{"id":31502,"date":"2020-06-30T18:20:48","date_gmt":"2020-06-30T18:20:48","guid":{"rendered":"https:\/\/fabricegrinda.com\/chien-luoc-dau-tu-cua-fj-labs\/"},"modified":"2024-05-20T05:14:46","modified_gmt":"2024-05-20T05:14:46","slug":"chien-luoc-dau-tu-cua-fj-labs","status":"publish","type":"post","link":"https:\/\/grinda.org\/vi\/chien-luoc-dau-tu-cua-fj-labs\/","title":{"rendered":"Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a FJ Labs"},"content":{"rendered":"\n<p>Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 c\u1ee7a FJ Labs b\u1eaft ngu\u1ed3n t\u1eeb ngu\u1ed3n g\u1ed1c c\u1ee7a n\u00f3 (\u0111\u1ecdc <a href=\"https:\/\/fabricegrinda.com\/vi\/su-hinh-thanh-cua-phong-thi-nghiem-fj\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Genesis of FJ Labs<\/a> ). FJ Labs l\u00e0 ph\u1ea7n m\u1edf r\u1ed9ng c\u1ee7a ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n c\u1ee7a t\u00f4i v\u00e0 Jose. Ch\u00fang t\u00f4i \u0111\u00e3 m\u1edf r\u1ed9ng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng v\u00e0 quy tr\u00ecnh c\u1ee7a m\u00ecnh nh\u01b0ng kh\u00f4ng thay \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c.<\/p>\n\n<p>H\u1ea7u h\u1ebft c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ec1u x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 r\u1ea5t r\u00f5 r\u00e0ng. H\u1ecd \u0111\u1ea7u t\u01b0 s\u1ed1 ti\u1ec1n h\u1ecd huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c trong m\u1ed9t kho\u1ea3ng th\u1eddi gian c\u1ee5 th\u1ec3, v\u00e0o m\u1ed9t lo\u1ea1i c\u00f4ng ty c\u1ee5 th\u1ec3, v\u00e0o m\u1ed9t s\u1ed1 c\u00f4ng ty c\u1ee5 th\u1ec3, \u0111\u1ea7u t\u01b0 m\u1ed9t s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3, \u1edf m\u1ed9t giai \u0111o\u1ea1n c\u1ee5 th\u1ec3, v\u00e0o m\u1ed9t khu v\u1ef1c \u0111\u1ecba l\u00fd c\u1ee5 th\u1ec3. C\u00e1c qu\u1ef9 n\u00e0y d\u1eabn \u0111\u1ea7u c\u00e1c v\u00f2ng v\u00e0 c\u00e1c \u0111\u1ed1i t\u00e1c n\u1eafm gi\u1eef gh\u1ebf trong h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. H\u1ecd d\u00e0nh m\u1ed9t s\u1ed1 v\u1ed1n nh\u1ea5t \u0111\u1ecbnh cho nh\u1eefng l\u1ea7n ti\u1ebfp theo v\u00e0 th\u01b0\u1eddng th\u1ef1c hi\u1ec7n nh\u1eefng l\u1ea7n ti\u1ebfp theo. Quy t\u1eafc c\u1ee7a qu\u1ef9 l\u00e0 c\u00e1c qu\u1ef9 ti\u1ebfp theo kh\u00f4ng th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty t\u1eeb qu\u1ef9 tr\u01b0\u1edbc. Qu\u1ef9 th\u1ef1c hi\u1ec7n th\u1ea9m \u0111\u1ecbnh s\u00e2u r\u1ed9ng v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o \u00edt h\u01a1n 7 giao d\u1ecbch m\u1ed7i n\u0103m.<\/p>\n\n<p>M\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m tr\u1ecb gi\u00e1 175 tri\u1ec7u \u0111\u00f4 la \u0111i\u1ec3n h\u00ecnh c\u00f3 th\u1ec3 tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0y:<br\/><\/p>\n\n<ul class=\"wp-block-list\">\n<li>Ch\u1ec9 c\u00f3 ch\u00fang ta<\/li>\n\n\n\n<li>Tr\u1ecdng t\u00e2m d\u00f2ng A<\/li>\n\n\n\n<li>Ch\u1ec9 c\u00e1c c\u00f4ng ty B2B SAAS<\/li>\n\n\n\n<li>\u0110\u1ea7u t\u01b0 5-7 tri\u1ec7u USD v\u00e0o s\u00e9c kh\u00e1ch h\u00e0ng ti\u1ec1m n\u0103ng Series A<\/li>\n\n\n\n<li>Nh\u1eafm m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 v\u00e0o 20 c\u00f4ng ty trong th\u1eddi gian 3 n\u0103m<\/li>\n\n\n\n<li>40% v\u1ed1n d\u00e0nh cho giai \u0111o\u1ea1n ti\u1ebfp theo<\/li>\n\n\n\n<li>Ti\u1ebfp theo \u1edf h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty danh m\u1ee5c \u0111\u1ea7u t\u01b0<\/li>\n\n\n\n<li>\u0110\u1ed1i t\u00e1c ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb<\/li>\n\n\n\n<li>\u0110\u1ea7u t\u01b0 m\u1ea5t 2-4 th\u00e1ng k\u1ec3 t\u1eeb l\u1ea7n g\u1eb7p \u0111\u1ea7u ti\u00ean<\/li>\n<\/ul>\n\n<p>FJ Labs kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng theo c\u00e1ch n\u00e0y. Nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m khi c\u00f2n l\u00e0 thi\u00ean th\u1ea7n, ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty trong h\u1ec7 th\u1ed1ng c\u1ee7a m\u00ecnh v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u00f4ng ty ch\u00fang t\u00f4i th\u00edch. Ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh xem m\u00ecnh c\u00f3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng d\u1ef1a tr\u00ean hai cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i 60 ph\u00fat trong v\u00f2ng m\u1ed9t ho\u1eb7c hai tu\u1ea7n. Ch\u00fang t\u00f4i kh\u00f4ng l\u00e3nh \u0111\u1ea1o v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. N\u00f3i c\u00e1ch kh\u00e1c, b\u1ea1n c\u00f3 th\u1ec3 n\u00f3i r\u1eb1ng <strong>ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t k\u1ef3 giai \u0111o\u1ea1n n\u00e0o, \u1edf b\u1ea5t k\u1ef3 khu v\u1ef1c \u0111\u1ecba l\u00fd n\u00e0o, v\u00e0o b\u1ea5t k\u1ef3 ng\u00e0nh n\u00e0o v\u1edbi m\u1ee9c \u0111\u1ed9 th\u1ea9m \u0111\u1ecbnh c\u1ef1c k\u1ef3 h\u1ea1n ch\u1ebf<\/strong> . \u0110\u00f3 ch\u00ednh l\u00e0 nh\u1eefng l\u1eddi \u0111\u00e3 khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c s\u1ee3 h\u00e3i v\u00e0 khi\u1ebfn ch\u00fang t\u00f4i ngh\u0129 r\u1eb1ng m\u00ecnh s\u1ebd kh\u00f4ng bao gi\u1edd huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c v\u1ed1n.<\/p>\n\n<p>V\u1edbi \u201cchi\u1ebfn l\u01b0\u1ee3c\u201d n\u00e0y, b\u1ea1n c\u00f3 th\u1ec3 mong \u0111\u1ee3i r\u1eb1ng th\u00e0nh ph\u1ea7n danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i s\u1ebd thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 theo th\u1eddi gian. Tr\u00ean th\u1ef1c t\u1ebf, n\u00f3 \u0111\u00e3 r\u1ea5t nh\u1ea5t qu\u00e1n trong nhi\u1ec1u n\u0103m qua. C\u00e1i n\u00e0y c\u00f3 m\u1ed9t v\u00e0i nguy\u00ean nh\u00e2n.<\/p>\n\n<ol class=\"wp-block-list\">\n<li><strong>S\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 h\u00e0ng tu\u1ea7n r\u1ea5t nh\u1ea5t qu\u00e1n trong nh\u1eefng n\u0103m qua<\/strong><\/li>\n<\/ol>\n\n<p>T\u00f4i s\u1ebd tr\u00ecnh b\u00e0y chi ti\u1ebft c\u00e1ch FJ Labs th\u1ef1c hi\u1ec7n quy tr\u00ecnh giao d\u1ecbch trong b\u00e0i \u0111\u0103ng blog ti\u1ebfp theo. Nh\u01b0ng \u0111\u1ec3 b\u1ea1n c\u1ea3m nh\u1eadn v\u1ec1 quy m\u00f4, ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c h\u01a1n 100 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1ed7i tu\u1ea7n. Tuy nhi\u00ean, ch\u00fang t\u00f4i kh\u00f4ng \u0111\u00e1nh gi\u00e1 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3. Nhi\u1ec1u th\u1ee9 r\u00f5 r\u00e0ng n\u1eb1m ngo\u00e0i ph\u1ea1m vi: ph\u1ea7n c\u1ee9ng, AI, c\u00f4ng ngh\u1ec7 v\u0169 tr\u1ee5, c\u00f4ng ngh\u1ec7 sinh h\u1ecdc, v.v. m\u00e0 kh\u00f4ng c\u00f3 th\u00e0nh ph\u1ea7n th\u1ecb tr\u01b0\u1eddng. Nhi\u1ec1u ng\u01b0\u1eddi kh\u00e1c l\u1ea1i qu\u00e1 m\u01a1 h\u1ed3: \u201cT\u00f4i c\u00f3 m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 tr\u1ef1c tuy\u1ebfn tuy\u1ec7t v\u1eddi; b\u1ea1n c\u00f3 mu\u1ed1n nh\u1eadn m\u1ed9t b\u1ed9 b\u00e0i kh\u00f4ng?\u201d<\/p>\n\n<p>N\u1ebfu b\u1ea1n kh\u00f4ng n\u1ed7 l\u1ef1c nh\u1eadn ra r\u1eb1ng ch\u00fang t\u00f4i t\u1eadp trung v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng tr\u1ef1c tuy\u1ebfn v\u00e0 cung c\u1ea5p \u0111\u1ee7 th\u00f4ng tin \u0111\u1ec3 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 li\u1ec7u ch\u00fang t\u00f4i c\u00f3 mu\u1ed1n t\u00ecm hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 th\u1ecfa thu\u1eadn hay kh\u00f4ng, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng tr\u1ea3 l\u1eddi ho\u1eb7c theo d\u00f5i.  <br\/><br\/>Trung b\u00ecnh, ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 40-50 giao d\u1ecbch m\u1ed7i tu\u1ea7n. V\u00ed d\u1ee5: v\u00e0o n\u0103m 2019, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u00e1nh gi\u00e1 2.542 c\u00f4ng ty, trung b\u00ecnh l\u00ean t\u1edbi 49 c\u00f4ng ty m\u1ed7i tu\u1ea7n.<\/p>\n\n<p>2. <strong>T\u1ef7 l\u1ec7 giao d\u1ecbch ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o ph\u1ea7n l\u1edbn kh\u00f4ng \u0111\u1ed5i<\/strong><\/p>\n\n<p>C\u00f3 r\u1ea5t nhi\u1ec1u chi ti\u1ebft c\u1ee5 th\u1ec3 li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u201cch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i th\u00edch\u201d. Ch\u00fang t\u00f4i c\u00f3 c\u00e1c ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 v\u00e0 lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 c\u1ef1c k\u1ef3 c\u1ee5 th\u1ec3 m\u00e0 ch\u00fang t\u00f4i kh\u00f4ng ng\u1eebng ho\u00e0n thi\u1ec7n. T\u00f4i s\u1ebd tr\u00ecnh b\u00e0y chi ti\u1ebft nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 trong c\u00e1c b\u00e0i vi\u1ebft blog ti\u1ebfp theo. M\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ecdi ng\u00e0nh, m\u1ecdi khu v\u1ef1c \u0111\u1ecba l\u00fd v\u00e0 \u1edf m\u1ecdi giai \u0111o\u1ea1n, nh\u01b0ng ch\u00fang t\u00f4i c\u00f3 m\u1ed9t \u0111i\u1ec3m \u0111\u1eb7c bi\u1ec7t: ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n<p>Trong nh\u1eefng n\u0103m qua, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o kho\u1ea3ng 3% s\u1ed1 giao d\u1ecbch m\u00e0 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1. V\u00ed d\u1ee5: v\u00e0o n\u0103m 2019, ch\u00fang t\u00f4i \u0111\u00e3 th\u1ef1c hi\u1ec7n 83 kho\u1ea3n \u0111\u1ea7u t\u01b0 l\u1ea7n \u0111\u1ea7u ti\u00ean. N\u00f3i c\u00e1ch kh\u00e1c, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o 3,3% trong s\u1ed1 2.542 giao d\u1ecbch m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u00e1nh gi\u00e1.<\/p>\n\n<p>3. <strong>Vi\u1ec7c ph\u00e2n b\u1ed5 c\u00e1c giao d\u1ecbch ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c kh\u00f4ng ng\u1eabu nhi\u00ean v\u00e0 nh\u1ea5t qu\u00e1n theo th\u1eddi gian<\/strong><\/p>\n\n<p>Nh\u00ecn chung, c\u00f3 nhi\u1ec1u giao d\u1ecbch ti\u1ec1n h\u1ea1t gi\u1ed1ng v\u00e0 h\u1ea1t gi\u1ed1ng h\u01a1n c\u00e1c giao d\u1ecbch Series A v\u00e0 Series B. \u0110\u1ed5i l\u1ea1i, c\u00f3 nhi\u1ec1u giao d\u1ecbch Series A &amp; B h\u01a1n c\u00e1c giao d\u1ecbch \u1edf giai \u0111o\u1ea1n sau. Tr\u00ean h\u1ebft, v\u00ec ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nh\u01b0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n vi\u1ebft nh\u1eefng t\u1ea5m s\u00e9c t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf n\u00ean ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c nh\u1eefng giao d\u1ecbch \u1edf giai \u0111o\u1ea1n tr\u01b0\u1edbc m\u1ed9t c\u00e1ch kh\u00f4ng c\u00e2n x\u1ee9ng so v\u1edbi nh\u1eefng giao d\u1ecbch \u1edf giai \u0111o\u1ea1n sau. Do \u0111\u00f3, h\u1ea7u h\u1ebft c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u \u1edf giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng ho\u1eb7c s\u1edbm h\u01a1n m\u1eb7c d\u00f9 s\u1ed1 l\u01b0\u1ee3ng Series A \u0111\u00e3 t\u0103ng l\u00ean trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y.  <\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2022\/09\/A9DD9217-8532-4C59-90DB-32D6A1EEC419.png\" alt=\"\" class=\"wp-image-18900\" width=\"534\" height=\"388\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2022\/09\/A9DD9217-8532-4C59-90DB-32D6A1EEC419.png 907w, https:\/\/grinda.org\/wp-content\/uploads\/2022\/09\/A9DD9217-8532-4C59-90DB-32D6A1EEC419-768x559.png 768w\" sizes=\"auto, (max-width: 534px) 85vw, 534px\" \/><\/figure>\n<\/div>\n<p>4. <strong>M\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c giao d\u1ecbch t\u1eeb b\u1ea5t k\u1ef3 qu\u1ed1c gia n\u00e0o, ch\u00fang t\u00f4i c\u00f3 c\u00e1c \u01b0u ti\u00ean c\u1ee5 th\u1ec3<\/strong><\/p>\n\n<p>M\u1eb7c d\u00f9 ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u nh\u01b0ng ch\u00fang t\u00f4i c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i New York v\u00e0 h\u1ea7u h\u1ebft s\u1ef1 \u0111\u1ed5i m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec1u \u0111\u1ebfn t\u1eeb Hoa K\u1ef3. Do \u0111\u00f3, h\u1ea7u h\u1ebft lu\u1ed3ng giao d\u1ecbch c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u \u0111\u1ebfn t\u1eeb Hoa K\u1ef3 v\u00e0 h\u1ea7u h\u1ebft c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u \u1edf Hoa K\u1ef3. \u0110\u1ed3ng th\u1eddi, Jose s\u1ed1ng \u1edf London v\u00e0 t\u00f4i l\u00e0 ng\u01b0\u1eddi Ph\u00e1p, v\u00ec v\u1eady ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u giao d\u1ecbch \u1edf ch\u00e2u \u00c2u. V\u1edbi d\u1ea5u \u1ea5n to\u00e0n c\u1ea7u c\u1ee7a OLX, t\u00f4i c\u0169ng c\u00f3 m\u1eb7t r\u1ea5t r\u00f5 r\u00e0ng \u1edf nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i.<\/p>\n\n<p>M\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c giao d\u1ecbch \u1edf t\u1ea5t c\u1ea3 c\u00e1c qu\u1ed1c gia, nh\u01b0ng khi xem x\u00e9t c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i, ch\u00fang t\u00f4i t\u1eadp trung v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u1edbn c\u00f3 h\u1ec7 sinh th\u00e1i m\u1ea1o hi\u1ec3m v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh m\u1ea1nh m\u1ebd h\u01a1n. Ng\u00e0y nay \u0111i\u1ec1u n\u00e0y ch\u1ee7 y\u1ebfu c\u00f3 ngh\u0129a l\u00e0 Brazil v\u00e0 \u1ea4n \u0110\u1ed9. \u0110i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng bao gi\u1edd \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u1ecf h\u01a1n. V\u00ed d\u1ee5: ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o Rappi \u1edf Columbia, Yassir \u1edf Algeria v\u00e0 Lori Systems \u1edf Kenya, nh\u01b0ng ti\u00eau chu\u1ea9n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i cao h\u01a1n r\u1ea5t nhi\u1ec1u.<\/p>\n\n<p>V\u1ea5n \u0111\u1ec1 ch\u00ednh \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i nh\u1ecf h\u01a1n l\u00e0 thi\u1ebfu v\u1ed1n Series A &amp; B v\u00e0 thi\u1ebfu l\u1ed1i tho\u00e1t. C\u00f3 nh\u1eefng ng\u01b0\u1eddi d\u00e2n \u0111\u1ecba ph\u01b0\u01a1ng gi\u00e0u c\u00f3 s\u1ebd \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n v\u00e0o h\u1ea7u h\u1ebft m\u1ecdi qu\u1ed1c gia tr\u00ean th\u1ebf gi\u1edbi. Ngo\u00e0i ra, n\u1ebfu b\u1ea1n \u0111\u1ed9t ph\u00e1, th\u01b0\u1eddng c\u00f3 ngh\u0129a l\u00e0 doanh thu h\u01a1n 100 tri\u1ec7u \u0111\u00f4 la v\u00e0 \u0111\u1ecbnh gi\u00e1 100 tri\u1ec7u \u0111\u00f4 la, c\u00e1c qu\u1ef9 to\u00e0n c\u1ea7u c\u1ee7a Hoa K\u1ef3 nh\u01b0 Tiger Global s\u1ebd t\u00ecm b\u1ea1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0 (\u1edf m\u1ee9c th\u01b0\u1eddng l\u00e0 Series C) b\u1ea5t k\u1ec3 b\u1ea1n \u1edf \u0111\u00e2u.<\/p>\n\n<p>Tuy nhi\u00ean, h\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u1ecf h\u01a1n \u0111\u1ec1u kh\u00f4ng c\u00f3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Series A &amp; B, khi\u1ebfn c\u00e1c c\u00f4ng ty kh\u00f3 c\u00f3 th\u1ec3 chuy\u1ec3n t\u1eeb tr\u1ea1ng th\u00e1i h\u1ea1t gi\u1ed1ng sang tr\u1ea1ng th\u00e1i \u0111\u1ed9t ph\u00e1, \u0111\u1eb7c bi\u1ec7t n\u1ebfu th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba nh\u1ecf. T\u1ec7 h\u01a1n n\u1eefa, c\u00f3 r\u1ea5t \u00edt l\u1ed1i tho\u00e1t cho nh\u1eefng c\u00f4ng ty \u0111\u00f3, ngay c\u1ea3 nh\u1eefng c\u00f4ng ty th\u00e0nh c\u00f4ng, b\u1edfi v\u00ec nh\u1eefng qu\u1ed1c gia m\u00e0 h\u1ecd \u0111\u1eb7t ch\u00e2n \u0111\u1ebfn kh\u00f4ng n\u1eb1m trong danh s\u00e1ch \u01b0u ti\u00ean c\u1ee7a nh\u1eefng k\u1ebb th\u00e2u t\u00f3m l\u1edbn tr\u00ean to\u00e0n c\u1ea7u.<\/p>\n\n<p>Cho \u0111\u1ebfn nay, 58% kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i l\u00e0 \u1edf M\u1ef9 v\u00e0 Canada (ch\u1ee7 y\u1ebfu l\u00e0 M\u1ef9), 25% \u1edf Ch\u00e2u \u00c2u, 6% \u1edf Brazil, 2% \u1edf \u1ea4n \u0110\u1ed9 v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c qu\u1ed1c gia kh\u00e1c c\u1ed9ng l\u1ea1i chi\u1ebfm 9%.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2022\/09\/B6225A08-5305-45FD-8A5B-9F3F101FD754_1_105_c.jpeg\" alt=\"\" class=\"wp-image-18894\" width=\"551\" height=\"400\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2022\/09\/B6225A08-5305-45FD-8A5B-9F3F101FD754_1_105_c.jpeg 1044w, https:\/\/grinda.org\/wp-content\/uploads\/2022\/09\/B6225A08-5305-45FD-8A5B-9F3F101FD754_1_105_c-768x558.jpeg 768w\" sizes=\"auto, (max-width: 551px) 85vw, 551px\" \/><\/figure>\n<\/div><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2022\/09\/86DFDF7B-C183-4043-95A8-5FBA050BC180_1_105_c.jpeg\" alt=\"\" class=\"wp-image-18895\" width=\"555\" height=\"403\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2022\/09\/86DFDF7B-C183-4043-95A8-5FBA050BC180_1_105_c.jpeg 1054w, https:\/\/grinda.org\/wp-content\/uploads\/2022\/09\/86DFDF7B-C183-4043-95A8-5FBA050BC180_1_105_c-768x558.jpeg 768w\" sizes=\"auto, (max-width: 555px) 85vw, 555px\" \/><\/figure>\n<\/div>\n<p>Ngo\u00e0i ra, ch\u00fang t\u00f4i c\u00f2n c\u00f3 m\u1ed9t s\u1ed1 nguy\u00ean t\u1eafc h\u01b0\u1edbng d\u1eabn kh\u00e1c.<br\/><br\/><strong>A. Ch\u00fang t\u00f4i t\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n\n<p>Ni\u1ec1m \u0111am m\u00ea c\u1ee7a t\u00f4i v\u1edbi th\u1ecb tr\u01b0\u1eddng b\u1eaft ngu\u1ed3n t\u1eeb ni\u1ec1m \u0111am m\u00ea ban \u0111\u1ea7u c\u1ee7a t\u00f4i v\u1edbi kinh t\u1ebf. T\u00f4i ph\u00e1t hi\u1ec7n ra Adam Smith v\u00e0 David Ricardo \u1edf tu\u1ed5i thi\u1ebfu ni\u00ean. C\u00f4ng tr\u00ecnh c\u1ee7a h\u1ecd g\u00e2y \u1ea5n t\u01b0\u1ee3ng v\u1edbi t\u00f4i v\u00ec n\u00f3 gi\u1ea3i th\u00edch c\u00e1ch th\u1ebf gi\u1edbi \u0111\u01b0\u1ee3c c\u1ea5u tr\u00fac t\u1ed1t h\u01a1n b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c m\u00e0 t\u00f4i g\u1eb7p ph\u1ea3i. \u0110\u00e2y l\u00e0 l\u00fd do t\u1ea1i sao t\u00f4i h\u1ecdc kinh t\u1ebf t\u1ea1i Princeton, \u0111i\u1ec1u n\u00e0y c\u00e0ng l\u00e0m t\u0103ng th\u00eam s\u1ef1 quan t\u00e2m c\u1ee7a t\u00f4i \u0111\u1ed1i v\u1edbi thi\u1ebft k\u1ebf th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c h\u1ec7 th\u1ed1ng khuy\u1ebfn kh\u00edch.<\/p>\n\n<p>Khi t\u00f4i t\u1ed1t nghi\u1ec7p n\u0103m 1996, t\u00f4i kh\u00f4ng ngh\u0129 n\u00f3 s\u1ebd d\u1eabn \u0111\u1ebfn \u0111i\u1ec1u g\u00ec thi\u1ebft th\u1ef1c. L\u00e0 m\u1ed9t thanh ni\u00ean 21 tu\u1ed5i nh\u00fat nh\u00e1t v\u00e0 s\u1ed1ng n\u1ed9i t\u00e2m, t\u00f4i \u0111\u00e3 l\u00e0m vi\u1ec7c cho McKinsey \u0111\u01b0\u1ee3c hai n\u0103m. M\u1eb7c d\u00f9 t\u00f4i mu\u1ed1n tr\u1edf th\u00e0nh m\u1ed9t doanh nh\u00e2n tr\u00ean Internet nh\u01b0ng t\u00f4i c\u1ea3m th\u1ea5y McKinsey s\u1ebd gi\u1ed1ng nh\u01b0 m\u1ed9t tr\u01b0\u1eddng kinh doanh, ngo\u1ea1i tr\u1eeb vi\u1ec7c h\u1ecd tr\u1ea3 ti\u1ec1n cho t\u00f4i. Hai n\u0103m sau, t\u00f4i c\u1ea3m th\u1ea5y m\u00ecnh \u0111\u00e3 h\u1ecdc \u0111\u01b0\u1ee3c nh\u1eefng \u0111i\u1ec1u c\u1ea7n h\u1ecdc v\u00e0 s\u1eb5n s\u00e0ng d\u1ea5n th\u00e2n v\u00e0o th\u1ebf gi\u1edbi kinh doanh.<\/p>\n\n<p>Khi t\u00f4i b\u1eaft \u0111\u1ea7u suy ngh\u0129 v\u1ec1 nh\u1eefng \u00fd t\u01b0\u1edfng v\u1ec1 nh\u1eefng c\u00f4ng ty m\u00e0 t\u00f4i c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng, t\u00f4i nh\u1eadn ra r\u1eb1ng nhi\u1ec1u c\u00f4ng ty kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi m\u1ed9t thanh ni\u00ean 23 tu\u1ed5i thi\u1ebfu kinh nghi\u1ec7m. X\u00e2y d\u1ef1ng c\u00e1c c\u00f4ng ty ki\u1ec3u Amazon \u0111\u00f2i h\u1ecfi ph\u1ea3i qu\u1ea3n l\u00fd chu\u1ed7i cung \u1ee9ng ph\u1ee9c t\u1ea1p. C\u00e1c c\u00f4ng ty thu\u1ed9c lo\u1ea1i h\u00ecnh Etrade y\u00eau c\u1ea7u ph\u1ea3i c\u00f3 gi\u1ea5y ph\u00e9p m\u00f4i gi\u1edbi ho\u1eb7c ng\u00e2n h\u00e0ng. H\u1ea7u h\u1ebft c\u00e1c \u00fd t\u01b0\u1edfng c\u0169ng \u0111\u00f2i h\u1ecfi r\u1ea5t nhi\u1ec1u v\u1ed1n. Khi t\u00f4i truy c\u1eadp trang web eBay, t\u00f4i \u0111\u00e3 th\u00edch ngay t\u1eeb c\u00fa nh\u1ea5p chu\u1ed9t \u0111\u1ea7u ti\u00ean. T\u00f4i ngay l\u1eadp t\u1ee9c nh\u1eadn ra l\u01b0\u1ee3ng gi\u00e1 tr\u1ecb phi th\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1eb1ng c\u00e1ch mang l\u1ea1i s\u1ef1 minh b\u1ea1ch v\u00e0 t\u00ednh thanh kho\u1ea3n cho c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u00f4ng r\u00f5 r\u00e0ng v\u00e0 ph\u00e2n m\u1ea3nh tr\u01b0\u1edbc \u0111\u00e2y d\u00e0nh cho \u0111\u1ed3 s\u01b0u t\u1ea7m v\u00e0 h\u00e0ng h\u00f3a \u0111\u00e3 qua s\u1eed d\u1ee5ng, v\u1ed1n ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch ngo\u1ea1i tuy\u1ebfn trong c\u00e1c \u0111\u1ee3t b\u00e1n h\u00e0ng trong gara. T\u00f4i c\u0169ng nh\u1eadn ra r\u1eb1ng m\u00f4 h\u00ecnh n\u00e0y s\u1ebd hi\u1ec7u qu\u1ea3 v\u1ec1 v\u1ed1n nh\u01b0 th\u1ebf n\u00e0o khi n\u00f3 gi\u1ea3i ph\u00f3ng hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi m\u1ea1nh m\u1ebd v\u1edbi vi\u1ec7c ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi mua k\u00e9o theo nhi\u1ec1u ng\u01b0\u1eddi b\u00e1n h\u01a1n, nh\u1eefng ng\u01b0\u1eddi n\u00e0y l\u1ea7n l\u01b0\u1ee3t thu h\u00fat th\u00eam nhi\u1ec1u ng\u01b0\u1eddi mua h\u01a1n. H\u01a1n n\u1eefa, t\u00f4i bi\u1ebft t\u00f4i c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng n\u00f3. Vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t trang web nh\u01b0 eBay c\u00f3 s\u1ef1 ph\u1ee9c t\u1ea1p ri\u00eang trong vi\u1ec7c gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 con g\u00e0 v\u00e0 qu\u1ea3 tr\u1ee9ng \u0111\u1ec3 t\u00ecm ra c\u00e1i g\u00ec n\u00ean b\u1eaft \u0111\u1ea7u v\u00e0 c\u00e1ch ki\u1ebfm ti\u1ec1n, nh\u01b0ng \u0111\u00f3 l\u00e0 lo\u1ea1i ph\u1ee9c t\u1ea1p m\u00e0 t\u00f4i c\u1ea3m th\u1ea5y ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p \u0111\u1ec3 gi\u1ea3i quy\u1ebft.