基准测试第二部分：晚宴

嗯，同侪压力在许多方面都是非常强大的机制。

Well, peer pressure is a really powerful mechanism in a lot of directions.

那么为什么它会倾向于卓越呢？

So why does it bend towards excellence?

我认为我们有这样一种洞见：与优秀企业家共事时感受到的那种纯粹的快乐是具有感染力的。

And I think we had this sort of insight that the joy you feel, the total complete joy of working with a great entrepreneur isn't is contagious.

它能让人充满活力。

It's energizing.

它是我们公司的命脉，是我们公司的货币。

It's the lifeblood of it's the currency of our of our firm.

如果我们展望未来，都能意识到Benchmark可能三十年后就不复存在了。

And if we look up towards that, we can all recognize that Benchmark probably isn't gonna be around in thirty years.

布鲁斯对我说，你不需要像Benchmaries那样留住我。

And Bruce said to me, you don't need to keep me like Benchmaries.

我们当初创立它并不是为了让其比我们更长久。

Like, we didn't try and start this so it would outlive us.

我的意思是，这某种程度上是个意外。

I mean, it was sort of an accident.

不过他们并没有给公司起名Benchmark。

They didn't name the firm Benchmark though.

所以，他们并没有附加

So, like They didn't attach

雷格斯到名字上，我觉得这很能说明问题。

Regus to its name, which I thought was telling.

你知道，但这种想法是转瞬即逝的，你说过一切都如过眼云烟。

You know, but the idea that this is ephemeral, and you said like everything's ephemeral.

就像这个结构，我们没有任何机构、特许经营权，这些词都让我们感到恶心。

Like the structure, we don't have any institution, franchise, all those words make us nauseous.

因为我们所处行业的本质就是要摧毁现有巨头。

Because it's the nature of the business we're in is that we wanna destroy the incumbents.

我认为我们共同反对威权主义，致力于推翻现有巨头。

And I think we're collectively aligned around being anti authoritarian, destroy the incumbents.

所以你最不想

So the last thing you wanna

成为的就是DNA，玛丽们的奠基。

become was the DNA, the founding of maries.

绝对如此。

Absolutely.

正如我们之前讨论的

As we talked about in

很好，所以希望这家公司没有任何部分会成为既得利益者。

great So want no part of this firm to become the incumbent.

那么你该如何做到这一点？

And so how do you do that?

通过以共同文化为基础的激烈革新，集体享受服务企业家的乐趣。

Violent rejuvenation with a common culture of collective joy in serving entrepreneurs.

如果你始终坚持这一点，毫不妥协地坚持，那么你会解雇自己，因为终有一天你会意识到：我不会从公司索取超过我所贡献的。

And if you stay true to that and ruthlessly true to it, then you fire yourself because there's a day where you realize I will not give to the firm more than I take.

就所有离开这家公司的人而言，我在投资史上从未见过这种情况。

And in in the case of everyone who's left this firm, and I've never seen this in the history of investing.

你研究所有这些公司。

You study all these firms.

每一位合伙人都主动解雇了自己。

Every single partner fired themselves.

正是这种道德准则形成了循环，你能感受到它，它是内在的。

And and it was that ethic that was recursive, and you feel it, and it's it's intrinsic.

我认为部分原因还在于，一旦你处于现任者的位置，我就是最后剩下的那个人。

And I think it's also partly because the minute you're in a position to be the incumbent, I'm the last man standing.

我希望我的合伙人能击败我。

We're I want I want my partners to destroy me.

那就是快乐，意味着他们已经成功了。

That's joy, which means they I've succeeded.

现在我们是大有限合伙人。

Now we're big limited partners.

所以，这也是

So that's that's also

快乐。

joy.

我好奇的是，过去的基准合伙人与这个团队是什么关系？

One thing I'm curious, what is the relationship of past benchmark partners to this group?

我们讨论过，我记得研究中和听埃里克、你和比尔都提到过的一件事是，对于Cerebrus，我们得打电话给布鲁斯。

We talked about, one of the things I remember, you know, from the research and hearing Eric, you and Bill both talk about is with Cerebrus, we gotta call Bruce.

我们得联系那些老家伙。

We gotta call the old guys.

是啊。

Yeah.

比如，U5与他们的关系是怎样的？

Like, what what is that relationship like for U5?

我的意思是，官方关系上他们是有限合伙人。

I mean, the official relationship is they're LPs.

比如，这是官方关系。

Like, that's the official relationship.

就像，他们和其他有限合伙人一样是我们的LP。

Like, they're LPs with us like other LPs.

我认为这种情感联系更像是你打电话时，出于彼得提到的所有原因，他们都希望你成功。

I think the more the feeling relationship is like you call and they want to see you succeed for all the reasons Peter's talking about.

所以他们接起电话提供帮助，并动用他们的关系网来支持你。

And so they pick up the call and help and put their network at work to help you.

而且他们见识广博，阅历丰富。

And they have a lot of insights and have seen a lot of stuff.

我想说，简单打个比方，他们更像是叔叔阿姨，而不是父母或

I would say one way, one shorthand, they feel more like uncles and aunts than they do like parents or

祖父母。

grandparents.

嗯。

Mhmm.

对。

Yeah.

太完美了。

That's perfect.

对于不了解的听众——就像我直到查塔姆刚才展示才知道一样，标杆合伙人们，你们都没有独立办公室。

And for listeners who don't know, because I didn't know until Chatham just showed us, the benchmark partners, none of you have offices.

你们全都围坐在这个超大的圆桌旁。

Like, you all sit at this crazy, round table.

看起来你要去打仗了，就像，你知道的，试图把战略部署到棋盘上。

Looks like you're going to war, and you're like you're like, you know, trying to put the strategy up on the board.

就像你

And like You

伙计们需要一个空心的甲板

guys need a hollow deck in

在中间。

the middle.

我们有个大便表情符号沙发。

We had a poop emoji sofa.

