Tyler: Ok. Great! Thanks for having me.
泰勒：好的！谢谢你邀请我

My name's Tyler. I'm the CEO of Clever
我叫泰勒。我是 Clever 的首席执行官. What I want to talk today is about sales. I graduated college, where I studied math and statistics, and thought I was destined for this world of finance. I was about to start at a hedge fund, but at the last second a friend of mine roped me into joining his startup to do sales, which I knew nothing about. I had to figure it out on the fly. I spent a couple of years there figuring out sales for this very early stage company. When it came time to start Clever, I started Clever with two co-founders who were very technical and very product oriented. We wanted to build this product for schools and I thought that experience would have no relevancy whatsoever. It turns out that what I picked up while doing sales at this previous job has been a huge part of what’s made Clever grow so quickly today.
.我今天要谈的是销售。我大学毕业时学的是数学和统计学，本以为自己注定要投身金融界。我本打算进入一家对冲基金，但在最后一秒，我的一个朋友拉我加入他的创业公司做销售，而我对销售一无所知。我不得不临时抱佛脚。我在那里花了几年时间为这家处于早期阶段的公司摸索销售之道。到了创办 Clever 的时候，我和两位联合创始人一起创办了 Clever，他们都是非常技术型和产品导向型的人。我们想为学校打造这款产品，我以为这些经验不会有任何意义。但事实证明，我在之前的销售工作中学到的东西，对 Clever 今天的快速发展起到了巨大的推动作用。

A quick background on Clever: we build software for schools. We are an app platform for developers that is used today by about one in five schools in America. We started it about two years ago.
简要介绍一下 Clever 的背景：我们为学校开发软件。我们是一个面向开发者的应用程序平台，目前美国每五所学校中就有一所在使用。我们大约在两年前创办了这个公司。

Sales has been key. I want to use this time to share some of the things that have worked for me along the way. Of course, there's a million ways to do this, so you'll find what works for you.
销售是关键。我想利用这段时间，与大家分享一些我一路走来的成功经验。当然，有无数种方法可以做到这一点，所以你会找到适合自己的方法。

First I want to start about how I used to perceive sales. A lot of people see sales as having mystique around it. It's people who are articulate and impossibly charming. They have these killer closing lines that they use. This is how I saw sales. I think this is how a lot of founders I talk to see sales because they say things to me like, "You know, we're just going to work on the product and build a great product and then when it's finally finished, we're going hire the sales people." What I've learned is that when it comes to "hiring the sales people," as a founder, the reality is that it's you.
首先，我想谈谈我过去是如何看待销售的。在很多人眼中，销售工作充满神秘感。他们能言善辩，魅力无穷。他们有令人信服的结束语。这就是我眼中的销售。我认为我接触过的很多创始人都是这样看待销售的，因为他们会对我说："你知道，我们只是要努力开发产品，打造一款伟大的产品，然后当它最终完成时，我们就会雇佣销售人员。我学到的是，说到 "雇佣销售人员"，作为创始人，现实情况是，销售人员是你自己。 Paul Graham likes to talk about how there's two things you should be doing at any point in time when you're starting your company. You should be either talking to your users or building your product. The talking to your users part, that's selling. This is intimidating to some people because they're like, "I've never done sales, and I wouldn't even know where to begin."
保罗-格雷厄姆（Paul Graham）喜欢谈到，在创办公司的任何时候，你都应该做两件事。要么与用户交流，要么开发产品。与用户交流的部分，就是销售。有些人对此望而生畏，因为他们会说，"我从来没做过销售，我甚至不知道从哪里开始"。 It turns out that as a founder you have some unique advantages that make it possible for you to be really, really good at sales. One of those is your passion for the product and what you're building. The second is your knowledge of the industry and the problem that you're solving.
事实证明，作为创始人，你有一些独特的优势，使你有可能成为真正的销售高手。其中之一就是你对产品和你正在创建的公司的热情。其二是你对行业和你要解决的问题的了解。 Those two things actually totally trump sales experience from what I've seen.
在我看来，这两点其实完全胜过销售经验。

This is actually my co-founder doing sales. This is what sales looks like in the very early stage of a startup.
这其实是我的联合创始人在做销售。这就是创业初期的销售工作。 It's not Don Drapers. It's a lot of calls like these. This is something that even as a founder who has never done it before, is very easy to do but you have to commit yourself. What we did at Clever is we dedicated one founder, which was me, to peel off and say, "Ok, Tyler you gotta go figure this out and work on this full time because it's so important to our business."
不是Drapers先生这样的电话很多。即使是从未做过的创始人，做这件事也很容易，但你必须全身心投入。我们在 Clever 所做的，就是让一位创始人，也就是我，脱身而出，说："好吧，泰勒，你得去想办法，全职做这件事，因为它对我们的业务非常重要。"

The first thing that everybody knows about sales is it's a funnel. You have these different stages of the funnel and you move your customers through it. A pretty common category is the prospecting category. We were trying to figure out who's even interested.
关于销售，每个人都知道它是一个漏斗。漏斗中有不同的阶段，你要通过这些阶段来吸引客户。一个很常见的类别是潜在客户类别。我们试图找出谁对我们感兴趣。 Then you're having a lot of conversations, which is the second level of the funnel. Then you're finding out who's really serious and you want to close them and sign the deal. Then you're in the promised land of revenue. I thought it would be interesting to talk about each stage and a couple of strategies that we've used at Clever that have worked well, so that these aren't abstract but hopefully lessons you can use at your start up.
然后进行大量对话，这是漏斗的第二层。然后，你会发现谁是真正认真的人，你想让他们成交并签署协议。然后，你就进入了收入的承诺之地。我认为，谈论一下每个阶段以及我们在 Clever 使用过的几个行之有效的策略会很有趣，所以这些并不是抽象的，而是希望你能在你的创业过程中加以借鉴。

Prospecting is the process of figuring out who will even take your call. There's this guy at Everett Rogers
探路就是找出谁会接你电话的过程。埃弗雷特-罗杰斯公司有这么一个人 who has created a technology life cycle adoption curve
谁创建了技术生命周期采用曲线. He describes it as a bell curve where you have innovators who will try new things, early adopters, mid-stage adopters, late adopters, and laggers. One of the things that was really helpful for me in understanding sales at an early start up is he's quantified the tail of this bell curve. This part over here are innovators, those are your potential customers. It might seem discouraging that only 2.5 percent of companies are your potential customers or would even consider buying from a startup that has no users and no revenue, but I found the opposite. I found it extremely helpful to have this frame of mind because when only 2.5 percent of companies will even take your call or consider using your product, you realize what a numbers game this becomes. If you want to reach that 2.5 percent and you want to get some early sales, you're hopefully starting to realize you have to do a lot of calling. You have to talk to a lot of people.
.他将其描述为一条钟形曲线，其中有愿意尝试新事物的创新者、早期采用者、中期采用者、晚期采用者和落后者。其中有一点对我理解早期创业公司的销售很有帮助，那就是他量化了钟形曲线的尾部。这里的部分是创新者，他们是你的潜在客户。只有 2.5% 的公司是你的潜在客户，或者甚至会考虑从一家没有用户和收入的初创公司购买产品，这似乎令人沮丧，但我发现情况恰恰相反。我发现拥有这种心态非常有帮助，因为当只有 2.5% 的公司愿意接听你的电话或考虑使用你的产品时，你就会意识到这变成了一场数字游戏。如果你想接触到那 2.5%的公司，想尽早获得一些销售额，希望你开始意识到你必须打很多电话。你必须与很多人交谈。

In the early days Clever, this was my job. In the first two months of YC I reached out to over 400 companies trying to to get them to take a call and talk to us about what we were building.
在早期的 Clever，这就是我的工作。在 YC 成立的头两个月，我联系了 400 多家公司，试图让他们接听电话，与我们谈谈我们正在建设的公司。

There are three methods that I have found to be most successful in prospecting and getting these people. One is your personal network. That's obvious. I'm not going to spend any time there. Another one is conferences, which is surprising to a lot of people. The one that people are most familiar with is cold email. When I say conferences, people think I am talking about CES or E3. The kind of conferences where sales happen look more like this. In the early days we would go to a lot of these because you've got to go to where your users are. If you're selling to CIO's and there happens to be a gathering of them at a hotel in Milwaukee, guess what? That's where you should be. So we went to conferences like these. We got the attendee list in advance. We'd email every single person in advance and try set up meetings so when we got there every single minute of that trip was was well spent. It was huge in Clever's early days. This is where met all of our earliest customers.
我发现有三种方法可以最成功地挖掘和获得这些人。一是你的个人网络。这是显而易见的。我就不在这里多费口舌了。另一个是会议，这让很多人感到惊讶。人们最熟悉的是冷冰冰的电子邮件。当我说会议时，人们以为我说的是 CES 或 E3。其实，销售会议更像这样。在早期，我们会去很多这样的会议，因为你必须去你的用户所在的地方。如果你的销售对象是首席信息官，而他们恰好聚集在密尔沃基的一家酒店，你猜怎么着？那就是你应该去的地方。于是，我们就去参加这样的会议。我们提前拿到与会者名单。我们会提前给每一个人发电子邮件，并设法安排会议，所以当我们到达那里时，旅途中的每一分钟都花得很值得。这在 Clever 的早期非常重要。我们最早的客户都是在这里认识的。

