| 这也是为什么我把清晰简洁的沟通放在清单上的第一名 | |
| 00:47 | |
| 00:47 | |
| if I spend 10 minutes interviewing a company and I still don't know what they | |
| 如果我花 10 分钟面试一家公司，但我仍然不知道他们做什么 | |
| do that's an easy no like it's so easy to say no to that right like like if | |
| 做这件事很容易说“不”，就像对那个权利说“不”很容易，就像“如果”一样 | |
| they can't if they can't tell me what it is and that's that's probably like you | |
| 如果他们不能告诉我那是什么，他们就不能，那可能就像你一样 | |
| know at least a third of the companies that come in here to interview at the | |
| 至少认识三分之一来这里面试的公司 | |
| end of the interview we still don't know what they're doing and so we don't fund | |
| 采访结束时我们仍然不知道他们在做什么，所以我们不资助 | |
| them so the question is did I make any mistakes with respect to the | |
| 所以问题是我在这方面犯了任何错误吗 | |
| fundamentals of the startup I mean okay the thing you have to remember is that | |
| 初创公司的基本原理我的意思是好吧，你必须记住的是 | |
| 00:48 | |
| 00:48 | |
| most of your investments aren't going to work out and it's it's easy to spend a | |
| 你的大部分投资都不会成功，而且很容易花掉 | |
| lot of time kind of making up complex theories but what I find is the danger | |
| 很多时间都在编造复杂的理论，但我发现这是危险的 | |
| when I see investors who do that is they come up with clever ways of talking | |
| 当我看到这样做的投资者时，他们想出了聪明的谈话方式 | |
| themselves out of good deals because like you know justin.tv if I give him | |
| 他们自己就没有好交易了，因为就像你知道的 justin.tv 如果我给他 | |
| that like five minutes of thought I could have come up with you know a | |
| 大约五分钟的思考我就能想出你知道的 | |
| hundred reasons why it wasn't going to work right so yeah did the companies | |
| 它无法正常工作的一百个原因，公司也是如此 | |
| fail for fundamental reasons of course and you sometimes you never even know | |
| 当然，失败是出于根本原因，有时你甚至不知道 | |
| right like suppose justin.tv had managed to actually do a talent acquisition | |
| 就像假设 justin.tv 已经成功地进行了人才收购一样 | |
| someone thought they had talent they wouldn't be up on the slide right it's | |
| 有人认为自己有才华，但他们不会出现在幻灯片上，对吧？ | |
| kind of random you know some some random | |
| 有点随机 你知道一些 一些随机 | |
| person at Google flip the bit one way or the other and I got a completely | |
| 谷歌的人以一种或另一种方式翻转了一点，我完全得到了一个 | |
| different outcome but if I were to then look back on that let's say it wasn't a | |
| 不同的结果，但如果我回顾一下，可以说这不是一个 | |
| 00:49 | |
| 00:49 | |
| favorable outcome and then try to draw like deep conclusions about you know why | |
| 有利的结果，然后尝试得出关于你知道为什么的深刻结论 | |
| I should never again invest in like a streaming video company or something | |
| 我永远不应该再投资像流媒体视频公司之类的东西 | |
| like that I might miss out on something really | |
| 这样我可能会真的错过一些东西 | |
| good so one of my other principles is don't over learn from past mistakes and | |
| 很好，所以我的其他原则之一是不要从过去的错误中过度学习 | |
| it's really easy because it hurts it hurts so much to lose money like it | |
| 这真的很容易，因为它很痛苦，像这样赔钱真的很痛苦 | |
| hurts me at least that that you want to avoid it but if you're going to be able | |
| 至少让我受伤的是你想避免它，但如果你能够的话 | |
| to do this you kind of just have to bite the bullet and recognize that | |
| 要做到这一点，你只需要硬着头皮并认识到这一点 | |
| fundamentally investing that seed stage involves and I started with this a great | |
| 从根本上投资种子阶段涉及的事情，我从这开始了一个伟大的投资 | |
| 00:50 | |
| 00:50 | |
| deal of locking so the question is when I look at ICS do | |
| 锁定的交易，所以问题是当我查看 ICS 时会做什么 | |
| I see that as the open source of funding or the G sera funding it's a good | |
| 我认为作为开源资金或 G sera 资金这是一个很好的选择 | |
