{"id":5869,"date":"2023-10-08T19:47:07","date_gmt":"2023-10-08T10:47:07","guid":{"rendered":"https:\/\/ikuoch.com\/blog\/?p=5869"},"modified":"2024-04-23T15:46:37","modified_gmt":"2024-04-23T06:46:37","slug":"%e3%82%a4%e3%83%b3%e3%82%b9%e3%82%bf%e3%82%ab%e3%83%bc%e3%83%88%e3%81%aeipo%e3%81%af%e5%a4%b1%e6%95%97%e3%81%8b%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/ikuoch.com\/blog\/2023\/10\/08\/%e3%82%a4%e3%83%b3%e3%82%b9%e3%82%bf%e3%82%ab%e3%83%bc%e3%83%88%e3%81%aeipo%e3%81%af%e5%a4%b1%e6%95%97%e3%81%8b%ef%bc%9f\/","title":{"rendered":"\u30a4\u30f3\u30b9\u30bf\u30ab\u30fc\u30c8\u306eIPO\u306f\u5931\u6557\u304b\uff1f"},"content":{"rendered":"\n

\u3055\u3059\u304c\u306b60\u5e74\u3082\u751f\u304d\u3066\u3044\u308c\u3070\u3001\u81ea\u5206\u306b\u4f55\u304c\u3067\u304d\u3066\u3001\u4f55\u304c\u3067\u304d\u306a\u3044\u304b\uff1f\u3000\u306f\u5206\u304b\u308b\u3088\u3046\u306b\u306a\u308b\u3002\u5426\u5fdc\u306b\u3082\u30fb\u30fb\u30fb\u3002<\/p>\n\n\n\n

\u50d5\u304c\u5c0a\u656c\u3059\u308bPeter F. Drucker \u306f\u3053\u3046\u3044\u3063\u305f\u3002\u300c50\u6b73\u306b\u306a\u308a\u4eba\u751f\u3092\u632f\u308a\u8fd4\u3063\u305f\u6642\u3001\u4f55\u3068\u61b6\u3048\u3089\u308c\u305f\u3044\u304b\uff08\u3069\u3093\u306a\u4eba\u3060\u3068\u8a8d\u8b58\u3055\u308c\u305f\u3044\u304b\uff09\uff1f\u3000\u305d\u306e\u8cea\u554f\u306b\u7b54\u3048\u3089\u308c\u306a\u304b\u3063\u305f\u5834\u5408\u3001\u305d\u306e\u4eba\u751f\u306f\u5931\u6557\u3060\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u300d<\/strong>\u3002<\/p>\n\n\n\n

\u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306f\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u306e\u305d\u308c\u304b\u3089\u826f\u304f\u3082\u60aa\u304f\u3082\u300cDecoupling\u300d\u3055\u308c\u3066\u304a\u308a\u30012023\u5e74\u4e0a\u534a\u671f\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u6295\u8cc7\u984d<\/a><\/strong>\u306f\u6628\u5e74\u304b\u3089\u6e1b\u5c11\u3057\u3066\u3044\u308b\u3082\u306e\u306e\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u3068\u8f03\u3079\u308b\u3068\u9065\u304b\u306b\u826f\u3044\u72b6\u6cc1\u306e\u3088\u3046\u3060\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u30b0\u30ed\u30fc\u30d0\u30eb\u3067\u306f\u76f8\u5909\u308f\u3089\u305a\u3001\u53b3\u3057\u3044\u72b6\u6cc1\u304c\u7d9a\u3044\u3066\u3044\u308b\u3002<\/strong><\/p>\n\n\n\n