The second thing I mentioned is cold email. A lot of people don't know how to write cold emails. It's actually easy and the key is not to write a lot. Your email should be concise. This is an email template that I used early on.
我提到的第二件事是冷邮件。很多人不知道如何写冷邮件。其实这很简单，关键是不要写太多。你的邮件应该简明扼要。这是我早期使用的电子邮件模板。 You're welcome to copy it but it's really short. Here's who I am. Here's what I'm building. I'd love to talk to you about this. Could we find time tomorrow? It's really easy and you can customize this for every business you want to sell to. Find out who the right person is to send it to and you can send out quite a few of these.
欢迎你复制它，但它真的很短。我是谁这是我正在建设的项目。我很想和你谈谈这个。我们明天能抽出时间吗？这非常简单，你可以为每一个你想销售的企业量身定制。找到合适的发送对象，你就可以发送很多这样的信息。

That's prospecting. The reason this so important is because you have to build that first layer of the funnel.
这就是潜在客户。之所以如此重要，是因为你必须建立漏斗的第一层。

Then you have to get them to take your call. This is another place where a lot of founders have questions about what to actually do. The biggest thing to take away, in fact if you ONLY take away one thing from this presentation today this should be it, is when you get them on the phone, remember to shut up. That's really surprising to people. So many founders, when I help them with their first sales pitch, would finally get somebody on the phone who wanted to talk to them about their product and they'd be so proud of this thing that they'd been building for the last three months that all they wanted to do was get on the phone and talk about every feature and talk about why it's the greatest thing in the world. I have that temptation too. It's just part of being really proud of something.
然后，你必须让他们接听你的电话。这也是很多创始人在实际操作中遇到问题的地方。最大的收获，事实上，如果你从今天的演讲中只收获了一件事，那就是当你让他们接听电话时，记得闭嘴。这一点真的很让人惊讶。很多创始人在我帮助他们进行第一次推销时，终于会有人在电话里想跟他们谈谈他们的产品，他们会为自己过去三个月打造的产品感到自豪，他们想做的就是在电话里大谈特谈每一个功能，大谈特谈为什么这是世界上最棒的东西。我也有这样的诱惑。这只是为某件事感到自豪的一部分。

It turns out that if you watch the best sales people, the top one percent, or you have a chance to listen in on a call with some of those people, the most surprising thing is how little talking they do. In fact I've seen calls where the sales person told me their goal was to only spend 30 percent of the call talking and have 70 percent of the call be the other person. They would ask a lot of questions.
事实证明，如果你观察那些最优秀的销售人员，也就是最顶尖的百分之一，或者你有机会旁听其中一些人的电话，最令人惊讶的事情就是他们很少说话。事实上，我见过一些销售人员在电话中告诉我，他们的目标是只用 30% 的时间说话，而 70% 的时间与对方交谈。他们会问很多问题。 They'd say things like, "Why did you even agree to take my call today?" "This problem that we're talking about solving for you, how do you solve it today?" "What would your ideal solution look like?" They're not doing the talking. They're doing everything they can to find out what this person needs and hopefully understand their problem even better than they do.
他们会说 "你今天为什么同意接我的电话？""我们说要为你解决的这个问题 你今天是怎么解决的？""你理想中的解决方案是什么样的？"他们不是在说话他们在尽一切可能了解对方的需求，并希望比对方更了解他们的问题。 That's what really great sales is. This is something I drill into everybody at Clever. It's a really important part of sales. If any of you use UberConference
这才是真正伟大的销售。这是我在 Clever 向每个人灌输的东西。这是销售中非常重要的一部分。如果你们有人使用 UberConference, they have this amazing feature where when you hang up a call it sends you an email automatically and tells you how much you talked versus how much the other person talked. Looking at one of those emails, I can tell immediately how likely the sale is based on how much talking we were doing. Do a lot of listening. Really understand their problem.
他们有一个神奇的功能，当你挂断电话时，它会自动给你发送一封电子邮件，告诉你你说了多少话，对方说了多少话。看着这些电子邮件，我就能根据我们交谈的内容立即判断出销售的可能性有多大。多倾听。真正了解他们的问题。

The other part of this stage that surprises a lot of people is you have to follow up. Here's a lot of different steps that you go through: emailing somebody, not getting a response and emailing them back. Calling them, leaving a voice mail. Having a pricing call. There are probably sixty things on this slide that could be steps for closing a deal. These aren't random things -- this was the second deal Clever ever signed. These are all the different steps that we had to do in order to get this done. You can see there's a lot of really embarrassing things up there. I emailed somebody and they didn't respond. I emailed them again and they didn't respond. I emailed them again. This was from somebody who wanted to buy our product. Isn't that crazy? That surprises a lot of people. I see so many founders who think they have a great call with someone and send an email, but don't hear back. They say, "Oh that person might not be interested." Well guess what? This is what it looks like in the best case. You really have to have kind this unhuman and unreasonable willingness to follow up and drive things to closure.
在这个阶段，另一个让很多人感到惊讶的部分是你必须跟进。你要经历很多不同的步骤：给某人发邮件，没有得到回复，再给他们发邮件。给他们打电话，留下语音邮件。拨打定价电话。这张幻灯片上大概有六十件事可以作为达成交易的步骤。这些都不是随机的，这是 Clever 签订的第二笔交易。这些都是我们为完成交易而必须采取的不同步骤。你可以看到上面有很多非常尴尬的事情。我给别人发邮件，他们没有回复。我又给他们发邮件，他们没有回复。我又给他们发邮件。这是想买我们产品的人给我的邮件。这不是很疯狂吗？这让很多人感到惊讶。我见过很多创始人，他们觉得和某人的通话很愉快，于是就发了一封邮件，但没有收到回复。他们说，"哦，那个人可能不感兴趣"。你猜怎么着？最好的情况就是这样。你真的必须要有这种非人类的、不合理的意愿去跟进和推动事情的结束。

I qualify with that with one thing which is to say when starting a company your time is extremely valuable because it's your only resource. You couldn't possibly do this for every single person who might buy your product. Your goal should be to get people to a yes or no as quickly as you can. Where you die is if you have a thousand maybes and sometimes I talk to founders who say, "Oh yeah I have this great pipeline of a hundred people who have expressed interest in our product." The maybes are what kill you. If you can get to a yes or a no, in some ways a no is even better than a maybe because it allows you to move on and focus somebody who might be a yes.
我想说的是，在创办公司时，你的时间是非常宝贵的，因为这是你唯一的资源。你不可能为每一个可能购买你产品的人都这样做。你的目标应该是尽快让人们回答 "是 "或 "不是"。如果你有上千个 "可能"，你就会死掉。有时候，我和一些创始人聊天，他们会说："哦，是的，我有上百人对我们的产品感兴趣。这些 "可能 "是你的致命伤。如果你能得到 "是 "或 "否"，在某些方面，"否 "甚至比 "可能 "更好，因为它能让你继续前进，关注那些可能成为 "是 "的人。

So, have a super human level of follow up and ambition, but make sure you're focusing it on the right pieces.
因此，要有超人的跟进能力和雄心壮志，但要确保把重点放在正确的作品上。

Alright, so you've talked to a ton of people. You've had all these phone calls. You've followed up with them to the point where they know you're not going away and they've got to sign an agreement. This final step is something if you haven't done before it might seem hard but it's actually really simple. It's called red lining. You'll send over an agreement and their lawyers will mark it up. Your lawyers will also mark it up and you kind of go back and forth. If you're part of YC this is really easy because YC has standard template agreements that they give you so you can just use those. But if you weren't part of YC you have to figure this out on your own.
好吧，你已经和很多人谈过了。你打了那么多电话。你已经跟进了他们，让他们知道你不会离开，他们必须签署一份协议。最后一步，如果你以前没做过，可能会觉得很难，但其实很简单。这就是所谓的 "红线"。你把协议寄过去，他们的律师会在协议上做记号。你的律师也会在上面做标记，你们就这样来来回回。如果你是 YC 的一员，这就非常简单，因为 YC 有标准的协议模板，你可以直接使用。但如果你不是 YC 的成员，就必须自己想办法。

One of the things that I am really excited about is as part of this presentation, YC has agreed to open source their deal documents. The documents that YC founders use are going to be available to everybody.
其中一件让我非常兴奋的事情是，作为此次演讲的一部分，YC 同意将他们的交易文件开源。YC 创始人使用的文件将向所有人开放。 So this should never be a barrier to anyone who wants to do sales for their start up. You've got some great documents. The other place where so many smart people go wrong is they don't remember what their goal is. Your goal is to sign some deals, get some reference customers, get some validation, and get some revenue. If you don't do that, your startup is toast.
因此，这不应该成为任何想为新创公司做销售的人的障碍。你已经有了一些很好的文件。很多聪明人出错的另一个原因是，他们不记得自己的目标是什么。你的目标是签订一些交易，获得一些参考客户，得到一些验证，获得一些收入。如果做不到这一点，你的创业公司就完蛋了。

In light of that it's really surprising how many smart people will want to do ten rounds of document review over the most minor points because of pride. Whatever. Make sure the agreement is the way you want it but then sign and move on. I've seen founders spend month quibbling over some indemnification clauses. Their business would have been way better off if they'd just signed the deal and moved on to the next one. That's one trap you can fall into.
有鉴于此，有多少聪明人会因为自尊心而对最微小的问题进行十轮文件审查，这实在令人吃惊。随便吧。确保协议符合你的要求，然后签字，继续前进。我曾见过一些创始人为了一些赔偿条款争论了一个月。如果他们只是签了协议，然后继续做下一个，他们的生意会更好。这就是你可能掉入的一个陷阱。