<\/p>\n\n<p>T\u00f4i th\u00e0nh l\u1eadp Aucland, m\u1ed9t trang \u0111\u1ea5u gi\u00e1 tr\u1ef1c tuy\u1ebfn \u1edf Ch\u00e2u \u00c2u v\u00e0o th\u00e1ng 7 n\u0103m 1998. Cu\u1ed1i c\u00f9ng t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng n\u00f3 th\u00e0nh m\u1ed9t trong nh\u1eefng trang \u0111\u1ea5u gi\u00e1 tr\u1ef1c tuy\u1ebfn l\u1edbn nh\u1ea5t \u1edf Ch\u00e2u \u00c2u tr\u01b0\u1edbc khi n\u00f3 s\u00e1p nh\u1eadp v\u1edbi m\u1ed9t \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai, QXL Ricardo. \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 sau \u0111\u00f3 h\u1ecd \u0111\u00e3 \u0111\u01b0\u1ee3c Naspers mua l\u1ea1i (v\u00ec cu\u1ed1i c\u00f9ng OLX c\u0169ng v\u1eady). Khi \u0111ang \u0111i\u1ec1u h\u00e0nh Aucland, t\u00f4i \u0111\u01b0\u1ee3c m\u1ed9t \u0111\u1ed3ng nghi\u1ec7p \u1edf McKinsey gi\u1edbi thi\u1ec7u v\u1edbi m\u1ed9t nh\u00f3m sinh vi\u00ean t\u1ed1t nghi\u1ec7p Harvard v\u00e0 Stanford. T\u00f4i x\u00e1c nh\u1eadn ni\u1ec1m tin c\u1ee7a h\u1ecd r\u1eb1ng h\u1ecd n\u00ean ra m\u1eaft m\u1ed9t trang web gi\u1ed1ng nh\u01b0 eBay \u1edf M\u1ef9 Latinh v\u00e0 \u0111\u1ed3ng \u00fd cung c\u1ea5p cho h\u1ecd c\u00f4ng ngh\u1ec7 v\u00e0 k\u1ebf ho\u1ea1ch kinh doanh \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111i\u1ec1u \u0111\u00f3. Deremate ra \u0111\u1eddi v\u00e0 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng trang \u0111\u1ea5u gi\u00e1 h\u00e0ng \u0111\u1ea7u \u1edf M\u1ef9 Latinh cho \u0111\u1ebfn khi s\u00e1p nh\u1eadp v\u1edbi MercadoLibre tr\u01b0\u1edbc \u0111\u1ee3t IPO.<\/p>\n\n<p>T\u00f4i th\u00edch x\u00e2y d\u1ef1ng Aucland. T\u00f4i y\u00eau th\u00edch s\u1eafc th\u00e1i c\u1ee7a vi\u1ec7c k\u1ebft h\u1ee3p cung v\u00e0 c\u1ea7u tr\u00ean c\u01a1 s\u1edf t\u1eebng danh m\u1ee5c v\u00e0 x\u00e2y d\u1ef1ng m\u1ed9t c\u1ed9ng \u0111\u1ed3ng ng\u01b0\u1eddi d\u00f9ng th\u1ef1c s\u1ef1. Sau khi bong b\u00f3ng Internet n\u1ed5 tung, t\u00f4i th\u00e0nh l\u1eadp Zingy, m\u1ed9t c\u00f4ng ty nh\u1ea1c chu\u00f4ng, v\u00ec t\u00f4i mu\u1ed1n tr\u1edf th\u00e0nh m\u1ed9t doanh nh\u00e2n v\u00e0 c\u1ea3m th\u1ea5y m\u00ecnh c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p th\u00e0nh c\u00f4ng v\u00e0 sinh l\u1eddi trong m\u1ed9t th\u1ebf gi\u1edbi kh\u00f4ng c\u00f3 v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m. Tuy nhi\u00ean, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 t\u00ecnh y\u00eau \u0111\u00edch th\u1ef1c. \u0110\u00f3 l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c \u0111\u00edch. T\u00f4i \u0111\u00e3 l\u00e0m cho n\u00f3 c\u00f3 l\u00e3i, t\u0103ng doanh thu l\u00ean 200 tri\u1ec7u \u0111\u00f4 la tr\u01b0\u1edbc khi b\u00e1n n\u00f3 v\u1edbi gi\u00e1 80 tri\u1ec7u \u0111\u00f4 la. B\u00e2y gi\u1edd t\u00f4i c\u00f3 th\u1ec3 quay l\u1ea1i ch\u1ee3.<\/p>\n\n<p>Trong nh\u1eefng n\u0103m qua, t\u00f4i \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bc\u1ea3 s\u1ef1 n\u1ed5i l\u00ean c\u1ee7a Craigslist v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng d\u1ecdc \u0111\u1ea7u ti\u00ean nh\u01b0 Stubhub v\u00e0 Elance (nay l\u00e0 Upwork). T\u00f4i r\u1ea5t h\u00e0o h\u1ee9ng khi x\u00e2y d\u1ef1ng OLX. \u0110\u00f3 l\u00e0 c\u00f4ng ty m\u00e0 t\u00f4i \u0111\u1ecbnh x\u00e2y d\u1ef1ng. \u0110\u00f3 ch\u00ednh l\u00e0 nh\u1eefng g\u00ec Craigslist s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c n\u1ebfu n\u00f3 ho\u1ea1t \u0111\u1ed9ng t\u1ed1t: \u01b0u ti\u00ean thi\u1ebft b\u1ecb di \u0111\u1ed9ng v\u1edbi n\u1ed9i dung \u0111\u01b0\u1ee3c ki\u1ec3m duy\u1ec7t ho\u00e0n to\u00e0n, kh\u00f4ng c\u00f3 th\u01b0 r\u00e1c, l\u1eeba \u0111\u1ea3o, m\u1ea1i d\u00e2m, c\u00e1 nh\u00e2n v\u00e0 gi\u1ebft ng\u01b0\u1eddi, ph\u1ee5c v\u1ee5 ph\u1ee5 n\u1eef, nh\u1eefng ng\u01b0\u1eddi l\u00e0 ng\u01b0\u1eddi ra quy\u1ebft \u0111\u1ecbnh ch\u00ednh trong m\u1ecdi ho\u1ea1t \u0111\u1ed9ng mua s\u1eafm c\u1ee7a h\u1ed9 gia \u0111\u00ecnh. N\u00f3 hi\u1ec7n ph\u1ee5c v\u1ee5 h\u01a1n 350 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng m\u1ed7i th\u00e1ng t\u1ea1i 30 qu\u1ed1c gia \u1edf h\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i, n\u01a1i n\u00f3 l\u00e0 m\u1ed9t ph\u1ea7n c\u01a1 c\u1ea5u c\u1ee7a x\u00e3 h\u1ed9i. N\u00f3 cho ph\u00e9p h\u00e0ng tri\u1ec7u ng\u01b0\u1eddi ki\u1ebfm s\u1ed1ng v\u00e0 c\u1ea3i thi\u1ec7n cu\u1ed9c s\u1ed1ng h\u00e0ng ng\u00e0y trong khi \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng mi\u1ec5n ph\u00ed.<\/p>\n\n<p>OLX cho ph\u00e9p t\u00f4i ph\u00e1t tri\u1ec3n h\u01a1n n\u1eefa ngh\u1ec1 c\u1ee7a m\u00ecnh v\u00e0 c\u00e0ng y\u00eau v\u1ebb \u0111\u1eb9p v\u00e0 s\u1ef1 sang tr\u1ecdng c\u1ee7a c\u00e1c khu ch\u1ee3. Khi b\u1eadn \u0111i\u1ec1u h\u00e0nh OLX c\u00f9ng h\u00e0ng tr\u0103m nh\u00e2n vi\u00ean tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi, t\u00f4i quy\u1ebft \u0111\u1ecbnh t\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n v\u00ec t\u00f4i c\u1ea3m th\u1ea5y m\u00ecnh c\u00f3 v\u1ecb th\u1ebf \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 nhanh ch\u00f3ng.<\/p>\n\n<p>Chuy\u00ean m\u00f4n h\u00f3a n\u00e0y \u0111\u00e3 t\u1ea1o ra hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi ri\u00eang c\u1ee7a n\u00f3. Vi\u1ec7c tr\u1edf n\u00ean n\u1ed5i ti\u1ebfng v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 c\u1ea3i thi\u1ec7n lu\u1ed3ng giao d\u1ecbch c\u1ee7a t\u00f4i tr\u00ean th\u1ecb tr\u01b0\u1eddng, c\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng nh\u1eadn d\u1ea1ng m\u1eabu c\u1ee7a t\u00f4i v\u00e0 cho ph\u00e9p t\u00f4i ph\u00e1t tri\u1ec3n lu\u1eadn \u0111i\u1ec3m v\u00e0 ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n ch\u1eafc ch\u1eafn h\u01a1n. Khi FJ Labs ph\u00e1t tri\u1ec3n t\u1eeb Jose v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n c\u1ee7a t\u00f4i, ch\u00fang t\u00f4i ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 ti\u1ebfp t\u1ee5c \u0111i theo con \u0111\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 \u0111i.<\/p>\n\n<p>V\u00e0o n\u0103m 2020, th\u1ecb tr\u01b0\u1eddng v\u1eabn ph\u00f9 h\u1ee3p h\u01a1n bao gi\u1edd h\u1ebft. Ch\u00fang ta v\u1eabn \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a cu\u1ed9c c\u00e1ch m\u1ea1ng c\u00f4ng ngh\u1ec7 v\u00e0 th\u1ecb tr\u01b0\u1eddng s\u1ebd \u0111\u00f3ng m\u1ed9t vai tr\u00f2 quan tr\u1ecdng trong th\u1eadp k\u1ef7 t\u1edbi v\u00e0 h\u01a1n th\u1ebf n\u1eefa.<br\/><br\/><strong>B. Ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh nhanh ch\u00f3ng v\u00e0 minh b\u1ea1ch<\/strong><\/p>\n\n<p>L\u00e0 m\u1ed9t doanh nh\u00e2n, t\u00f4i lu\u00f4n gh\u00e9t qu\u00e1 tr\u00ecnh g\u00e2y qu\u1ef9 ch\u1eadm ch\u1ea1p v\u00e0 t\u1ed1n th\u1eddi gian nh\u01b0 th\u1ebf n\u00e0o. Nhi\u1ec1u tu\u1ea7n tr\u00f4i qua gi\u1eefa c\u00e1c cu\u1ed9c g\u1eb7p v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m ch\u1ec9 v\u00ec h\u1ecd s\u1eed d\u1ee5ng th\u1eddi gian nh\u01b0 m\u1ed9t y\u1ebfu t\u1ed1 th\u1ea9m \u0111\u1ecbnh. C\u00e1c doanh nh\u00e2n ph\u1ea3i r\u1ea5t chu \u0111\u00e1o trong vi\u1ec7c th\u1ef1c hi\u1ec7n m\u1ed9t quy tr\u00ecnh ch\u1eb7t ch\u1ebd \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u00e1c b\u1ea3ng \u0111i\u1ec1u kho\u1ea3n c\u00f9ng l\u00fac nh\u1eb1m t\u1ea1o ra l\u01b0\u1ee3ng FOMO ph\u00f9 h\u1ee3p. C\u00e1c doanh nh\u00e2n hi\u1ebfm khi bi\u1ebft m\u00ecnh \u0111ang \u0111\u1ee9ng \u1edf \u0111\u00e2u. Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m kh\u00f4ng quan t\u00e2m c\u00f3 th\u1ec3 b\u1ecf qua ch\u00fang ho\u1eb7c c\u1ef1c k\u1ef3 ch\u1eadm ch\u1ea1p thay v\u00ec ho\u00e0n to\u00e0n chuy\u1ec3n kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1ec3 duy tr\u00ec kh\u1ea3 n\u0103ng thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ecd.<\/p>\n\n<p>N\u00f3 khi\u1ebfn t\u00f4i ph\u00e1t \u0111i\u00ean v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t doanh nh\u00e2n v\u00e0 t\u00f4i quy\u1ebft \u0111\u1ecbnh l\u00e0m \u0111i\u1ec1u ng\u01b0\u1ee3c l\u1ea1i v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t thi\u00ean th\u1ea7n. T\u00f4i \u0111\u00e3 ch\u1ecdn s\u1ef1 minh b\u1ea1ch v\u00e0 trung th\u1ef1c tri\u1ec7t \u0111\u1ec3. V\u00ec qu\u00e1 b\u1eadn r\u1ed9n \u0111i\u1ec1u h\u00e0nh c\u00e1c ho\u1ea1t \u0111\u1ed9ng h\u00e0ng ng\u00e0y c\u1ee7a OLX n\u00ean t\u00f4i \u0111\u00e3 ngh\u0129 ra chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p d\u1ef1a tr\u00ean cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i 1 gi\u1edd. Trong cu\u1ed9c g\u1ecdi ho\u1eb7c cu\u1ed9c h\u1ecdp k\u00e9o d\u00e0i 1 gi\u1edd, t\u00f4i s\u1ebd n\u00f3i v\u1edbi c\u00e1c doanh nh\u00e2n r\u1eb1ng li\u1ec7u t\u00f4i c\u00f3 \u0111ang \u0111\u1ea7u t\u01b0 hay kh\u00f4ng v\u00e0 t\u1ea1i sao. Trong 97% tr\u01b0\u1eddng h\u1ee3p, t\u00f4i \u0111\u00e3 b\u1ecf qua c\u01a1 h\u1ed9i v\u00e0 n\u00f3i v\u1edbi h\u1ecd nh\u1eefng g\u00ec c\u1ea7n c\u1ea3i thi\u1ec7n \u0111\u1ec3 thay \u0111\u1ed5i suy ngh\u0129 c\u1ee7a t\u00f4i.