Gene Teare<\/strong> at crunchbase<\/strong> \u306e\u30ec\u30dd\u30fc\u30c8\u306b\u3088\u308b\u3068<\/a>\u30012023\u5e74Q3<\/strong>\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3078\u306e\u6295\u8cc7\u984d\u306f\u300cUS$73B\uff08\u7d0411\u5146\u5186\uff09<\/strong>\u300d\u3068\u3001Q2\u3088\u308a\u5c11\u3057\u5897\u3048\u305f\u304c\u3001\u524d\u5e74\u540c\u671f\uff08US$86B\uff09\u304b\u3089\u7d0415\uff05\u30c0\u30a6\u30f3<\/strong>\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\u7d30\u304b\u304f\u898b\u3066\u307f\u308b\u3068\u3001\u30ec\u30a4\u30bf\u30fc\u30b9\u30c6\u30fc\u30b8<\/strong>\u3067\u306f\u3001\u534a\u5c0e\u4f53\u3001AI\u3001\u96fb\u6c17\u81ea\u52d5\u8eca\u3001\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3<\/strong>\u306a\u3069\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u5927\u898f\u6a21\u306a\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3063\u305f\u305f\u3081\u3001\u524d\u5e74\u540c\u671f\u6bd4\u306710\uff05\u8fd1\u304f\u3001\u524d\u56db\u534a\u671f\u6bd4\u306730\uff05\u5897\u52a0\u3057\u3066\u3044\u308b\u3002\u4e00\u65b9<\/strong>\u3001\u30b7\u30fc\u30c9\u304a\u3088\u3073\u30a2\u30fc\u30ea\u30fc\u30b9\u30c6\u30fc\u30b8\u3067\u306f\u3001\u524d\u5e74\u540c\u671f\u6bd4\u3067\u300c\u6e1b\u5c11<\/strong>\u300d\u3092\u7d9a\u3051\u3001VC\u6295\u8cc7\u304c\u307e\u3060\u56de\u5fa9\u3057\u3066\u3044\u306a\u3044<\/strong>\u3053\u3068\u3092\u660e\u78ba\u306b\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\u307e\u305f\u3001\u6ce8\u76ee\u3059\u3079\u304d\u306f\u3001\u30ec\u30a4\u30bf\u30fc\u30b9\u30c6\u30fc\u30b8\u306e\u5927\u578b\u8cc7\u91d1\u8abf\u9054<\/strong>\u306f\u3001\u4e3b\u306b\u5317\u7c73\u300c\u4ee5\u5916\u300d\u3067\u898b\u3089\u308c\u3066\u3044\u308b<\/strong>\u3053\u3068\u3060\u3002<\/p>\n\n\n\n

\u30a2\u30b8\u30a2<\/strong>\u3067\u306f\u3001\u534a\u5c0e\u4f53\u3001\u96fb\u6c17\u81ea\u52d5\u8eca\u3001\u518d\u751f\u53ef\u80fd\u30a8\u30cd\u30eb\u30ae\u30fc\u6280\u8853<\/strong>\u306e\u5927\u578b\u30e9\u30a6\u30f3\u30c9<\/strong>\u306b\u3088\u308a\u3001\u30ec\u30a4\u30bf\u30fc\u30b9\u30c6\u30fc\u30b8\u8cc7\u91d1\u8abf\u9054\u984d<\/strong>\u304c\u524d\u5e74\u6bd450\uff05\u5897<\/strong>\u3068\u5927\u304d\u304f\u4f38\u3073\u305f\u3002<\/p>\n\n\n\n

\u6b27\u5dde<\/strong>\u3067\u306f\u3001\u30ec\u30a4\u30bf\u30fc\u30b9\u30c6\u30fc\u30b8\u8cc7\u91d1\u8abf\u9054<\/strong>\u304c\u524d\u56db\u534a\u671f\u6bd4<\/strong>\u3067\u500d\u5897<\/strong>\u3057\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u3068\u88fd\u9020\u696d<\/strong>\u306e\u5927\u578b\u8cc7\u91d1\u8abf\u9054\u6848\u4ef6\u3067\u524d\u5e74\u540c\u671f\u6bd420\uff05\u5897<\/strong>\u3068\u306a\u3063\u305f\u3002<\/p>\n\n\n\n

\u3055\u3066\u3001\u50d5\u306e\u30d6\u30ed\u30b0\u3092\u8aad\u3093\u3067\u304f\u308c\u308b\u4eba\u306e\u6b86\u3069\u306f\u3001\u6a19\u984c\u306e\u30ab\u30bf\u30ab\u30ca<\/strong>\u306e\u8aac\u660e\u306f\u5fc5\u8981\u306a\u3044\u3060\u308d\u3046\u3002\u3067\u3082\u3001\u305d\u306eIPO\u306f\u5931\u6557\u304b\uff1f<\/strong>\u3000\u3068\u50d5\u304c\u6295\u3052\u639b\u3051\u305f\u8cea\u554f\u306e\u610f\u56f3\u306e\u89e3\u91c8\u306f\u4eba\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n