Another trap that I see founders struggle with a lot is they're talking to a company who says, "I will use your product but I just need one more feature." Or they say, "You know I'd love to use your product but it doesn't have this one feature. So we're just not ready." To most people, especially if you're ambitious, when somebody says that to you, what you want to think is, "Oh. I can build that feature and then they're going to use my product." The problem is it almost never works that way. Somebody telling you that they want to use your product but it's missing this one feature, I would almost map that to a pass in your mind.
我看到创始人经常陷入的另一个陷阱是，他们在与一家公司交谈时，对方会说："我会使用你们的产品，但我只需要再多一项功能。或者他们说，"我很想用你们的产品，但它没有这一项功能。所以我们还没准备好"。对大多数人来说，尤其是如果你雄心勃勃，当有人对你说这些话时，你会想，"哦，我可以建立这个功能，然后他们就会使用我的产品了"。问题是，这种想法几乎从来都行不通。如果有人对你说，他们想使用你的产品，但产品缺少这一项功能，我几乎可以把它映射为你脑海中的一个通行证。 Nine times out of ten if you actually build that feature and go back to them, there will be one more feature or some other reason that they're not using the product.
如果你真的建立了这个功能，再去找他们，十有八九会发现还有一个功能或其他一些他们没有使用产品的原因。

If somebody says to you, "There's this one thing that's preventing us from using your product." I would do one of two things. One say, "Well that's great! Let's sign an agreement and we'll put in the agreement that we're going to build this feature." In which case, if you build it you're off to the races. More commonly, what we did at Clever was we would say, "That's great. We're going to wait to see if we hear that demand from more customers."
如果有人对你说，"有一件事让我们无法使用你的产品"。我会做两件事中的一件。一是说："那很好！让我们签署一份协议，我们会在协议中写明，我们会构建这个功能。"在这种情况下，如果你建立了它，你就可以开始比赛了。更常见的情况是，我们在 Clever 的做法是，"这很好。我们将拭目以待，看看是否会有更多的客户提出这样的需求。" Once you have a lot of customers requesting it, then you should build it. Then you don't have to worry about doing something that's a one off, which is what you really want to avoid.
一旦有很多客户提出要求，你就应该建立它。这样你就不必担心做的东西是一次性的，而这正是你真正想要避免的。

The other trap I would highly recommend you try to avoid is the free trial trap. The customer says, "Can I get a free trial?" You can't blame them that’s a totally reasonable thing to ask for
我强烈建议您尽量避免的另一个陷阱是免费试用陷阱。顾客说："我能免费试用吗？你不能责怪他们，这是一个完全合理的要求. The problem is when you are starting a startup you need revenue. You need validation. You need users. You need commitment. Free trials get you none of those things. You do all this work and if you end up with a free trial, unfortunately you haven't made as much progress as you think, it's actually terrible. You think you've made progress but at the end of the free trial you’re going to have to sell them all over again. The way I handle this that has worked really well is that when somebody says, "Can I get a free trial?" you say, "We don't do free trials. We do annual agreements and what we'll do is for the first 30 or 60 days, if for any reason you're not happy, you can opt out.
.问题是，初创企业需要收入。你需要验证。你需要用户。你需要承诺。而免费试用版却无法满足这些要求。你做了这么多工作，如果最后得到的是免费试用版，不幸的是，你并没有取得你想象中的那么大进展，这其实是很糟糕的。你以为你取得了进展，但在免费试用期结束后，你又得重新卖给他们。我处理这个问题的方法非常奏效，那就是当有人问："我能获得免费试用吗？"你就说："我们不提供免费试用。我们签订的是年度协议，在最初的 30 天或 60 天内，如果你不满意，可以选择退出。" That's a way to get you the things that you need while giving them the comfort that they might need to take a chance on a startup. That minor change actually makes a night and day difference when you're thinking about these things.
"这样做既能满足你的需求，又能让他们感到放心，从而抓住初创企业的机会。当你考虑这些事情时，这种微小的变化实际上会带来日夜不停的变化。

Alright, so you've prospected. You've had a lot of conversations. Now you've closed people. You've gone through the red line process. You worked out the free trials. You're on your way to your first sales. Early on, you can think of sales as just like any other thing at a startup. You don't have to do things at scale. In fact you can purposely do unscalable things to try and get early customers. That's the fun part. The other thing that is important to keep in mind is once you've done this enough, what you should start thinking about is what aspects of this are repeatable. What aspects are we going to scale further? Christoph Janz wrote this really great blog post online about the five ways to build a hundred million dollar company. He talks about how he can have a thousand customers buy a product that costs a hundred thousand dollars. Or he can have ten thousand customers buy a product that cost ten thousand dollars. Or he can have a hundred thousand customers by a product that cost a thousand dollars. Even though you don't need to know on day one which bucket you're going to fall into, most companies do fall into one of these buckets. If you want to be in the elephant category of a hundred thousand dollar product, you're going to have a really high touch sales cycle. That's Salesforce. That's Workday. If you think that you're going to be a rabbit and sell products for a thousand dollars a year and your sales process involves flying out to see them, and eight demos, and three months of redlining, then you probably have to rethink something.
好吧，那么你已经进行过勘探了。你已经进行了很多对话。现在，你已经结识了一些人。你已经走过了红线流程。你完成了免费试用。你正在实现首次销售的路上。在创业初期，你可以把销售看作是创业公司的其他事情。你不一定要做大规模的事情。事实上，你可以故意做一些无法扩展的事情，以争取早期客户。这就是乐趣所在。另一件需要牢记的事情是，一旦你做了足够多的事情，你就应该开始思考哪些方面是可以重复的。我们要进一步扩展哪些方面？克里斯托夫-扬兹（Christoph Janz）在网上写了一篇非常棒的博文，讲述了打造亿元公司的五种方法。他谈到了如何让一千名客户购买价值十万美元的产品。或者，他可以让一万名客户购买成本为一万美元的产品。或者，他可以让十万名客户购买一千美元的产品。尽管你不需要在第一天就知道自己会落入哪个桶中，但大多数公司都会落入其中一个桶中。如果你想成为十万美元产品中的大象，你就需要一个非常高接触率的销售周期。这就是 Salesforce。这就是 Workday。如果你想做一只兔子，每年销售一千美元的产品，而你的销售流程包括飞到客户那里去看他们，八次演示，以及三个月的红线划定，那么你可能要重新考虑一些事情了。

I see a lot of startups who want to be rabbits that don't think about how to do it in a scalable way. That's one area where you can get under water or it just forces you to increase your prices.
我看到很多初创企业想做兔子，却没有考虑如何以可扩展的方式来做。这是一个你可能会被水淹没的领域，或者它只会迫使你提高价格。

This is how I think about different businesses. It will be helpful for you when you get started and once you've done sales to say, "Ok, where am I?" The corollary to that is, "How do I have to price my product to be a viable business?"
这就是我对不同业务的看法。当你开始创业和完成销售后，说 "好吧，我在哪里？"会对你有帮助。"我的产品该如何定价才能成为一门可行的生意？

Those are some of the things I figured out building sales at a few different companies, specifically on this very narrow stage of zero to one million. After you get to one million, you'll find there's a million blog posts about how to get from five million to fifty million or ten million to a hundred million, but not the zero to one step. I wanted to focus the presentation on that because there's not as much written about it and it is something that I think is very opaque to our founders. I figured this out just by doing it and I'm confident that if you're starting a company you can too. If for whatever reason you would like to join a startup that's figured it out and hone your skills and hone your craft, we are hiring at Clever. That's an option. If you do want start your own company and you have questions about sales, I put my email address up here. Feel free to reach out at any time. I am happy to help.
这些都是我在几家不同公司的销售工作中总结出来的一些经验，特别是在从零到一百万这个非常狭窄的阶段。当你的销售额达到一百万时，你会发现有无数的博客文章都在讨论如何从五百万到五千万，或者从一千万到一亿，但却没有关于从零到一的文章。我想重点介绍这一点，因为这方面的文章并不多，而且我认为这对我们的创始人来说是非常不透明的。我是通过实践才发现这一点的，而且我相信，如果你正在创办一家公司，你也能做到这一点。不管出于什么原因，如果你想加入一家想通了这一点的初创公司，磨练你的技能和技艺，我们 Clever 正在招聘。这也是一种选择。如果你确实想开一家自己的公司，并且有关于销售方面的问题，我把我的电子邮件地址放在这里。请随时联系我。我很乐意提供帮助。

Thank you. 谢谢。

Sam: Thank you very much! That was awesome! Now we're going talk about a little more about how to raise money. Michael Seibel is first going to talk about how you give a pitch and then Qasar will do investor role playing.
非常感谢！太棒了现在我们来谈谈如何筹集资金。Michael Seibel 将首先讲述如何进行推销，然后 Qasar 将进行投资者角色扮演。

Qasar: Yeah, so this isn't mind blowingly new. It really is a basic blocking attack. And the one point we wanted to make before we get started is we actually don't spend a lot of time at YC focusing on this. The main reason is the best way you can make your pitch better is to improve your company. If you - if you have traction and your product is doing well - these conversations are like the investors want to see you succeed. If you remember anything, it's make your company better and the pitch will be easier.
卡萨尔是的，所以这并不是什么惊世骇俗的新招。这确实是一个基本的阻挡攻击。在开始之前，我们想说的一点是，实际上我们在 YC 并没有花很多时间来关注这个问题。主要原因是，让你的推销变得更好的最好方法就是改善你的公司。如果你--如果你有牵引力，你的产品做得很好--这些对话就像是投资人希望看到你成功一样。如果你还记得什么，那就是把你的公司做得更好，这样推销就会更容易。

