This document discusses venture capital terms and funding rounds. It provides examples of common vesting schedules for founders and employees. It also profiles some notable VCs and describes their investment philosophies. Finally, it examines several well-known startup success stories and traces the origins and early histories of iconic companies like Google, eBay, Intel, and Procter & Gamble.

1. 36KRMONTHLY 36
36KRMONTHLY
: http://www.36kr.com
wow@36kr.com
weibo.com/wow36kr

2. = 8.75
/ 2.5 =35000
VENTURE CAPITAL
Vest
0.5x 4 4
5 10
0.25x
0.1x 5 10
8.75 44 87
0.05x
2500
17.5
fully diluted shares
1 17.5×0.5=8.75
CEO COO 2500
1000
= 8.75/2500 ×1000
4 =35000
= 2500 /
1000 =2.5 /
VC GRP Samuel Goldwyn
Partners Mark Suster ——
VC
——
2

3. cliff vest
“
“double trigger”
Vesting cliff vest
VENTURE CAPITAL
Union Square vest
Fred Wilson vest
Vesting cliff vesting vest vest
vest “ ”
Vesting
cliff vest
Vest
”
Vest
2
cliff vest
Vesting 4
cliff
vest
vest
vest
vest
1,400,000 4/14=29%
10/14=71%
2,000,000
1,000,000 20% Vesting
200,000
vest 800,000
vest
vest
vest
200,000 200,000
Vest
400,000 600,000
vest
3

4. Union Square Ventures Fred
Wilson ——
VENTURE CAPITAL
Bjoern Lasse Herrmann
✤
Blackbox
✤ 20:6:3:1
“ ”
✤
✤
✤ 4 ✤
✤
✤
✤
✤
✤ (pivot)
Kickstarter
✤
✤
✤
✤
✤
4

5. Y
SUCCESS CASE
Y COMBINATOR
11000+3000X YC
Interview Day YC Paul
Y Combinator YC —— Graham
Pioneer 3
Way
Cupertino Google 11000+3000X 11000
Google 17 3000X
3
9000
YC
YC 6% 7%
Anybots
Graham “
11 YC ”
5

6. Graham
John Hammond “
Hammond Bob google Apple McKinsey
SUCCESS CASE
13 Dylan Graham
” YC Tim Shea
Super idea “YC ”
Graham “
Demo Day ”
@36
Demo Day —— YC
Graham
MIT Robert Morris
TechStars Dave McClure Anybots
YC 500 Startups Trevor Blackwell
Jessica Livingston Graham
Dropbox reddit Loopt Scribd
Graham 120 YC Harj Taggar
YC Auctomatic Live Current
10 Graham Media 500
YC FriendFeed Gmail
Airbnb CEO Brian Chesky Paul Paul Buchheit
6

7. 20 ” Graham
Graham
T
PG.
SUCCESS CASE
Livingston 10
polo
43 99
YC
YC
2 YC
Graham Buchheit
10
Graham
“ ”
iPad
Grahma ——
“ Google
” Livingston
idea
29 Qasar
Younis
VC
MBA YC Demo Day
3 22 @36
3
Graham
3
10 YC
Younis “
60 ——
6
Graham
YC
3 22
” Graham
“ Demo Day 77
Buchheit
Demo Day
polo
Graham “ Demo Day
Paul Graham
”
46
7

8. 05 3 YC
Graham
SUCCESS CASE
Graham
1998 4900
Yahoo
Graham
8
3
AOL
06
Palo Alto ——
Graham
Rackspace
09
2 Facebook Prototype Day
1 3
2
Graham
MinoMonsters
LikeALittle
Facebook
Grubwithus 2
Salesforce.com CEO Marc
08 Graham Grubwithus
Benioff eBay CEO John Donahoe
Heroku
Ron Conway Quora
“ ”
Adam D’Angelo
Salesforce.com 2.12 eBay
YC
YC
YC
Airbnb
YC
Scribd Dropbox Weebly
8