它并不是正式的

It was not officially a

大便表情，只是但是

poop emoji, but just but

但你有，比如，那边有带着电脑的叔叔阿姨们。

but you have, like, there are aunts and uncles with computers over there.

比如，那里不止五台电脑。

Like, there were not five computers.

有七台、八台、九台。

There were seven, eight, nine.

是啊。

Yeah.

我是说，这是

I mean, it's

我们正在摆脱他们。

We're getting rid of them.

虽然不够快，但他们很快就会消失。

Not fast enough, but they'll be gone soon enough.

是啊。

So yeah.

你是说我不该过度解读，比如他们还在这里。

You're saying that's that's I shouldn't read into that, like, they're here still.

我们的叔叔阿姨们，来做客没问题。

Our aunts and uncles, it's fine if they visit.

对。

Yeah.

但别待太久。

But not stay too long.

他们可以偶尔帮忙照看孩子。

They can watch the kids every now and then.

但一旦真的出了问题，有趣的是叔叔阿姨们会说'孩子还你'。。

But as soon as there's a real problem, it's funny because aunts and uncles say, here's your baby.

字面意思上，事情就是这样。

And literally, that's what happens.

哇哦。

Woah.

哇哦。

Woah.

这会是很辛苦的工作吗？

Is gonna be hard work?

哦，不。

Oh, no.

不。

No.

不。

No.

你们是父母。

You're the parents.

我得回家了。

I gotta go home.

当姑姑或叔叔挺好的。

It's great being an aunt or an uncle.

要知道，我有五个孩子，我可以告诉你，我本该吸取这个教训的。

Know, I have five children, and I can tell you, I should have learned that lesson.

我非常爱我的孩子们，但是，我兄弟的处境更好。

I love my children dearly, but, my brother's in a good position.

什么，哦，好吧。

What, oh, okay.

顺着这个话题，我一直很欣赏你们的一点是，在过去的生活中做过一些共同投资，以及你们在行业内的声誉，那种勤奋工作的精神。

So picking up on that theme, one of the things that I always have appreciated about you all, having done some co investments in past lives and just your reputation in the industry, the hard work.

能举些勤奋工作的例子吗？

What are examples of the hard work?

比如，真实的例子

Like, real examples

我们要把这些告诉查坦

We're we're gonna dish this to Chathan

因为我知道，是的。

because I I know it's Yeah.

我知道你这里有个故事。

I know you have a story here.

一个非常近期的故事。

A very recent one.

但那些反对者不会再做什么了。

But the the antinocles are not gonna not gonna do anymore.

切坦，你的投资组合公司通常以哪些方式让你参与工作？

What are the ways in which you, get put to work by your portfolio companies, Chetan?

嗯，这位是切坦，他是...

Well, this Chetan and part of

原因

the reason

他有点混乱，面前还放着杯冷萃咖啡

he's discombobulated and has a cold brew in front of

他。

him.

你们五个在下午五点看视频的人会发现他已经离开了

Those Five of you who are watching the video at 5PM is he got off

一个

an

国际航班在三小时前，四小时前。

international flight three hours ago, four hours ago.

周一还和我们在一起。

Was with us on Monday.

那个和我们一起的。

Which was with us.

并决定离开。

And decided to go.

并决定

And decided

去我本可以

to I had

再待一小时。

another hour.

在周一。

On Monday.

而今天是周三。

And today's Wednesday.

所以我们在这里，四十八小时

So here we are, forty eight hours

的我不只是来...不，我状态很好。

of I'm not just coming yeah, I'm not I'm doing great.

那么，是什么情况让你突然决定需要

So so what are the circumstances that lead to you suddenly deciding that you need to

参与？

be in?

我认为这是个很好的例子，展示了公司和我们团队如何运作，当时有一家投资组合公司正面临一个重要决策。

I think this is a great story of, you know, how the firm and we as a group operate, which is, you know, there was a portfolio company that was going through an important decision.

而且，你知道，周五早上已经做出了一个决定。

And, you know, there was there was a decision that was made Friday morning.

感觉那个决定已经是最终的了。

It felt like there was a finality to that decision.

就像是，好吧，这就是我们要做的。

It was like, okay, this is what we're going to do.

然后，你知道，人们过周末时情绪上来了，和朋友聊了聊，事情就开始偏离轨道了。

And then, you know, people go to the weekend, emotions rise up, they have conversations with their friends, and, you know, stuff starts to get off track.

周日晚上我接到电话，说事情正在失控。

And I get a call, you know, Sunday night, it's just like, you know, things are getting off track.

我们该怎么办？

What do we do?

你知道，我们都在一个群聊里。

And, you know, we're all on a group chat.

所以我立刻在群聊里发了消息说明情况。

And so I put it immediately in the group chat that says, here's what's going on.

我在寻求建议。

I'm looking for advice.

那是在深夜，埃里克在11点或11点半给我打了电话。

It was late at night, and Eric called me at eleven or 11:30PM.

我们聊了三、四十分钟。

And we talk for thirty, forty minutes.

我们只是把所有事情都梳理了一遍。

We're just walking through everything.

那个时刻最不可思议的是，当你身处其中时，真的很难不被情绪左右而停止理性思考。

And what was so incredible about that moment is when you're in it, it's really hard not to get wrapped up in emotion and sort of stop thinking logically.

那次谈话的精彩之处在于，埃里克能够跳出局外说：听着，我们是为创业者服务的。

And what was great about that conversation is Eric was able to zoom out and say, look, we're in the service of entrepreneurs.

我们只负责建议和指导创业者。

We only recommend and guide entrepreneurs.

归根结底公司是他们的。

It's ultimately their company.

决定权在他们手上。

It's their decision.

所以埃里克在电话里说的是：我会这么做，也知道你会这么做——这是个不错的...

And so what Eric said on the call is what what I would do is and what I know you would do is That's a good Here's

恐惧压力。

the fear pressure.

我知道你，泰特姆，会这么做的。

I know you, Tatum, would do this.