Sam: We're going to spend the time in three kinds of sections. Before the meeting what Michael will kind of focus on will do kind of a role play what meetings actually look like and then we'll just wrap it up. We are going to do Q&A at the end. We'll save five minutes. If there is something we don't cover please write down your questions and we'll go through them.
萨姆：我们将把时间分成三部分。在会议开始前，迈克尔会重点介绍会议的实际流程，然后我们会对会议进行总结。最后我们将进行问答。我们将节省五分钟时间。如果有我们没有讲到的内容，请写下你的问题，我们会一一解答。

Michael: My name is Michael Seibel. I am a current YC partner. I started two companies. One was called Justin.tv, which I ended up selling to Amazon. The other was called Socialcam, which sold to Autodesk. What I want to do is break down and demystify the process of creating a pitch. What happens too often when I see companies coming to talk to me is that they don't know how to simply explain what they do or how to ask for money. That's basically what you have to do as a founder.
迈克尔：我叫迈克尔-塞贝尔。我是 YC 的现任合伙人。我创办了两家公司。一家叫 Justin.tv，最后卖给了亚马逊。另一家叫 Socialcam，卖给了 Autodesk。我想做的是分解和解密创建推销的过程。当我看到有公司来找我谈的时候，经常发生的情况是，他们不知道如何简单地解释自己是做什么的，也不知道如何开口要钱。这基本上就是作为创始人必须要做的事情。

We're going to go over four things. The first is your 30 second pitch. You need to be armed with this constantly. This is basically how you talk about your company. It's magic. Whether you're talking to people who want give you money or don't want to give you money, this is your go to.
我们将讨论四件事。首先是你的 30 秒推销。你需要不断武装自己。这基本上就是你如何谈论你的公司。它有魔力。无论你是在和想给你钱的人还是不想给你钱的人交谈，这都是你的必备工具。

The second is your two minute pitch. This is for people who are more interested. This is people who you might want to raise money from or people who you might want to get hire. People with whom you need to get a little bit deeper. Notice that's where I stop. A lot of people practice ten/thirty minute pitches or hour pitches. That's all garbage. You can get everything you need done in two minutes. One thing I like to tell founders is the more you talk, the more you have an opportunity to say something that people don't like. Talk less and it will probably be better.
第二步是两分钟的推销。这是为那些更感兴趣的人准备的。这些人可能是你想筹集资金的人，也可能是你想聘用的人。你需要与他们进行更深入的交流。注意，我就说到这里。很多人都在练习 10/30 分钟的推销或 1 小时的推销。这些都是垃圾。你可以在两分钟内完成你所需要的一切。我喜欢告诉创始人的一件事是，你说得越多，你就越有机会说一些别人不喜欢听的话。少说话，可能会更好。

I want to tell you about when to fundraise because I think a lot of companies get this a little bit wrong. And then quickly how to to set up investor meetings.
我想告诉你们什么时候筹资，因为我认为很多公司在这一点上犯了错误。然后是如何快速安排投资者会议。

The 30 second pitch is so simple. It's three sentences. You can take your time. You can breathe when you do this. You don't have to get that much information out. The first is one sentence on what your company does. Everyone I meet for the first time screws this up. You have to be able to do it in a way that is simple and straight forward, that requires no further questioning on my part. You have to assume I know nothing. Literally nothing about anything.
30 秒的演讲非常简单。只有三句话。你可以慢慢来这样做时，你可以深呼吸。你不需要说出那么多信息。首先，用一句话介绍你的公司是做什么的。我第一次见到的每个人都会搞砸这一点。你必须做到简单明了，不需要我再提问。你必须假设我什么都不知道。简直是一无所知。 This is how you make it super simple. What we tell people is apply the Mom test. If in one sentence you cannot tell your mom what you do, then rework the sentence. There is a one sentence explanation that your mom or your dad is going to understand. So really, really start there. It's ok if you use basic language. It's ok if you say, "Hey we're Airbnb and we allow you to rent out the extra room in your house." That's simple! You don't have to say, "We're Airbnb and we're a marketplace for space." I don't know what that is! That's going to require more time. Use simple language, it's very important.
这就是让事情变得超级简单的方法。我们告诉人们要运用 "妈妈测试"。如果你无法用一句话告诉你妈妈你是做什么的，那就重新修改这句话。一句话的解释，你的妈妈或爸爸就会明白。所以，真的要从这里开始。如果你使用的是基本语言，那也没关系。你可以说："嘿，我们是 Airbnb，我们允许你出租家里多余的房间"。这很简单！你不必说 "我们是 Airbnb，我们是一个空间市场"。我不知道那是什么！这需要更多时间。使用简单的语言，这非常重要。

The second is in a multi-billion dollar market, it's pretty simple to do this. You know Airbnb might say, "How big is the hotel market? How big is the vacation rental market? How big is the online hotel booking market?" These are simple numbers to look up on Google. It makes an investor understand, "Oh wait. If we're big, if we really blow this company up, it could be worth billions of dollars." Don't skip this up. Second sentence. How big is your market?
其次，在一个价值数十亿美元的市场，要做到这一点非常简单。Airbnb 可能会说："酒店市场有多大？度假租赁市场有多大？在线酒店预订市场有多大？这些都是在谷歌上可以查到的简单数字。这让投资者明白，"哦，等等。如果我们做大，如果我们真的把这家公司做大，它可能价值数十亿美元"。不要跳过这一点。第二句话你的市场有多大？

Third sentence, how much traction do you have? Ideally this sentence is saying something on the order of, "We launched in January and we're growing 30 percent month over month. We have this number of sales. This amount of revenue. This number of users." Very simple. If you can't speak to traction because you're prelaunch, you need to convince the investor that you're moving extremely quickly. "The team started working in January. By March we launched a Beta. By April we launched our product." Convince the investor that you guys are moving fast and that this isn't some long slog. You guys aren't thinking about this like a big corporation. You're thinking about it like a startup where you can move fast and make mistakes. That’s all you have to do in 30 seconds. Three sentences. From that basis you should be able to start a conversation about your company. From that basis I understand exactly what you do. You have no idea how valuable it is to be able to explain to someone what you do in 30 seconds. Internalize that. If you take nothing else away, that's going to help you.
第三句话，你有多少牵引力？理想情况下，这句话的意思是："我们在 1 月份推出了产品，我们的月增长率达到了 30%。我们的销售额是多少？收入是多少？用户数量是多少？非常简单。如果你因为公司还未上市而无法说明公司的发展情况，那么你需要让投资者相信你的发展速度非常快。"团队从一月份开始工作。到三月份，我们推出了测试版。到四月，我们推出了我们的产品"。让投资人相信你们进展迅速，这并不是什么漫长的磨难。你们不像大公司那样考虑问题。你们考虑问题的方式就像一家初创公司，在这里你们可以快速前进，犯错误。这就是你们要在 30 秒内做的事。三句话在这个基础上，你就可以开始关于你公司的对话了。在此基础上，我就能完全理解你的工作。你不知道，能在 30 秒内向别人解释你是做什么的，是多么有价值。内化这一点。如果你没有其他收获，这也会对你有所帮助。

Ok. Two minute pitch. Now you got someone you actually have to convince of something. Maybe even someone you have to ask for money. So I like to add four additional components. And these also go by very quick. The first is unique insight. Now if you talk to VC's they'll say stuff like, "What's your secret sauce? What's your competitive advantage? What's unique insight?" It's all the same thing. When I think about unique insight, what I think about is here's your opportunity to tell me something that I don't know. Here's your opportunity to tell me something that the biggest players in the market you're trying to enter don't understand. Or don't do well. This is the AHA moment and you better have it down in two sentences. The AHA moment. So you got to crystalize all the reasons why you guys are going kill the competitors or the really intelligent thought that got this business started in two sentences. And I need to AHA. You can see whether it's happening when you're saying it. That's why I like two sentences so you get in and out fast. So if I look at you and I'm like, "Uh." Then it's ok. You nailed it. If I look at you and I'm like, "I already knew that." Then you didn't nail it. If I looked at you and I just don't understand what you're talking about you definitely didn't nail it. So practice that unique insight. In your two minute pitch that's all you’re going to get - you're only going to get two sentences to get that out there. So it can't be complicated. And that's basically the theme of this whole thing right? It cannot be complicated.
好的。两分钟演讲现在你要说服一个人了。说不定你还得向他要钱。所以，我喜欢增加四个额外的部分。这四个部分也很快就能完成。首先是独特的见解。如果你和风险投资人交谈，他们会说："你的秘诀是什么？你的竞争优势是什么？什么是独特见解？"这些都是一回事。当我想到独特见解时，我想到的是，这是你告诉我一些我不知道的东西的机会。这是你的机会，告诉我一些你试图进入的市场中最大的参与者所不了解的东西。或做得不好的事情。这就是 "AHA时刻"，你最好能用两句话把它说出来。AHA时刻所以，你必须用两句话阐明你们要干掉竞争对手的所有原因，或让这项业务起步的真正智慧。我需要 "AHA"。当你说出来的时候，你就能看到它是否发生了。这就是我喜欢两句话的原因，这样你就能快进快出。如果我看着你说 "呃"那就没关系你说对了如果我看着你说 "我早就知道了"那你就没说对如果我看着你，却不明白你在说什么，那你肯定没说对。所以，要练习这种独特的洞察力。在你的两分钟演讲中，你只能用两句话把它表达出来。所以不能太复杂。这就是整件事的主题，对吗？不能复杂。