\u6700\u521d\u306b\u50d5\u306e\u8003\u3048\u3092\u66f8\u3044\u3066\u304a\u304f\u3068\u3001\u50d5\u306b\u306f\u6210\u529f\u3068\u3082\u5931\u6557\u3068\u3082\u8a55\u4fa1\u3067\u304d\u306a\u3044\u3002<\/strong><\/p>\n\n\n\n

\u4f46\u3057\u3001\u6211\u3005\u306b\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3068\u306f\u4f55\u304b\uff1f\u3000\u6295\u8cc7\u3068\u306f\u4f55\u304b\uff1f\u3000\u305d\u3057\u3066\u3001\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3068\u306f\u4f55\u304b\uff1f\u3000\u3092\u8003\u3048\u3055\u305b\u308bIPO\u3060\u3068\u601d\u3046\u3002<\/strong><\/p>\n\n\n\n

\u4eca\u65e5\u306e\u30d6\u30ed\u30b0\u306f\u3001Kyle Harrison \u3068\u3044\u3046\u4eba\u304c\u66f8\u3044\u305f\u30d6\u30ed\u30b0<\/a>\u3092\u3082\u3068\u306b\u66f8\u3044\u3066\u3044\u308b\u3002\u304b\u306a\u308a\u306e\u9577\u7de8\u3060\u304c\u3001\u8208\u5473\u304c\u3042\u3063\u305f\u3089\u662f\u975e\u3001\u8aad\u3093\u3067\u307f\u3066\u6b32\u3057\u3044\u3002<\/p>\n\n\n\n

\n
\"\"<\/figure>\n<\/figure>\n\n\n\n

\u203bSource: Twitter (X) of Aswath Damodaran, an Economics Professor at NYU.<\/p>\n\n\n\n

\u4e0a\u8868\u306f\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u304c\u5c02\u9580\u306eNYU\u6559\u6388\u3001Aswath Damodaran\u6c0f\u306eTwitter (X)<\/a>\u306b\u6295\u7a3f\u3055\u308c\u3066\u3044\u305f\u3082\u306e\u3060\u3002<\/p>\n\n\n\n

Instacart\uff08\u30a4\u30f3\u30b9\u30bf\u30ab\u30fc\u30c8\uff09<\/strong>\u306f2023\u5e749\u670819\u65e5\u3001US$9.9B\u306e\u8a55\u4fa1\u984d\u3067\u30ca\u30b9\u30c0\u30c3\u30af\u306b\u4e0a\u5834<\/strong>\u3057\u305f\u3002\uff11\u30c9\u30eb150\u5186\u3067\u8a08\u7b97\u3059\u308b\u3068\uff11\u51464,850\u5104\u5186<\/strong>\u306b\u306a\u308b\u3002\u60aa\u304f\u306a\u3044\u6642\u4fa1\u7dcf\u984d\u3060\u3002\u4f46\u3057\u30012021\u5e74\u306b\u8cc7\u91d1\u8abf\u9054\u3057\u305f\u969b\u306e\u8a55\u4fa1\u984d\u306f\u300cUS$39B<\/strong>\u300d\u3002\u540c\u3058\u304f150\u5186\/US$\u3067\u8a08\u7b97\u3059\u308b\u3068\u3001\uff15\u51468,500\u5104\u5186\u3067\u8a55\u4fa1\u3055\u308c\u3066\u3044\u305f\u3053\u3068\u306b\u306a\u308b<\/strong>\u3002<\/p>\n\n\n\n

\u3064\u307e\u308a\u300175\uff05\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3057\u3066\u3001IPO\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/strong><\/p>\n\n\n\n

\u5c1a\u4e14\u3064\u3001IPO\u6642\u306e\u58f2\u51fa\u3057\u4fa1\u683c30\u30c9\u30eb<\/strong>\u306b\u5bfe\u3057\u3066\u3001\u682a\u4fa1\u306f42\u30c9\u30eb\u307e\u3067\u4e0a\u6607<\/strong>\u3057\u305f\u3082\u306e\u306e\u3001\u305d\u306e\u5f8c\u3001\u682a\u4fa1\u306f\u4e0b\u304c\u308a\u7d9a\u3051\u3001\u73fe\u5728\u306f25-26\u30c9\u30eb<\/strong>\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u3002\u6642\u4fa1\u7dcf\u984d\u306f\u300cUS$7B (1\u5146500\u5104\u5186)<\/strong>\u300d\u3067\u3001IPO\u6642\u3092\u5272\u308a\u8fbc\u3093\u3067\u3044\u308b<\/strong>\u3002<\/p>\n\n\n\n