对吧？

Right?

对吧？

Right?

是的。

Yeah.

就是说，如果你当时没在那个情境下，你可能会打个电话说，嘿，这是你的决定。

Which is, you know, if you were if you weren't in the moment, you would you would make the phone call and say, hey, this is your decision.

我在这里，无论如何都百分百支持你。

I'm here and a 100% supportive no matter what.

于是我们挂断了电话。

And so we got off the phone.

我打了那个电话

I made that phone

。

call.

但我是这么想的。

But also here's what I think.

对。

Yeah.

呃，不是。

Well, no.

我觉得因为你已经经历了所有

I think because you've gone through all

的思考

of think

部分已经完成了，是的。

part had already yeah.

它已经

It had already

已经完成了，这是

been done, which is There

无需再多想。

is no more thinking.

就像我们是你的参谋团。

It's your Like, We're a sounding board.

由你来做决定。

You make the call.

所有的事实、所有的推理，一切都已摆明。

All the facts, all the reasoning, all of that had been laid out.

不再需要逻辑，也不再需要解释。

There was no more logic and there was no more explanation required.

到了这个地步，已经是情感因素了。

It was, at this point, it was emotional.

而且，你知道，和埃里克谈完后，我做了决定。

And, you know, after that conversation with Eric, I made a call.

他只是说，这是你的公司。

He just said, it's your company.

我当时在周日晚上。

I was on Sunday night.

那是周日的晚上。

This was Sunday night.

然后是周一合伙人会议。

Then Monday partner meeting.

那通电话是我在午夜打的。

This was like midnight I made the call.

所以你们都在圈子里

So you're all in the circle

周一。

Monday.

于是我们周一早上来上班时，正在交谈。

And so we come in Monday morning, we're talking.

然后谈话进行到某个时刻，彼得说这种对话不该在电话或Zoom上进行。

And then at some point during the conversation, Peter said, this is not a conversation that should happen on the phone or on Zoom.

必须当面谈。

It needs to happen in person.

我当时就说，好吧。

I was like, okay.

那就这么办。

Let's do it.

好的。

Okay.

嗯。

Yeah.

然后我就想，好吧。

And then I was like, okay.

我现在就该立刻上飞机。

I should get on a plane right now.

于是我们就出发了。

And so here we go.

是时候去旧金山机场了。

Like, time to go to San Francisco Airport.

就在我准备离开时，埃里克问：'你会回来参加合唱团吗？'

And then as I was leaving, Eric goes, are you gonna come back for the choir?

我就说，哦，当然。

Was like, oh, yeah.

好的。

Okay.

别担心。

Don't worry.

我会想办法去的

I'll find a way to go

我是不是要赶最后一班飞机去欧洲。

am I getting on a last minute flight to Europe.

是啊。

Yeah.

而且你必须在周三某个时间点前赶回来。

And you have to come back by a certain hour on Wednesday.

当时的情况是，当我登机时，那件事意义重大，发出了如此积极的信号，以至于我落地时，一切都已经就位了。

And what transpired was as I was getting on the plane, that meant so much and set such a positive signal that by the time I landed, everything had just, like, gotten in place.

就像，我什么都没说。

Like, I didn't say anything.

我什么都没做。

I didn't do anything.

仅仅是展现出那种程度的支持和承诺，就改变了整个局面，好像在说，嘿，你是认真的，你在这里就是为了支持我、支持我们、支持团队。

Just showing that level of support and commitment changed sort of like all the dynamics, which is like, hey, this is oh, you actually meant what you said, that you're here to just support me and support us and support the team.

你说得对，这是我们的决定。

And you're right, it is our decision.

就这样。

And and that was it.

它彻底改变了谈话的基调。

It changed the tenor of the conversation completely.

我想说，这从广义上也体现了投资的态度。

I would say it's like also broadly a manifestation of like the orientation to investing.

对吧？

Right?

就像，很多人会这样谈论投资，哦，我们下了这个赌注。

Like, there's a lot of people who would say of investing, oh, like, we made this bet.

你可能会多次听到这个词。

Like, you might hear that word a bunch of times.

哦，比如，这是个好赌注，或者这是个风险调整后的好赌注，希望它会是个好赌注。

Oh, like, well, it's a good bet, or it's a good risk adjusted bet, or hopefully it'll be a good bet.

而且有一种非常被动的

And there's a there's a very passive

我想拥有那份资产。

I'd like to own that asset.

是啊。

Yeah.

我想拥有那个，是的。

I'd to own that Yeah.

这是贝克峰的一景。

It's a view of Bakerspeak.

对。

Yeah.

这是

It's

这是个元宇宙的玩法。

it's a metaverse play.

但是

But

它某种程度上，像是渗透着一种非常被动的视角，几乎像是在试图超级预测一组概率，你们做了功课来超级预测那些概率。

it sort of, like, pervades a very passive view of almost, like, trying to super forecast a set of odds, you did the diligence to super forecast those odds.

而且，我们永远不会用那种方式交谈。

And, like, we'll never we never talk in in that way.

这就像，当我们考虑与创始人合作时，不是想着'哦，我们要下个好注'。

It's, like, when we think about partnering with the founders, not, oh, we want to make a good bet.

就像我们想要做出一个承诺。

It's like we wanna make a commitment.

而这个承诺表现为一个团体在这里保持脆弱和诚实，并共同获得那种反馈。

And that commitment manifests like as a group to be vulnerable and honest here and and and collectively get that feedback.

然后与创始人们一起在场上扭转那些不利因素。

And then with the founders to be on the field denting those odds.

对吧？●●●

Right?

每年，重要的年份甚至每年都有那么几次，总有些关键时刻你能明显感觉到。

Each year, big years and even a couple times in every year, there's important moments where you can tell.

我们不一定能彻底改变。

We can't transform necessarily.

我们并不是说我们有什么灵丹妙计。

We're not saying we've got some silver bullet.

但那个承诺真的能改变胜算。

But that commitment can really change the odds.