Next - how do you make money? You know your business model. I see so many founders run away from this question because they think things like if I say advertising people are going to be like "Oh that's stupid." Just say it! Don't run away. If it's advertising - say advertising. Facebook's a massive advertising business. So is Google. If it's direct sales - it's direct sales. If it's you know a game and you're selling in app add ups - like that's fine. Just say it. Don't run away from the sentence. It only has to be one sentence long. Where founders get tricked on how you will make money is they say, "Well - we're going to run advertising. Maybe some virtual goods. We're going to figure out how to this. And maybe this. And maybe this." Well now you're saying nothing. Now you've told me you have no idea how you monetize this. This was a check mark that I just wanted to write. And then I am going to monetize it - instead I am writing a bug question mark. So do the thing that everyone else your industry does to monetize 95 percent of the time - say it and move on. Like it's totally ok. No one’s going to hold your feet to the fire and say three years later you didn't monetize this way. But it's much better to be clear and concise than it is to start spouting out every single way your company can make money.
下一步 - 如何赚钱？你知道你的商业模式。我看到很多创始人逃避这个问题，因为他们认为，如果我说广告，人们就会说 "哦，这太愚蠢了"。说出来就是了！不要逃避。如果是广告，那就说广告。Facebook 的广告业务规模庞大。谷歌也是。如果是直销，那就直销。如果是你知道的游戏，而你是在销售应用中的附加功能--就像那很好。说出来就好。不要逃避句子。只需一句话。在如何赚钱的问题上，创始人被骗的地方在于他们会说："好吧，我们要做广告。也许还有些虚拟商品。我们要想办法这样做。也许还有这个。也许还有这个"现在你什么都没说现在你告诉我你不知道如何盈利这只是我想写的一个勾。然后我要把它货币化--而不是写一个错误的问号。所以，就像你所在行业的其他人一样，95% 的情况下都是这样做的 - 说出来，然后继续。就像这完全没问题一样。没有人会把你的脚放在火上烤，说三年后你没有这样盈利。但是，简洁明了的表达总比把公司的每一种盈利方式都说出来要好得多。

Then next one is team. I think that this answer is actually really clear. I think you're trying to do two things. If your team has done something particularly impressive - you need to call that out. "We were the founders of PayPal." Probably want to say that. "We were the founders of Amazon." Probably want to say that. So if you guys have done something that is made investors money. You want to say that. If not, then please don't go on about the awards your team has one or the PhDs - I don't care. I don't care. What we want to hear is how many founders. Hopefully between two and four. We want to here is how many them are technical? How many engineers versus business people. Hopefully it's fifty/ fifty of more engineers. We want to hear is that how long have you guys known each other? We don't want to hear that you guys met a founders dating an even three days ago. Ideally you've known each other either personally or professional for at least six months. We want hear is that you're all working full time. It's really helpful. We're all committed to this business. And what we wanna hear is how you met. That's it. You can get in and out of that two sentences very easy. Your only way to build credentials is if you have accomplished something. And with an investor, typically if you accomplished something that's made someone some money. So don't try to over inflate yourself if you don't have that stat on your resume. Move on. The more you talk about a bad thing - the worse it looks.
那么下一个就是团队。我觉得这个答案其实很清楚。我认为你要做两件事。如果你的团队做了什么特别令人印象深刻的事情，你需要把它说出来。"我们是贝宝的创始人"。你可能想这么说"我们是亚马逊的创始人"可能想这么说。所以，如果你们做了让投资者赚钱的事。你们就应该这么说。如果没有，那就请不要继续说你们团队获得了什么奖项或博士学位--我不在乎。我不在乎。我们想知道的是有多少位创始人。希望在二到四人之间。我们想知道有多少人是技术人员？工程师和商务人士的比例是多少？希望是 50/50 名以上的工程师。我们想知道你们认识多久了？我们不想听到你们在三天前认识了一个约会的创始人。最理想的情况是，你们已经在个人或专业领域认识对方至少六个月了。我们希望听到的是，你们都在全职工作。这真的很有帮助。我们都致力于这项事业。我们想知道你们是怎么认识的就这样你可以很容易地从这两句话中脱身。建立信誉的唯一途径就是你要有所成就。而对于投资者来说，通常是你的成就能让别人赚到钱。所以，如果你的简历上没有这样的数据，就不要试图过度夸大自己。继续前进。你越是谈论一件坏事，它看起来就越糟糕。

So the last one is the big ask. When it comes to this, you have to figure out whether this is a conversation involves fundraising or not. What I tell people is like this is the time where you kind have to know what you're talking about. This is a time where you have to know are you raising on convertible note. Are you raising on a safe. You have to know what the cap of that safe is. You have to know how much money you're raising. You have to know what the minimum check size is. These are things where if you don't know these things, investors going be like, "These guys aren't serious. Or they haven’t done their homework." So where's the rest of this whole thing you shouldn't use any jargon. This part you shouldn't just be like "Oh we're just raising some money." Now is time to actually use a little bit of that jargon. If you don't know that jargon - Google search it. Like it's real simple. You'll guys learn it fast. That's it.
所以，最后一个是大问题。说到这一点，你必须弄清楚这是否是一次涉及筹款的对话。我告诉大家的是，这时候你必须知道自己在说什么。这个时候，你必须知道你是在可兑换票据上筹资吗？你是否在保险箱上融资。你必须知道保险箱的上限是多少。你必须知道你要筹集多少资金。你必须知道最低支票金额是多少。如果你不知道这些事情，投资者就会觉得 "这些家伙不是认真的"。或者他们还没做足功课"所以剩下的部分 你不应该使用任何专业术语这部分你不应该只是说 "哦，我们只是在筹钱"现在是时候用点行话了如果你不知道行话，谷歌搜索一下。就像真的很简单一样。你们会很快学会的。就是这样。 That's all your pitch. Done. Game over. Now you let them talk.
这就是你所有的推销。好了 游戏结束 Done.游戏结束现在让他们说吧

When to fundraise? This is important. You've got this little growth graph here. Investors like to invest based on traction. It is literally always better to raise money when you have more traction than less. Often times though, you will be in a situation where you're just starting or you just launched. What you need to do is you need to think about how you flip the equation. Your entire mindset should be: you are the ones asking investors for money and therefore they are strong and you are weak. How do you create a scenario where you are strong and they are weak? That's where you want to be fundraising. First, how do you know that you're strong? If investors are asking to give you money, you're strong. That might be a good time to start fundraising. If investors aren't asking about giving you money, are you talking to people about your start up? Or are you running super stealth? If you're talking to people about your start up and you're getting the word out, either through the press or just through talking to your friends or people you know doing startups, that's a good way to start feeding that.
何时筹款？这一点很重要。你这里有一张小小的增长图。投资者喜欢根据牵引力进行投资。从字面上看，在牵引力大的时候融资总比牵引力小的时候融资要好。但很多时候，你会处于刚起步或刚启动的状态。你需要做的是思考如何翻转等式。你的整个心态应该是：你是向投资者要钱的人，因此他们是强者，而你是弱者。如何创造一个你强他们弱的局面？这就是你要筹款的地方。首先，你如何知道自己是强者？如果投资者要求给你钱，那你就是强者。这可能是开始筹款的好时机。如果投资者没有要求给你钱，那么你是否在与人谈论你的创业项目？还是在进行超级隐蔽？如果你正在与人谈论你的新创公司，你正在通过媒体或只是与你的朋友或你认识的做初创公司的人交谈，把消息传出去，这就是开始融资的好方法。

The second this is, have you created a plan so that you can launch and grow without needing to raise a bunch of money? 95 percent of the startups that I meet can get a product to market with a very little bit of money. Never put the investor in the ultimate position of power.
第二个问题是，你是否制定了一项计划，使你无需筹集大量资金就能启动和发展？在我遇到的初创企业中，95% 的企业只需很少的资金就能将产品推向市场。永远不要把投资者置于最终的权力地位。 "We can't do anything until you give us money." You always want to flip it around. You always want it to be, "This thing's moving. We all left our jobs. We're all working full time and it's moving. If you want to jump on, great. If not, there are a lot of angel investors." That's the attitude you want to have. That's the confidence you want to have. If you need money early, always plan on needing less money. Always be able to show that you've got a fully committed team that's working fast. That's going to be how you gain an advantage when you can't show traction. If you can show an investor that you haven’t launched yet but you've done eight months of work in one month or two months and you've got a great team that have all quit their jobs and they're totally committed, then you get some advantage back. You don't get all of the advantage unless you have launched and are growing.
"你不给我们钱，我们什么都做不了"你总是想把它翻过来你总是想说 "这东西在动我们都离职了我们都在全职工作，它正在前进。如果你想加入，很好。如果不想，还有很多天使投资人。"这就是你要有的态度。这就是你要有的自信。如果你很早就需要钱，那就总是计划需要更少的钱。一定要证明你有一支全心投入、快速运转的团队。这将是你在无法显示牵引力时获得优势的方式。如果你能向投资者展示，你还没有启动，但你已经在一个月或两个月内完成了八个月的工作，而且你有一个伟大的团队，他们都辞去了工作，全身心地投入，那么你就能获得一些优势。除非你已经启动并正在成长，否则你无法获得所有优势。

Finally how to set up investor meetings. This is really, really simple but I'm surprised at how many companies don't get this right. The first is you want a warm introduction from another entrepreneur preferably. Or a previous investor of yours. That's where you want to start. If someone who's past on your company as an investor offers you to make introductions that's kryptonite. Don't touch that. So first warm introduction. Very simple. You don't want to cold call these people. You don't want to bum rush these people. The person - the credibility of the person who is introducing you to an investor is big part on whether the investor will take that meeting.
最后是如何安排投资者会议。这其实非常非常简单，但让我感到惊讶的是，很多公司都没有做好这一点。首先，你需要另一位企业家的热情介绍。或者是你以前的投资者。这就是你要开始的地方。如果你公司过去的投资人让你做介绍，那就太氪了。别碰所以首先要热情介绍。非常简单。你不要给这些人打冷电话。你不要贸然给这些人打电话。把你介绍给投资者的人的可信度是投资者是否愿意见你的重要因素。