| question I'm trying to figure out figure out how do I like politely answer I | |
| 我想弄清楚我该如何礼貌地回答这个问题 | |
| think there's something really interesting going on in crypto so crypto | |
| 认为加密货币领域正在发生一些非常有趣的事情，所以加密货币 | |
| is another one of these things like I gave Linux as an example where the thing | |
| 是其中的另一件事，就像我以 Linux 为例，其中的事情 | |
| that brought me to Google was my enthusiasm for Linux and I think if you | |
| 我对 Linux 的热情把我带到了 Google，我想如果你 | |
| were paying attention to what like nerdy | |
| 正在关注书呆子之类的东西 | |
| 21 year olds were excited about five six years ago you would have invested in | |
| 21 岁的人对 5 六年前你会投资的项目感到兴奋 | |
| coinbase and Bitcoin and all that stuff that said as far as I can tell the vast | |
| 据我所知，coinbase 和比特币以及所有这些内容 | |
| majority of the ICS are scams or or just like these are companies that if they | |
| 大多数 ICS 都是骗局，或者就像这些公司一样，如果他们 | |
| were trying to raise from the people in the room here maybe they'd be able to | |
| 我们试图从这里的人那里筹集资金也许他们能够 | |
| 00:51 | |
| 00:51 | |
| raise half a million dollars but instead they go do an ICO and they race let's | |
| 筹集了 50 万美元，但他们却进行了 ICO，然后他们开始比赛 | |
| say a hundred million dollars no way no way those are all going to zero | |
| 说一亿美元不行不行这些都会归零 | |
| I don't believe any of those are gonna are gonna work and part of the reason | |
| 我不相信这些都会起作用，这是部分原因 | |
| for that - is this counterintuitive thing that I've learned working with a | |
| 为此 - 这是我在与一个人一起工作时学到的违反直觉的事情吗？ | |
| lot of startups is that actually too much money is a huge liability because | |
| 很多初创公司的观点是，太多的钱实际上是一种巨大的负债，因为 | |
| when you have a lot of money you start doing things the right way and that's | |
| 当你有很多钱时，你就会开始以正确的方式做事，那就是 | |
| actually kind of what happened with juice arrow as an example is they got | |
| 实际上，以果汁箭头为例，他们得到了 | |
| you know a hundred and whatever a million dollars if that company only had | |
| 你知道一百甚至一百万美元，如果那家公司只有 | |
| a hundred K they would have had to go try to sell juice bags they wouldn't | |
| 一百千，他们将不得不去尝试销售他们不会的果汁袋 | |
| have been able to spend years building this stupid machine right they would | |
| 已经能够花费数年时间建造这台愚蠢的机器了 | |
| have had Ted had to actually talk to customers and so having a giant mountain | |
| 泰德必须与顾客真正交谈，因此有一座巨大的山 | |
| of money enables the founders to insulate themselves from reality to an | |
| 金钱使创始人能够将自己与现实隔离开来 | |
| 00:52 | |
| 00:52 | |
| unhealthy extent just a couple of questions from cyberspace or in this | |
| 不健康的程度只是来自网络空间或在此的几个问题 | |
| room and they're just too shy to speak it out one was directly to me but I | |
| 他们只是太害羞而不敢说出来，其中一个是直接对我说的，但我 | |
| think it's an interesting question which is people tend to be nerve | |
| 认为这是一个有趣的问题，人们往往会感到紧张 | |
| some sort of deep deep technology companies investors especially how does | |
| 某种深度科技公司的投资者尤其是如何 | |
| how do you get over that and how do people in general get over not being | |
| 你如何克服这个问题以及一般人如何克服不存在的问题 | |
| afraid of some sort of hardtack I mean I | |
| 害怕某种硬饼干我的意思是我 | |
| guess I also just like tend to invest in things that I'm excited about and it's | |
| 我想我也喜欢投资那些让我兴奋的事情 | |
| so much easier for me to get excited about a supersonic jet and then some | |
| 对我来说更容易对超音速喷气机感到兴奋，然后一些 | |
| sort of like obscure enterprise software or something like that and not that an | |
| 有点像晦涩的企业软件或类似的东西，而不是一个 | |
| enterprise software is a bad investment but I don't know for me it's not really | |
| 企业软件是一项糟糕的投资，但我不知道对我来说是否真的如此 | |