你知道，我们每个人每年都会做一两个这样的承诺。

You know, each of us make one or two of these commitments a year.

不是赌注。

Not bets.

对。

Right.

它们不是赌注。

They're not bets.

由于每年只有一两次机会，我们与创始人之间会建立起一种特殊的关系。

And there's a level of relationship that then happens with the founders because there's only one or two a year.

最终你会感受到，你是真心关心每一家合作的公司、每一位创始人以及整个团队的一切。

And it's and what you end up feeling is that you really just care about every company that you work with and the founders and the teams and everything.

所以当这些时刻来临时，这不是与众多合作公司中某一家的事务性往来。

And so when these moments happen, it's not a transactional thing of one of a lot of companies with which you work.

而是与你深入了解、密切合作的创始人之间的互动，对我们而言提供这种程度的支持再自然不过。

It's a founder that you really work closely with that you know so much about and that level of support doesn't feel like something unusual for us to do.

这正是我们对自我的要求，也是我们与这些团队之间应有的关系。

It's something that we we just expect of ourselves, and that's the relationship that we'll have with these teams.

现在正是感谢节目老友ServiceNow的好时机。

Now is a great time to thank good friend of the show, ServiceNow.

我们曾向听众介绍过ServiceNow传奇的创业故事，以及他们过去十年如何成为表现最出色的企业之一，但仍有听众询问ServiceNow实际业务。

We have talked to listeners about ServiceNow's amazing origin story and how they've been one of the best performing companies the last decade, but we've gotten some questions from listeners about what ServiceNow actually does.

今天我们就来解答这个问题。

So today, we are gonna answer that question.

首先，最近媒体经常引用一个说法：ServiceNow是企业的'AI操作系统'。

Well, to start, a phrase that has been used often here recently in the press is that ServiceNow is the, quote, unquote, AI operating system for the enterprise.

具体来说，22年前ServiceNow创立时专注于自动化领域。

But to make that more concrete, ServiceNow started twenty two years ago focused simply on automation.

他们最初将企业IT部门的纸质流程转化为软件工作流。

They turned physical paperwork into software workflows initially for the IT department within enterprises.

这就是它的起点。

That was it.

随着时间的推移，他们在这个平台上不断构建，承担起更强大、更复杂的任务。

And over time, they built on this platform going to more powerful and complex tasks.

他们的服务范围从仅支持IT部门扩展到人力资源、财务、客户服务、现场运营等其他部门。

They were expanding from serving just IT to other departments like HR, finance, customer service, field operations, and more.

在过去二十年的发展过程中，ServiceNow已经完成了连接企业各个角落，实现自动化所需的所有繁琐基础工作。

And in the process over the last two decades, ServiceNow has laid all the tedious groundwork necessary to connect every corner of the enterprise and enable automation to happen.

所以当人工智能出现时，从定义上来说，AI本质上就是一种高度复杂的任务自动化。

So when AI arrived well, AI kinda just by definition is massively sophisticated task automation.

而谁已经构建了平台和企业间的连接组织，使这种自动化成为可能？

And who had already built the platform and the connective tissue with enterprises to enable that automation?

ServiceNow。

ServiceNow.

那么回答这个问题：ServiceNow如今是做什么的？

So to answer the question, what does ServiceNow do today?

当他们说连接并赋能每个部门时，他们是认真的。

We mean it when they say they connect and power every department.

IT和人力资源部门用它来管理全公司的人员、设备和软件许可证。

IT and HR use it to manage people, devices, software licenses across the company.

客户服务部门使用ServiceNow来处理诸如检测支付失败，并将其路由到内部正确的团队或流程以解决问题。

Customer service uses ServiceNow for things like detecting payment failures and routing to the right team or process internally to solve it.

供应链组织则用它来进行产能规划，整合来自其他部门的数据和计划，确保每个人都在同一页面上。

Or the supply chain org uses it for capacity planning, integrating with data and plans from other departments to ensure that everybody's on the same page.

不再需要在不同应用程序之间来回切换，重复输入相同的数据。

No more swivel chairing between apps to enter the same data multiple times in different places.

就在最近，ServiceNow推出了AI代理，让任何岗位的员工都能快速启用AI代理来处理繁琐事务，从而让人类腾出手来关注更宏观的工作。

And just recently, ServiceNow launched AI agents so that anyone working in any job can spin up an AI agent to handle the tedious stuff, freeing up humans for bigger picture work.

ServiceNow去年入选了《财富》杂志全球最受赞赏公司榜单和《快公司》最佳创新者工作场所榜单，正是源于这一愿景。

ServiceNow was named to Fortune's world's most admired companies list last year and Fast Company's best workplace for innovators last year, and it's because of this vision.

如果你想在业务的每个角落都利用ServiceNow的规模和速度，请访问servicenow.com/acquired，只需告诉他们是本和大卫推荐你来的。

If you wanna take advantage of the scale and speed of ServiceNow in every corner of your business, go to servicenow.com/acquired and just tell them that Ben and David sent you.

谢谢ServiceNow。

Thanks, ServiceNow.

我能问一下吗，这可能有点...你知道的...涉及到比较难讨论的领域？

Can I ask and and this may be, you know, drifting into an area that's that's harder to talk about?

所以我们可以稍微抽象化一点来谈。

And so, we can abstract it a little bit away.

我们在节目里讨论过Uber，但我想把它抽象成...你知道...你通常如何看待这类问题。

We talked about Uber on our episode, but I wanna abstract it to, you know, how you think about this generally.

传统上，风险投资公司普通合伙人的角色是：一方面对有限合伙人负有实现投资回报最大化的受托责任，另一方面在加入被投公司董事会时又对公司负有第二重受托责任。

The role of a general partner in a venture capital firm traditionally is that you have a fiduciary responsibility to your LPs to maximize their returns, and you have a a second fiduciary responsibility when you join the board of a company to the company.