Second, think in parallel. So many people that I meet will run the fundraising the super slow process. We met with one guy this we. We're going to schedule a meeting with another guy next week. Another guy three weeks from now. When you're fundraising you're on. It's a sprint. It's not a marathon. So you want to schedule all of your meetings during the same week. It's extremely hard to do but here's one trick that I love - tell when you're emailing investors you getting those warm intros the investors email you back you say, "Hey we would love to set up a meeting but we're building like crazy for the next two weeks. So can we set it in that third week?" Right? So then you've emailed everyone that. Right? So everyone schedules that meeting three weeks out. It's better for them because their calendars open. It's better for you because you've got all you meetings in one week. And also what did you do? You hinted, "Hey. I am not desperate for the money. We're building. Like I can meet you in three weeks but we're building. We're busy." Like it's signally all of the right things. So, that's the best way to kind of go about how you're gonna do that. The last thing is one team member should be investing in fundraising full time. It shouldn't be something that takes over the whole company. Because it's very, very distracting.
第二，并行思考。我遇到的很多人都会跑筹款这个超级慢的过程。这周我们见了一个人。下周我们将安排与另一个人会面。三周后再约另一个人。当你在筹款的时候，你是在。这是一个冲刺。不是马拉松所以你要把所有的会议都安排在同一周。这很难做到，但有一个技巧我很喜欢--当你给投资者发邮件时，投资者会给你回邮件说："嘿，我们很想安排一次会面，但接下来两周我们都在疯狂筹款。所以我们能不能定在第三周？"对吗？然后你就给每个人都发了邮件。对不对？于是每个人都把会议安排在三周后。这对他们来说更好，因为他们的日历打开了。这对你来说更好，因为你把所有会议都安排在一周内。还有，你做了什么？你暗示说："嘿，我不是为了钱不顾一切。我们正在建设。就像我可以在三周内和你见面，但我们正在建设。我们很忙"就像这是所有正确的事情的标志。所以，这是最好的办法，你会怎么做。最后一点是，团队中应该有一名成员全职投入到筹款活动中。这不应该是占据整个公司的事情。因为这会让人非常、非常分心。

So with that - let's kick it off to the next part of this. Who am I handing it to?
好了，让我们进入下一个环节。我要把它交给谁？

Dalton: Hi. My name is Dalton Caldwell. I'm one of the partners at YC and one of the things that we're going to do today real quick is a mock pitch. And first of all I know this is a bit contrived. This is - in this format of like a college class, we're going to do our best to have fun and kind of demonstrate what it's like. And I realize there's a million reasons why this - why you can say, "Of this isn't realistic of what pitches really like." But again there's a lot that we can show you.
道尔顿：你好，我叫道尔顿-考德威尔。我是YC的合伙人之一，今天我们要做的一件事就是模拟推销。首先，我知道这有点矫揉造作。在这种大学课堂的形式下，我们会尽最大努力让大家玩得开心，并演示一下是什么样子的。我知道这有无数个理由 为什么你会说 "这不符合球场的真实情况"但我们还是可以向你展示很多东西。

Just in terms of my background - over my career I've raised 85 million over several companies so I've sat in a lot of investors meetings. So I'm going to be pulling as many things as I can. So again, we're just going to try to show you something to talk to and use it as a learning session. You already did your intro earlier Qasar right?
就我的背景而言，在我的职业生涯中，我已经为多家公司筹集了 8500 万美元，因此我参加过很多投资者会议。因此，我会尽可能多地了解一些情况。再说一遍，我们只是想给你看一些可以交流的东西，并把它作为一个学习环节。卡萨尔，你刚才已经做了介绍，对吗？

Qasar: I've done a couple of startups.
卡萨尔我创办过几家初创公司。

Dalton: Cool. We're going to do two pitches and go through them pretty fast. As Michael said, these tend to go fast. Let's go dive into the first one.
道尔顿酷。我们要做两个投球，速度很快。就像迈克尔说的，这些往往会很快。让我们进入第一个环节。

Qasar, I understand you're coming to pitch me today. What can you tell me about what you do?
卡萨尔，我知道你今天会来找我。你能告诉我你是做什么的吗？

Qasar: We're building a communication platform that will allow businesses and consumers to collaborate on one single platform rather than in the fractured state that they're in right now.
Qasar：我们正在建立一个通信平台，让企业和消费者在一个平台上合作，而不是像现在这样各自为政。

Dalton: I don't follow. 道尔顿：我不明白。

Qasar: Think about WhatsApp or Snapchat. Those are for consumers. We want to do that for businesses. I have to do this with a straight face. What that means is we want to enable consumers to talk to businesses. That's the goal of our business or what our startup is.
Qasar：想想 WhatsApp 或 Snapchat。这些都是针对消费者的。我们希望为企业提供这样的服务。我必须直言不讳。这意味着我们想让消费者与企业对话。这就是我们企业或我们初创公司的目标。

Dalton: Who uses this product? What does the product do?
道尔顿谁在使用这种产品？产品有什么作用？

Qasar: It’s for consumers and businesses. A messaging product that allows consumers to send-
Qasar：它面向消费者和企业。这是一款信息产品，消费者可以通过它发送

Dalton: Why would a consumer want to use your product?
道尔顿消费者为什么要使用你们的产品？

Qasar: Because they want to message a business.
卡萨尔因为他们想给企业传递信息。

Dalton: What can you tell me about the market and the opportunity? What's the size of this company?
道尔顿你能告诉我市场和机遇的情况吗？这家公司的规模有多大？

Qasar: Messaging companies are really big obviously. WhatsApp sold for 19 billion dollars. Snapchat is really growing very quickly as well. We think the opportunity is very big.
卡萨尔很明显，信息公司真的很大。WhatsApp 卖了 190 亿美元。Snapchat 的发展也非常迅速。我们认为机会非常大。

Dalton: Can you tell me a little bit about your traction, your numbers. Have you given this to people yet?
道尔顿能跟我说说你们的牵引力和数据吗？你把这个给别人了吗？

Qasar: We don't want to open the kimono and go into all the details here. I had a high level hour live, we definitely have thousands of users in the Bay area. Hundreds of businesses.
卡萨尔我们不想在这里大谈特谈所有细节。我有一个小时的高水平直播，我们在海湾地区肯定有成千上万的用户。数百家企业。

Dalton: Can you tell me who some of those businesses are?
道尔顿你能告诉我其中有哪些企业吗？

Qasar: There's ones that you've been to. We don't really want to get too much into the details because we're still early, we're trying to stay stealth.
卡萨你去过一些地方。我们真的不想谈太多细节，因为我们还在起步阶段，我们正试图保持隐秘性。

Dalton: Ok well, can you tell me about what you've learned so far. What insights that you've had from the customers...
道尔顿好吧，你能告诉我到目前为止你学到了什么吗？你从客户那里得到了哪些启示......

Qasar: Yeah the consumers are sending messages to these businesses. And we think that's great. So and these businesses are responding to the messages and we think that's - I don't think that's obvious that would happen.
卡萨尔是的，消费者正在向这些企业传递信息。我们认为这很好。因此，这些企业正在对这些信息做出回应，我们认为这是--我不认为这是显而易见的事情。

Dalton: So can you tell me about what your business model is and how...
道尔顿你能告诉我你的商业模式是什么吗？

Qasar: Yeah so we, we charge businesses like a monthly rate. We haven't precisely figured out what that is. We - right now we're free for the few hundred companies we're in right now. But we’re looking to probably do a monthly...
卡萨尔是的，我们按月向企业收费。我们还没有精确地算出月费是多少。我们现在对几百家公司是免费的。但我们正在考虑按月收费......

Dalton: How much do you think a business would be willing to pay?
道尔顿：你认为企业愿意支付多少钱？

Qasar: We thing certainly ten to fifteen thousand dollars a month...
卡萨尔我们每个月肯定要花一到一万五千美元......

Dalton: Ok. So anyway can you tell me a little bit about your team and who you have working on this.
道尔顿好的那么，无论如何，你能告诉我一点关于你的团队和你的工作团队的情况吗？

Qasar: Yeah we have five founders. Technically I am the only one who's full time. Right now. We're raising money. So we can get you know the rest of the team on board. Yeah
卡萨尔是的，我们有五位创始人。严格来说，我是唯一一个全职的。现在我们正在筹集资金。这样我们就能让团队的其他成员加入进来。是啊

Dalton: Can any of the founders program or...
道尔顿是否有任何创始人可以编程或...