9. YC
Graham
YC
SUCCESS CASE
——
Pivoting Jessica
Daniel Gross Livingston 40
YC “ ”
Pivot
Demo Day
Pivot
Graham
demo
Ron Conway
Yuri
Greplin
Milner
480
3 —— Digital Sky
2 1 Facebook Groupon
Helen Belogolova
MIT Zynga
Christine Yen
14
Pivot MIT
YC Citythings Trevor Blackwell
Milner
Graham
Milner
2
“
Graham
”Graham Conway Milner
Insider Posts
Prototype Day Belogolova Yen
1
Citythings Venuetastic Pivot
3 Graham
2 15
convertible note
Prototype Day
YC
9

10. Conway
Milner
SUCCESS CASE
Conway Milner
Paul Graham YC
Milner
600
——
YC
Paul Graham
“YC Y Combinator
YC ”
“ ” Y
Combinator Paul Graham
Paul Graham
YC
2
Demo Day 2-10%
Milner YC
“YC ”——
Y Combinator
HelloFax
YC Neal O’Mara
“
YC Harj
Taggar “ Y Combinator
” ”
Reddit
Justin.tv
10

11. Graham “
” “
” Flores
2
SUCCESS CASE
“
Graham
Tutorspree ”
“
3 Palo
”
Alto Henry M.Gun
TechCrunch
Qasar Earbits “
”
Younis
Demo Day Flores
“
600
1000
”
3 9 3
YC
YC Joey Flores Flores
Taggar Buchheit YC
Livingston Jon Levy YC YC Mailgun
Techcrunch
YC
Posterous Garry Tan
60%
YC
Graham
YC
Hacker News YC
Techcrunch
TechCrunch Michael Paul Graham ——
Arrington YC
“ “
Graham Paul Graham ”
”
Pioneer
YC
2 1 Graham
——
MinoMonsters
TechCrunch
19 Josh Buckley 17
—— TechCrunch
Tyler Diaz
Graham 2
YC
Demo Day Flores 33 Facebook
Earbits 25000
“
”
11

12. “
SUCCESS CASE
”
“
Demo Day 21
Groupon 100
”
2 Demo Day
3 16
Younis “
“
Demo Day
6
”
130 ” Livingston
“
YC
”
3
Demo Day
T
Graham
Hellofax
Graham Graham Graham
Joseph Walla Neal
O’Mara YC
4 Graham
4
43
Walla Mara
“
”
VC
YC
Graham
Demo Day 05
15
365
Grubwithus “
12

13. Y Combinator 60
2011
SUCCESS CASE
Y Combinator
Y Combinator
60
05
313
50
50
”
6
Demo Day 25% YC ,
YC
1 Comprehend Systems
Rick Morrison
Airbnb Heroku
——
Dropbox YC Demo Day
——
Graham
2 2
Graham
130
Morrison
Livingston 4
“ Qasar Younis YC
5 Google
” Grubwithus Demo Day TalkBin
20
160
Chris Chen
Tutorspree 100 YC
Sevilla CEO
Humble
Laura Valverde
Bundle Demo day 6
450 2000
Demo Day
Insider Posts “ ”
Josh Buckley
“MinoMonsters Demo Day
13

14. 10
SUCCESS CASE
Larry Page Sergey 06 Seattle Times
Brin Woz
Google
1998 Eric Schmidt “ ”
Google
Larry
Page Sergey
Brin 1995
Steve Jobs Steve Woz
Wozniak
Brin Woz
Page
“The 1976
Anatomy of a Large-Scale Woz
Hypertextual Web Search
Engine” 1970
Google Woz
14

15. 10
Williams
Twitter Biz
SUCCESS CASE
Evan Williams Biz Jack 1975
Twitter
Stone
Bill
Gates Paul Allen
Twitter
10
Williams Twitter
2006 Biz
Evan Williams Blogger
Google Google
Williams Stone Stone Gates Allen
AllthingsD “
Gates
Evan Bill Gates Paul Allen Allen
Google Odeo.com
”
Odeo Jack Dorsey
15

16. Pierre Omidyar eBay
Jeffrey Skoll 3 eBay
IPO
eBay
SUCCESS CASE
Skoll
1995
Omidyar
Omidyar eBay Skoll
MBA
eBay IPO
Omidyar pre-IPO
“
”
Skoll Omidyar
Ben Cohen Jerry 1977
Greenfield
12000 Ben &
Ben & Jerry’s
Jerry’s
1978
Bill Gates Paul Allen Ben
Cohen Jerry Greenfield
Greenfield
4
1963
Bill Hewlett Dave Hewlett Packard
Packard
Fred Terman
HP
1939
Bill
Dave
16