<\/p>\n\n<p>Ch\u00fang t\u00f4i kh\u00f4ng thay \u0111\u1ed5i nhi\u1ec1u quy tr\u00ecnh c\u1ee7a FJ Labs, m\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u00e3 tinh ch\u1ec9nh n\u00f3 theo c\u00e1ch cho ph\u00e9p ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 nhi\u1ec1u giao d\u1ecbch h\u01a1n v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng h\u01a1n. H\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111\u1ec1u \u0111\u01b0\u1ee3c xem x\u00e9t l\u1ea7n \u0111\u1ea7u ti\u00ean b\u1edfi m\u1ed9t th\u00e0nh vi\u00ean nh\u00f3m FJ, ng\u01b0\u1eddi s\u1ebd tr\u00ecnh b\u00e0y khuy\u1ebfn ngh\u1ecb c\u1ee7a h\u1ecd trong cu\u1ed9c h\u1ecdp \u1ee7y ban \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ee9 Ba c\u1ee7a ch\u00fang t\u00f4i. N\u1ebfu \u0111\u01b0\u1ee3c Jose b\u1ea3o \u0111\u1ea3m ho\u1eb7c t\u00f4i s\u1ebd th\u1ef1c hi\u1ec7n cu\u1ed9c g\u1ecdi th\u1ee9 hai, sau \u0111\u00f3 ch\u00fang t\u00f4i s\u1ebd \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. N\u00f3i c\u00e1ch kh\u00e1c, c\u00e1c doanh nh\u00e2n s\u1ebd \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 sau t\u1ed1i \u0111a 2 cu\u1ed9c g\u1ecdi trong v\u00f2ng 2 tu\u1ea7n. N\u1ebfu ch\u00fang t\u00f4i ch\u1ecdn kh\u00f4ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i s\u1ebd cho h\u1ecd bi\u1ebft l\u00fd do v\u00e0 \u0111i\u1ec1u g\u00ec c\u1ea7n thay \u0111\u1ed5i \u0111\u1ec3 ch\u00fang t\u00f4i thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh.<\/p>\n\n<p>N\u1ebfu l\u00e0 ng\u01b0\u1eddi tham gia cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean, t\u00f4i v\u1eabn th\u01b0\u1eddng \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o cu\u1ed1i cu\u1ed9c h\u1ecdp tr\u01b0\u1edbc s\u1ef1 ng\u1ea1c nhi\u00ean c\u1ee7a doanh nh\u00e2n. T\u00f4i th\u1ea5y n\u00f3 b\u00ecnh th\u01b0\u1eddng. Sau t\u1ea5t c\u1ea3, ch\u00fang t\u00f4i c\u00f3 chi\u1ebfn l\u01b0\u1ee3c v\u00e0 kinh nghi\u1ec7m \u0111\u1ea7u t\u01b0 r\u00f5 r\u00e0ng c\u0169ng nh\u01b0 gi\u1eef v\u1eefng ni\u1ec1m tin c\u1ee7a m\u00ecnh. T\u00f4i y\u00eau s\u1ef1 r\u00f5 r\u00e0ng v\u1ec1 m\u1ee5c \u0111\u00edch v\u00e0 suy ngh\u0129.<br\/><br\/><strong>C. Ch\u00fang t\u00f4i kh\u00f4ng d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch  <\/strong><\/p>\n\n<p>L\u00e0 thi\u00ean th\u1ea7n, ch\u00fang t\u00f4i kh\u00f4ng d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch. Khi ch\u00fang t\u00f4i th\u00e0nh l\u1eadp FJ Labs, ch\u00fang t\u00f4i ch\u01b0a bao gi\u1edd ngh\u0129 \u0111\u1ebfn vi\u1ec7c tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m truy\u1ec1n th\u1ed1ng v\u00e0 d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch. Ch\u00fang t\u00f4i th\u00edch g\u1eb7p g\u1ee1 c\u00e1c doanh nh\u00e2n, nghe nh\u1eefng \u00fd t\u01b0\u1edfng \u0111i\u00ean r\u1ed3 c\u1ee7a h\u1ecd v\u00e0 gi\u00fap h\u1ecd th\u1ef1c hi\u1ec7n nh\u1eefng \u01b0\u1edbc m\u01a1 \u0111\u00f3. \u0110i\u1ec1u n\u00e0y cho ph\u00e9p ch\u00fang t\u00f4i tr\u00e1nh \u0111\u01b0\u1ee3c c\u00e1c c\u00f4ng vi\u1ec7c ph\u00e1p l\u00fd v\u00e0 h\u00e0nh ch\u00ednh ph\u00e1t sinh t\u1eeb c\u00e1c giao d\u1ecbch h\u00e0ng \u0111\u1ea7u.<\/p>\n\n<p>H\u01a1n n\u1eefa, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u1eefng thi\u00ean th\u1ea7n, ch\u00fang t\u00f4i lu\u00f4n coi VC l\u00e0 b\u1ea1n c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i \u0111\u00e3 thi\u1ebft l\u1eadp m\u1ed1i quan h\u1ec7 b\u1ec1n ch\u1eb7t v\u1edbi nhi\u1ec1u ng\u01b0\u1eddi trong s\u1ed1 h\u1ecd v\u00e0 b\u1eaft \u0111\u1ea7u t\u1ed5 ch\u1ee9c c\u00e1c cu\u1ed9c g\u1ecdi th\u01b0\u1eddng xuy\u00ean \u0111\u1ec3 chia s\u1ebb quy tr\u00ecnh giao d\u1ecbch. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a ch\u00fang t\u00f4i c\u1ef1c k\u1ef3 th\u00e0nh c\u00f4ng v\u00e0 vi\u1ec7c thay \u0111\u1ed5i n\u00f3 l\u00e0 \u0111i\u1ec1u v\u00f4 ngh\u0129a. C\u00e1c giao d\u1ecbch d\u1eabn \u0111\u1ea7u c\u00f3 ngh\u0129a l\u00e0 ph\u1ea3i c\u1ea1nh tranh v\u1edbi c\u00e1c VC \u0111\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5. C\u00f3 r\u1ea5t nhi\u1ec1u \u01b0u \u0111\u00e3i tuy\u1ec7t v\u1eddi m\u00e0 ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng th\u1ec3 tham gia ho\u1eb7c \u0111\u01b0\u1ee3c m\u1eddi tham gia. Kh\u00f4ng ai t\u1ec9nh t\u00e1o s\u1ebd ch\u1ecdn ch\u00fang t\u00f4i thay v\u00ec Sequoia n\u1ebfu ch\u00fang t\u00f4i l\u00e0 lo\u1ea1i VC d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch. \u0110i\u1ec1u hay l\u00e0 v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn hi\u1ec7n t\u1ea1i, c\u00e1c doanh nh\u00e2n kh\u00f4ng c\u1ea7n ph\u1ea3i l\u1ef1a ch\u1ecdn. H\u1ecd c\u00f3 th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u1ea3 VC ch\u00ednh m\u00e0 h\u1ecd l\u1ef1a ch\u1ecdn v\u00e0 ch\u00fang t\u00f4i. Hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o h\u1ea7u h\u1ebft m\u1ecdi c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i mu\u1ed1n v\u00e0 ch\u00fang t\u00f4i y\u00eau th\u00edch \u0111i\u1ec1u \u0111\u00f3!<br\/><br\/><strong>D. Ch\u00fang t\u00f4i kh\u00f4ng ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb<\/strong><\/p>\n\n<p>Theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, vi\u1ec7c kh\u00f4ng ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb l\u00e0 h\u1eadu qu\u1ea3 t\u1ef1 nhi\u00ean c\u1ee7a vi\u1ec7c kh\u00f4ng l\u00e3nh \u0111\u1ea1o, nh\u01b0ng ch\u00fang ta c\u00f3 nh\u1eefng l\u00fd do c\u01a1 b\u1ea3n \u0111\u1ec3 kh\u00f4ng mu\u1ed1n ng\u1ed3i v\u00e0o h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. V\u1ec1 m\u1eb7t kh\u00e1ch quan, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ec3 tham gia hi\u1ec7u qu\u1ea3 h\u01a1n 10 h\u1ed9i \u0111\u1ed3ng, \u0111i\u1ec1u n\u00e0y kh\u00f4ng t\u01b0\u01a1ng th\u00edch v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn \u0111a d\u1ea1ng h\u00f3a cao \u0111\u1ed9 c\u1ee7a ch\u00fang t\u00f4i. T\u1ec7 h\u01a1n n\u1eefa, t\u00f4i quan s\u00e1t th\u1ea5y r\u1eb1ng nh\u1eefng c\u00f4ng ty \u0111ang th\u1ea5t b\u1ea1i cu\u1ed1i c\u00f9ng l\u1ea1i c\u1ea7n nhi\u1ec1u c\u00f4ng s\u1ee9c v\u00e0 th\u1eddi gian h\u01a1n. N\u00f3i c\u00e1ch kh\u00e1c, cu\u1ed1i c\u00f9ng b\u1ea1n s\u1ebd ph\u00e2n b\u1ed5 to\u00e0n b\u1ed9 th\u1eddi gian c\u1ee7a m\u00ecnh \u0111\u1ec3 gi\u00fap c\u00e1c c\u00f4ng ty \u0111i t\u1eeb 1 \u0111\u1ebfn 0 v\u00e0 h\u1ea7u nh\u01b0 kh\u00f4ng d\u00e0nh th\u1eddi gian n\u00e0o cho c\u00e1c c\u00f4ng ty \u0111ang ho\u1ea1t \u0111\u1ed9ng t\u1ed1t nh\u1ea5t v\u00e0 \u0111ang \u0111i t\u1eeb 1 \u0111\u1ebfn 100. Thay v\u00e0o \u0111\u00f3, b\u1ea1n n\u00ean b\u1ecf qua nh\u1eefng c\u00f4ng ty \u0111i t\u1eeb 1 \u0111\u1ebfn 0 v\u00e0 d\u00e0nh th\u1eddi gian suy ngh\u0129 c\u00e1ch t\u1ea1o ra gi\u00e1 tr\u1ecb cao nh\u1ea5t cho t\u00e0u t\u00ean l\u1eeda c\u1ee7a m\u00ecnh.<\/p>\n\n<p>Ngo\u00e0i ra c\u00f2n c\u00f3 m\u1ed9t s\u1ed1 h\u00ecnh th\u1ee9c v\u00e0 t\u00ednh c\u1ee9ng nh\u1eafc nh\u1ea5t \u0111\u1ecbnh trong c\u00e1c cu\u1ed9c h\u1ecdp h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb khi\u1ebfn h\u1ecd kh\u00f4ng th\u1ec3 \u0111i v\u00e0o tr\u1ecdng t\u00e2m c\u1ee7a v\u1ea5n \u0111\u1ec1. V\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t doanh nh\u00e2n v\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0, nh\u1eefng cu\u1ed9c th\u1ea3o lu\u1eadn chi\u1ebfn l\u01b0\u1ee3c c\u00f3 \u00fd ngh\u0129a nh\u1ea5t m\u00e0 t\u00f4i t\u1eebng c\u00f3 l\u00e0 nh\u1eefng cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u00e0 ph\u00ea 1-1 th\u00e2n m\u1eadt h\u01a1n l\u00e0 nh\u1eefng cu\u1ed9c h\u1ecdp h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb ch\u00ednh th\u1ee9c. T\u00f4i \u0111\u00e3 \u0111\u01b0\u1ee3c n\u00f3i v\u00f4 s\u1ed1 l\u1ea7n r\u1eb1ng cu\u1ed9c tr\u00f2 chuy\u1ec7n gi\u1eefa t\u00f4i v\u1edbi m\u1ed9t doanh nh\u00e2n l\u00e0 cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u00f3 \u00fd ngh\u0129a nh\u1ea5t m\u00e0 h\u1ecd t\u1eebng c\u00f3.<\/p>\n\n<p>L\u01b0u \u00fd r\u1eb1ng vi\u1ec7c kh\u00f4ng tham gia h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 ch\u00fang t\u00f4i ch\u1ec9 l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ee5 \u0111\u1ed9ng. Gi\u00e1 tr\u1ecb ch\u00fang t\u00f4i cung c\u1ea5p c\u00f3 m\u1ed9t d\u1ea1ng kh\u00e1c.<br\/><br\/><strong>E. Gi\u00e1 tr\u1ecb gia t\u0103ng ch\u00ednh c\u1ee7a ch\u00fang t\u00f4i l\u00e0 h\u1ed7 tr\u1ee3 g\u00e2y qu\u1ef9, qu\u1ea3ng c\u00e1o ngo\u1ea1i tuy\u1ebfn v\u00e0 suy ngh\u0129 v\u1ec1 \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n\n<p>Nhi\u1ec1u qu\u1ef9 v\u1edbi h\u00e0ng t\u1ef7 t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd c\u00f3 \u0111\u1ed9i ng\u0169 n\u1ec1n t\u1ea3ng ho\u00e0n ch\u1ec9nh v\u1edbi nhi\u1ec1u \u0111\u1ed1i t\u00e1c li\u00ean doanh. H\u1ecd c\u00f3 c\u00e1c chuy\u00ean gia s\u0103n \u0111\u1ea7u ng\u01b0\u1eddi v\u00e0 chuy\u00ean gia trong nhi\u1ec1u l\u0129nh v\u1ef1c kh\u00e1c nhau \u0111\u1ec3 gi\u00fap \u0111\u1ee1 c\u00e1c c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0. Ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 \u0111\u1ee7 ngu\u1ed3n l\u1ef1c \u0111\u1ec3 l\u00e0m t\u1ea5t c\u1ea3 nh\u1eefng vi\u1ec7c \u0111\u00f3. Thay v\u00e0o \u0111\u00f3, ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh t\u1eadp trung v\u00e0o ba c\u00e1ch gi\u00fap \u0111\u1ee1 kh\u00e1c nhau.<\/p>\n\n<p>\u0110\u1ea7u ti\u00ean v\u00e0 quan tr\u1ecdng nh\u1ea5t, ch\u00fang t\u00f4i gi\u00fap c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p ph\u00e1t tri\u1ec3n. Ch\u00fang t\u00f4i gi\u00fap h\u1ecd ho\u00e0n th\u00e0nh v\u00f2ng hi\u1ec7n t\u1ea1i ho\u1eb7c n\u00e2ng cao v\u00f2ng trong t\u01b0\u01a1ng lai. Cu\u1ed1i c\u00f9ng, FJ Labs kh\u00f4ng \u0111\u1eb7t ra c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a v\u00f2ng n\u00e0y. Ch\u00fang t\u00f4i ch\u1ec9 mu\u1ed1n c\u00e1c c\u00f4ng ty ch\u00fang t\u00f4i y\u00eau th\u00edch \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3. Ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n c\u00e1c cu\u1ed9c g\u1ecdi chia s\u1ebb lu\u1ed3ng v\u1edbi kho\u1ea3ng 100 VC c\u1ee9 sau 8 tu\u1ea7n, bao g\u1ed3m h\u1ea7u h\u1ebft m\u1ecdi giai \u0111o\u1ea1n v\u00e0 \u0111\u1ecba l\u00fd. Ch\u00fang t\u00f4i c\u00f3 m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ph\u00f9 h\u1ee3p, trong \u0111\u00f3 ch\u00fang t\u00f4i gi\u1edbi thi\u1ec7u c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m ph\u00f9 h\u1ee3p cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p ph\u00f9 h\u1ee3p. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m th\u00edch \u0111i\u1ec1u \u0111\u00f3 v\u00ec h\u1ecd c\u00f3 \u0111\u01b0\u1ee3c lu\u1ed3ng giao d\u1ecbch ph\u00f9 h\u1ee3p v\u00e0 kh\u00e1c bi\u1ec7t. C\u00e1c doanh nh\u00e2n th\u00edch n\u00f3 v\u00ec h\u1ecd \u0111\u01b0\u1ee3c g\u1eb7p g\u1ee1 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m h\u00e0ng \u0111\u1ea7u. Ch\u00fang t\u00f4i y\u00eau th\u00edch n\u00f3 v\u00ec c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u00e0 ch\u00fang t\u00f4i quan t\u00e2m \u0111\u1ec1u nh\u1eadn \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3.<\/p>\n\n<p>Tr\u01b0\u1edbc khi doanh nh\u00e2n b\u1eaft tay v\u00e0o ti\u1ebfp th\u1ecb, ch\u00fang t\u00f4i c\u1ed1 g\u1eafng th\u1ef1c hi\u1ec7n m\u1ed9t cu\u1ed9c g\u1ecdi \u0111\u1ec3 cung c\u1ea5p cho h\u1ecd ph\u1ea3n h\u1ed3i v\u1ec1 quan \u0111i\u1ec3m c\u1ee7a h\u1ecd c\u0169ng nh\u01b0 xem x\u00e9t c\u00e1ch tr\u00ecnh b\u00e0y v\u00e0 qu\u1ea3ng c\u00e1o chi\u00eau h\u00e0ng c\u1ee7a h\u1ecd. Khi ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y h\u1ecd \u0111\u00e3 s\u1eb5n s\u00e0ng, ch\u00fang t\u00f4i s\u1ebd t\u1ea1o ph\u1ea7n gi\u1edbi thi\u1ec7u ph\u00f9 h\u1ee3p.<\/p>\n\n<p>Ch\u00fang t\u00f4i c\u0169ng c\u00f3 th\u1ec3 gi\u00fap suy ngh\u0129 v\u1ec1 \u0111\u1ed9ng l\u1ef1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng. B\u1ea1n n\u00ean b\u1eaft \u0111\u1ea7u v\u1edbi b\u00ean cung hay b\u00ean c\u1ea7u? B\u1ea1n n\u00ean l\u00e0 ng\u01b0\u1eddi \u0111\u1ecba ph\u01b0\u01a1ng nh\u01b0 th\u1ebf n\u00e0o? M\u1ee9c c\u00e0o n\u00ean l\u00e0 1%, 5%, 15% hay 50%? N\u00ean nghi\u00eang v\u1ec1 ph\u00eda cung hay ph\u00eda c\u1ea7u? B\u1ea1n c\u00f3 n\u00ean cung c\u1ea5p d\u1ecbch v\u1ee5 b\u1ed5 sung cho m\u1ed9t b\u00ean c\u1ee7a th\u1ecb tr\u01b0\u1eddng? Ch\u00fang t\u00f4i th\u1ea5y r\u1ea5t nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng n\u00ean ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n r\u1ea5t nhi\u1ec1u kh\u1ea3 n\u0103ng nh\u1eadn d\u1ea1ng m\u1eabu v\u00e0 c\u00f3 th\u1ec3 gi\u00fap suy ngh\u0129 th\u1ea5u \u0111\u00e1o c\u00e1c v\u1ea5n \u0111\u1ec1 chi\u1ebfn l\u01b0\u1ee3c c\u1ed1t l\u00f5i.<\/p>\n\n<p>Cu\u1ed1i c\u00f9ng, ch\u00fang t\u00f4i c\u00f3 th\u1ec3 gi\u00fap c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 qu\u1ea3ng c\u00e1o ngo\u1ea1i tuy\u1ebfn, \u0111\u1eb7c bi\u1ec7t l\u00e0 qu\u1ea3ng c\u00e1o tr\u00ean TV. William Guillouard, m\u1ed9t trong nh\u1eefng \u0110\u1ed1i t\u00e1c li\u00ean doanh c\u1ee7a ch\u00fang t\u00f4i l\u00e0 Gi\u00e1m \u0111\u1ed1c Ti\u1ebfp th\u1ecb t\u1ea1i OLX, n\u01a1i ch\u00fang t\u00f4i \u0111\u00e3 chi h\u01a1n 500 tri\u1ec7u \u0111\u00f4 la v\u00e0o qu\u1ea3ng c\u00e1o truy\u1ec1n h\u00ecnh. Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 ch\u1ea1y chi\u1ebfn d\u1ecbch truy\u1ec1n h\u00ecnh theo c\u00e1ch ch\u00fang t\u00f4i ch\u1ea1y c\u00e1c chi\u1ebfn d\u1ecbch tr\u1ef1c tuy\u1ebfn v\u1edbi m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5 v\u00e0 ph\u00e2n t\u00edch LTV \u0111\u1ebfn CAC. Trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p, ch\u00fang t\u00f4i \u0111\u00e3 th\u00e0nh c\u00f4ng trong vi\u1ec7c m\u1edf r\u1ed9ng quy m\u00f4 c\u00f4ng ty m\u1ed9t c\u00e1ch nhanh ch\u00f3ng th\u00f4ng qua TV v\u1edbi n\u1ec1n kinh t\u1ebf \u0111\u01a1n v\u1ecb t\u1ed1t h\u01a1n so v\u1edbi th\u00f4ng qua Google v\u00e0 Facebook. R\u00f5 r\u00e0ng, \u0111i\u1ec1u n\u00e0y ch\u1ec9 \u00e1p d\u1ee5ng cho m\u1ed9t nh\u00f3m nh\u1ecf c\u00e1c c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang, c\u00f3 n\u1ec1n kinh t\u1ebf \u0111\u01a1n v\u1ecb t\u1ed1t v\u00e0 quy m\u00f4 \u0111\u1ee7 \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c th\u1eed s\u1eed d\u1ee5ng TV, nh\u01b0ng \u0111\u1ed1i v\u1edbi nh\u1eefng c\u00f4ng ty \u0111\u00f3, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 thay \u0111\u1ed5i cu\u1ed9c ch\u01a1i.<br\/><br\/><strong>F. Ch\u00fang t\u00f4i \u0111\u00e3 thi\u1ebft l\u1eadp k\u00edch th\u01b0\u1edbc s\u00e9c theo v\u00f2ng<\/strong><\/p>\n\n<p>Ch\u00fang t\u00f4i kh\u00f4ng mu\u1ed1n c\u1ea1nh tranh \u0111\u1ec3 gi\u00e0nh quy\u1ec1n ph\u00e2n b\u1ed5 v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m truy\u1ec1n th\u1ed1ng. Ch\u00fang t\u00f4i t\u1ef1 coi m\u00ecnh l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 nh\u1ecf c\u00f3 gi\u00e1 tr\u1ecb gia t\u0103ng c\u00f9ng v\u1edbi h\u1ecd v\u00e0 ch\u00fang t\u00f4i mu\u1ed1n h\u1ecd m\u1eddi ch\u00fang t\u00f4i tham gia c\u00e1c giao d\u1ecbch t\u1ed1t nh\u1ea5t c\u1ee7a h\u1ecd. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7t k\u00edch th\u01b0\u1edbc ki\u1ec3m tra t\u1ed1i \u0111a m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 tri\u1ec3n khai \u1edf m\u1ecdi giai \u0111o\u1ea1n, \u0111\u1eb7c bi\u1ec7t l\u00e0 giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng. Trong v\u00f2ng h\u1ea1t gi\u1ed1ng tr\u1ecb gi\u00e1 3 tri\u1ec7u \u0111\u00f4 la \u0111i\u1ec3n h\u00ecnh, ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u \u0111\u1ea7u t\u01b0 1,5-2 tri\u1ec7u \u0111\u00f4 la. \u0110\u1ec3 c\u00f3 quy m\u00f4 ph\u00f9 h\u1ee3p so v\u1edbi v\u1ecb tr\u00ed d\u1eabn \u0111\u1ea7u, ch\u00fang t\u00f4i hi\u1ec7n \u0111\u1ea7u t\u01b0 $390k v\u00e0o h\u1ea1t gi\u1ed1ng. Ch\u00fang t\u00f4i c\u00f3 th\u1ec3 tri\u1ec3n khai th\u00eam m\u1ed9t ch\u00fat v\u1ed1n \u1edf m\u1ed7i giai \u0111o\u1ea1n v\u00e0 c\u00f3 th\u1ec3 t\u0103ng nh\u1eb9 quy m\u00f4 s\u00e9c trong t\u01b0\u01a1ng lai n\u1ebfu qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i l\u1edbn h\u01a1n m\u1ed9t ch\u00fat, nh\u01b0ng quy m\u00f4 \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i s\u1ebd lu\u00f4n nh\u1ecf so v\u1edbi quy m\u00f4 \u0111\u1ea7u t\u01b0.<\/p>\n\n<p>Trong giai \u0111o\u1ea1n ti\u1ec1n h\u1ea1t gi\u1ed1ng th\u01b0\u1eddng kh\u00f4ng c\u00f3 qu\u1ef9 \u0111\u1ea7u t\u01b0. C\u00e1c v\u00f2ng \u0111\u1ea5u th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u1ea1o th\u00e0nh t\u1eeb m\u1ed9t nh\u00f3m thi\u00ean th\u1ea7n. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, ch\u00fang t\u00f4i r\u1ea5t c\u00f3 th\u1ec3 l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t v\u1edbi kho\u1ea3n \u0111\u1ea7u t\u01b0 220 ngh\u00ecn \u0111\u00f4 la c\u1ee7a m\u00ecnh, nh\u01b0ng ch\u00fang t\u00f4i ch\u1ec9 coi m\u00ecnh l\u00e0 m\u1ed9t trong nh\u1eefng thi\u00ean th\u1ea7n ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ef1c s\u1ef1.<\/p>\n\n<p>Ch\u00fang t\u00f4i c\u0169ng \u0111\u1ea7u t\u01b0 220 USD \u201ct\u1edd r\u01a1i\u201d v\u00e0o c\u00e1c c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i th\u1ea5y h\u1ea5p d\u1eabn nh\u01b0ng kh\u00f4ng tho\u1ea3i m\u00e1i khi \u0111\u1ea7u t\u01b0 v\u00e0o kho\u1ea3n ph\u00e2n b\u1ed5 ti\u00eau chu\u1ea9n c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i l\u00e0m \u0111i\u1ec1u n\u00e0y v\u00ec nhi\u1ec1u l\u00fd do. C\u00f3 l\u1ebd m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u01a1i cao, t\u00ednh kinh t\u1ebf \u0111\u01a1n v\u1ecb ch\u01b0a \u0111\u01b0\u1ee3c ch\u1ee9ng minh r\u00f5 r\u00e0ng ho\u1eb7c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111ang ho\u1ea1t \u0111\u1ed9ng trong m\u1ed9t l\u0129nh v\u1ef1c kinh doanh m\u00e0 ch\u00fang t\u00f4i th\u1ea5y th\u00fa v\u1ecb nh\u01b0ng ch\u01b0a bi\u1ebft nhi\u1ec1u v\u1ec1 n\u00f3.<\/p>\n\n<p>B\u1ea1n c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y s\u1ef1 ph\u00e2n b\u1ed5 ti\u00eau chu\u1ea9n hi\u1ec7n t\u1ea1i c\u1ee7a ch\u00fang t\u00f4i b\u00ean d\u01b0\u1edbi.<\/p>\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"736\" height=\"534\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/06\/image3.png\" alt=\"\" class=\"wp-image-12080\"\/><\/figure>\n<\/div>\n<p><strong>G. Ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c ho\u1ea1t \u0111\u1ed9ng ti\u1ebfp theo m\u1ed9t c\u00e1ch \u0111\u1ed9c l\u1eadp<\/strong><\/p>\n\n<p>Ph\u01b0\u01a1ng ch\u00e2m r\u00f5 r\u00e0ng c\u1ee7a Thung l\u0169ng Silicon l\u00e0 b\u1ea1n t\u0103ng g\u1ea5p \u0111\u00f4i s\u1ed1 ng\u01b0\u1eddi chi\u1ebfn th\u1eafng c\u1ee7a m\u00ecnh b\u1ea5t k\u1ec3 gi\u00e1 c\u1ea3. Ch\u00fang t\u00f4i ph\u1ea3n \u0111\u1ed1i ph\u1ea7n th\u1ee9 hai c\u1ee7a tuy\u00ean b\u1ed1 \u0111\u00f3. Ch\u00fang t\u00f4i lu\u00f4n c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng v\u1ec1 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 mang l\u1ea1i l\u1ee3i \u00edch cho ch\u00fang t\u00f4i. Nh\u01b0 t\u00f4i s\u1ebd tr\u00ecnh b\u00e0y chi ti\u1ebft trong b\u00e0i \u0111\u0103ng blog ti\u1ebfp theo v\u1ec1 ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 c\u1ee7a FJ Labs, n\u1ebfu ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y \u0111\u1ecbnh gi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p qu\u00e1 cao so v\u1edbi l\u1ef1c k\u00e9o th\u00ec ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0 ngay c\u1ea3 khi ch\u00fang t\u00f4i y\u00eau th\u00edch doanh nh\u00e2n v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh doanh m\u00e0 h\u1ecd tham gia.<\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 nh\u1eefng l\u1ea7n ti\u1ebfp theo nh\u01b0 th\u1ec3 \u0111\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p. \u0110\u1ec3 duy tr\u00ec m\u1ee5c ti\u00eau \u0111\u00e1nh gi\u00e1, m\u1ed9t th\u00e0nh vi\u00ean kh\u00e1c trong nh\u00f3m \u0111\u01b0a ra khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u s\u1ebd th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch. C\u00e2u h\u1ecfi m\u00e0 ch\u00fang t\u00f4i c\u1ed1 g\u1eafng tr\u1ea3 l\u1eddi l\u00e0: bi\u1ebft nh\u1eefng g\u00ec ch\u00fang t\u00f4i bi\u1ebft hi\u1ec7n t\u1ea1i v\u1ec1 \u0111\u1ed9i ng\u0169 v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh doanh, li\u1ec7u ch\u00fang t\u00f4i c\u00f3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0y kh\u00f4ng?