Qasar: Yeah. I mean we have - one of them has a Bio PhD but he's really picked up coding. The - I am a python developer. I did - I learned python the hard way.
卡萨是的，我是说我们有--其中一个是生物博士，但他非常喜欢编码。我是一名 Python 开发人员。我是通过艰苦的方式学习 python 的。

Dalton: Look at the time. Well it's been really great meeting you. Please keep me in the loop. This sounds fantastic.
道尔顿看看时间。很高兴认识你请让我在循环。这听起来太棒了。

Qasar: I will send you an update.
卡萨尔我会给你发送最新消息。

Dalton: Just keep me in the loop as this progresses.
道尔顿让我知道进展情况

Qasar: I'll send you an update. Great. That was awful.
卡萨尔I'll send you an update.好极了 Great.太糟糕了

Dalton: Ok. So let's go through.
道尔顿好吧。那我们就开始吧。

Sam: That's disturbing. 令人不安。

Dalton: That was obviously not strong. Let's talk about some of the mistakes. First of all, you need to make sure the person you're talking to knows what you do.
道尔顿这显然不够有力。我们来谈谈其中的一些错误。首先，你要确保与你交谈的人知道你是做什么的。

Qasar: This seems really simple but it's not.
卡萨尔这看似简单，其实不然。

Dalton: So many times people get flustered. They get nervous and they start talking really fast. There's no way you're ever going to convince anyone of anything if they don't know even what your app actually is. You have to know your numbers obviously. If you're very vague or evasive, don't even have a meeting. If you don't feel comfortable telling an investor what your numbers are, don't even meet with them. It means you’re not ready yet.
道尔顿很多时候，人们会感到慌乱。他们会变得紧张，然后开始滔滔不绝。如果他们连你的应用程序到底是什么都不知道，你就不可能说服任何人。显然，你必须了解你的数据。如果你含糊其辞或避重就轻，那就不要开会了。如果你不愿意告诉投资者你的数据是什么，那就不要和他们见面。这意味着你还没准备好。

For market size, try to give some plausible bottom up analysis and don't just name drop big companies that aren't even related to what you're doing. People tend to do that a lot. Try to have insights. Try to convince me that there is something that I don't already know about the market that I learned talking to you. Also, why are you working on this? Why are you suited for it? Is it a good thing to do? Finally, he didn't drive the conversation anywhere. Obviously that went poorly and he just let the conversation flail around until I cut the meeting because I ran out of time as fast as I could.
关于市场规模，请尽量提供一些可信的自下而上的分析，不要随便说出与你所做的事情无关的大公司的名字。人们经常这样做。要有真知灼见。试着让我相信，通过与你的交谈，我对市场有了更多的了解。另外，你为什么要从事这项工作？你为什么适合做这个？这是件好事吗？最后，他没有把话题引向任何地方。很明显，他的谈话进行得很不顺利，他只是任由谈话在我面前晃来晃去，直到我以最快的速度用完了时间，才中断了会议。

That was not a good pitch. Let's try that again.
投得不好我们再来一次

Qasar. Ok. Let's do this.
卡萨尔好的我们开始吧

Dalton: Qasar, I understand you have a company. Can you tell me a little bit about what you guys do?
道尔顿卡萨尔，我知道你有一家公司。能跟我说说你们是做什么的吗？

Qasar: Yes, we're a messaging product. That's kind of vague. What we allow you to do is essentially message a location. When you walk into a Crate and Barrel, you can send the Crate and Barrel manager a message like, "Hey. There's puke in the hallway." Or if you're in the airport "I am trying to find this specific gate 'cause I am not at this airport, "Where is the terminal for Virgin?" Or if you're at Target, "What aisle is the shampoo in?"
Qasar：是的，我们是一款信息产品。这有点含糊。我们允许你做的基本上是给某个地点发送信息。当你走进 Crate and Barrel 时，你可以给 Crate and Barrel 的经理发一条信息，比如 "嘿，走廊里有呕吐物"。或者，如果你在机场 "我想找到这个特定的登机口 因为我不在这个机场" "维珍航空的航站楼在哪里？"或者你在塔吉特超市 "洗发水在哪个过道？"

Dalton: So is this a mobile app?
道尔顿这是一个移动应用程序吗？

Qasar: On the consumer side we have an iOS and Android app but getting consumers to download apps is obviously very difficult.
Qasar：在消费者方面，我们有 iOS 和 Android 应用程序，但让消费者下载应用程序显然非常困难。

Dalton: I don't usually download app just to send a message to Crate and Barrel.
道尔顿：我通常不会为了给 Crate and Barrel 发消息而下载应用程序。

Qasar: Most businesses have a call to action which says text the owner directly. We tested a bunch of copy that works the best in small print. In small print we have the messages are anonymous. They also lower the barrier to entry. I think that most counter intuitive then we've learned in the kind of launch that we've had - in three hundred fifty locations in Bay. We've been doing this for about three months. We're about 11 percent weekly growth rate in terms of requiring businesses but most counterintuitive thing that we learned - Because we weren't actually sure is - Will people send messages while they walk it work...
Qasar：大多数企业的行动号召都是直接给店主发短信。我们测试了很多在小字体中效果最好的文案。在小字体中，我们的信息是匿名的。同时也降低了进入门槛。我认为这是最直观的，我们在海湾地区三百五十个地点进行的这种发布中已经学到了这一点。我们已经做了三个月。我们每周的业务增长率约为11% 但我们学到的最不直观的东西是 我们并不确定人们在走路时会不会发送信息

Dalton: Do people send messages
道尔顿人们是否会发送信息

Qasar: and they do. 卡萨尔：确实如此。

Dalton: Like what's the number one type of message that people send?
道尔顿比如人们发送的第一类信息是什么？

Qasar: So originally we started the product thinking this is going to be like in location feedback. That was the premise. In location feedback. What we found is more than half the messages are actually not about feedback at all. They ask things like, "We were in this location in San Jose - this khaabob stand - Father and Son and we say messages that went through the satellite like are you hiring? And that's like very strange because you would think like why wouldn't you just ask the owner? But we realized that we know this is the owner and the person who's walking in doesn't and so they do prefer to actually just text the owner because I think that's an easier reading.
卡萨尔因此，我们最初在开发这款产品时，认为它会像定位反馈一样。这是前提。位置反馈。我们发现，有一半以上的信息实际上根本不是关于反馈的。他们会问这样的问题："我们在圣何塞的这个地方--这个烤肉摊--父与子，我们通过卫星发送了一些信息，比如你们在招人吗？这很奇怪，因为你会觉得为什么不直接问店主呢？但我们意识到，我们知道这是店主，而走进来的人却不知道，所以他们更愿意直接给店主发短信，因为我觉得这样更容易读懂。

Dalton: Ok so it's like a suggestion box. It's like a way to just like message a business
道尔顿好吧，这就像一个意见箱。它就像一种给企业留言的方式

Qasar: Initially that's what we thought what it was. But what we actually discovered was vast majority of - I shouldn't say vast majority. Over half the messages are just things like, "When do you open? When do you close? 'Cause that's not on Google. Do you - are you catering? Do you have any reservations available tonight?" etc.
卡萨尔最初我们是这么认为的。但实际上，我们发现绝大多数--我不应该说是绝大多数。一半以上的信息都是诸如 "什么时候开门？什么时候关门？因为谷歌上没有这些信息。你们提供餐饮服务吗？今晚有预订吗？"等等。

Dalton: Ok look - in terms of your traction is sounds like you said some businesses. Like tell me about what you guys have right now.
道尔顿好吧，就你们的牵引力而言，听起来你说过一些业务。跟我说说你们现在有哪些业务。

Qasar: So we have three hundred and fifty businesses - all from San Jose to San Francisco. We sold them ourselves as three founders. We're all technical but we actually did all the sales because we learned a lot about how these businesses work. We actually come from a retail background. We originally built this product for large enterprise players like Starbucks and Walmart but we recognized at closing those contracts and our limited amount of runway wouldn't really be possible. So we wanted to get the product in the hands of users so we did S&B's. And that's when discovered, hey this like messaging product...
卡萨尔从圣何塞到旧金山，我们有三百五十家企业。作为三个创始人，我们自己卖掉了它们。我们都是技术人员，但实际上我们做了所有的销售工作，因为我们学到了很多关于这些企业如何运作的知识。实际上，我们是零售业出身。我们最初是为星巴克和沃尔玛这样的大型企业打造这款产品的，但我们意识到，要完成这些合同，我们有限的资金根本不可能。因此，我们想把产品交到用户手中，所以我们做了 S&B。就在那时，我们发现，嘿，这种类似于消息传递的产品......

Dalton: Ok that sounds interesting. It sounds like you have customers. How can this be big though? Like ok - maybe you can get whole thousands of words....
道尔顿好吧，这听起来很有趣。听起来你们有客户。但这怎么能做大呢？比如说--也许你可以得到成千上万个单词....。

Qasar: So in terms of like numbers - we see one and half messages on average per location per day. That might not sound a lot but for a business that's getting thirty messages - you take like a Yelp review or a Google review in a life time of business they might get five or seven. So they're getting a huge volume of messages relative to what they tend to experience and they're private so they are not public. So in terms of how do we actually make money, it’s not - you know frankly speaking we don't have a very clear answer there. The two pats are the S&B side or the LC side the large customer side. Large customers we know from a retail experience just regular feedback tools are are three to four million per per year. So like a Sears - where we came from. S&B's we've tested are willing to pay 50 dollars a month. So I, you know certainly I think this is - can be a large business but there's clear ways to make money but...
卡萨尔就数字而言，我们平均每天在每个地点看到一条半信息。这听起来可能不是很多，但对于一个收到 30 条信息的企业来说，你拿 Yelp 的评论或谷歌的评论来说，他们在一生的经营中可能会收到五到七条。因此，相对于他们的经历而言，他们收到的信息量是巨大的，而且这些信息都是私人的，所以并不公开。因此，关于我们如何真正赚钱，坦率地说，我们并没有一个非常明确的答案。我们有两个渠道，一个是 S&B 渠道，另一个是 LC 渠道，即大客户渠道。我们从零售业的经验中了解到，大客户每年有三四百万。因此，就像西尔斯百货公司（Sears）--我们的发源地。我们测试过的 S&B 公司愿意每月支付 50 美元。因此，我认为这可以成为一项大型业务，但也有明确的盈利途径，不过...