试图平衡这两者已经够棘手了，因为有时这些责任是相互冲突的。

And it's hairy enough trying to balance the trade off that because sometimes those things are at odds.

在公司层面，你代表的是所有股东的利益。

You're representing all shareholders on the company's side.

而对于有限合伙人，你代表的...你知道...是他们的利益。

And with your LPs, you're representing, you know, their interests.

于是你又引入了第三重考量，也就是你最关心的部分——对创始人的支持与赋能。

And so you then introduce this third thing, which is the thing you care the most about, which is support of the founder and empowering the founder.

那些情况什么时候会变得棘手？

When do those things get hard?

你如何平衡这些事情？

How do you balance those things?

我猜大多数时候你们严格遵循的原则是'我们与这位创始人合作并信任他们'。

I assume most of the time you're indexing strictly to we're partnering with this founder and we trust them.

但什么时候你需要同时应付这些事？

But when when do you have to juggle those things?

是啊。

Yeah.

我是说，人们经常去做心理咨询。

I mean, it's people go to therapy often.

他们只谈论出问题的那些破事。

They only talk about the shit that's going wrong.

而我认为思考哪些方面进展顺利也很有价值。

And I think it's useful to think about what's going right.

如果没有关于蓬勃发展的DSM诊断手册，至少存在针对功能障碍的DSM。

And if there's not a DSM for flourishing, there's, there's a DSM for dysfunctions.

我们可以翻开那本书，看到各种类型的功能障碍。

We could open that book up and we can have all sorts of flavors of dysfunctional.

我认为这样做既能说明问题，也能让我们了解事情可能出错的途径。

And I think we could do that and that would be illustrative and informative about how it can go wrong.

我会反过来问：当一切顺利时，达成共识的前提条件是什么？

I would flip it and say when it works well, what are the preconditions of where you have alignment?

然后你看看由此产生的退化。

And then you look at degradations from that.

我认为在持久的创始人基准伙伴关系中，脆弱性是一个至关重要的词汇。

I think one of the words that's sort of vital to any durable founder benchmark partner relationship is vulnerability.

如果出现‘我不能与我的伙伴分享这个信息’的犹豫或迟疑，那么我们已经损害了这段关系，必须修复它。

And if if there's ever caution or pause of I can't share this information with my, then we've, degradated the relationship and we have to fix that.

而修复信任需要一对一地深入进行。

And you fix trust is fixed intimately one on one.

通过对话让你们能够放大视角，去思考：我们的共同目标是什么？

You have conversations that allow you to zoom up to say, okay, what's the collective purpose?

我认为我们可以以Uber为例来讨论。

And I think that we could talk about Uber.

我完全有理由相信特拉维斯的初衷是打造一个最大、最卓越的Uber。

We could I I have every reason to believe Travis's purpose was, the biggest, most extraordinary Uber imaginable.

嗯。

Mhmm.

你知道，我们曾共同聚焦于这个目标。

And, you know, we had a collective gaze on that together.

在许多情况下（这次就是其中之一），病态现象会悄然滋生。

And and and in many situations, this was one of them, pathologies creep in.

你会在公司经历中领悟到：当发现这种情况时，必须立即采取行动。因为一旦我们开始对立，不再是关于共同目标，而是变成你我之争、我的议程与LP议程之争等等。

And you learn this through a course of firm experience, which is when you start to see that happening, you need to act immediately Because the minute we get othered, and it's not about us and this joint purpose, but it's you and me, it's my agenda and my LP's agenda and all that.

遗憾的是，我在业内很多其他公司都看到这种现象，因为问题往往不在会议室里的合伙人身上。

And I sadly see that with a lot of the other firms in the industry because it's not necessarily the partner in the room that's got the issue.

正是他们的合作伙伴告诉他们需要做这个或那个。

It's their partners that have told them that they need to do this or they need do that.

当我看到时，我的反应是，天哪，我真是佩服你。

And I see it, I'm like, oh man, I adore you.

但你的合作伙伴对此有不同的感受。

But your partners, have different feelings about.

而你在这里试图动摇，因为他们质问：为什么我们没有达成计划？

And you're here trying to rattle because they've said, why aren't we meeting our plan?

于是创业者瞬间脆弱性爆发，信任关系就此断裂。

And so the entrepreneur immediately, vulnerability snaps like that and it closes and then you have no trust.

通常他们会来找我们说，我们

Now they come to us typically and they say, we

遇到了一个关于

got a problem with one of

董事的问题。

our directors.

我说，好吧。

I'm like, okay.

我们会私下和他们沟通，询问：这到底是怎么回事？

So we'll, you know, we'll have an off sidebar with them and say, what's going on here?

我该如何帮你处理与合作伙伴的关系？

How can I help you with your partners?

尽管你看到许多分崩离析的案例，但让我讲个相反的故事——我认为只有在这种公司模式下才能真正成功。

And as much as, you know, you look at at situations where it falls apart, let me give you an inverse story, which is where it really only could work, I think, in this firm model.

我曾在一家公司的董事会任职，该公司筹集了大约2到3亿美元的资金，而我对此负有相当的责任。

I was on the board of a company that racked somewhere between 2 to $300,000,000 of capital, and I'm pretty accountable.

如果这份工作真有那些标准、治理和实践，我现在就该被解雇了，那家公司叫Docker。

Now I should be fired if this job actually had those standards and governance and practices, and that company's called Docker.

我昨天还在迈阿密参加他们的全员会议。

And I was just in Miami yesterday at their all hands meeting.

我记得

And I remember the

上次投资时，公司还叫dot cloud。

last time invested, was called dot cloud.

对吧？

Right?

Dot cloud。

Dot cloud.

上次我与Docker召开全员会议是在三年前，当时我们从原公司分拆出60名员工，公司估值为零。

So last time I did an all hands meeting with Docker was three years ago, and there were 60 employees that that we'd spun out of the prior company, and the valuation was zero.

我们就这样从超过15亿的估值跌到了零。

So we'd gone from over a billion 4, billion 5 to zero.