17. Gordon Moore Bob William Procter
Noyce James Gamble
SUCCESS CASE
Intel
1968 1837
Moore Noyce Shockley
“8 Procter Gamble
” Moore
Noyce
Intel
Noyce P&G
Moore
Intel
Jerry Yang David
Filo Yahoo
Yahoo
Yang Filo
1995 20
Larry Page Sergey Brin Yang
Filo
Entrepreneur.com
17

18. 10
AIRBNB BRIAN CHESKY
SUCCESS CASE
Airbnb Brian Chesky
200
Brian
Brian 200
Joe
Joe
Airbnb
“
Pivot ”
“ ”
Nate
Brian
Brian
18

19. REVIEWS
· Google Adwords Adsense
“
” panel
Google
Youtube
Google AdWords Google
” “ Youtube
Google Google
Strip
Youtube Youtube
3
” “
50%
·
2010 12 36
Youtube
“
TrueView
” CEO
” “ NoTor TrueView
360
“
Gross Rating Point ”
” “
Gross Hating Point
NoTor
”Yes “
10
Google 10
”
“ ”
Google 10
“ ”Yes“
”Yes we can“ ”We can“
19

20. Youtube ” “ ” “
80
REVIEWS
9400 3400
Pandora
7 Earbits
Pandora ” “ Earbits
”
Earbits
“
Pandora “
Pandora ”
FM Earbits Pandora
Earbits
“ ”
Earbits
Earbits
Facebook
Facebook Earbits
” “
Pandora
Earbits FM
Earbits Earbits “ ”
B2B2C Earbits
IPO Pandora
13
airtime Lady Gaga
Earbits
”
Earbits
“ 400
20

21. Win7
New Balance LEE
REVIEWS
Win7
BMW
“ ”
“ ”
“ ”
FM Pandora
Earbits
Earbits
FM
FM
FM douban.fm
iPhone Android
“ ” Windows Mac
FM
FM douban.fm FM
5 +
Pandora “ ” “ ”
FM Pandora FM
FM
FM Pandora
Earbits
Earbits
FM
FM Earbits
Earbits airtime Vente-Privee.com
FM
Earbits
Earbits
FM
Earbits
+
21

22. REVIEWS
NFC
NFC
NFC
Groupon
Google NFC
Google
Buzz Don
Dodge
NFC NFC
75
Google
“ crossing the NFC NFC
chasm ”
NFC “ ”
“ Early
Majority ” 4
“ ” 4
ATM
ATM
NFC
ATM ATM
NFC
NFC
NFC
NFC
“ ”
Geoffrey Moore Google
“ NFC
Technology Adoption Life
Cycle ” Groupon NFC
22

23. iCloud :
REVIEWS
Windows
Google
OS
X 10.7 iOS 5 iCloud
CEO Windows
Macintosh
Windows Windows
PC Mac Windows 8
iPad iPhone iPod
Google 2013
Touch Android Chrome
Google
Sun
IT
iCloud
Windows
IBM
Windows
23

24. Groupon
REVIEWS
Groupon Groupon
25% Groupon
Groupon
Groupon Groupon
Groupon
10%
75%
Groupon Groupon
Groupon Groupon
Groupon Groupon
70-90%
Groupon
Groupon
Groupon Groupon
Groupon Groupon
Groupon
Groupon
Groupon Groupon Groupon
Groupon “
Groupon ”
Groupon “
” Groupon
Groupon Groupon
Groupon
75%
Groupon Groupon
Groupon Groupon
Groupon
B
Groupon
Groupon Groupon
Groupon LinkedIn Facebook Twitter
Groupon
Groupon
Groupon
Groupon
Groupon
Groupon
Groupon “ ”
24

25. REVIEWS
HTC
HTC
Apple
HTC Android Samsung HTCsense.com
HTC Android
Windows Phone 7 HTC
Microsoft
HTC Nokia Acer ZTE Appworks
HTC
Android Windows
Apple
Phone 7
HTC HTC
Android Windows HTC
Phone HTC HTC
HTC HTC CEO
“
Apple? ” HTC dev
HTC
HTC
Apple
HTC
HTC
HTC
Android Window Phone 7 Saffron Digital Onlive
HTC
Kobo
25