Funding Story\u3092\u898b\u3066\u307f\u3088\u3046\u3002\u7c73\u56fd\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\uff08VC\uff09\u306f\u3001S&P500\u306e\u6295\u8cc7\u5229\u56de\u308a\u3088\u308a\u3082\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u671f\u5f85\u3059\u308b\u3057\u3001VC\u306b\u6295\u8cc7\u3059\u308bLP\u3082\u540c\u69d8\u3060\u308d\u3046\u3002\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u30b7\u30ea\u30fc\u30baC\u4ee5\u964d\u306e\u6295\u8cc7\u306f\u300c\u5931\u6557\u300d<\/strong>\u3060\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n

\u4f55\u6545\u306a\u3089\u3001S&P500\u306b\u6295\u8cc7\u3057\u3066\u3044\u305f\u3089\u300c12.31\uff05\u300d<\/strong>\u306e\u5229\u56de\u308a\u3060\u3063\u305f\u306e\u306b\u5bfe\u3057\u3066\u3001IPO\u6642\u306e\u682a\u4fa1\u3067\u8a08\u7b97\u3059\u308b\u3068\u3001\u30b7\u30ea\u30fc\u30baC\u306e\u6295\u8cc7\u5229\u56de\u308a\u306f\u300c10.6% (\u8907\u5229)\u300d<\/strong>\u306b\u7559\u307e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\u305d\u308c\u4ee5\u964d\u306e\u6295\u8cc7\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u4e0b\u304c\u308a\u7d9a\u3051\u30012020\u5e74\u306eTender Offer Round \u306e\u6295\u8cc7\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u3001\u30de\u30a4\u30ca\u30b913.65\uff05\uff08\u640d\u5931\uff09\u3060\u3002\u672a\u516c\u958b\u6642\u306e\u6700\u7d42\u30e9\u30a6\u30f3\u30c9\uff08\u30b7\u30ea\u30fc\u30baI\uff09<\/strong>\u306b\u95a2\u3057\u3066\u306f\u3001\u30de\u30a4\u30ca\u30b951.17\uff05<\/strong>\u3002\u3064\u307e\u308a\u3001\u6295\u8cc7\u91d1\u984d\u306e\u534a\u5206\u4ee5\u4e0b<\/strong>\u306b\u306a\u3063\u3066\u3057\u307e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\u4e00\u65b9\u3001\u30b7\u30fc\u30c9<\/strong>\u304a\u3088\u3073\u30b7\u30ea\u30fc\u30baA\u3067\u6295\u8cc7\u3057\u305fVC<\/strong>\u306f\u3001\u305d\u308c\u305e\u308c\u300155.02%\u300161.96%\u306e\u30ea\u30bf\u30fc\u30f3<\/strong>\u3092\u4e0a\u3052\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\u3053\u3053\u3067\u6ce8\u76ee\u3057\u3066\u6b32\u3057\u3044\u306e\u306f\u3001\u30bb\u30b3\u30a4\u30a2\uff08Sequoia\uff09<\/strong>\u306f\u3001\u30b7\u30ea\u30fc\u30baA\u3001D\u3001I\u3068\u3001\u8a08\uff13\u56de\u306e\u30e9\u30a6\u30f3\u30c9\u3067\u6295\u8cc7\u3057\u3066\u3044\u308b\u70b9\u3060\u3002\u7d50\u679c\u8ad6\u3060\u304c\u3001\u30bb\u30b3\u30a4\u30a2\u306e\u8a08US$300M\uff08\u7d04450\u5104\u5186\uff09\u306e\u6295\u8cc7\u306f\u3001US$1.4B\uff08\u7d042,100\u5104\u5186\uff09\u3068\u3001\u7d04\uff15\u500d\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/strong>\u4f46\u3057\u3001\u305d\u306e\u30ea\u30bf\u30fc\u30f3\u306e85\uff05\u306f\u3001\u30b7\u30ea\u30fc\u30baA\u306e\u6295\u8cc7\u304b\u3089\u5f97\u3066\u3044\u308b<\/strong>\u3002<\/p>\n\n\n\n