当时我与业内一些顶尖的风险投资家共同运作那家公司。

And I was working with some of the great venture capitalists in the industry on that company.

除了Insight Partners之外，其他人都像蟋蟀一样消失了，全都撤资跑路了。

And aside from Insight Partners, crickets, gone, all left, bailed.

我觉得这没什么。

And I this is okay.

Benchmark有什么不同之处？

What was different with Benchmark?

Insight则是另一回事了。

Insight's another story.

节目中我们很少提到一句很有趣的引语。

There's a very fun quote that we don't often talk about on the show.

虽然节目中从未讨论过这点，但某家知名公司有句箴言是'专注于你的赢家'。

Don't think we ever talk about this on the show, but a very prominent firm has a one of their mantra quotes is focus on your winners.

我想这正是你所说的意思。

I think that's what you're talking about here.

是的。

Yeah.

而且...而且...好吧，当时它确实是个相当大的失败项目。

And and and well, at this point, was a it was a was a pretty big loser.

但我能与留下的团队坦诚相对，承认我们犯了错，为此负责，并共同寻找解决方案。

And but the vulnerability that I was able to have with the team that remained to say we made mistakes, we're accountable to it, here's how we work through this.

知道为什么吗？

Because you know what?

如果你查阅Docker的宗旨，我们实际上正处于——这话虽然老套——

If you look up in the purpose of Docker, we're literally at this is cliche.

这是起点。

It's the beginning.

要知道，每天有3000万开发者在使用这个产品。

You know, we have 30,000,000 developers that use this product every day.

是的。

Yeah.

那是最疯狂的事。

That's the craziest thing.

难以置信的产品成功彻底改变了行业，但商业模式和战略上的失败导致未能有效捕获价值。

Unbelievable product success that completely changed the industry, but, like, business moderate business model and strategic failure such that there wasn't effective value capture.

存在价值破坏。

There was value destruction.

数亿美元的价值破坏。

Hundreds of millions of dollars of value destruction.

我对两位合伙人说，我可能是在自欺欺人。

My two partners, I came in and I said, I may be drinking my own bathwater.

我...我不知道该怎么办。

I I like, I don't know what to do here.

我当时非常脆弱。

I was really vulnerable.

我说，我已经走火入魔了，任何寻求真相的尝试都不允许我推诿、辩解或扮演受害者。

And I said, I've gone off the deep end, no part of that truth seeking exercise would allow me to spin, position, blame, be a victim.

我在承担责任。

I was being accountable.

我问自己到底做了什么？

And I said like what have I done?

他们却说不仅相信这家公司，还问能否把它纳入新基金中？

And they said not only do we believe in this company, can we put it in the new fund too?

我想，好吧，这太疯狂了。

I thought, well, that's crazy.

我当时觉得，但你是对的。

I was like, but you're right.

如果你相信，就必须达到创始人级别——我常开玩笑说，员工可以辞职。

If you believe, you have to have that founder level I always joke, you know, employees can quit.

创始人不能撤销一家公司。

Founders can't unfound a company.

是啊。

Yeah.

我认为我们在承诺中也有这种感觉。

And I think we feel that way in our commitments.

我们无法撤销那种创始人的永久性，而且往往它比任何被招募的高管都更持久。

We can't uncommit that founder permanence and and oftentimes, it outlives every executive that gets recruited.

不是所有高管，但绝大多数都是这样。

Not every, but like a hyper majority of executives.

所以这个繁荣的例子，以及那个关于信任的例子，所有这些给LP议程、创始人议程带来压力的事情——其实并不难。

And so this case of flourishing and and then that was a case of, you know, trust, all these things that come to stress, the LP's agenda, the founder's agenda, the com it's not that hard.

你只需抬头问问：这家公司的目的是什么？

You just look up and say, what's the purpose of the company?

让我们围绕这点达成一致，其他问题自然就解决了。

Let's resolve around that and that'll sort the rest of the stuff out.

就像贝索斯说的长期主义——在创造惊喜、令人惊叹与股东价值之间，其实根本没有冲突。

As the, you know, Bezos thing, the long term, there really is no conflict, between creating you know, delighting and a wowing And and shareholder value.

是的。

Yeah.

打动客户并创造股东价值。

Impressing the customer and creating shareholder value.

我们的客户不是创始人。

Our customer isn't, it's not the founder.

我们嘴上说是，但实际上这是创始人的目的。

We say it is, but it's really the purpose of the founder.

对。

Yeah.

结果发现，如果那就是客户，那便是目的所在。

And it turns out that purpose, if that's the customer.

没错。

Yeah.

我们中可能有人偏离了这一点，但我们可以互相监督，这发生在内部。

One of us may be deviating from that and we can keep each other accountable and that happens internally.

我的合伙人说，不，Docker的使命才刚刚开始。

My partner said, no, the purpose of Docker is just the beginning.

天啊，他们要让开发者来为这台全球计算机编程。

My God is they're going to get developers to program the global computer.

好吧。

Okay.

那么你就能挽回3亿美元的损失资本。

So then you could dust off $300,000,000 of lost capital.

所以我想说的是，这次会议我们真正想与大家探讨的一个重要话题是专注于早期阶段，不设立成长基金，尤其是在你的整个同行群体都已转变为全周期资本提供者的情况下。

So I wanna do, a big topic we really wanted to cover with you guys in this session is staying focused on early stage, not having a growth fund, especially when your entire peer set has become life cycle capital providers.

实际上我认为这是个很好的切入点。

And I actually think this is a good entry into it.

彼得，你刚才讲的那个故事，关于事情进展不顺时采用的基准策略。

So, Peter, the story you just told of, like, when things are not going right, the benchmark approach.

我其实更想知道当事情进展顺利时的情况。

I'm actually really curious when things are going right.

你的竞争对手们说过，当事情顺利时，我们应该长期持有。

Your competitive set has said when things are going right, we should go long.

