🌏國際視野2026-06-11
"Late Stage Venture Is About Late Stage Founders"（後期創投的核心是後期創辦人）
#部落格#英文#A16Z#創投#創辦人#企業成長#投資策略
title: "\"Late Stage Venture Is About Late Stage Founders\"（後期創投的核心是後期創辦人）" tags: [部落格, 英文, A16Z, 創投, 創辦人, 企業成長, 投資策略] source: https://a16z.com/late-stage-venture-is-about-late-stage-founders/ date: 2026-06-11 domain: 國際視野 type: research status: active updated: 2026-08-30 ---# "Late Stage Venture Is About Late Stage Founders"（後期創投的核心是後期創辦人）
來源： A16Z (Andreessen Horowitz) 原文日期： 2026-06-11
中文摘要
A16Z 的 David George 提出一個核心觀點：後期創投（Late Stage Venture）本質上是一個獨立的資產類別，而它的核心不是估值結構或募資方式，而是「後期創辦人」（late-stage founders）。這類創辦人能夠持續、有吸引力地部署資金，無限期地保持高速成長。文章批評了創投圈長期以來「用專業 CEO 替換創辦人」的做法，認為這是認知錯誤——真正頂尖的創辦人（如 Ali Ghodsi、Collison 兄弟）證明了創辦人模式可以持續創造超額回報。
關鍵洞察
原文關鍵句（英文保留）
> "The alpha of founder-led companies is in the founder's decision-making. Founders carry the burden of deciding when to surf the wave of tech best practices versus when to zig when others zag."
> "The VC's job, frankly, is to find those rare founders who can consistently do this, and give them the freedom to operate, a long-term mandate, and resources that actually help."