26. COLOR
REVIEWS
4100 “ Color “
Color
”
3
A B ”
Color Instagram
4100 PicPlz
50 34 “
”
Color 35
color.com
75000 colour.com
Color
Palo Alto
160 Peter Pham
Melt 1500
38
Airbnb 10
Color
Groupon Scoopon
8000 Bill Nguyen
Juice in the City 600 Color
LinkedIn D.J.Patil
Scvngr 1500 Google Facebook
Facebook
Color
40 Nguyen
3 Mark Suster
59 “
14% Google
51
250 ”
Groupon Eric Lefkofsky
Facebook
Onebox.com
Zynga Twitter
Lala
8.5 8000
Facebook
Phone.com
Color
GRP Partners Mark Suster
26

27. ≠ =
REVIEWS
LP (Limited Partners)
Customers
Youtube
Youtube Google
appWorks
KCI –
Key Customer Indicator.
KPI (Key Performance
Indicator) Google
KPI
KPI Google 99%
ARPU
Google =
(Lean
Startup) —
(Customer Development) /
appWorks /
KPI, KCI Google
KCI
27

28. Web1.0 Webx.0:
REVIEWS
Web 1.0
Web 2.0
“ “
1Mbps ——
MS|1T ——
Web x.0
/
AI
Creative Commons
Eco
How to follow your heart
10 000
——
Agent
Agent
“
”
——
/ /
/ /
/
/ / Web 2.0
/
.. .
.. .
/ change
what
Agent
Agent
Agent
/
28

29. 2.0 Facebook
REVIEWS
Facebook Facebook
Twitter
Yahoo Google
Twitter
32% follow
51% follower
75% 5%
5%
Facebook
[2]
Facebook
Facebook
Facebook
David Fincher The Social Network
Facebook
Facebook
Faceook
Facebook
Facebook
Facebook
T
Facebook
Facebook 39%
Facebook 15% Newsfeed
Facebook newsfeed
Facebook
Facebook 120
Facebook 10
Facebook
Facebook
Twitter
Twitter
29

30. IOS APP
OTHERS
iOS APP
“ ”
<Human Interface Guidelines>
Palm <Zen of Palm>
HIG Zen
of Palm Oolon Colluphid
Guideline
APP 1.
2.
3.
vs
iOS
1. 2. 3.
“
”
UI
iPhone
iPhone iPhone
“ 4
APP ”
iOS APP
“COOL” “ ” APP
“
”
1. &
30

31. Camera+
Reeder
OTHERS
3.
iPad iPad
iPad
APP
Reeder
iPhone
2. iPad
Reeder
iPhone
iPad
APP
Reeder iPad Our
Choice
Our Choice Reeder iPad
APP
Our Choice
“ ”
31

32. OTHERS iOS Android
“ ”
APP
8
QQ
QQ
/
iOS QQ
Android
•
1.28 2
• QQ
“ 5.3
1.2
HTML5 Facebook
( 1.1 )
ye~” QQ
“ ” 3
QQ 27
6
“ ” QQ 70
2000
1
iPhone 1/3 • 5 2
1.1
1 2 4
18
100
6
25
iOS5 iPad
QQ
9200 28000
1
2
1000
50
100
32

33. 6
OTHERS
O2O
Uber Getaround
Getaround iPhone
Web car-kit
iPhone
“ 2.5
Uber 22
”Getaround Sam Zaid
Uber
GPS
Getaround
“
Trunk
“
” “
” Jessica Scorpio
”
Getaround Carkit
P2P
iPhone
J Hilburn/Trunk Club
Getaround 1600
Zipcar 20
Getaround General
Catalyst Partners Barney Pell
Getaround
Jetsetter
J Hilburn
800
33

34. Gilt Groupe Zaarly
200
OTHERS
Zaarly
‘ ’ Craigslist 58
3
200
—— O2O
Jetsetter
Zaarly
Mac
Zaarly
Twitter
Airbnb
Mac
Zaarly
Zaarly
Airbnb
Zaarly
Airbnb Craigslist
7
Airbnb
Zaarly
iPhone Facebook
Airbnb
2011 2
Startup Weekend
Airbnb
10 SXSW Zaarly
1
10 Airbnb
Brian Chesky
34