| that hard because I sort of accept accept the fact that I actually don't | |
| 很难，因为我有点接受我实际上不接受的事实 | |
| know very much about almost anything so it's not just the hard tech companies | |
| 对几乎所有事情都非常了解，因此不仅仅是硬科技公司 | |
| 00:53 | |
| 00:53 | |
| like I don't know anything about almost any of what the company is doing that's | |
| 就像我对公司正在做的事情几乎一无所知 | |
| why I have to invest in people who are better than me right and so it really | |
| 为什么我必须投资于比我更好的人，所以这确实是 | |
| just comes down to like do I believe in this founder and and their expertise and | |
| 归根结底就是我是否相信这位创始人和他们的专业知识以及 | |
| then therefore I can just rely I can like outsource my thinking to the | |
| 那么我可以信赖我可以将我的想法外包给 | |
| founder I don't think you answer this but if you're an hour meeting and I had | |
| 创始人，我认为你不会回答这个问题，但如果你开了一个小时的会议，而我 | |
| a startup and you were trying to determine whether I was determined how | |
| 一家初创公司，你试图确定我是否决定如何 | |
| would you do that actually to talk about this a little bit | |
| 你会这样做实际上是为了稍微讨论一下这个问题吗 | |
| but I you know a lot of is kind of probing for you know do they have any | |
| 但我知道很多都是一种试探，因为你知道他们有什么 | |
| plan B right are they gonna go back to medical school have they quit their job | |
| B计划是对的，如果他们辞掉工作，他们会回到医学院吗？ | |
| yet do they still have a job at some other company like and we get this a lot | |
| 但他们在其他公司还有工作吗，比如我们经常遇到这种情况 | |
| of times where we'll ask founders are you going to leave your job and they're | |
| 很多时候我们会问创始人你是否要离职，而他们却 | |
| say well if I raise enough money that I can pay myself XYZ like they have these | |
| 好吧，如果我筹集到足够的钱，我可以像他们有这些一样支付给自己 XYZ | |
| 00:54 | |
| 00:54 | |
| conditions on it and ideally you want the people who are just willing to | |
| 条件，理想情况下你想要的是那些愿意的人 | |
| charge straight into a brick wall that's necessary I think this is really deep | |
| 直接冲进砖墙，这是必要的我认为这真的很深 | |
| Paul Graham says this is the most important quality of a founder you | |
| 保罗·格雷厄姆说这是创始人最重要的品质 | |
| should look for but it's extraordinarily difficult to know when someone has it | |
| 应该寻找，但很难知道某人何时拥有它 | |
| one of the reasons by the way we ask questions on the YC application about | |
| 顺便说一句，我们在 YC 申请中提出以下问题的原因之一： | |
| your past because that is one way I try to determine if someone's to term | |
| 你的过去，因为这是我尝试确定某人是否被判刑的一种方式 | |
| you know has that quality of getting punched in the face falling down and | |
| 你知道有那种被打到脸上摔倒的感觉 | |
| getting back up again it says that happened to them in the past Paul | |
| 再次站起来，它说过去发生在他们身上的事保罗 | |
| mentioned people who have never ever failed that doesn't mean that they're | |
| 提到从未失败过的人并不意味着他们 | |
| not gonna fail this time but you just don't have very much information about | |
| 这次不会失败，但你只是没有太多信息 | |
| what happens when they get punched in the face right actually if they've never | |
| 如果他们从来没有被打到脸上，实际上会发生什么 | |
| failed they're gonna be afraid of failure and therefore they're gonna take | |
| 失败了，他们会害怕失败，因此他们会采取 | |
| a safe exit yeah and actually like to follow up on the what you can do to | |
| 安全退出是的，实际上喜欢跟进你能做些什么 | |
| examine determination is actually also just ask about the history of the | |
| 考察决心其实也只是询问历史 | |
| company so like air B&B is another one | |
| Air B&B 之类的公司是另一家 | |
| 00:55 | |
| 00:55 | |
| where they actually worked on that for a long time and you know Michael actually | |
| 他们实际上为此工作了很长时间，你知道迈克尔实际上 | |
