[科技業的護城河]
這篇是講矽谷投資人, 是如何在一堆的新秀中, 挑選可以投資的創新公司.
裡面有提到護城河.不過有些跟"尋找投資護城河"一書提的不太一樣.
我也認為, 研究個股, 尤其是科技相關類股, 除了要看它有沒有先行者優勢(first mover advantage), 也需要注意公司有沒有自己的生態系統, 以及它在更大的生態圈/供應鏈中扮演了甚麼角色.
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(中文譯稿見此:https://36kr.com/p/5141901)
常見的護城河至少有以上六種:
技術。更好的基礎技術當然是一種護城河。在極端情況下,能夠為客戶帶來利益的新技術可以演化為一種行業標準,你也可以把它理解為一種壟斷,就像英特爾一樣。
生態系統。 YouTube 從內容生產者、分發渠道到內容的託管、保存,建立起了一整套生態系統。類似的,蘋果的 App Store 也有自己的生態。
網絡效應。社交網絡現在已經很好理解了。此外,如果某種按需服務具備了一定的流動性,並且與消費者建立了親密關係,或者是基本控制了需求或供應方其中一方,也可以算作網絡效應。
產品領導者。像 Salesforce,Workday 和 ServiceNow 這樣的雲服務提供商,搭建了一套完整的解決方案,而且創新速度夠快,產品功能完善,成為其細分行業的領導者,當然也算是一種護城河。
渠道。尤其是對於 to B 產品來說,能不能在一個企業內部流通,既是一個挑戰,也是一種優勢
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原文寫的比較仔細, 轉貼在下方: https://news.greylock.com/what-do-i-look-for-in-a-pitch-866355bddb3
We love to talk about “network effects” in Silicon Valley, but many believe that starts and end with the social, viral growth of Facebook. But network effects can build many kinds of moats that defend them against copycats and price erosion.
I don’t describe every kind of moat here (e.g., regulatory) and many great companies will have new types of moats — ones yet to be invented. No moat is absolute or permanent or I’d be out of a job! Still, having a thesis on your defensibility is essential, even at the Series A.
--Tech. We continue to believe in new and better fundamental technology as a moat — not so much patents or legal protection, but products that are hard to build well or take advantage of a fundamentally new approach. In extreme cases, a technology advantage that translates into a customer benefit can turn into a standard — an effective monopoly — as in the case of Intel. In most cases, even a great technology moat only gets you far enough to become a market leader, buying you the right to work closely with customers and enabling you to define the market.
--Ecosystem moats come in many flavors — from becoming the default hosting site for user-generated video content (YouTube), to the rapid, developer-driven free adoption of container technologies and growth of associated tooling (Docker), to the developers that now make >$20B a year through the Apple app store.
--Networks. Social networks are now pretty well-understood. Marketplaces and on-demand businesses reach a liquidity point (even a local one) and build mindshare with consumers that becomes hard to displace. Often, marketplaces have some advantaged acquisition strategy for at least one side (demand or supply) — they’ve built a community, offered a compelling new service, have organic or viral spread.
--Product leaders. In the enterprise, cloud pioneers like Salesforce, Workday and ServiceNow built complete, core workflow solutions with a new architecture. Their faster-innovating products, (at that time novel) SaaS consumption model, and dominant go-to-market machines have made them category leaders. Each is now expanding their initial moats to become platforms for other applications and workflows.
--Distribution represents a new generation of user-adopted SaaS products. End-user engagement within organizations is often a weak spot for enterprise software incumbents. Deploying software is a challenge for most organizations, and consumers who are using more software in their own lives expect better choice and usability. Simplicity and quality of design has become a moat, especially when coupled with product features that encourage adoption within an organization, or new layers of value for incremental users within an organization. Is it better for me if my team also uses a tool? What about my manager?
Capturing a unique dataset is also emerging as a moat in the age of AI-powered products. If your workflow product or MVP is useful on its own, and you can use it to collect unique data, you can then learn from that data to build a better and smarter product, improving the user experience — driving a new virtuous cycle.
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感激Selina Kinyee Chau翻譯我的散文作品,讓香港及台灣以外的朋友都能看得明白,從中文走向英語,是我作品的大突破,感謝妳一字一句的用心翻譯:)
《WhatsApp and its USD0.99》
by Roy Kwong Translated by Selina Kinyee Chau
The WhatsApp software developer has informed its users to the app to be payable, triggering a fight between iPhone users and android users because iPhone users only pay USD0.99 once to enjoy life-long service but android users need to pay the same price every year.
Android users complain, “Why iPhone users only need to pay once but we need to pay every year?” iPhone users retort, “You didn’t say anything when we were being charged at the beginning. And now you are complaining.” So the two parties are stuck at whether the charge is unfair to Android users.
After the Two Ticks and Last seen on (Please refer to the previous article of the same writer), the WhatsApp started a fight again because of this USD0.99 issue. From between lovers to friends, now it has even extended to the whole user group of the two giant software developers. It should be named the Most Evil App of the Century.
The inconsistency of charging is of course WhatsApp’s fault. However, for those who can afford a smart phone that cost thousands dollars will be able to afford USD0.99 which is only the price of a can of coke, won’t they?
Some student users may complain, “I don’t have a credit card, I’m not able to pay at the App Store, WhatsApp are not considerate of us.” It is reasonable for users under 18 to complain if they don’t have a credit card. But if the charge is a disaster of WhatsApp, isn’t it just time for people to show their kindness? Friends who have a credit card can rescue others at this time, “I have a credit card. Let me pay it for you.”