<\/p>\n\n<p>T\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 c\u1ea3m nh\u1eadn c\u1ee7a ch\u00fang ta v\u1ec1 c\u00e2u tr\u1ea3 l\u1eddi cho c\u00e2u h\u1ecfi \u0111\u00f3, ch\u00fang ta c\u1ed1 g\u1eafng th\u1ef1c hi\u1ec7n theo t\u1ef7 l\u1ec7 si\u00eau, theo t\u1ef7 l\u1ec7 ho\u1eb7c \u0111\u01a1n thu\u1ea7n l\u00e0 chuy\u1ec3n kho\u1ea3n \u0111\u1ea7u t\u01b0. Trong v\u00e0i n\u0103m g\u1ea7n \u0111\u00e2y, khi ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u qu\u1ef9 chuy\u1ec3n sang c\u00e1c giai \u0111o\u1ea1n sau, ch\u00fang t\u00f4i th\u01b0\u1eddng c\u1ea3m th\u1ea5y nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t c\u1ee7a m\u00ecnh b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n \u1edf c\u00e1c giai \u0111o\u1ea1n sau. \u0110\u1ebfn nay, ch\u00fang t\u00f4i \u0111\u00e3 ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n 24% kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n\n<p>Ngo\u00e0i ra, v\u1edbi quy m\u00f4 qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i, ch\u00fang t\u00f4i th\u01b0\u1eddng kh\u00f4ng \u0111\u1ee7 kh\u1ea3 n\u0103ng th\u1ef1c hi\u1ec7n c\u00e1c t\u1ef7 l\u1ec7 theo t\u1ef7 l\u1ec7 v\u00ec ch\u00fang s\u1ebd \u0111\u1ea1i di\u1ec7n cho ph\u1ea7n l\u1edbn s\u1ed1 v\u1ed1n \u0111\u01b0\u1ee3c tri\u1ec3n khai. T\u1ec7 h\u01a1n n\u1eefa v\u1edbi t\u1ef7 l\u1ec7 s\u1edf h\u1eefu nh\u1ecf c\u1ee7a ch\u00fang t\u00f4i khi c\u00e1c c\u00f4ng ty \u0111\u00e3 ph\u00e1t tri\u1ec3n \u1edf giai \u0111o\u1ea1n sau, ch\u00fang t\u00f4i b\u1eaft \u0111\u1ea7u m\u1ea5t quy\u1ec1n v\u1ec1 th\u00f4ng tin v\u00e0 kh\u00f4ng c\u00f2n c\u00f3 th\u1ec3 th\u1ea5y \u0111\u01b0\u1ee3c c\u00f4ng ty \u0111ang ho\u1ea1t \u0111\u1ed9ng t\u1ed1t nh\u01b0 th\u1ebf n\u00e0o. K\u1ebft qu\u1ea3 l\u00e0, khi ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y gi\u00e1 ph\u00f9 h\u1ee3p, \u0111\u00f4i khi ch\u00fang t\u00f4i b\u00e1n 50% v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh trong c\u00e1c giao d\u1ecbch th\u1ee9 c\u1ea5p, th\u01b0\u1eddng l\u00e0 b\u00e1n cho c\u00e1c VC d\u1eabn \u0111\u1ea7u khi m\u1ed9t v\u00f2ng di\u1ec5n ra.<\/p>\n\n<p>Theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, ch\u00fang t\u00f4i \u0111ang th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c ho\u00e0n to\u00e0n tr\u00e1i ng\u01b0\u1ee3c v\u1edbi Thung l\u0169ng Silicon: ch\u00fang t\u00f4i b\u00e1n nh\u1eefng ng\u01b0\u1eddi chi\u1ebfn th\u1eafng thay v\u00ec t\u0103ng g\u1ea5p \u0111\u00f4i ch\u00fang. \u0110i\u1ec1u n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao IRR th\u1ef1c t\u1ebf c\u1ee7a ch\u00fang t\u00f4i l\u1ea1i cao nh\u01b0 v\u1eady. M\u1ed9t ph\u1ea7n l\u00fd do ch\u00fang t\u00f4i t\u00ecm ki\u1ebfm s\u1ea3n ph\u1ea9m ph\u1ee5 l\u00e0 do m\u00f4 h\u00ecnh kinh doanh c\u1ee7a ch\u00fang t\u00f4i th\u00fac \u0111\u1ea9y. Ng\u01b0\u1ee3c l\u1ea1i v\u1edbi c\u00e1c qu\u1ef9 l\u1edbn, ch\u00fang t\u00f4i kh\u00f4ng s\u1ed1ng nh\u1edd ph\u00ed. Ch\u00fang t\u00f4i v\u1eeba \u0111\u1ea1t \u0111\u1ebfn \u0111i\u1ec3m h\u00f2a v\u1ed1n v\u1edbi FJ Labs. Sau nhi\u1ec1u n\u0103m ph\u1ea3i tr\u1ee3 c\u1ea5p c\u01a1 c\u1ea5u chi ph\u00ed b\u1eb1ng h\u00e0ng tri\u1ec7u kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1ef1 chi tr\u1ea3, ph\u00ed qu\u1ea3n l\u00fd m\u00e0 ch\u00fang t\u00f4i thu \u0111\u01b0\u1ee3c hi\u1ec7n \u0111\u00e3 trang tr\u1ea3i \u0111\u01b0\u1ee3c chi ph\u00ed c\u1ee7a ch\u00fang t\u00f4i. Tuy nhi\u00ean, ch\u00fang ta v\u1eabn c\u00f2n m\u1ed9t con \u0111\u01b0\u1eddng \u0111\u1ec3 \u0111i. Jose v\u00e0 t\u00f4i s\u1ebd kh\u00f4ng t\u1ef1 tr\u1ea3 ti\u1ec1n ho\u1eb7c ho\u00e0n tr\u1ea3 c\u00e1c chi ph\u00ed c\u1ee7a m\u00ecnh.<\/p>\n\n<p>M\u00f4 h\u00ecnh kinh doanh c\u1ee7a ch\u00fang t\u00f4i kh\u00e1c nhau. Ch\u00fang t\u00f4i ki\u1ebfm ti\u1ec1n t\u1eeb l\u1ed1i tho\u00e1t. Ch\u00fang t\u00f4i c\u1ea7n v\u1ed1n t\u1eeb nh\u1eefng l\u1ea7n tho\u00e1i v\u1ed1n th\u00e0nh c\u00f4ng \u0111\u1ec3 ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi v\u00ec ch\u00fang t\u00f4i chi\u1ebfm t\u1ef7 l\u1ec7 l\u1edbn trong s\u1ed1 v\u1ed1n \u0111\u01b0\u1ee3c tri\u1ec3n khai. \u0110\u1ebfn nay, ch\u00fang t\u00f4i \u0111\u1ea1i di\u1ec7n cho 114 tri\u1ec7u USD trong s\u1ed1 284 tri\u1ec7u USD \u0111\u01b0\u1ee3c tri\u1ec3n khai. Ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3 \u0111\u1ee3i m\u1ed9t th\u1eadp k\u1ef7 \u0111\u1ec3 c\u00f3 l\u1ed1i tho\u00e1t cu\u1ed1i c\u00f9ng v\u00ec ch\u00fang t\u00f4i mu\u1ed1n ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ed1c \u0111\u1ed9 m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0.<\/p>\n\n<p>Nh\u01b0 b\u1ea1n c\u00f3 th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng, nh\u1eefng l\u1ed1i tho\u00e1t th\u1ee9 c\u1ea5p nh\u01b0 v\u1eady ch\u1ec9 c\u00f3 \u1edf nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t. Kh\u00f4ng ai quan t\u00e2m \u0111\u1ebfn vi\u1ec7c mua l\u1ea1i c\u00e1c v\u1ecb tr\u00ed \u1edf nh\u1eefng c\u00f4ng ty \u0111ang ho\u1ea1t \u0111\u1ed9ng kh\u00f4ng t\u1ed1t. Ngay c\u1ea3 \u1edf nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t, ch\u00fang t\u00f4i ch\u1ec9 c\u00f3 th\u1ec3 b\u00e1n v\u00ec ch\u00fang t\u00f4i s\u1edf h\u1eefu nh\u1eefng v\u1ecb th\u1ebf nh\u1ecf v\u00e0 kh\u00f4ng c\u00f3 m\u1eb7t trong h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. Kh\u00f4ng c\u00f3 t\u00edn hi\u1ec7u th\u1ef1c s\u1ef1 n\u00e0o \u0111\u1ebfn t\u1eeb vi\u1ec7c ch\u00fang t\u00f4i s\u1eb5n s\u00e0ng b\u00e1n ngo\u00e0i nhu c\u1ea7u thanh kho\u1ea3n. Tr\u00ean th\u1ef1c t\u1ebf, ch\u00fang ta th\u01b0\u1eddng \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u b\u00e1n h\u00e0ng nh\u01b0 m\u1ed9t \u00e2n hu\u1ec7 h\u01a1n l\u00e0 t\u00ecm c\u00e1ch b\u00e1n h\u00e0ng. V\u00ed d\u1ee5: Andreesen, Greylock v\u00e0 Sequoia \u0111\u1ec1u c\u00f3 th\u1ec3 mu\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty \u1edf Series B. Doanh nh\u00e2n n\u00e0y y\u00eau th\u00edch c\u1ea3 3 v\u00e0 kh\u00f4ng mu\u1ed1n h\u1ecd t\u00e0i tr\u1ee3 cho \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh. C\u00e1c qu\u1ef9 mu\u1ed1n c\u00f3 \u00edt nh\u1ea5t 15% quy\u1ec1n s\u1edf h\u1eefu m\u1ed7i qu\u1ef9. Doanh nh\u00e2n kh\u00f4ng mu\u1ed1n pha lo\u00e3ng 45%. H\u1ecd th\u1ef1c hi\u1ec7n v\u00f2ng s\u01a1 c\u1ea5p v\u1edbi 30% v\u00e0 t\u1ed5 ch\u1ee9c v\u00f2ng th\u1ee9 c\u1ea5p cho ph\u1ea7n c\u00f2n l\u1ea1i. H\u1ecd h\u1ecfi li\u1ec7u ch\u00fang t\u00f4i c\u00f3 vui l\u00f2ng b\u00e1n m\u1ed9t ph\u1ea7n v\u1ecb tr\u00ed c\u1ee7a m\u00ecnh \u1edf v\u1ecb tr\u00ed th\u1ee9 c\u1ea5p nh\u01b0 m\u1ed9t \u0111\u1eb7c \u00e2n \u0111\u1ec3 ho\u00e0n th\u00e0nh v\u00f2ng \u0111\u1ea5u hay kh\u00f4ng.<\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 suy ngh\u0129 r\u1ea5t l\u00e2u v\u1ec1 vi\u1ec7c n\u00ean b\u00e1n bao nhi\u00eau trong nh\u1eefng t\u00ecnh hu\u1ed1ng n\u00e0y. Cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh b\u00e1n 50%. N\u00f3 cung c\u1ea5p cho ch\u00fang t\u00f4i t\u00ednh thanh kho\u1ea3n v\u00e0 m\u1ed9t l\u1ed1i tho\u00e1t tuy\u1ec7t v\u1eddi, \u0111\u1ed3ng th\u1eddi duy tr\u00ec nhi\u1ec1u l\u1ee3i th\u1ebf n\u1ebfu c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng t\u1ed1t m\u1ed9t c\u00e1ch \u0111\u00e1ng kinh ng\u1ea1c. H\u1ec7 s\u1ed1 qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i s\u1ebd cao h\u01a1n n\u1ebfu ch\u00fang t\u00f4i n\u1eafm gi\u1eef cho \u0111\u1ebfn cu\u1ed1i k\u1ef3, m\u1eb7c d\u00f9 IRR c\u1ee7a ch\u00fang t\u00f4i s\u1ebd th\u1ea5p h\u01a1n. Tuy nhi\u00ean, x\u00e9t v\u1ec1 c\u01a1 b\u1ea3n, ch\u00fang t\u00f4i tri\u1ec3n khai l\u1ea1i t\u1ea5t c\u1ea3 s\u1ed1 v\u1ed1n m\u00e0 ch\u00fang t\u00f4i c\u00f3 \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c r\u00fat lui kh\u1ecfi c\u00e1c c\u00f4ng ty \u1edf giai \u0111o\u1ea1n tr\u01b0\u1edbc, n\u01a1i ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y c\u00f3 nhi\u1ec1u l\u1ee3i th\u1ebf h\u01a1n, b\u1ed9i s\u1ed1 th\u1ef1c v\u00e0 IRR c\u1ee7a ch\u00fang t\u00f4i s\u1ebd cao h\u01a1n khi ch\u00fang t\u00f4i theo \u0111u\u1ed5i gi\u1ea3i ph\u00e1p th\u1ee9 c\u1ea5p khi b\u1ea1n xem x\u00e9t l\u1ee3i nhu\u1eadn m\u00e0 ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c t\u00e1i tri\u1ec3n khai th\u1ee7 \u0111\u00f4.<\/p>\n\n<p><strong>H.<\/strong> <strong>Khi qu\u1ef9 h\u1ebft ti\u1ec1n, ch\u00fang t\u00f4i ch\u1ec9 huy \u0111\u1ed9ng qu\u1ef9 ti\u1ebfp theo v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng ti\u1ebfp theo s\u1ebd di\u1ec5n ra t\u1eeb qu\u1ef9 ti\u1ebfp theo<\/strong><\/p>\n\n<p>Ch\u00fang t\u00f4i kh\u00f4ng l\u00e0m theo c\u00e1ch x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 truy\u1ec1n th\u1ed1ng. Danh m\u1ee5c \u0111\u1ea7u t\u01b0 ch\u1ec9 l\u00e0 t\u1ed5ng c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ri\u00eang l\u1ebb v\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ti\u1ebfp theo m\u00e0 ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n. Vi\u1ec7c x\u00e2y d\u1ef1ng ho\u00e0n to\u00e0n t\u1eeb d\u01b0\u1edbi l\u00ean. Ch\u00fang t\u00f4i ch\u1ec9 tri\u1ec3n khai s\u1ed1 v\u1ed1n m\u00ecnh c\u00f3 v\u00e0 khi h\u1ebft v\u1ed1n, ch\u00fang t\u00f4i s\u1ebd huy \u0111\u1ed9ng v\u1ed1n ti\u1ebfp theo. Ch\u00fang t\u00f4i \u0111i\u1ec1u ch\u1ec9nh quy m\u00f4 \u0111\u1ea7u t\u01b0 \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o m\u1ed7i qu\u1ef9 \u0111\u01b0\u1ee3c tri\u1ec3n khai trong v\u00f2ng 2 \u0111\u1ebfn 3 n\u0103m, nh\u01b0ng \u0111\u00f3 ch\u1ec9 l\u00e0 gi\u1edbi h\u1ea1n c\u1ee7a n\u00f3.<\/p>\n\n<p>V\u00ec ch\u00fang t\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u m\u00ecnh c\u00f3 ti\u1ebfp t\u1ee5c theo d\u00f5i hay kh\u00f4ng v\u00e0 ch\u00fang t\u00f4i ch\u1ec9 theo d\u00f5i trong 24% tr\u01b0\u1eddng h\u1ee3p, n\u00ean vi\u1ec7c d\u00e0nh v\u1ed1n cho nh\u1eefng l\u1ea7n ti\u1ebfp theo l\u00e0 kh\u00f4ng c\u00f3 \u00fd ngh\u0129a g\u00ec. Ngo\u00e0i ra, nhi\u1ec1u kho\u1ea3n ti\u1ebfp theo n\u1eb1m ngo\u00e0i ph\u1ea1m vi tri\u1ec3n khai v\u1ed1n t\u1eeb 2 \u0111\u1ebfn 3 n\u0103m c\u1ee7a qu\u1ef9. Do \u0111\u00f3, ch\u00fang t\u00f4i \u0111\u00e3 n\u00f3i v\u1edbi c\u00e1c LP c\u1ee7a m\u00ecnh r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd th\u1ef1c hi\u1ec7n c\u00e1c ho\u1ea1t \u0111\u1ed9ng ti\u1ebfp theo t\u1eeb b\u1ea5t k\u1ef3 qu\u1ef9 n\u00e0o \u0111ang \u0111\u1ea7u t\u01b0 khi ch\u00fang t\u00f4i \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ti\u1ebfp theo. Ch\u00fang t\u00f4i c\u0169ng y\u00eau c\u1ea7u h\u1ecd \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ecdi qu\u1ef9 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ed9 ti\u1ebfp c\u1eadn gi\u1ed1ng h\u1ec7t nh\u01b0 ch\u00fang t\u00f4i.