我们认为这在很大程度上是对你们在'快四侠'时代的一种竞争性回应。

We are going to interpret that, I think in large part as a competitive response to you guys during the fast Fab Four era.

我们将成为全周期资本提供者。

We are going to become life cycle capital providers.

我们会一轮又一轮地向我们最看好的项目投入大量资金。

We're gonna put a ton of money round after round after round into our best wishes.

这是对Benchmark的回应。

In response to Benchmark.

那是对'能赚取巨额管理费'的回应。

That was in response to there's a crap ton of fees to make on.

而且创始人们会不断接受我们的资金，我们拥有

And and the founders will keep taking our money, and we have

这个品牌可以告诉你。

the brand to tell you.

像是的。

Like Yes.

那并不像是，哦，Benchmark一直如此忠于他们的风格以至于

That was not like, oh, Benchmark stayed so true to their thing that

好的。

Okay.

我认为有三类公司。

I think there are three classes of firms.

有一类公司符合这个描述。

There's a class firm that fit that.

对。

Yeah.

还有Benchmark。

There's benchmark.

然后还有一类公司实际上是在做战略决策。

And then there's a class of firm that actually we're making a strategic decision.

我们在乎Carrie。

We care about Carrie.

我们为Carrie而战。

We're playing for Carrie.

我们认为能做到100%。

We think we can 100%.

是的。

Yeah.

还有那些

And and those

关于第三节课的那些决定是有效的。

were valid decisions on on that third class.

但你

But you

你们还没完成那件事。

guys have not done that.

嗯哼。

Mhmm.

尽管，我猜，你们本有世界上所有的机会去完成它。

Despite, I assume, every opportunity in the world to do so.

为什么？

Why?

我们能问问迈尔斯吗？

Can we ask Miles?

你是最新加入的。

You were the newest to to join.

他会尝试改变现状。

He's gonna try and change that.

嗯，其实。

Well, actually.

你问得真有趣。

He's been funny you asked.

这是一个

This is a

很好的观点。

great point.

宣布一下。

To announce.

那更恶心了。

That's more gross.

我们楼上还有个更大的餐厅。

We've got an even bigger dining room upstairs.

这个三角形我们能拉多长？

How far can we stretch this triangle?

听着，我认为确实存在所有这些机会来实现这一点。

Look, I think there is there is certainly Say it all of those opportunities to do that.

我觉得莎拉部分说得很好，比如，我们的工作重点是如何扩大这些公司的规模。

I think Sarah says it nicely in in part, like, our job we're really focused on how do we scale the company those companies.

对吧？

Right?

而作为其中一部分，如何建立一种不会被我们是否做出另一个承诺决定所干扰的关系。

And how as part of that having a relationship that doesn't get sort of adulted by this question of the us making another commitment decision.

就像我们已经参与其中，不再评估了。

It's like we're we're we're in, and we're not evaluating anymore.

我们也不再决定什么是公平价格了。

We're not deciding what a fair price is anymore.

我们并非试图决定如何与一家公司制定战略决策，以优化时机为我们获取更多资金。

We're not trying to decide, how to maybe make a make a strategic call with a company that optimizes for a moment for us to get more capital in.

就像，我们应该消除这种关系中任何可能的疑虑、其他动机或问题。

Like, there should be we wanna remove any chance of doubts or alternative incentives or questions in in that relationship.

对吧？

Right?

这样才能完全彻底地敞开心扉。

So it can be fully fully vulnerable.

如果我们做得好，并且与具有伟大目标、拥有无限发展空间的想法合作，我们的成功将随着它们的成功而扩大。

And if we do that well and and we've partnered with ideas with great purpose and and and a long endless runway to work on, our success will scale through their success.

我们不需要独立于这些公司的发展而自行扩张。

And we don't need to scale ourselves independently of those companies scaling.

因此我认为渺小的美好之处在于，我们都能做得很好。

And so I think we'll all the beauty of being small is like we'll all do perfectly well.

但只会像是

But there will only be like

如果你愿意在自己公司投入更多资金，地上就会有百万美元钞票等着你捡。

million dollar bills on the ground for you to pick up if you were to just put more money in your own companies.

我

I

完全同意迈尔斯的观点，我只想补充一点：如果你热爱所做之事，那就不像在工作。

totally agree with Miles and I would just add one thing is like, it doesn't feel like work if you love doing it.

你热爱做什么呢？

What do you love doing?

我认为最关键的是，如果你热爱与创始人共事，那么你就应该把时间花在与创始人合作上。

And I think that's the biggest thing, which is if you love working with founders, then you want to spend your time working with founders.

这意味着你不愿把时间耗费在管理一个不断扩张的团队上。

And that means you don't want to spend your time managing a staff that's scaling.

你也不愿意花时间向有限合伙人或其他方做营销。

You don't want to spend your time doing marketing to LPs or others.

就像，你不想把时间浪费在接触那些超出你职责范围的投资项目上。

Like, you don't wanna spend your time meeting investments that are outside of your purview.

这就像是，你只想把时间都留给那些创始人。

Like, it's just like, that's like, you wanna spend your time with those founders.

我认为这才是重点——你真正热爱做什么？

And I think that's the, what do you love doing?

我觉得这才是最关键的。

And I think that's the biggest thing.

毫无疑问，过去几年里成长型投资者取得了非凡的成就，极其出色。

I don't think there's any question that over the last few years, the growth investors have done extraordinarily well, extraordinarily well.

通过这种方式可以轻松赚取数百万美元。

And there was millions of dollars to be picked up doing that.

但我觉得'你真正热爱做什么'这个问题确实发人深省。

But I think the question of like, what do you love doing really resonates.

有个特别好的现象是，周期会轮转，而策略却能穿越周期持续有效。

And one thing that's super nice is, you know, the cycles turn and the strategy persists through cycles.

所以我也不担心会出现一亿美元的漏洞。

And so I also don't worry about a $100,000,000 holes.

对。

Right.

我们开始前还在开玩笑。

We were joking before we started.

