\u304a\u6c17\u3065\u304d\u306e\u65b9\u3082\u304a\u3089\u308c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u3064\u3044\u5148\u65e5\u3001\u30d6\u30ed\u30b0\u306e\u30bf\u30a4\u30c8\u30eb\u3092\u5909\u66f4\u3057\u305f\u3002<\/p>\n\n\n\n
\u300c\u8d77\u696d\u5bb6\u306f\u30b3\u30c8\u30e9\u30fc\u3092\u8aad\u307e\u306a\u3044\u300d\u3002<\/strong>\u305d\u306e\u5fc3\u306f\u3001\u8fd1\u65e5\u4e2d\u306b\u3053\u306e\u30d6\u30ed\u30b0\u3067\u8aac\u660e\u3059\u308b\u4e88\u5b9a\u3060\u3002<\/p>\n\n\n\n \u4eca\u65e5\u306f\u3001\u3053\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u306e\u30bf\u30a4\u30c8\u30eb\u306b\u3064\u3044\u3066\u8a71\u3092\u3057\u305f\u3044\u3002<\/p>\n\n\n\n \u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306b\u4f4f\u3093\u3060\u3053\u3068\u3082\u306a\u3044\u50d5\u304c\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eVC\uff08\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\uff09\u306e\u3053\u3068\u3092\u8ad6\u3058\u308b\u306e\u306f\u5c11\u3005\u6c17\u304c\u5f15\u3051\u305f\u308a\u3082\u3059\u308b\u304c\u3001<\/strong>\u82f1\u8a9e\u306e\u6587\u7ae0\u3092\u8aad\u3080\u306e\u304c\u82e6\u306b\u306a\u3089\u306a\u3044\u4eba\u3070\u304b\u308a\u3067\u306f\u306a\u3044\u3057\u3001\u3080\u3057\u308d\u3001\u82e6\u306b\u306a\u308b\u4eba\u306e\u65b9\u304c\u591a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n \u305d\u306e\u63a8\u6e2c\u3092\u8e0f\u307e\u3048\u3066\u3001\u30b5\u30f3\u30d6\u30ea\u30c3\u30b8\u6642\u4ee3\u306b\u77e5\u308a\u5408\u3044\u3001\u305d\u306e\u5f8c\u3082\u89aa\u3057\u304f\u3057\u3066\u3044\u308b\u3001TechCrunch\u5171\u540c\u5275\u696d\u8005\u3067\u3001\u73fe\u5728\u306f\u300cSignalRank<\/a>\u300d\u3068\u3044\u3046A.I.+FinTech\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3092\u7d4c\u55b6\u3057\u3066\u3044\u308bKeith Teare \u306eNewsLetter<\/a> \u304b\u3089\u5f97\u305f\u77e5\u8b58<\/strong>\u3092\u3082\u3068\u306b\u3001\u50d5\u306a\u308a\u306e\u8003\u5bdf\u3092\u52a0\u3048\u3066\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306b\u304a\u3051\u308b\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u306e\u4eca<\/strong>\u3092\u304a\u4f1d\u3048\u3057\u305f\u3044\u3002<\/p>\n\n\n\n \u305d\u3082\u305d\u3082\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u3068\u3044\u3046\u306e\u306f\u3001\u5132\u304b\u308b\u30d3\u30b8\u30cd\u30b9\u306a\u306e\u304b\uff1f<\/strong><\/p>\n\n\n\n San Francisco, San Diego, New York City \u306b\u30aa\u30d5\u30a3\u30b9\u306e\u3042\u308b\u300cCorrelation Ventures<\/strong>\u300d\u306eGeneral Partner, David Corts\u6c0f<\/strong> <\/a>\u304c\u3001\u7c73\u56fd\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u306b\u95a2\u3059\u308b\u3068\u3066\u3082\u8208\u5473\u6df1\u3044\u30c7\u30fc\u30bf\u3092\u7d39\u4ecb\u3057\u3066\u3044\u308b\uff08\u4e0b\u306e\u30b0\u30e9\u30d5\u53c2\u7167\uff09\u3002<\/p>\n\n\n\n \u4e0a\u306e\u30b0\u30e9\u30d5\u306e\u300cFinancings\u300d\u306f\u300c\u6295\u8cc7\u30e9\u30a6\u30f3\u30c9\uff08\u6295\u8cc7\u6848\u4ef6\uff09\u300d\u3001\u300cDollars\u300d\u306f\u300c\u6295\u8cc7\u56de\u53ce\u3057\u305f\u91d1\u984d\u300d\u3092\u6307\u3057\u3066\u3044\u308b\u3068\u601d\u308f\u308c\u308b\u3002<\/p>\n\n\n\n \u904e\u53bb10\u5e74\u9593\uff082013-2022\uff09\u306b\u300cEXIT\u300d\u3057\u305f\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u6295\u8cc7\u6848\u4ef6\u306e\u3046\u3061\u3001\u300c10\u500d\u4ee5\u4e0a\u300d<\/strong>\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u307f\u51fa\u3057\u305f\u306e\u306f\u300c\uff14\uff05\u672a\u6e80\u300d<\/strong>\u3067\u3042\u308a\u3001\u300c48\uff05\u300d\u306f\u300c\uff11\u500d\u672a\u6e80\u306e\u30ea\u30bf\u30fc\u30f3\uff08\u640d\u5931\uff09\u300d<\/strong>\u3002\u8981\u3059\u308b\u306b\u300c\u6848\u4ef6\u306e\u534a\u5206\u300d\u306f\u300c\u5132\u304b\u3089\u306a\u3044\u300d<\/strong>\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n \u300c1-3\u500d\u300d\u306e\u660e\u7d30\u304c\u66f8\u304b\u308c\u3066\u3044\u306a\u3044\u306e\u3067\u3001\u305d\u306e\u5206\u5e03\u306f\u5206\u304b\u3089\u306a\u3044\u304c\u3001\u4eee\u306b\u3001\u5e73\u5747\u500d\u7387\u304c\u300c\uff12\u500d\u300d\u3060\u3068\u3057\u3088\u3046\u3002<\/p>\n\n\n\n \u7c73\u56fd\u306eVC\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u671f\u9593\u306f\u300c10\u5e74\u300d\u304c\u4e00\u822c\u7684\u3067\u3042\u308a\u3001LP\u306e\u5408\u610f\u304c\u5f97\u3089\u308c\u308c\u3070\u3001\uff12\u5e74\u9593\u306e\u5ef6\u9577\u304c\u3067\u304d\u308b\u3002\u3064\u307e\u308a\u3001\u6700\u592712\u5e74\u9593\u306e\u904b\u7528<\/strong>\u304c\u53ef\u80fd\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n \u73fe\u5728\u306e\u7c73\u56fd\u306e\u91d1\u5229\u306f\u300c\u7d04\uff15\uff05<\/strong>\u300d\u30021,000\u4e07\u5186<\/strong>\u309212\u5e74\u9593<\/strong>\u3001\u9280\u884c\u306b\u9810\u3051\u305f<\/strong>\u3068\u3057\u3088\u3046\u3002\u8907\u5229\u3067\uff15\uff05\u3067\u56de\u308b\u3068\u3001\u7d041,700\u4e07\u5186\u306b\u306a\u308b\u3002<\/strong>\u56e0\u307f\u306b\u300114\u5e74\u3067\uff12\u500d<\/strong>\u306b\u306a\u308b\u3002<\/p>\n\n\n\n \u9280\u884c\u306b\u300c\uff15\uff05\u300d\u306e\u5b9a\u671f\u9810\u91d1<\/strong>\u3067\u9810\u3051\u308c\u3070\u3001\u78ba\u5b9f\u306b1,700\u4e07\u5186<\/strong>\u306b\u306a\u3063\u3066\u623b\u3063\u3066\u304f\u308b \u3002\u3057\u304b\u3057\u3001\u7c73\u56fd\u3067VC\u306b\u300c1,000\u4e07\u5186\u300d\u3092\u6295\u8cc7\u3059\u308b\u3068\u300150\uff05\u306e\u78ba\u7387\u3067\u640d\u3092\u3059\u308b\u3001<\/strong>\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n \u4f46\u3057\u3001LP\u3068\u3057\u3066VC\u306b\u6295\u8cc7\u3057\u305f\u5834\u5408\u3001\u300c\uff14\uff05\u300d\u306e\u78ba\u7387\u3067\u300c10-20\u500d\u300d\u306b\u306a\u308a\u3001\u300c\uff13\uff05\u300d\u306e\u78ba\u7387\u3067\u300c20\u500d\u4ee5\u4e0a\u300d\u306b\u306a\u308b\u3002\u3053\u308c\u304cVC\u306b\u6295\u8cc7\u3059\u308b\u610f\u5473\u3067\u3042\u308b\u3002<\/strong><\/p>\n\n\n\n \u305d\u306eVC\u306f\u300c\u30e6\u30cb\u30b3\u30fc\u30f3\u300d\u3092\u5f15\u304d\u5f53\u3066\u3089\u308c\u308b\u306e\u304b\uff1f<\/strong>\u3000\u305d\u308c\u306b\u3059\u3079\u3066\u304c\u61f8\u304b\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n \u56e0\u307f\u306b\u30012016\u5e74\u306b\u3001crunchbase\u306e\u30c7\u30fc\u30bf\u3092\u3082\u3068\u306bKeith\u304c\u5206\u6790\u3057\u305f\u7d50\u679c\u3001\uff11\u793e\u3067\u3082\u30e6\u30cb\u30b3\u30fc\u30f3\u3092\u5f15\u304d\u5f53\u3066\u3089\u308c\u305f\u3053\u3068\u304c\u3042\u308b\u7c73\u56fd\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u7d04\uff16\uff05\u3060\u3063\u305f\u3002<\/strong><\/p>\n\n\n\n \u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb<\/strong>\u3068\u3044\u3046\u306e\u306f\u3001\u5178\u578b\u7684\u306a\u300cPower Law\uff08\u3079\u304d\u4e57\uff09<\/a><\/strong>\u300d\u306e\u30d3\u30b8\u30cd\u30b9\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n David \u306f\u4ed6\u306b\u3082\u975e\u5e38\u306b\u793a\u5506\u306b\u5bcc\u3080\u30c7\u30fc\u30bf\u3092\u7d39\u4ecb\u3057\u3066\u304f\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n \u4e0a\u306e\u30b0\u30e9\u30d5\u306f\u3001EXIT\u3057\u305f\u5e74\u3054\u3068\u306b\u3001\u6295\u8cc7\u3057\u305f\u91d1\u984d\u304c\u300c\uff11\u500d\u672a\u6e80\uff08\u640d\u5931\uff09\u300d\u306e\u7d50\u679c\u306b\u3057\u304b\u306a\u3089\u306a\u304b\u3063\u305f\u5272\u5408\u3068\u3001\u300c10\u500d\u4ee5\u4e0a\u306e\u30ea\u30bf\u30fc\u30f3\uff08\u52dd\u8005\uff09\u300d\u3092\u5b9f\u73fe\u3057\u305f\u5272\u5408\u3092\u30d7\u30ed\u30c3\u30c8\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n \u8208\u5473\u6df1\u3044\u306e\u306f\u30012020\u5e74\u30012021\u5e74\u3001\u3064\u307e\u308a\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u6642\u671f\u306bEXIT\u3057\u305f\u6295\u8cc7\u6848\u4ef6\u306f\u300c\u640d\u5931\u3068\u306a\u3063\u305f\u5272\u5408\u300d\u304c\u300c18\uff05\u300d\u3057\u304b\u306a\u304f\u30012021\u5e74\u306b\u95a2\u3057\u3066\u306f\u300110\u500d\u4ee5\u4e0a\u306b\u306a\u3063\u305f\u5272\u5408\u304c\u300c\uff16\uff05\u300d\u3068\u3001\u904e\u53bb20\u5e74\u3067\u6700\u3082\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u70b9\u3067\u3042\u308b\u3002<\/strong><\/p>\n\n\n\n \u3067\u306f\u30012020\u5e74\u30012021\u5e74\u306b\u300cIPO and\/or M&A\u300d\u3067EXIT\u3057\u305f\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7<\/strong>\u306b\u306f\u3001\u3069\u3093\u306a\u4f1a\u793e\u304c\u3042\u308b\u306e\u304b\uff1f\u3000crunchbase<\/strong>\u306e\u30c7\u30fc\u30bf\u3092\u898b\u3066\u307f\u305f\u3002<\/p>\n\n\n\n \u4e0a\u306e\u30b0\u30e9\u30d5\u304c\u793a\u3059\u3068\u304a\u308a\u30012020\u5e74\u30012021\u5e74\u3001\u7279\u306b2021\u5e74\u306fIPO\u7b49\u306eEXIT\u30e9\u30c3\u30b7\u30e5<\/strong>\u3060\u3063\u305f\u3053\u3068\u304c\u5206\u304b\u308b\u3002by Name\u3067\u898b\u3066\u307f\u308b\u3068\u3001\u6211\u3005\u306b\u3068\u3063\u3066\u306e\u99b4\u67d3\u307f\u306e\u3042\u308b\u793e\u540d\u304c\u4e26\u3093\u3067\u3044\u308b\u3002<\/p>\n\n\n\n \u4f8b\u3048\u3070\u3001Coinbase<\/strong> (\u6b63\u78ba\u306b\u306fIPO\u3067\u306f\u306a\u304f\u3001Direct Listing = \u6642\u4fa1\u7dcf\u984d $86B, 2021), Rivian<\/strong> (\u540c$66.5B, 2021), Robinhood<\/strong> (\u540c$32B, 2021), Airbnb<\/strong> (\u540c$47B, 2020), Doordash<\/strong> (\u540c$39B, 2020)\u3000\u306a\u3069\u304c\u3042\u308b\u3002Airbnb\u306f2020\u5e74\u306eIPO\u3067\u3001$3.5B\u3092\u8abf\u9054\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n \u3082\u3046\u5c11\u3057\u9061\u308a\u30012019\u5e74\u306eIPO\u3092\u898b\u308b\u3068\u3001Uber, Lyft, Cloudflare, Zoom, Slack, Beyond Meet\u7b49\u304c\u3042\u308b\u3002<\/p>\n\n\n\n \u4f46\u3057\u3001\u6ce8\u610f\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u306f\u30012020-2021\u5e74\u306eIPO\u30e9\u30c3\u30b7\u30e5\u7d44\u306e\u300c\u73fe\u5728\u306e\u6642\u4fa1\u7dcf\u984d\u300d\u3060\u3002\u305d\u306e\u6b86\u3069\u304c\u3001IPO\u6642\u70b9\u306eMarket Cap\uff08\u6642\u4fa1\u7dcf\u984d\uff09\u3092\u5927\u304d\u304f\u5272\u308a\u8fbc\u3093\u3067\u3044\u308b\u3002\u4e0b\u8a18\u306fcrunchbase\u306e\u8a18\u4e8b<\/a>\u3092\u3082\u3068\u306b\u4f5c\u6210\u3057\u305f\u3002<\/strong><\/p>\n\n\n\n \u3054\u89a7\u306e\u3068\u304a\u308a\u3001\u904e\u53bb10\u5e74\u9593\u3067IPO\u3057\u305f\u4e0a\u4f4d17\u793e\uff08\u904e\u53bb15\u5e74\u9593\u306b\u8a2d\u7acb\u3055\u308c\u3001IPO\u3057\u305f\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\uff09\u306e\u5185\u3001IPO\u4fa1\u683c\u3092\u4e0a\u56de\u3063\u3066\u53d6\u308a\u5f15\u304d\u3055\u308c\u3066\u3044\u308b\u306e\u306f\u300c\uff13\u793e\u300d<\/strong>\u3057\u304b\u306a\u3044\u3002\u5c1a\u4e14\u3064\u3001\u305d\u306e3\u793e\uff08Airbnb\u3001Pinterest\u3001Snowflake\uff09\u3067\u3055\u3048\u3001\u521d\u65e5\u306e\u7d42\u5024\u3088\u308a\u304b\u306a\u308a\u4f4e\u3044\u6c34\u6e96\u306b\u3042\u308b\u3002<\/strong><\/p>\n\n\n\n \u3053\u306e\u3088\u3046\u306a\u73fe\u5b9f\u3092\u8e0f\u307e\u3048\u308b\u3068\u3001\u6b21\u306b\u7d39\u4ecb\u3059\u308b\uff12\u4eba\u306e\u6307\u6458\u306b\u306f\u3001\u5408\u70b9\u304c\u884c\u304f\u3002<\/p>\n\n\n\n \u307e\u305a\u3001Slow Ventures<\/a><\/strong> \u3068\u3044\u3046VC\u306eGP (General Partner) \u306e Sam Lessin \u6c0f<\/strong><\/a>\u306eNews Letter \u306e\u5185\u5bb9\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n “About 15 months ago I wrote a post on how seed investing was pretty clearly going to be in an 18 month timeout \u2026 that the capital \u2018factory\u2019 line would be shutdown until the inventory of dramatically over-marked late-stage private deals got worked through \/ washed out \/ expired on the line.”<\/p>\n\n\n\n \u5f7c\u306f15\u304b\u6708\u524d\u3001\u30b7\u30fc\u30c9\u6295\u8cc7\u6848\u4ef6\u306f\u300c18\u30f6\u6708\u300d\u306e\u300c\u30bf\u30a4\u30e0\u30a2\u30a6\u30c8\u300d\u306b\u5165\u308b\u3001\u3064\u307e\u308a\u3001\u305d\u306e\u9593\u306f\u6b21\u306e\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u304c\u3067\u304d\u306a\u304f\u306a\u308b\uff08\u3068\u3044\u3046\u610f\u5473\u3060\u3068\u7406\u89e3\u3057\u305f\uff09\u3001\u3068\u3044\u3046\u30d6\u30ed\u30b0\u3092\u66f8\u3044\u3066\u3044\u308b\u3002\u4f46\u3057\u3001\u305d\u308c\u306f\u3082\u3063\u3068\u9577\u671f\u5316\u3059\u308b\u3060\u308d\u3046\u3068\u3001\u898b\u89e3\u3092\u6539\u3081\u305f\u3088\u3046\u3060\u3002<\/p>\n\n\n\n “But will clubby seed investing on a capital pipeline through series A to Z firms to public exist in the future \u2014 I actually think no\u2026 will the YC playbook of how to start a company and finance it work any more? IMHO certainly not<\/strong> \u2014 I think the whole factory is going to need to be shut-down and reconstituted.