3. 摩擦

????? 風險投資：高

????? 大眾籌資：低

????鑒于大眾籌資平臺越來越傾向于實施總承包，而且所提供信息的質量越來越高，找到一大批可靠的投資者來提供啟動資金護理變得越來越容易。而無論怎樣理順風投程序，風投伙伴總是會帶來較多的摩擦。為了完成一個投資周期，風投伙伴總會要求對方付出較大的努力。他們會問較多的問題，投入較多的時間，分散注意力的程度也可能較大。但我的親身體驗表明，這個過程往往有益于剛剛起步的創業者，而且會促使他們的自知力、領悟力、專業性和透明度達到一個前所未有的水平。

????較為老練的創業者可能認為這樣做沒什么價值，而且更為順暢的大眾籌資程序可能更有吸引力。實際上，我認為大眾籌資在兩種特定情況下才顯得很合適，這兩種情況是：

????1. 籌集資金的目的是推出產品原型，而且重點完全放在技術方面，而不是搭建一家公司；

????2. 所籌資金來自一位老練的創業者，他認為風投伙伴所提供的有形和無形資產沒什么價值，而且確實覺得資金不可或缺。

????作者是數據行業風投公司IA Ventures創始人。他的博客地址是InformationArbitrage.com。（財富中文網）

????譯者：Charlie

3. Friction

????? VC: High

????? Crowdfunding: Low

????As crowdfunding platforms become increasingly turn-key and the information provided becomes better, it will become easier and easier to tap a broad array of accredited investors for start-up capital. VCs, regardless of how streamlined their process might be, will always represent more friction and require more effort in order to close a round. They will ask more questions. Spend more time. Likely distract to a greater extent. But, in my experience, this process is often healthy for the start-up founder and forces a level of self-awareness, insight, professionalism and transparency that did not exist previously.

????For more seasoned founders this might not be seen as valuable, and the more streamlined crowdfunding process might be more appealing. In fact, as I see it crowdfunding appears most appropriate in two distinct circumstances:

????1. Where the money raised is to hack together a prototype, and the focus is purely technical and not on business-building; or

????2. Where the money is raised from a seasoned founder who doesn't value the tangibles and intangibles offered by a VC, and really does view dollars as fungible.

????Roger Ehrenberg is founder of IA Ventures. He blogs at InformationArbitrage.com