Dalton: I can see that. Just a couple things. Like, can you tell me about distribution strategy and also just a little bit about the team
道尔顿：我明白。就几件事。比如，你能跟我说说分销策略吗？

Qasar: Yeah, so distribution - so the thing that we learned in selling through these S&B's is really freaking hard. The formula LTV minus CPA - Life time value minus Cost Proposition A in S&B is never going to work out. So we have two solutions - one is to go up market like we originally planned to Starbucks or Walmart’s. Or two is actually essentially pair with consumer facing companies Yelp, Google, Facebook...
卡萨尔是啊，所以分销--所以我们在通过这些 S&B 进行销售时学到的东西真的很难。在 S&B 中，LTV 减 CPA（生命时间价值减成本主张 A）的公式永远不会成功。因此，我们有两个解决方案--一是像我们最初计划的那样，进入星巴克或沃尔玛的高端市场。二是与 Yelp、Google、Facebook 等面向消费者的公司合作......

Dalton: Have you been talking with them. Are they going to actually do it?
道尔顿：你和他们谈过了吗。他们真的会这么做吗？

Qasar: Yeah - so we've talked to Google and Facebook. We're meeting with the Apple. We're basically want to introduce every time you search for a business there should be a message button. We want to get consumers in the habit of knowing they can send essentially a text message to any business. That can help us get broad distribution. Our real vision is to become kind of that infrastructure - that messaging infrastructure between consumers and businesses. If that doesn't work - Let's say Google, Facebook and Yelp don't want to give up that valuable property - it's really an add unit. We do just want to sell this an s feedback tool to large players.
卡萨尔是的，我们已经与谷歌和 Facebook 交谈过。我们正在与苹果公司会面。基本上，我们希望在每次搜索企业时都有一个信息按钮。我们想让消费者养成习惯，知道他们可以向任何企业发送短信。这可以帮助我们获得广泛的传播。我们真正的愿景是成为一种基础设施--消费者和企业之间的信息基础设施。如果这行不通，比方说，谷歌、Facebook 和 Yelp 不愿意放弃这一宝贵的资产，那它就真的是一个附加单元了。我们只想把这个反馈工具卖给大公司。

Dalton: Alright. Can you tell me a little about the team - we're running low on time.
道尔顿好吧能跟我说说团队的情况吗--我们时间不多了。

Qasar: There's three of us. All technical. Mike and I did a company before. Sonny was an ex school engineer. We come from retail. So our first start up was a failure. So I don't know if that's good or bad. We've worked together - we're all technical. We all built everything ourselves. And we sold everything ourselves.
卡萨我们有三个人都是技术人员。迈克和我以前开过一家公司。桑尼以前是学校的工程师。我们来自零售业。所以我们第一次创业失败了所以我不知道这是好事还是坏事。我们一起工作过，我们都是技术人员。我们都是自己建造一切。我们自己销售一切。

Dalton: Ok. 道尔顿好吧。

Qasar: So we already had a couple of conversations with your firm. We're raising five hundred thousand on an 8.5 million convertible note. Of that five hundred two hundred -fifty is committed by Mike Maples, Eli Gill and Aden Sinket. And Mike with Floodgate is willing to fill the round. We think you're - you particularly - you and your firm can bring a lot to the team with your retail experience. Is this something that's interesting to you?
卡萨尔我们已经和你们公司谈过几次了。我们正在为 850 万美元的可转换债券筹集 50 万美元。麦克-梅普尔斯（Mike Maples）、伊莱-吉尔（Eli Gill）和阿登-辛凯特（Aden Sinket）已承诺出资 52 万。麦克和洪水之门的人愿意填补这个空缺我们认为你，尤其是你和你的公司 能为团队带来很多零售经验你们对此感兴趣吗？

Dalton: Yeah - you know I think this is really interesting. I mean I would need to talk to a couple of more folks on my side but I do think that this - this could be pretty big.
道尔顿我觉得这很有意思。我的意思是，我还需要和我身边的几个人谈谈，但我确实认为这--这可能是个大问题。

Qasar: Yeah since we’ve had a couple of conversations before and we’re certainly willing to meet again. We are closing a round this Friday and so certainly take time and let you other partners know. I will be available between now and Friday. I'll give you another call before Friday before we close the round. But we’ve love to actually see you - see you in the run.
卡萨尔是的，因为我们之前有过几次交谈，我们当然愿意再次见面。我们将在本周五结束一轮谈判，所以一定要花时间通知其他合作伙伴。从现在到周五，我都有空。在周五之前，我会再给你们打个电话，然后我们就结束这一轮。不过，我们很高兴能见到你们--跑步时见。

Dalton: Ok. Well it sounds good. I got to go but thanks for that
道尔顿好吧。听起来不错我得走了，不过还是谢谢你

Qasar: Great. Thanks. 卡萨尔Great.谢谢。

Dalton: So in terms of that one you know - some key points here is try to actually tell a narrative that makes sense to people. You noticed there was narratives there talking about people - how they really use it. We were able to like tie it down to the real world. Which is good. He was able to demonstrate insights and actually tell me something I didn't already know about the market. Like there were some tid bits. It was more of a collaborative meeting where it felt more like a conversation than just like I was interviewing about something in my opinion. He actually asked for money. You saw I could have easily been just like, "Ok. Got to go." But he did talk about fundraising as Michael mentioned. And he was able to provide all he context and all the the questions to actually have a serious conversation with him. If he was KG about it or shy about and clear on the numbers there's a very good chance I probably would have just ended the conversation due to time pressure.
道尔顿所以，就这一点而言，你知道--这里的一些关键点是，尝试实际讲述一个对人们有意义的故事。你注意到那里有关于人们的叙述--他们是如何真正使用它的。我们能够把它与现实世界联系起来。这很好。他能够展示自己的洞察力，并告诉我一些我还不知道的市场信息。比如有一些花絮。在我看来，这更像是一次合作会议，感觉更像是一次对话，而不仅仅是我在接受采访。他真的开口要钱了。你也看到了，我很容易就会说 "好吧，我得走了"。但他确实谈到了迈克尔提到的筹款问题。他能够提供他所有的背景和所有的问题，实际上有一个严肃的对话与他。如果他是KG，或者对数字感到害羞和不清楚，我很有可能会因为时间压力而结束对话。

Qasar: Yeah. It's interesting we sit on this side a lot. You really - you can tell when people are very passionate and know their business very, very well. And that's what you have to become.
卡萨是的，我们经常坐在这边，这很有趣。你真的--你能分辨出什么人非常有激情，对自己的业务非常非常了解。你必须成为这样的人。

Ok so closing thoughts here before we - what you want to do after the meeting. Before we get into Q&A. We're running a little short on time.
好了，在会后你们想做什么之前，我们先来做个总结。在我们进入问答环节之前。我们的时间有点紧。

After the meeting the first just like Tyler said in the sales things follow up. This is important. Anything other than a check or wired funds is a no. So they we got to keep talking to partners - I assume that's a no. And so you do want to put some pressure. The way you can do that is get deal heat. A deal heat is just a term that means there's a demand to be in your round. This is the easiest way and important way to drive a price, etc. Do diligence on investors, So let's say you have that five hundred thousand to raise for your seed round on the 8.5 million like we used as an example, Do diligence on the investors - If you do find - I do the diligence on Dalton and I found that hey he's actually not great investor, I can get Millan or Mike Maples or whoever to actually fill the rest of the round. It's uprising to us how money entrepreneurs don't do this. You would - it’s like you would actually spend a lot of time hiring somebody - you’re selling a part of your company to somebody you should know who you're selling it to to make sure they're the type of people you think they are. And then last - know when to stop. So some founders get so good a fundraising they just want to it all the time because it’s much easier to do than actually building the company.
会议结束后，首先要像泰勒说的那样，对销售工作进行跟进。这一点很重要。除了支票或电汇资金之外，其他任何东西都是不行的。因此，我们必须继续与合作伙伴交谈--我认为这是不可能的。因此，你需要施加一些压力。这样做的方法就是获得交易热度。交易热度是一个术语，意思是有人要求加入你的回合。这是最简单也是最重要的定价方式。对投资者进行尽职调查，比方说，你的种子轮融资额为850万美元，而你需要筹集50万美元，就像我们用的例子一样，对投资者进行尽职调查--如果你发现--我对道尔顿进行了尽职调查，发现他其实不是个好投资者，我可以让米兰或迈克-梅普尔斯（Mike Maples）或其他人来填补本轮融资的剩余部分。这让我们大吃一惊，有钱的企业家怎么不这么做？你会--就像你会花很多时间雇人--你要把公司的一部分卖给别人，你应该知道你要卖给谁，以确保他们是你认为的那种人。最后，要知道何时收手。有些创始人募资募得很好，就想一直募下去，因为这比实际创建公司要容易得多。

Dalton: Fundraising does not equal success.
道尔顿筹款并不等于成功。 Nobody realizes that. We'll say this now but I am sure that everyone will still equate fundraising with success and read about someone’s fundraising and assume that means they're successful.
没有人意识到这一点。我们现在就这么说，但我相信大家还是会把筹款等同于成功，读到别人筹款的消息，就认为这意味着他们成功了。

Qasar: My intuition about why this is true is because a lot of smart people applied to good schools and to good jobs and they think fundraising is just another application that they can check off. Building a company is much more ambiguous.
卡萨尔我的直觉告诉我为什么会出现这种情况，因为很多聪明人都申请了好学校和好工作，他们认为筹款只是他们可以勾选的另一项申请。而创建公司则要模糊得多。

Sam: Can you guys just stick around for a few minutes after to answer questions?
山姆：你们能不能在会后留几分钟回答问题？

Thank you guys very much that was great!
非常感谢你们，太棒了！