\u3082\u3046\u3072\u3068\u3064\u3001\u8003\u3048\u308b\u3079\u304d\u3053\u3068\u306f\u3001\u30bb\u30b3\u30a4\u30a2\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u3082\u305f\u3089\u3057\u305f\u306e\u306f\u8ab0\u304b\uff1f<\/strong>\u3000\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n

\u50d5\u304cVC\u304b\u3089\u8cc7\u91d1\u8abf\u9054\u3057\u3066\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3092\u7d4c\u55b6\u3057\u3066\u3044\u305f\u306e\u306f2000\u5e74\u4ee3\u524d\u534a\u3067\u3042\u308a\u3001\u307e\u305f\u3001\u30b5\u30f3\u30d6\u30ea\u30c3\u30b8\u30b0\u30ed\u30fc\u30d0\u30eb\u30d9\u30f3\u30c1\u30e3\u30fc\u30ba\u3067\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3078\u306e\u6295\u8cc7\u306e\u4ed5\u4e8b\u3092\u3057\u3066\u3044\u305f\u306e\u306f2010 \u5e74\u4ee3\u534a\u3070\u307e\u3067\u3060\u3002\u305d\u306e\u5f8c\u306f\u3001\u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u304b\u3089\u306f\u8ddd\u96e2\u304c\u751f\u3058\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\u5f93\u3063\u3066\u3001\u65e5\u672c\u306eVC\u696d\u754c\u306e\u73fe\u72b6\u3092\u6b63\u78ba\u306b\u306f\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u304c\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u3068\u65e5\u672c\u3067\u306f\u3001VC\u306e\u6295\u8cc7\u65b9\u91dd\u3084\u696d\u754c\u69cb\u9020\u3001\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u304c\u7570\u306a\u308b\u3088\u3046\u306b\u601d\u3046\u3002<\/p>\n\n\n\n

\u30a4\u30f3\u30b9\u30bf\u30ab\u30fc\u30c8\u306e\u30bb\u30b3\u30a4\u30a2\u306e\u4e8b\u4f8b\u306e\u3088\u3046\u306b\u3001\u30b7\u30ea\u30fc\u30baA\u3067\u6295\u8cc7\u3092\u3057\u3001\u305d\u306e\u5f8c\u3001\u6700\u5f8c\u306e\u30e9\u30a6\u30f3\u30c9\u307e\u3067\u4ed8\u304d\u5408\u3046\u30b1\u30fc\u30b9\u3082\u6563\u898b\u3055\u308c\u308b\u3088\u3046\u3060\u304c\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u3067\u306f\u3001\u30b7\u30fc\u30c9\u3001\u30a2\u30fc\u30ea\u30fc\u3001\u30df\u30c9\u30eb\u3001\u30ec\u30a4\u30bf\u30fc\u3068\u3001\u5404\u30b9\u30c6\u30fc\u30b8\u6bce\u306b\u3001\u30e1\u30a4\u30f3\u3068\u306a\u308bVC\u306e\u9854\u3076\u308c\u304c\u7570\u306a\u3063\u3066\u3044\u308b\u3002\u30bb\u30b3\u30a4\u30a2\u3001Andreessen Horowitz\u7b49\u306e\u3088\u3046\u306a\u30e1\u30acVC\u306f\u3001\u5404\u30b9\u30c6\u30fc\u30b8\u6bce\u306b\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u6210\u3059\u308b\u304c\u3001Floodgate<\/a><\/strong>, First Round<\/a><\/strong> \u7b49\u306f\u30b7\u30fc\u30c9\uff06\u30a2\u30fc\u30ea\u30fc\u30b9\u30c6\u30fc\u30b8\u306b\u7279\u5316\u3057\u3066\u3044\u308b<\/strong>\u3002<\/p>\n\n\n\n

\u3067\u306f\u3001\u305d\u308c\u304c\u3069\u306e\u3088\u3046\u306a\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u306e\u304b\uff1f<\/p>\n\n\n\n