Friends without a credit card will appreciate what you have done for them, although it is WhatsApp’s fault of the forbiddance of sending messages before the expiry date, reactivating the function for your friends by buying them a can of coke is meaningful, isn’t it? The USD0.99 of WhatsApp has created a chance to show your care to your friends, how nice as a social networking app!
Recall those days when we were still texting, it was actually not financial friendly at all. For the sake of keeping in touch with our friends, we were compelled to use the same service provider as theirs even its service was the worst in the world and we had to survived three times every day from losing connection just because to keep the text messages free of charge.
Still, the Two Ticks and Last seen on functions have created a lot of problem. But the invention of WhatsApp allows us to send messages for free, save us from paying for every text messages. It deserves to be granted a credit. And the simplified process by just clicking a few buttons to send pictures, videos and audios when we could only do so via email in the past. What’s more, WhatsApp had actually stated in the Terms and Conditions that charge may be applied after the first year.
So there have been so many complaints about WhatsApp being unfairness and has been given the name “a broken app” when it announced to charge? No one ever said something like that before the charging. After the charge applied, negative comments has swept over the Internet. Some suggested to use another communication app, Line, which is free of charge, and WhatsApp has become the public enemy. Despite the inconsistent charge, what’s wrong for WhatsApp to charge for using the app?
Have we become too comfortable enjoying free lunch without notice?
I still remember how hard I tried to save to buy a CD home and listened to it again and again when I was a kid. I had never been tired of it because it wasn’t easy. When there was a movie I liked, I saved hard to go to the cinema for it. If I didn’t have enough money, I bought the VCD when it was released. But VCDs were only available for movies not for TV shows. I had to start sitting in front of the TV before the show I liked started so that I wouldn’t miss any parts. And recorders became my good friend too. I really cherished the only-180-minute memory of every tape.
After I grew up, thanks to the advanced technology becomes able to store everything, the TV, computer, CD player, VCD player, game station and recorders, into ONE smart phone, only without the air conditioner. Want to listen to a song? Go to Youtube; want a movie? PPS, internet TV! A TV show? There are also apps you can watch live TV or play back. Want some games? From Angry Bird to Candy Crush, there are thousands of choices waiting for you.
However, The advance of technology has devalue our attitude towards making efforts. Because everything has become easy to get nowadays.
Have you noticed the songs nowadays are not as good as those in the past? That could be the problem of quality itself but more likely, it is because we have too many options. Now we just need to click a few buttons, thousands of search results will come out and we can listen to them right after. We are spoiled to be greedy unconditionally. We didn’t realize how long we hadn’t paid for a CD until the news of HMV’s bankruptcy spread out.
In the past we had to sit still and paid 100% attention to the movie to enjoy it, now we can just watch it from a few-inch-wide screen on a train. But the price is we keep being interrupted by the surrounding noise and people. When the character is saying something moving, we would just realize we’ve missed the stop and have to rush to get off. It may be free to watch a movie like this but I prefer paying to buy a ticket to go to the cinema.
We don’t need to worry about missing the best part of a TV show because our friends always share them on Facebook. We don’t need to watch every scene but you know what is going on in every story. But why is there still something missing? It turns out that we only keep the concentrated part of everything while the every well panned detail has been wasted. We don’t spend time building a connection with the characters in the story. However, if we don’t even spend time watching the the TV show by ourself, how can we feel the same way as the characters do, like we did in the past?
You don’t feel the pain losing something if you have never made any effort. It is just like we keep those old comics that we spent all our pocket money on even they are old and worn , but we are able to uninstall an app on our phone without a thought. Well, just take a couple seconds to download and we will own it again anytime.
While we are expecting making no effort, we are also destroying creativity. Creators lack of motivation. Creativity is worth nothing nowadays. People will search for replacement when one creativity starts to charge. This is not just about the USD0.99 of WhatsApp, it’s about our value on Give and Take.
Technology has changed our life, but we should never let it change our values.
We avoid Giving. But giving is vital for us to learn to cherish. Sometimes we get back more by giving than not giving, not just about money but also about love. Think about it, if we get what we want easily without paying any effort, comparing with that you devote yourself to a relationship while the other devotes to the relationship as much as you. Then none of you will give up on the relationship easily.
If you think WhatsApp is good, it deserves the USD0.99. Although I am still annoyed by the evil functions such as the Two Ticks and Last Seen on. WeChat is free but you have to pay your liberty of speech for it. One user once tried to send the name of Southern Weekly in Chinese, the system reminded him that “The message has involved sensitive words, please try again after making modification.” What’s wrong with the name of Southern Weekly? The even more ridiculous thing is, while I am writing this article, I get the news that WeChat now has tightened up the regulation that users have to use their real name, phone number when posting on the public forum and are even required to upload the photo of them with their ID card, like you have committed some serious crime.
To avoid paying USD0.99, you need to escape to somewhere that and be monitored. One day if you really encounter some sensitive issue, you will realize not paying actually pays more than paying. I believe most of readers are willing to pay for this USD0.99. We hope WhatsApp will open up more channels for payments.
Don’t let the wheels of Time make us forget the value of giving.
Writer for Yam Taiwan, Roy Kwong
http://goo.gl/aQD8B
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