<\/strong>“<\/p>\n\n\n\n \u7c21\u5358\u306b\u8a00\u3046\u3068\u3001\u3068\u3093\u3067\u3082\u306a\u3044\u6642\u4fa1\u7dcf\u984d\u3092\u3064\u3051\u3089\u308c\u305f\u3044\u308f\u3086\u308b\u30e6\u30cb\u30b3\u30fc\u30f3\u3068\u3044\u3046\u300c\u5728\u5eab\u300d\u306e\u5927\u534a\u304cIPO\u3067\u304d\u305a<\/strong>\u3001\u3042\u308b\u3044\u306fIPO\u3057\u3066\u3082\u671f\u5f85\u5916\u308c\u306b\u7d42\u308f\u308b\u306e\u3067\u3042\u308c\u3070<\/strong>\u3001Y-Combinator<\/a><\/strong> (2005\u5e74\u8a2d\u7acb) \u3084500 startups<\/a><\/strong> (2010\u5e74\u8a2d\u7acb)\u7b49\u3001\u5927\u91cf\u751f\u7523\u578b\u306e\u30b7\u30fc\u30c9\u6295\u8cc7\u30e2\u30c7\u30eb<\/strong>\u304c\u300cAsset Class\uff08\u8cc7\u7523\u30af\u30e9\u30b9\uff09<\/strong>\u300d\u3068\u3057\u3066\u306e\u9b45\u529b\u304c\u306a\u304f\u306a\u308a\u3001\u6b21\u306e\u30b9\u30c6\u30fc\u30b8\u306e\u6295\u8cc7\u5bb6\u304c\u3064\u304b\u306a\u304f\u306a\u308b<\/strong>\u3001\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n IMHO (In My Humble Opinion) <\/strong>\u3068\u65ad\u308a\u3092\u5165\u308c\u305f\u4e0a\u3067\u3001YC\u7684\u306a\u5927\u91cf\u751f\u7523\u578b\u306e\u5de5\u5834\u30e2\u30c7\u30eb\u306f\u6a5f\u80fd\u3057\u306a\u304f\u306a\u308b\u3001<\/strong>\u3068\u8a00\u3044\u5207\u3063\u3066\u3044\u308b\u3002\u6b21\u306e\u8cc7\u91d1\u8abf\u9054\u304c\u3067\u304d\u305a\u3001\u30bf\u30a4\u30e0\u30a2\u30a6\u30c8\uff08Time out\uff09\u306a\u3089\u306c\u3001Cash out\uff08\u6e05\u7b97\uff09\u305b\u3056\u308b\u3092\u5f97\u306a\u3044\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u5927\u91cf\u306b\u751f\u307e\u308c\u308b<\/strong>\u3068\u8a00\u3044\u305f\u3044\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n \u3067\u306f\u3001\u4eca\u5f8c\u306e\u30b7\u30fc\u30c9\u6295\u8cc7\u306f\u3069\u3046\u306a\u308b\u306e\u304b\uff1f<\/strong>\u3000\u5f7c\u306f\u3001\u30cf\u30a4\u30ea\u30b9\u30af\u578b\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3092\u9577\u671f\u9593\u306b\u6e21\u308a\u6240\u6709\u3059\u308b\u3088\u3046\u306a\u300c\u30b7\u30fc\u30c9\u6295\u8cc7\u5bb6\u300d\u304c\u73fe\u308c\u308b\u3060\u308d\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n \u50d5\u306e\u7406\u89e3\u3067\u306f\u3001\u6295\u8cc7\u3057\u3066\u3001Demo Day\u3067\u30c7\u30d3\u30e5\u30fc\u3055\u305b\u305f\u5f8c\u306f\u89b3\u5ba2\u5e2d\u3067\u898b\u5b88\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u4e2d\u9577\u671f\u306e\u300c\u30aa\u30fc\u30ca\u30fc\uff08\u682a\u4e3b\uff09\u300d\u3068\u3057\u3066\u3001\u4e00\u7dd2\u306b\u4e8b\u696d\u3092\u80b2\u3066\u3066\u3044\u304f\u3088\u3046\u306a\u300c\u30b7\u30fc\u30c9\u6295\u8cc7\u5bb6\u300d\u304c\u6c42\u3081\u3089\u308c\u3066\u304f\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3068\u601d\u3046\u3002<\/p>\n\n\n\n \u554f\u984c\u306f\u3001\u30b7\u30a7\u30a2\u3092\u3069\u3046\u4fdd\u3064\u304b\uff1f\u3060\u3002\u305d\u306e\u70b9\u306b\u304a\u3044\u3066\u306f\u3001Hunter Walk<\/a><\/strong> \u3068\u3044\u3046\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30ea\u30b9\u30c8\u304c\u3001”What I tell all new VCs about their first funds.