\u30a4\u30f3\u30b9\u30bf\u30ab\u30fc\u30c8\u306e\u300c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u73fe\u91d1\u53ce\u652f\uff09<\/strong>\u300d\u304c\u300c\u30dd\u30b8\u30c6\u30a3\u30d6<\/strong>\u300d\u306b\u306a\u3063\u305f\u306e\u306f\u30012022\u5e74<\/strong>\u3089\u3057\u3044\u3002\u305d\u3057\u3066\u3001\u4eca\u65e5\u306b\u81f3\u308b\u307e\u3067\u306b\u300cUS$1.8B\uff08\u7d042,700\u5104\u5186\uff09\u300d\u3092\u5fc5\u8981\uff08\u71c3\u713c\uff09\u3068\u3057\u3066\u3044\u308b<\/strong>\u3002<\/p>\n\n\n\n

\u8a00\u3044\u65b9\u3092\u5909\u3048\u308b\u306a\u3089\u3001\u30bb\u30b3\u30a4\u30e4\u3068Andreessen Horowitz\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3001US$1.7B\u306e\u5132\u304b\u3089\u306a\u304b\u3063\u305f\u6295\u8cc7\u5bb6\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u3066\u3044\u308b<\/strong>\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n

\n

If a psycho with a commercial real estate business can raise $20B, then anyone can raise anything! But the sudden constraint on capital made VCs realize just how dependent they are on downstream capital.<\/strong><\/em><\/p>\n<\/blockquote>\n\n\n\n

\u4e0a\u8a18\u306e\u82f1\u6587\u3067\u3001Kyle Harrison \u306f\u3001\u73fe\u72b6\u3092\u76ae\u8089\u4ea4\u3058\u308a\u306b\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n

\u8981\u3059\u308b\u306b\u3001WeWork<\/strong>\u306e\u3088\u3046\u306a\u300c\u305f\u3060\u306e\u4e0d\u52d5\u7523\u30d3\u30b8\u30cd\u30b9<\/strong>\u300d\u304c\u300cUS$20B\uff08\u7d043.5\u5146\u5186\uff09<\/strong>\u300d\u3082\u8abf\u9054\u3067\u304d\u308b\u306a\u3089\u3001\u8ab0\u3082\u304c\u3044\u304f\u3089\u3067\u3082\u8abf\u9054\u3067\u304d\u308b\uff01\u3068\u601d\u3046\u3060\u308d\u3046<\/strong>\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u305d\u3057\u3066\u3001\u7a81\u7136\u3001\u4e16\u306e\u4e2d\u304c\u6b63\u6c17\u3092\u53d6\u308a\u623b\u3057\u3001VC\uff08\u306b\u9650\u3089\u306a\u3044\uff09\u306f\u3001\u81ea\u5206\u305f\u3061\u306e\u6295\u8cc7\u306f\u3001\u305d\u306e\u5f8c\u306e\u6295\u8cc7\u306e\u5224\u65ad\u306b\u59d4\u306d\u3089\u308c\u3066\u3044\u308b\uff08\u305d\u308c\u6b21\u7b2c\uff09\u3068\u3044\u3046\u3053\u3068\u306b\u6c17\u4ed8\u304b\u3055\u308c\u305f<\/strong>\u3002<\/p>\n\n\n\n

\u3082\u3046\u3072\u3068\u3064\u3001\u30a4\u30f3\u30b9\u30bf\u30ab\u30fc\u30c8\u3092\u4f8b\u306b\u53d6\u308b\u306a\u3089\u3001\u30b7\u30ea\u30fc\u30baC\u4ee5\u964d\u306e\u6295\u8cc7\u5bb6\u304c\u3044\u306a\u3051\u308c\u3070\u3001\u30bb\u30b3\u30a4\u30a2\u3084a16z (Andreessen Horowitz)\u306f\u30ea\u30bf\u30fc\u30f3\u3092\u51fa\u305b\u306a\u304b\u3063\u305f\u3060\u3051\u3067\u306a\u304f\u3001\u4e16\u306e\u4e2d\u306f\u5909\u308f\u3089\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3060<\/strong>\u3002<\/p>\n\n\n\n