比如，我会想象我们正在这里吃晚餐。

Like, I would imagine we were here eating dinner.

你们现在肯定在摩拳擦掌了。

You guys must be licking your chops right now.

比如，这是你们在2022年末大放异彩的时刻。

Like, this is your time to shine here in late twenty twenty two.

嗯，是的。

So Well, yeah.

不过有个前提，我认为某种程度上因为我们处于早期阶段，这意味着什么？

With the caveat that I think we sort of because we're early stage, what does that mean?

它已经移动了。

It's moved.

就其定义而言。

It's in terms of its definition.

我们相信每年都会有公司成立，其价值超过100亿美元，数量虽小但大于零。

We have faith that every year, some number above zero, companies will be founded that are gonna be worth more than $10,000,000,000.

然后大约每两到三年，会发现一家公司价值超过1000亿美元。

And then about every two or three years, a company is gonna be found out that's gonna be worth more than a 100,000,000,000.

而且这似乎与周期无关。

And it seems to be independent of the cycle.

确实，当情况变得有些疯狂时，人们会有点沮丧，但关于成长基金的问题，我会换个角度来回答——我希望我们这个群体（我想我也是其中一员）能为基金设定一个高标准的回报倍数。

So yeah, things get a little crazier when things are and they get a little depressed, but the growth fund thing, I'll come back to answer it a little differently, which is that I would like this group, I guess I'm part of this group, to set a high watermark for a multiple on a fund.

我觉得思考这个问题挺有意思的，能扩大资金规模固然很好，但如果我们有20倍回报的基金，能不能打造出固定50倍回报的基金？

And I think it's kind of fun to think about, okay, it's great you can scale capital, but you know, if we had a 20 x fund, can we get a fixed 50 x fund?

我不确定我们能做到，因为如果我们把更多资金投入后期阶段，实际上是在降低我们的回报率。

I'm not sure we can do that if we start all we're doing when we're investing more money in late stages, we're lowering our returns.

嗯。

Mhmm.

这就是我们正在做的全部。

That's all we're doing.

因为我们的承诺是固定的。

Because our commitment is fixed.

这并不意味着我们会更加投入。

It's not like we're gonna be more committed.

所以可以说我们正在获得更多的现金回报。

So we're you could say we're getting more cash on cash for yeah.

但我们正在降低我们的回报率。

But we're lowering our returns.

而风险投资行业的诀窍在于，将他人和我们的资金与随之而来的合作关系相结合，我认为当你向一家公司注入大笔资金时，相比保持纯粹，这种情况会变得更加复杂。

And the hack of the venture business, is coupling, you know, capital from other people and ourselves with the partnership that it comes with, I think it's a little more inflamed when you're stuffing large sums of money into a company as it gets, you know, as opposed to keeping it pure.

我想说的是，如果这个团队，也许在我离开后，能创造一个新的高峰，那会让我感到骄傲。

And I will say, like, what would make me proud is if this team, maybe after I'm gone, you know, sets a new high watermark.

他们用增长基金是做不到这一点的。

They won't do that with a growth fund.

剩下的部分，你知道，就像是，我们该在意那些现金流吗。

And the rest of it, you know, it's it's like, should we care that's cash flowing on.

是啊。

Yeah.

但我也想知道我们的有限合伙人怎么说。

But I also wanna know what our limited partners say.

没有什么能比得上基准基金。

There's nothing like a benchmark fund.

当它运作良好时，就会为整个行业定下节奏。

And when it works, it sets the pace in the industry.

所以，你知道

And so, you know

就像前几天我和莎拉跟团队用过的一个乔尼·艾维的引述。

And sort of like there's a there's a quote Sarah and I used with a team the other day, the Johnny Ive quote.

对。

Yeah.

对吧？

Right?

比如，你知道什么是专注吗？

Like, you know, what's focus?

我正想说这个。

I was gonna say this.

对吧？

Right?

专注就像是，在某种程度上你身体的每一根骨头都认为某个想法绝妙无比，但你却不去执行。

Like focus is when in some ways every bone in your body thinks an idea is a really good idea, but you don't do it.

是啊。

Yeah.

关键在于学会拒绝。

It's about saying no.

而且这是个不错的想法。

And it's a fine idea.

我认为这并不是说我们对后期阶段没有看法。

We would I think it's not to say we don't have opinions on later stage.

后期阶段附带着一个十亿美元的机会基金，与基准挂钩，

Later stage had a of billion

由同一团队运作，你肯定能获得良好回报。

dollar opportunity fund stapled to benchmark with the same team, you would for sure have good returns.

它将成为业内最优秀的成长型基金之一。

It would be one of the best growth funds in the industry.

嗯，我也这么认为。

Well, I think so.

但这并不意味着我们就要去做。

But that's not if we're gonna do it.

但我认为要保持这种专注力，要知道，周一的讨论和我们共处的时间，是一小时充满流动好奇心的探索，那些处于边缘看似古怪离奇的丰饶想法。

But I think to to be able to have that focus, that, you know, conversation on Monday and our time together on Monday is an hour of roving curiosity of like fertile ideas that are right at the edges that seem weird and bizarre.

至少你得有点怪。

Least you gotta be weird.

别再说'而不是'了，好吧，增长渠道是什么？估值合理吗？

Instead of instead of instead of, okay, what's the growth pipeline and, you know, is that a good valuation?

现在是不是一个合适的入场时机？

Is now a good moment to sort of get in?

而且我认为关键在于

And and I think it's the the focus is

如果我们想实现增长，就必须引入CRM系统。

And we'd have to have a CRM if we did a growth.

是的。

Yeah.

随着

With the

我补充一下，抱歉。

I'll add sorry.

对我们来说，关键在于尽早与创始人建立合作关系，就像董事会层面的那种关系，这也是我们齐聚于此的原因。

Like, that it's you know, for us, it is at the end of, like, the we're all here because we wanna partner with founders as early as possible in that kind of relationship on the board.