<\/a><\/strong>“\u3068\u3044\u3046\u3001\u3068\u3066\u3082\u793a\u5506\u306b\u5bcc\u3093\u3060\u30d6\u30ed\u30b0\u3092\u66f8\u3044\u3066\u3044\u308b\u3002DeepL\u7b49\u3092\u4f7f\u3063\u3066\u8aad\u3093\u3067\u307f\u3066\u6b32\u3057\u3044\u3002<\/p>\n\n\n\n \u6b21\u306b\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u3068LP\uff08VC\u30d5\u30a1\u30f3\u30c9\u306b\u8cc7\u91d1\u3092\u63d0\u4f9b\u3059\u308b\u6295\u8cc7\u5bb6\uff09\u3068\u306e\u95a2\u4fc2\u306b\u95a2\u3057\u3066\u3001\u3068\u3066\u3082\u5206\u304b\u308a\u6613\u3044\u89e3\u8aac\u3092\u3057\u3066\u3044\u308b\u300cfintechjunkie<\/a><\/strong>\u300d\u3068\u3044\u3046\u4eba\u7269\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n VC\u306f\u65b0\u3057\u304f\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u6210\u3057\u305f\u5834\u5408\u3001\u901a\u5e38\u3001\u6700\u521d\u306e\uff13\u5e74\u9593\u7a0b\u5ea6\u3067\u65b0\u898f\u306e\u6295\u8cc7\u3092\u3059\u308b\u3002\u305d\u3057\u3066\u3001\u30d5\u30a1\u30f3\u30c9\u306e30-50\uff05\u7a0b\u5ea6\u3092\u30d5\u30a9\u30ed\u30fc\u30aa\u30f3\uff08\u8ffd\u52a0\u6295\u8cc7\uff09\u306e\u305f\u3081\u306b\u53d6\u3063\u3066\u304a\u304f\u3002<\/p>\n\n\n\n \u4eee\u306b\u3001\u3042\u308bLP\u304c\uff13\u3064\u306e\u30d5\u30a1\u30f3\u30c9\u306b\u305d\u308c\u305e\u308c\u300c$20M\u300d\u305a\u3064\u6295\u8cc7\u3059\u308b\u5834\u5408\u3001\u5408\u8a08$60M\u306e\u8cc7\u91d1\u304c\u5fc5\u8981\u306b\u306a\u308b\u3002\u4f46\u3057\u3001\u6700\u521d\u304b\u3089$60M\u304c\u5fc5\u8981\u306a\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u4f55\u6545\u306a\u3089\u901a\u5e38\u3001Capital Call\u65b9\u5f0f\u3068\u3044\u3044\u3001\u6295\u8cc7\u6848\u4ef6\u304c\u767a\u751f\u3057\u305f\u6642\u70b9\u3067\u3001\u5fc5\u8981\u306a\u8cc7\u91d1\u3092VC\u306b\u6255\u3044\u8fbc\u3080\u304b\u3089\u3060\u3002\u6700\u521d\u304b\u3089$60M\u3092\u6255\u3044\u8fbc\u3080\u308f\u3051\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n Beginner’s Luck \u3082\u3042\u308b\u306e\u3060\u308d\u3046\u304c\u3001\u65b0\u3057\u3044VC\u30d5\u30a1\u30f3\u30c9\u304c\u65e2\u5b58\u306e\u30d5\u30a1\u30f3\u30c9\u3088\u308a\u3082\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u51fa\u3059\u3053\u3068\u306f\u73cd\u3057\u304f\u306a\u3044\u3089\u3057\u304f\u3001\u6b74\u53f2\u3092\u898b\u308b\u3068\u3001\u30d5\u30a1\u30f3\u30c9\u30b5\u30a4\u30ba\u306e\u300c5\u500d, 10\u500d, \u3055\u3089\u306b\u306f20\u500d\u300d\u306b\u306a\u308b\u3053\u3068\u3082\u3042\u3063\u305f\u3089\u3057\u3044\u3002<\/p>\n\n\n\n \u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u300c\u304a\u91d1\u306e\u51fa\u5165\u308a<\/strong>\u300d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n \u3069\u306e\u30b9\u30c6\u30fc\u30b8\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u304b\u3001\u307e\u305f\u3001\u305d\u306e\u6642\u306e\u5e02\u6cc1\u306b\u3082\u5de6\u53f3\u3055\u308c\u308b\u304c\u3001\uff14\u5e74\u76ee\u3050\u3089\u3044\u304b\u3089\u3001\u6226\u7565\u7684\u306a\u58f2\u5374 (\u8cc7\u672c\u696d\u52d9\u63d0\u643a<\/strong>)\u3001\u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u30de\u30fc\u30b1\u30c3\u30c8\u3078\u306e\u58f2\u5374<\/strong>\u3001IPO\u7b49\u306e\u300cEXIT\u300d\u304c\u767a\u751f\u3059\u308b\u3002<\/strong><\/p>\n\n\n\n \u554f\u984c\u306f\u30012017-2021\u5e74\u306b\u639b\u3051\u3066\u3001\u7c73\u56fd\u306eVC\u306f\u305d\u308c\u307e\u3067\u3088\u308a\u3082\u901f\u3044\u30da\u30fc\u30b9\u3067\u6295\u8cc7\u3092\u3057\u3066\u3044\u308b\u304c\u3001\u682a\u5f0f\u5e02\u5834\u3084\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u8cc7\u91d1\u8abf\u9054\u74b0\u5883\u304c\u60aa\u5316\u3057\u305f\u3053\u3068\u306b\u3088\u308a\u3001\u6295\u8cc7\u3057\u305f\u8cc7\u91d1\u306e\u56de\u53ce\u304c\u9045\u304f\u306a\u3063\u3066\u3044\u308b<\/strong>\u3053\u3068\u3060\u3002\u3068\u306a\u308b\u3068\u3001LP\u306b\u5bfe\u3059\u308b\u300c\u5206\u914d\u91d1\u300d\u304c\u767a\u751f\u305b\u305a\u3001LP\u306f\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3057\u305f\u8cc7\u91d1\u3092\u56de\u53ce\u3067\u304d\u305a\u3001Capital Call \u306b\u5bfe\u5fdc\u3059\u308b\u305f\u3081\u306b\u3001\u60f3\u5b9a\u3057\u3066\u3044\u305f\u4ee5\u4e0a\u306e\u8cc7\u91d1\u3092\u7528\u610f\u3059\u308b\u5fc5\u8981\u304c\u51fa\u3066\u304f\u308b<\/strong>\u3002<\/p>\n\n\n\n “Making matters worse, valuations were much higher during this period which brings into question how many 3X+ funds there will be in the 2017-2021 vintages. And we\u2019re already seeing markdowns and write-offs that highlight the issue.”<\/p>\n\n\n\n \u3055\u3089\u306b\u5384\u4ecb\u306a\u3053\u3068\u306b\u3001\u3053\u306e\u6642\u671f\uff082017-2021\uff09\u6295\u8cc7\u6848\u4ef6\u306f\u300c\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u300d\u304c\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u4e00\u65b9\u3001\u5e02\u6cc1\u306e\u5909\u5316\u306b\u3088\u308a\u3001\u30ec\u30a4\u30bf\u30fc\u30b9\u30c6\u30fc\u30b8\u3067\u58f2\u5374\u3059\u308b\u5834\u5408\u3082IPO\u3084M&A\u3067\u58f2\u5374\u3059\u308b\u969b\u3082\u3001\u305d\u308c\u307b\u3069\u9ad8\u3044\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u3064\u304b\u306a\u3044\u3060\u308d\u3046\u3002<\/strong><\/p>\n\n\n\n \u3068\u306a\u308b\u3068\u30013\u500d\u4ee5\u4e0a\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u51fa\u305b\u308b\u30d5\u30a1\u30f3\u30c9\u304c\u3069\u308c\u3060\u3051\u3042\u308b\u304b\uff1f<\/strong>\u3000\u3068\u3044\u3046\u7591\u554f\u7b26\u304c\u3064\u304f\u3002\u305d\u3057\u3066\u3001\u3053\u306e\u554f\u984c\u3092\u8a3c\u660e\u3059\u308b\u3088\u3046\u306b\u3001\u65e2\u306b\u30c0\u30a6\u30f3\u30e9\u30a6\u30f3\u30c9\u3084\u511f\u5374\u304c\u767a\u751f\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n \u305d\u3057\u3066\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u60aa\u3044VC\u306f\u3001\u6b21\u306e\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u6210\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n \u3067\u3082\u3001\u5f7c\u306f\u3001\u3053\u306e\u554f\u984c\u306f\u6052\u4e45\u7684\u306a\u554f\u984c\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u3002<\/strong>\u660e\u78ba\u306a\u6295\u8cc7\u6226\u7565\u3084\u512a\u308c\u305f\u30c8\u30e9\u30c3\u30af\u30ec\u30b3\u30fc\u30c9\u3092\u6301\u3064\u30d5\u30a1\u30f3\u30c9\u306f\u751f\u304d\u6b8b\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n \u307e\u305f\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u3001\u59a5\u5f53\u306a\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3001\u5c11\u306a\u3044\u8cc7\u91d1\u3092\u524d\u63d0\u3068\u3057\u3066\u7d4c\u55b6\u3092\u3057\u3001\u8cc7\u672c\u52b9\u7387\u3092\u6700\u512a\u5148\u3057\u305f\u30b9\u30b1\u30fc\u30eb\u3092\u8a2d\u8a08\u3059\u308b<\/strong>\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n \u305d\u306e\u7d50\u679c\u3001\u3053\u308c\u304b\u3089\u7d44\u6210\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u306f\u30012017-2021\u5e74\u306b\u7d44\u6210\u3055\u308c\u305f\u30d5\u30a1\u30f3\u30c9\u3088\u308a\u3082\u3001\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u5b9f\u73fe\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n \u4ee5\u4e0a\u304c\u3001Keith \u306eNews Letter \u3067\u8aad\u3093\u3060\uff13\u4eba\u306e\u30d6\u30ed\u30b0\u3084Tweet \u304b\u3089\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eSeed-Early stage \u306eVC\u30d5\u30a1\u30f3\u30c9\u306b\u95a2\u3057\u3066\u5b66\u3093\u3060\u3053\u3068\u3060\u3002<\/p>\n\n\n\n \u5c11\u3057\u3067\u3082\u53c2\u8003\u306b\u306a\u308c\u3070\u5e78\u3044\u3067\u3042\u308b\u3002<\/p>\n\n\n\n \u6b21\u56de\u306f\u3001\u30b7\u30ea\u30fc\u30baB\u4ee5\u964d\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u306b\u3069\u306e\u3088\u3046\u306a\u5909\u5316\u304c\u8a2a\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u304b\uff1f<\/strong>\u3000\u306b\u3064\u3044\u3066\u66f8\u3044\u3066\u307f\u305f\u3044\u3068\u601d\u3063\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":" \u50d5\u304c\u30c9\u30ea\u30fc\u30e0\u30d3\u30b8\u30e7\u30f3\u3068\u3044\u3046\u4f1a\u793e\u3092\u59cb\u3081\u305f\u306e\u306f2006\u5e74\uff13\u6708\u3002\u5f53\u6642\u306f\u30a2\u30e1\u30d6\u30ed\u3067\u30d6\u30ed\u30b0\u3092\u66f8\u3044\u3066\u3044\u305f\u304c\u3001\u4eca\u306e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306b\u30ea\u30cb\u30e5\u30a2\u30eb\u3057\u305f\u6642\u3001\u305d\u308c\u307e\u3067\u30a2\u30e1\u30d6\u30ed\u3067\u66f8\u3044\u3066\u3044\u305f\u30d6\u30ed\u30b0\u3092\u5168\u90e8\u3001\u30c9\u30ea\u30fc\u30e0\u30d3\u30b8\u30e7\u30f3\u306e\u30b5\u30a4\u30c8\u306b…<\/span><\/p>\n![\"\"](\"http:\/\/www.dreamvision.co.jp\/blog\/wp-content\/uploads\/2023\/08\/Distribution-of-realized-US-VC-Outcomes-over-the-past-decades_2013-2022-1024x589.png\")
<\/figure>\n\n\n\n![\"\"](\"http:\/\/www.dreamvision.co.jp\/blog\/wp-content\/uploads\/2023\/08\/Percent-of-invested-USD-that-realized-as-less-than-1X-return-1024x483.png\")
<\/figure>\n\n\n\n![\"\"](\"http:\/\/www.dreamvision.co.jp\/blog\/wp-content\/uploads\/2023\/08\/crunchbase_IPO_2020_2021-1024x413.png\")
![\"\"](\"http:\/\/www.dreamvision.co.jp\/blog\/wp-content\/uploads\/2023\/08\/Market-Cap-at-IPO-vs-Recent_crunchbase_Index-1-1024x775.png\")
<\/figure>\n\n\n\n![\"\"](\"http:\/\/www.dreamvision.co.jp\/blog\/wp-content\/uploads\/2023\/08\/Market-Cap-at-IPO-vs-Recent_crunchbase_TOTAL-2-1024x282.png\")
<\/figure>\n\n\n\n![\"\"](\"http:\/\/www.dreamvision.co.jp\/blog\/wp-content\/uploads\/2023\/08\/A-3-fund-commitment-of-20Mfund.jpeg\")