\u3055\u3089\u306b\u8a00\u3048\u3070\u3001Ube<\/a>r<\/strong>\u3084Lyft<\/strong> \u3068\u3044\u3063\u305f\u30a4\u30f3\u30d5\u30e9\u3082\u3001\u6295\u8cc7\u5bb6\u306e\u640d\u5931\u306e\u4e0a\u306b\u6210\u308a\u7acb\u3063\u3066\u3044\u308b<\/strong>\u3002\u4eca\u3084\u3001\u30d9\u30a4\u30a8\u30ea\u30a2\u306b\u51fa\u5f35\u3057\u305f\u969b\u306b\u3001Uber\u3084Lyft\u7121\u3057\u306e\u79fb\u52d5\u306f\u8003\u3048\u3089\u308c\u306a\u3044\u3002\u305d\u306eUber\u3084Lyft\u3082\u300c\u30ed\u30dc\u30bf\u30af\u30b7\u30fc\uff08\u7121\u4eba\u30bf\u30af\u30b7\u30fc\uff09\u300d\u306e\u51fa\u73fe\u306b\u3088\u3063\u3066\u3001\u5927\u304d\u306a\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n

\u30c9\u30e9\u30c3\u30ab\u30fc\u306f\u3001\u65b0\u3057\u3044\u7523\u696d<\/strong>\u304c\u751f\u307e\u308c\u305f\u5834\u5408\u3001\u500b\u5225\u306b\u306f\u9ed2\u5b57\u5316\u3059\u308b\u4e8b\u4f8b\u3082\u3042\u308b\u3060\u308d\u3046\u304c\u3001\u305d\u306e\u7523\u696d\u5168\u4f53\u3068\u3057\u3066\u307f\u308b\u3068\u300c15\u5e74\u306f\u9ed2\u5b57\u5316\u3057\u306a\u3044<\/strong>\u300d\u3068\u8a00\u3063\u3066\u3044\u308b\u3002\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306f\u300c\u9577\u671f\u300d\u3067\u898b\u308b\u5fc5\u8981\u304c\u3042\u308b<\/strong>\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n

Infarm \u306b\u9650\u3089\u305a\u3001Vertical Farming\uff08LED\/\u6c34\u8015\u683d\u57f9\uff09\u696d\u754c\u3092\u7d4c\u9a13\u3057\u3066\u3001\u8eab\u3092\u4ee5\u3066\u5b9f\u611f\u3057\u305f\u3002<\/p>\n\n\n\n

\u305d\u3057\u3066\u3001\u300c\u6559\u80b2\u300d\u3053\u305d\u3001\u9577\u671f\u3067\u306e\u5224\u65ad\u304c\u6c42\u3081\u3089\u308c\u308b\u3002<\/strong>\u6210\u679c\u304c\u51fa\u308b\u306e\u306f\u3001\u3069\u3093\u306a\u306b\u65e9\u304f\u3066\u308210\u5e74\u5f8c\u3001\u73fe\u5b9f\u7684\u306b\u306f20\u5e74\u3068\u3044\u3046\u6642\u9593\u3092\u8981\u3059\u308b\u3060\u308d\u3046\u3002\u300c\u73fe\u4e16\u5229\u76ca<\/strong>\u300d\u3092\u6c42\u3081\u308b\u4eba\u306b\u306f\u624b\u639b\u3051\u3089\u308c\u306a\u3044\u4e8b\u696d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

\u3055\u3059\u304c\u306b60\u5e74\u3082\u751f\u304d\u3066\u3044\u308c\u3070\u3001\u81ea\u5206\u306b\u4f55\u304c\u3067\u304d\u3066\u3001\u4f55\u304c\u3067\u304d\u306a\u3044\u304b\uff1f\u3000\u306f\u5206\u304b\u308b\u3088\u3046\u306b\u306a\u308b\u3002\u5426\u5fdc\u306b\u3082\u30fb\u30fb\u30fb\u3002 \u50d5\u304c\u5c0a\u656c\u3059\u308bPeter F. Drucker \u306f\u3053\u3046\u3044\u3063\u305f\u3002\u300c50\u6b73\u306b\u306a\u308a\u4eba\u751f\u3092\u632f\u308a\u8fd4\u3063\u305f\u6642\u3001\u4f55…<\/span><\/p>\n

Continue Reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":5898,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32,145,33],"tags":[151,166,65,66],"class_list":["post-5869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-society","category-startup-funding","category-work","tag-151","tag----vc","tag-65","tag-66"],"_links":{"self":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts\/5869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/comments?post=5869"}],"version-history":[{"count":42,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts\/5869\/revisions"}],"predecessor-version":[{"id":6221,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts\/5869\/revisions\/6221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/media\/5898"}],"wp:attachment":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/media?parent=5869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/categories?post=5869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/tags?post=5869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}