| helped them out a lot with the pitch they pitched a number of investors | |
| 在向许多投资者推销时为他们提供了很多帮助 | |
| everyone said no when they came to interview I see Paul Graham actually | |
| 当他们来采访时每个人都说不 我实际上看到了保罗·格雷厄姆 | |
| tried to talk them out of the idea they're like you know you guys seem | |
| 试图说服他们打消他们好像你知道你们这些人的想法 | |
| really good but this idea is terrible can you work on something else and they | |
| 真的很好，但是这个想法很糟糕，你能做点别的吗？ | |
| were just like no right like they he tried to talk them out of it if if he | |
| 就像没有权利一样，他试图说服他们不要这样做，如果他 | |
| had talked to them out of it that probably would mean it was a bad idea | |
| 已经跟他们谈过了，这可能意味着这是一个坏主意 | |
| okay one more question so the question is what about like I | |
| 好的，还有一个问题，所以问题是像我一样 | |
| 00:56 | |
| 00:56 | |
| invest in things I don't know about what about things I do know about I have a | |
| 投资于我不知道的事物 对于我已知的事物怎么办 我有一个 | |
| trick here which is I don't know about anything | |
| 这里的技巧是我什么都不知道 | |
| I mean honestly like I think it's really easy to overestimate your own knowledge | |
| 我的意思是说实话，我认为很容易高估自己的知识 | |
| and experience so like I said I try to avoid learning too much from the past | |
| 和经验，就像我说的，我尽量避免从过去学到太多东西 | |
| specifically asked about email yeah I'm I am a little bit burnt out on email | |
| 特别询问了有关电子邮件的问题 是的，我对电子邮件有点精疲力竭 | |
| startups so there's like maybe kind of a high bar just because I know this is a | |
| 初创公司，所以可能有一个很高的门槛，因为我知道这是一个 | |
| case where I can take my knowledge and I put this earlier when you're talking to | |
| 在这种情况下，我可以利用我的知识，当你与我交谈时，我会更早地把它放在 | |
| the founder use your knowledge to probe and see if they have a good response and | |
| 创始人利用你的知识来探索，看看他们是否有良好的反应， | |
| so you know a lot of the email stuff they're like tweaking Gmail and I'm like | |
| 所以你知道很多电子邮件的东西，他们就像调整 Gmail，我就像 | |
| okay what if Google just adds this feature what are you gonna do know right | |
| 好吧，如果谷歌只是添加这个功能，你会怎么做？ | |
| like okay that's not a good answer but I have had good email startups front it | |
| 好吧，这不是一个好的答案，但我有很好的电子邮件初创公司在它前面 | |
| was actually recently in the news they just raised the big round from Sequoia I | |
| 实际上最近有新闻报道他们刚刚从红杉 I 筹集了大笔资金 | |
| 00:57 | |
| 00:57 | |
| think really great founder again Mathilde she's she's great I you know | |
| 再次认为创始人玛蒂尔德真的很棒，她很棒我你知道 | |
| that was an email thing but she could tell me a really clear story about why | |
| 那是一封电子邮件的事情，但她可以告诉我一个非常清楚的故事来说明原因 | |
| it wasn't just like a feature in Gmail laughs you almost have to unlearn things | |
| 这不仅仅是 Gmail 中的一个功能，你几乎必须忘记一些东西 | |
| that you think you know you know I I ran one of the very first ever personal | |
| 你认为你知道你知道我 我运行了有史以来第一个个人 | |
| services and I might have thought it was done and never invested in any personal | |
| 服务，我可能以为它已经完成并且从未投资于任何个人 | |
| service again and I think that would have been a pretty bad mistake so so I I | |
| 再次提供服务，我认为这将是一个非常严重的错误，所以我 | |
| think we give I think a little bit contradictory advice here all the time | |
| 我认为我们一直在这里给出我认为有点矛盾的建议 | |
| it's it's part of the game you should completely learn everything you can from | |
| 这是游戏的一部分，你应该从中学到一切 | |
| your past mistakes and ignore the past at the same time so so it's not very | |
| 你过去的错误，同时又忽略过去，所以这不是很 | |
| easy to be a good investor but that's why we're all here right so thanks a lot | |
| 成为一名优秀的投资者很容易，但这就是我们都在这里的原因，非常感谢 | |
| 00:58 | |
| 00:58 | |
| pop thank you [Applause] you | |
| 流行谢谢你[鼓掌]你 | |