風投行業(yè)的結(jié)構(gòu)正在發(fā)生變化

????風投行業(yè)各個細分領(lǐng)域的估值全面上升，從5年來市場的增長就能預(yù)見到這一點，但估值水平增幅最大的是后期融資，它的中位數(shù)已從2010年的6600萬美元上升到了2014年的1.55億美元（年均復(fù)合增長率為24%）.

????那么，我們總是聽到的“泡沫”怎么樣了呢？

????對于即將上市的私營科技公司來說，當然還不存在泡沫問題。它們不僅上市時間較晚——此時它們規(guī)模更大，實力更強，它們上市時的估值水平也比互聯(lián)網(wǎng)泡沫時期合理得多。從DotCom 1.0時期到現(xiàn)在，我們看到的情況是，公司從設(shè)立到上市的時間從3.1年延長到了7.4年，初創(chuàng)公司IPO時的收入規(guī)模從3500萬美元增至1.02億美元，估值水平（市值/收入比例）從13.3倍降到了5.3倍。當然，目前的公募市場比上次更加理性。

????Venture capital valuations are up across every segment of the industry as can be expected by our 5-years of growth markets but they are up most pronounced in the late-stage financings. There, the median valuation has risen from $66 million in 2010 to $155 million in 2014 (a 24% compound annual growth rate).

????.

????But about that “bubble” we always hear about?

????It certainly doesn’t yet seem to be the case regarding private tech market companies going public. Not only are they going public later, when they are larger & stronger, but the valuations upon their debuts are significantly more rational than the public dotcom bubble. From DotCom 1.0 to now we have seen the following: Years to IPO went from 3.1 years to 7.4, revenue of a startup at IPO went from $35m to $102m, and the valuation (market cap / revenue multiple) went from 13.3x to just 5.3x. Certainly the public markets for now are more rational than the last time around.

????總結(jié)

????廉價、移動化、社交化、全球化、全天候在線和一鍵購物讓初創(chuàng)公司的收入增速達到前所未有的水平，也讓這些公司的私營身份保持更長時間。也就是說，風投公司面臨的機遇比以往任何時候都多，而且許多市場新軍都在捕捉這樣的價值。所有這些都意味著今后十年將存在絕佳的機會、風險以及不確定性。(財富中文網(wǎng))

????譯者：Charlie

????Summary

????Cheap, mobile, social, global, always-on, one-click-purchase leads to unprecedented revenue growth and companies staying private longer. That means there are more opportunities than ever in history for venture capital firms and lots of new entrants moving to capture this value. All of that means there are amazing opportunities, risks and uncertainties for the coming decade.