<\/p>\n\n<p>L\u01b0u \u00fd r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng b\u00e1n v\u1ecb th\u1ebf t\u1eeb qu\u1ef9 n\u00e0y sang qu\u1ef9 kh\u00e1c. Ch\u1ec9 c\u00f3 m\u1ed9t quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 duy nh\u1ea5t: ch\u00fang ta \u0111\u1ea7u t\u01b0, n\u1eafm gi\u1eef ho\u1eb7c b\u00e1n.<\/p>\n\n<p><strong>I. N\u1ebfu tr\u01b0\u1edbc \u0111\u00e2y b\u1ea1n \u0111\u00e3 th\u00e0nh c\u00f4ng v\u1edbi ch\u00fang t\u00f4i, ch\u00fang t\u00f4i s\u1ebd h\u1ed7 tr\u1ee3 b\u1ea1n trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi ngay c\u1ea3 khi \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n\n<p>Ch\u00fang t\u00f4i g\u1eafn b\u00f3 v\u1edbi nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u00e0m \u0111i\u1ec1u \u0111\u00fang \u0111\u1eafn cho ch\u00fang t\u00f4i. T\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y, ch\u00fang t\u00f4i \u0111\u00e3 h\u1ed7 tr\u1ee3 kho\u1ea3ng 1.400 ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u1edf 600 c\u00f4ng ty. 200 ng\u01b0\u1eddi trong s\u1ed1 h\u1ecd \u0111\u00e3 tho\u00e1t ra v\u00e0 m\u1ed9t n\u1eeda trong s\u1ed1 \u0111\u00f3 \u0111\u00e3 th\u00e0nh c\u00f4ng. Nhi\u1ec1u nh\u00e0 s\u00e1ng l\u1eadp th\u00e0nh c\u00f4ng \u0111\u00e3 ti\u1ebfp t\u1ee5c x\u00e2y d\u1ef1ng c\u00e1c c\u00f4ng ty m\u1edbi. V\u00ed d\u1ee5: \u0111\u00e2y l\u00e0 c\u00e1ch cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o Archer ( <a href=\"http:\/\/www.flyarcher.com\" target=\"_blank\" rel=\"noreferrer noopener\">www.flyarcher.com<\/a> ), m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u1ec1 m\u00e1y bay ch\u1ea1y \u0111i\u1ec7n VTOL. Ch\u00fang t\u00f4i \u0111\u00e3 \u1ee7ng h\u1ed9 Brett Adcock v\u00e0 Adam Goldstein trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng Vettery c\u1ee7a h\u1ecd, c\u00f4ng ty n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c b\u00e1n cho Adecco. Ch\u00fang t\u00f4i r\u1ea5t vui m\u1eebng \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 h\u1ecd trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi c\u1ee7a h\u1ecd m\u1eb7c d\u00f9 ch\u00fang t\u00f4i thi\u1ebfu chuy\u00ean m\u00f4n v\u1ec1 l\u0129nh v\u1ef1c m\u00e1y bay t\u1ef1 bay ch\u1ea1y \u0111i\u1ec7n.<\/p>\n\n<p>T\u00f3m l\u1ea1i, m\u1eb7c d\u00f9 ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch, giai \u0111o\u1ea1n ho\u1eb7c \u0111\u1ecba l\u00fd nh\u1ea5t \u0111\u1ecbnh m\u00e0 ch\u00fang t\u00f4i d\u1ef1 \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 h\u00e0ng n\u0103m, nh\u01b0ng m\u1ecdi th\u1ee9 di\u1ec5n ra \u0111\u1ebfn m\u1ee9c cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i c\u00f3 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u00f3m t\u1eaft nh\u01b0 sau:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Tr\u1ecdng t\u00e2m Pre-Seed \/ Seed \/ Series A<\/li>\n\n\n\n<li>\u0110\u1eb7t quy m\u00f4 \u0111\u1ea7u t\u01b0 m\u1ed7i v\u00f2ng trung b\u00ecnh l\u00e0 400 ngh\u00ecn \u0111\u00f4 la<\/li>\n\n\n\n<li>T\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng (70% giao d\u1ecbch)<\/li>\n\n\n\n<li>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u nh\u01b0ng v\u1edbi h\u1ea7u h\u1ebft c\u00e1c giao d\u1ecbch \u1edf M\u1ef9, ti\u1ebfp theo l\u00e0 T\u00e2y \u00c2u, Brazil v\u00e0 \u1ea4n \u0110\u1ed9<\/li>\n\n\n\n<li>H\u01a1n 100 kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ed7i n\u0103m<\/li>\n\n\n\n<li>Quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 1-2 tu\u1ea7n sau l\u1ea7n g\u1eb7p \u0111\u1ea7u ti\u00ean<\/li>\n\n\n\n<li>Ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c l\u01b0\u1ee3t ti\u1ebfp theo m\u1ed9t c\u00e1ch \u0111\u1ed9c l\u1eadp v\u00e0 t\u1ef7 l\u1ec7 theo d\u00f5i trung b\u00ecnh trong 24% kho\u1ea3n \u0111\u1ea7u t\u01b0<\/li>\n\n\n\n<li>Ch\u00fang t\u00f4i kh\u00f4ng d\u00e0nh qu\u1ef9 cho nh\u1eefng l\u1ea7n ti\u1ebfp theo. Ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 t\u1eeb b\u1ea5t k\u1ef3 qu\u1ef9 n\u00e0o ch\u00fang t\u00f4i tri\u1ec3n khai t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u1ea7u t\u01b0<\/li>\n\n\n\n<li>Ch\u00fang t\u00f4i kh\u00f4ng d\u1eabn \u0111\u1ea7u v\u00f2ng \u0111\u1ea5u<\/li>\n\n\n\n<li>Ch\u00fang t\u00f4i kh\u00f4ng tham gia h\u1ed9i \u0111\u1ed3ng<\/li>\n\n\n\n<li>Ch\u00fang t\u00f4i gi\u00fap c\u00e1c c\u00f4ng ty danh m\u1ee5c \u0111\u1ea7u t\u01b0 g\u00e2y qu\u1ef9<\/li>\n<\/ul>\n\n<p>\u0110\u1ec3 gi\u00fap b\u1ea1n h\u00ecnh dung v\u1ec1 quy m\u00f4, qu\u1ef9 tr\u1ecb gi\u00e1 175 tri\u1ec7u USD m\u1edbi nh\u1ea5t c\u1ee7a ch\u00fang t\u00f4i c\u00f3 th\u1ec3 s\u1ebd c\u00f3 h\u01a1n 500 kho\u1ea3n \u0111\u1ea7u t\u01b0. \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 m\u1eb7c d\u00f9 ch\u00fang t\u00f4i kh\u00f4ng th\u1ef1c hi\u1ec7n b\u1ea5t k\u1ef3 m\u00f4 h\u00ecnh h\u00f3a hay x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 n\u00e0o, nh\u01b0ng chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a cao \u0111\u1ed9 n\u00e0y d\u01b0\u1eddng nh\u01b0 l\u00e0 hi\u1ec7u qu\u1ea3 nh\u1ea5t cho \u0111\u1ebfn nay. C\u00f3 m\u1ed9t <a href=\"https:\/\/angel.co\/pdf\/growth.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">b\u00e0i b\u00e1o r\u1ea5t chu \u0111\u00e1o c\u1ee7a Abe Othman<\/a> , ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u Khoa h\u1ecdc d\u1eef li\u1ec7u t\u1ea1i AngelList g\u1ee3i \u00fd r\u1eb1ng ngay t\u1eeb \u0111\u1ea7u, chi\u1ebfn l\u01b0\u1ee3c t\u1ed1t nh\u1ea5t l\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ecdi giao d\u1ecbch \u201c\u0111\u00e1ng tin c\u1eady\u201d. N\u00f3 \u0111\u01b0\u1ee3c sinh ra b\u1edfi  <a href=\"https:\/\/angel.co\/pdf\/lp-performance.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Ph\u00e2n t\u00edch hi\u1ec7u su\u1ea5t c\u1ee7a Angelist cho LP<\/a>  \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y r\u00f5 r\u00e0ng r\u1eb1ng \u201c\u0111\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty h\u01a1n c\u00f3 xu h\u01b0\u1edbng t\u1ea1o ra l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0 cao h\u01a1n. Trung b\u00ecnh, l\u1ee3i nhu\u1eadn trung b\u00ecnh m\u1ed7i n\u0103m t\u0103ng 9,0 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0 l\u1ee3i nhu\u1eadn trung b\u00ecnh m\u1ed7i n\u0103m t\u0103ng 6,9 \u0111i\u1ec3m c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi m\u1ed7i c\u00f4ng ty b\u1ed5 sung m\u00e0 LP ti\u1ebfp x\u00fac.\u201d<\/p>\n\n<p>L\u1ee3i nhu\u1eadn c\u1ee7a ch\u00fang t\u00f4i d\u1eabn \u0111\u1ebfn s\u1ef1 tin c\u1eady cho l\u00fd thuy\u1ebft. T\u00ednh \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 4 n\u0103m 2020, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 284 tri\u1ec7u USD v\u00e0o 571 c\u00f4ng ty kh\u1edfi nghi\u1ec7p. Ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 193 l\u1ea7n tho\u00e1t l\u1ec7nh v\u1edbi IRR th\u1ef1c t\u1ebf l\u00e0 62%. T\u00f4i nghi ng\u1edd r\u1eb1ng \u0111a d\u1ea1ng h\u00f3a ho\u1ea1t \u0111\u1ed9ng t\u1ed1t v\u00ec nhi\u1ec1u l\u00fd do:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>L\u1ee3i nhu\u1eadn m\u1ea1o hi\u1ec3m tu\u00e2n theo quy lu\u1eadt l\u0169y th\u1eeba thay v\u00ec \u0111\u01b0\u1eddng cong ph\u00e2n ph\u1ed1i Gaussian th\u00f4ng th\u01b0\u1eddng. \u0110i\u1ec1u c\u1ea7n thi\u1ebft l\u00e0 ph\u1ea3i \u1edf trong nh\u1eefng c\u00f4ng ty t\u1ea1o ra t\u1ea5t c\u1ea3 l\u1ee3i nhu\u1eadn. \u0110\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty h\u01a1n s\u1ebd l\u00e0m t\u0103ng kh\u1ea3 n\u0103ng b\u1ea1n gi\u00e0nh \u0111\u01b0\u1ee3c chi\u1ebfn th\u1eafng.<\/li>\n\n\n\n<li>\u0110\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty h\u01a1n s\u1ebd n\u00e2ng cao h\u00ecnh \u1ea3nh c\u1ee7a b\u1ea1n v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0, t\u1eeb \u0111\u00f3 c\u1ea3i thi\u1ec7n quy tr\u00ecnh giao d\u1ecbch c\u1ee7a b\u1ea1n. \u0110i\u1ec1u n\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 h\u01a1n n\u1ebfu b\u1ea1n x\u00e2y d\u1ef1ng th\u01b0\u01a1ng hi\u1ec7u v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eaft bu\u1ed9c ph\u1ea3i c\u00f3 cho m\u1ed9t danh m\u1ee5c nh\u1ea5t \u0111\u1ecbnh nh\u01b0 ch\u00fang t\u00f4i c\u00f3 tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/li>\n\n\n\n<li>Vi\u1ec7c \u0111\u00e1nh gi\u00e1 nhi\u1ec1u c\u00f4ng ty h\u01a1n s\u1ebd cung c\u1ea5p cho b\u1ea1n nhi\u1ec1u d\u1eef li\u1ec7u h\u01a1n \u0111\u1ec3 x\u00e2y d\u1ef1ng nh\u1eadn d\u1ea1ng m\u1eabu nh\u1eb1m c\u1ea3i thi\u1ec7n ti\u00eau ch\u00ed v\u00e0 lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/li>\n<\/ul>\n\n<p>C\u00e1i hay trong chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a ch\u00fang t\u00f4i l\u00e0 n\u00f3 c\u00f3 h\u1ec7 th\u1ed1ng v\u00e0 \u0111i t\u1eeb d\u01b0\u1edbi l\u00ean. Ch\u00fang t\u00f4i ph\u00e1t tri\u1ec3n n\u00f3 theo th\u1eddi gian khi ch\u00fang t\u00f4i quan s\u00e1t c\u00e1c \u0111i\u1ec1u ki\u1ec7n ph\u00e1t tri\u1ec3n cho d\u00f9 ch\u00fang \u1edf c\u1ea5p \u0111\u1ed9 v\u0129 m\u00f4, ng\u00e0nh \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m hay c\u1ee5 th\u1ec3 l\u00e0 trong c\u00f4ng ngh\u1ec7. V\u00ed d\u1ee5, m\u1ed9t th\u1eadp k\u1ef7 tr\u01b0\u1edbc, ch\u00fang t\u00f4i t\u1eebng \u0111\u1ea7u t\u01b0 r\u1ea5t nhi\u1ec1u v\u00e0o Th\u1ed5 Nh\u0129 K\u1ef3 v\u00e0 Nga. Sau khi Putin x\u00e2m chi\u1ebfm Georgia v\u00e0 s\u00e1p nh\u1eadp Crimea, v\u00e0 sau khi Erdogan \u0111\u1eafc c\u1eed \u1edf Th\u1ed5 Nh\u0129 K\u1ef3, ch\u00fang t\u00f4i \u0111\u00e3 ng\u1eebng \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ea3 hai n\u01b0\u1edbc v\u00ec ch\u00fang t\u00f4i \u0111\u00e3 ph\u1ecfng \u0111o\u00e1n ch\u00ednh x\u00e1c r\u1eb1ng ngu\u1ed3n v\u1ed1n m\u1ea1o hi\u1ec3m v\u00e0 c\u00e1c l\u1ed1i tho\u00e1t s\u1ebd c\u1ea1n ki\u1ec7t. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, tr\u01b0\u1edbc th\u00e1ng 2 n\u0103m 2018, ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty ti\u1ec1n h\u1ea1t gi\u1ed1ng, th\u01b0\u1eddng l\u00e0 ti\u1ec1n ra m\u1eaft. Tuy nhi\u00ean, c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1eabn ti\u1ebfp t\u1ee5c t\u0103ng quy m\u00f4 qu\u1ef9 c\u1ee7a h\u1ecd. \u0110\u1ec3 tri\u1ec3n khai l\u01b0\u1ee3ng v\u1ed1n l\u1edbn h\u01a1n, c\u00e1c qu\u1ef9 \u0111\u00f3 \u0111\u00e3 chuy\u1ec3n sang c\u00e1c giai \u0111o\u1ea1n sau, \u0111\u1ea9y m\u1ee9c \u0111\u1ecbnh gi\u00e1 \u1edf c\u00e1c giai \u0111o\u1ea1n \u0111\u00f3 l\u00ean cao v\u00ec c\u00f3 nhi\u1ec1u v\u1ed1n h\u01a1n \u0111ang theo \u0111u\u1ed5i c\u00f9ng m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch. Ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y vi\u1ec7c \u0111i ng\u01b0\u1ee3c l\u1ea1i v\u00e0 chuy\u1ec3n sang giai \u0111o\u1ea1n tr\u01b0\u1edbc khi v\u1ed1n \u0111ang c\u1ea1n ki\u1ec7t l\u00e0 \u0111i\u1ec1u h\u1ee3p l\u00fd. Sau khi nh\u1eadn th\u1ea5y ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng B2B n\u01a1i th\u1ecb tr\u01b0\u1eddng ch\u1ecdn nh\u00e0 cung c\u1ea5p cho b\u00ean c\u1ea7u, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng c\u1ee7a m\u00ecnh.<\/p>\n\n<p>S\u1ebd r\u1ea5t th\u00fa v\u1ecb khi chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a ch\u00fang t\u00f4i s\u1ebd ph\u00e1t tri\u1ec3n nh\u01b0 th\u1ebf n\u00e0o trong nh\u1eefng n\u0103m t\u1edbi. V\u00ed d\u1ee5: t\u00f4i c\u00f3 th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng m\u1ed9t t\u01b0\u01a1ng lai n\u01a1i ch\u00fang t\u00f4i ph\u00e2n bi\u1ec7t chi\u1ebfn l\u01b0\u1ee3c giai \u0111o\u1ea1n \u0111\u1ea7u v\u1edbi chi\u1ebfn l\u01b0\u1ee3c giai \u0111o\u1ea1n sau v\u00e0 t\u1ea1o qu\u1ef9 ri\u00eang cho nh\u1eefng c\u01a1 h\u1ed9i \u0111\u00f3. Th\u1eddi gian s\u1ebd tr\u1ea3 l\u1eddi, t\u1ea5t c\u1ea3 nh\u1eefng g\u00ec t\u00f4i bi\u1ebft l\u00e0 n\u00f3 s\u1ebd r\u1ea5t vui!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 c\u1ee7a FJ Labs b\u1eaft ngu\u1ed3n t\u1eeb ngu\u1ed3n g\u1ed1c c\u1ee7a n\u00f3 (\u0111\u1ecdc The Genesis of FJ Labs ). FJ Labs l\u00e0 ph\u1ea7n m\u1edf r\u1ed9ng c\u1ee7a ho\u1ea1t \u0111\u1ed9ng &hellip; <a href=\"https:\/\/fabricegrinda.com\/vi\/chien-luoc-dau-tu-cua-fj-labs\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a FJ Labs&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":31509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[235,236,228],"tags":[],"class_list":["post-31502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-phong-thi-nghiem-fj","category-phong-thi-nghiem-fj-vi","category-cac-bai-viet"],"acf":[],"contentUpdated":"Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a FJ Labs. Categories - Ph\u00f2ng th\u00ed nghi\u1ec7m FJ, Ph\u00f2ng th\u00ed nghi\u1ec7m FJ, C\u00e1c b\u00e0i vi\u1ebft. Date-Posted - 2020-06-30T18:20:48 . \n Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 c\u1ee7a FJ Labs b\u1eaft ngu\u1ed3n t\u1eeb ngu\u1ed3n g\u1ed1c c\u1ee7a n\u00f3 (\u0111\u1ecdc The Genesis of FJ Labs ). FJ Labs l\u00e0 ph\u1ea7n m\u1edf r\u1ed9ng c\u1ee7a ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n c\u1ee7a t\u00f4i v\u00e0 Jose. Ch\u00fang t\u00f4i \u0111\u00e3 m\u1edf r\u1ed9ng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng v\u00e0 quy tr\u00ecnh c\u1ee7a m\u00ecnh nh\u01b0ng kh\u00f4ng thay \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c.\n H\u1ea7u h\u1ebft c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m \u0111\u1ec1u x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 r\u1ea5t r\u00f5 r\u00e0ng. H\u1ecd \u0111\u1ea7u t\u01b0 s\u1ed1 ti\u1ec1n h\u1ecd huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c trong m\u1ed9t kho\u1ea3ng th\u1eddi gian c\u1ee5 th\u1ec3, v\u00e0o m\u1ed9t lo\u1ea1i c\u00f4ng ty c\u1ee5 th\u1ec3, v\u00e0o m\u1ed9t s\u1ed1 c\u00f4ng ty c\u1ee5 th\u1ec3, \u0111\u1ea7u t\u01b0 m\u1ed9t s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3, \u1edf m\u1ed9t giai \u0111o\u1ea1n c\u1ee5 th\u1ec3, v\u00e0o m\u1ed9t khu v\u1ef1c \u0111\u1ecba l\u00fd c\u1ee5 th\u1ec3. C\u00e1c qu\u1ef9 n\u00e0y d\u1eabn \u0111\u1ea7u c\u00e1c v\u00f2ng v\u00e0 c\u00e1c \u0111\u1ed1i t\u00e1c n\u1eafm gi\u1eef gh\u1ebf trong h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. H\u1ecd d\u00e0nh m\u1ed9t s\u1ed1 v\u1ed1n nh\u1ea5t \u0111\u1ecbnh cho nh\u1eefng l\u1ea7n ti\u1ebfp theo v\u00e0 th\u01b0\u1eddng th\u1ef1c hi\u1ec7n nh\u1eefng l\u1ea7n ti\u1ebfp theo. Quy t\u1eafc c\u1ee7a qu\u1ef9 l\u00e0 c\u00e1c qu\u1ef9 ti\u1ebfp theo kh\u00f4ng th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty t\u1eeb qu\u1ef9 tr\u01b0\u1edbc. Qu\u1ef9 th\u1ef1c hi\u1ec7n th\u1ea9m \u0111\u1ecbnh s\u00e2u r\u1ed9ng v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o \u00edt h\u01a1n 7 giao d\u1ecbch m\u1ed7i n\u0103m.\n M\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m tr\u1ecb gi\u00e1 175 tri\u1ec7u \u0111\u00f4 la \u0111i\u1ec3n h\u00ecnh c\u00f3 th\u1ec3 tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0y:\n Ch\u1ec9 c\u00f3 ch\u00fang ta\n Tr\u1ecdng t\u00e2m d\u00f2ng A\n Ch\u1ec9 c\u00e1c c\u00f4ng ty B2B SAAS\n \u0110\u1ea7u t\u01b0 5-7 tri\u1ec7u USD v\u00e0o s\u00e9c kh\u00e1ch h\u00e0ng ti\u1ec1m n\u0103ng Series A\n Nh\u1eafm m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 v\u00e0o 20 c\u00f4ng ty trong th\u1eddi gian 3 n\u0103m\n 40% v\u1ed1n d\u00e0nh cho giai \u0111o\u1ea1n ti\u1ebfp theo\n Ti\u1ebfp theo \u1edf h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty danh m\u1ee5c \u0111\u1ea7u t\u01b0\n \u0110\u1ed1i t\u00e1c ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb\n \u0110\u1ea7u t\u01b0 m\u1ea5t 2-4 th\u00e1ng k\u1ec3 t\u1eeb l\u1ea7n g\u1eb7p \u0111\u1ea7u ti\u00ean\n FJ Labs kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng theo c\u00e1ch n\u00e0y. Nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m khi c\u00f2n l\u00e0 thi\u00ean th\u1ea7n, ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty trong h\u1ec7 th\u1ed1ng c\u1ee7a m\u00ecnh v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u00f4ng ty ch\u00fang t\u00f4i th\u00edch. Ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh xem m\u00ecnh c\u00f3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng d\u1ef1a tr\u00ean hai cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i 60 ph\u00fat trong v\u00f2ng m\u1ed9t ho\u1eb7c hai tu\u1ea7n. Ch\u00fang t\u00f4i kh\u00f4ng l\u00e3nh \u0111\u1ea1o v\u00e0 ch\u00fang t\u00f4i kh\u00f4ng ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. N\u00f3i c\u00e1ch kh\u00e1c, b\u1ea1n c\u00f3 th\u1ec3 n\u00f3i r\u1eb1ng ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t k\u1ef3 giai \u0111o\u1ea1n n\u00e0o, \u1edf b\u1ea5t k\u1ef3 khu v\u1ef1c \u0111\u1ecba l\u00fd n\u00e0o, v\u00e0o b\u1ea5t k\u1ef3 ng\u00e0nh n\u00e0o v\u1edbi m\u1ee9c \u0111\u1ed9 th\u1ea9m \u0111\u1ecbnh c\u1ef1c k\u1ef3 h\u1ea1n ch\u1ebf . \u0110\u00f3 ch\u00ednh l\u00e0 nh\u1eefng l\u1eddi \u0111\u00e3 khi\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c s\u1ee3 h\u00e3i v\u00e0 khi\u1ebfn ch\u00fang t\u00f4i ngh\u0129 r\u1eb1ng m\u00ecnh s\u1ebd kh\u00f4ng bao gi\u1edd huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c v\u1ed1n.\n V\u1edbi \u201cchi\u1ebfn l\u01b0\u1ee3c\u201d n\u00e0y, b\u1ea1n c\u00f3 th\u1ec3 mong \u0111\u1ee3i r\u1eb1ng th\u00e0nh ph\u1ea7n danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i s\u1ebd thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 theo th\u1eddi gian. Tr\u00ean th\u1ef1c t\u1ebf, n\u00f3 \u0111\u00e3 r\u1ea5t nh\u1ea5t qu\u00e1n trong nhi\u1ec1u n\u0103m qua. C\u00e1i n\u00e0y c\u00f3 m\u1ed9t v\u00e0i nguy\u00ean nh\u00e2n.\n S\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 h\u00e0ng tu\u1ea7n r\u1ea5t nh\u1ea5t qu\u00e1n trong nh\u1eefng n\u0103m qua\n T\u00f4i s\u1ebd tr\u00ecnh b\u00e0y chi ti\u1ebft c\u00e1ch FJ Labs th\u1ef1c hi\u1ec7n quy tr\u00ecnh giao d\u1ecbch trong b\u00e0i \u0111\u0103ng blog ti\u1ebfp theo. Nh\u01b0ng \u0111\u1ec3 b\u1ea1n c\u1ea3m nh\u1eadn v\u1ec1 quy m\u00f4, ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c h\u01a1n 100 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1ed7i tu\u1ea7n. Tuy nhi\u00ean, ch\u00fang t\u00f4i kh\u00f4ng \u0111\u00e1nh gi\u00e1 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3. Nhi\u1ec1u th\u1ee9 r\u00f5 r\u00e0ng n\u1eb1m ngo\u00e0i ph\u1ea1m vi: ph\u1ea7n c\u1ee9ng, AI, c\u00f4ng ngh\u1ec7 v\u0169 tr\u1ee5, c\u00f4ng ngh\u1ec7 sinh h\u1ecdc, v.v. m\u00e0 kh\u00f4ng c\u00f3 th\u00e0nh ph\u1ea7n th\u1ecb tr\u01b0\u1eddng. Nhi\u1ec1u ng\u01b0\u1eddi kh\u00e1c l\u1ea1i qu\u00e1 m\u01a1 h\u1ed3: \u201cT\u00f4i c\u00f3 m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 tr\u1ef1c tuy\u1ebfn tuy\u1ec7t v\u1eddi; b\u1ea1n c\u00f3 mu\u1ed1n nh\u1eadn m\u1ed9t b\u1ed9 b\u00e0i kh\u00f4ng?\u201d\n N\u1ebfu b\u1ea1n kh\u00f4ng n\u1ed7 l\u1ef1c nh\u1eadn ra r\u1eb1ng ch\u00fang t\u00f4i t\u1eadp trung v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng tr\u1ef1c tuy\u1ebfn v\u00e0 cung c\u1ea5p \u0111\u1ee7 th\u00f4ng tin \u0111\u1ec3 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 li\u1ec7u ch\u00fang t\u00f4i c\u00f3 mu\u1ed1n t\u00ecm hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 th\u1ecfa thu\u1eadn hay kh\u00f4ng, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng tr\u1ea3 l\u1eddi ho\u1eb7c theo d\u00f5i.  Trung b\u00ecnh, ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 40-50 giao d\u1ecbch m\u1ed7i tu\u1ea7n. V\u00ed d\u1ee5: v\u00e0o n\u0103m 2019, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u00e1nh gi\u00e1 2.542 c\u00f4ng ty, trung b\u00ecnh l\u00ean t\u1edbi 49 c\u00f4ng ty m\u1ed7i tu\u1ea7n.\n 2. T\u1ef7 l\u1ec7 giao d\u1ecbch ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o ph\u1ea7n l\u1edbn kh\u00f4ng \u0111\u1ed5i\n C\u00f3 r\u1ea5t nhi\u1ec1u chi ti\u1ebft c\u1ee5 th\u1ec3 li\u00ean quan \u0111\u1ebfn vi\u1ec7c \u201cch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i th\u00edch\u201d. Ch\u00fang t\u00f4i c\u00f3 c\u00e1c ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 v\u00e0 lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 c\u1ef1c k\u1ef3 c\u1ee5 th\u1ec3 m\u00e0 ch\u00fang t\u00f4i kh\u00f4ng ng\u1eebng ho\u00e0n thi\u1ec7n. T\u00f4i s\u1ebd tr\u00ecnh b\u00e0y chi ti\u1ebft nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 trong c\u00e1c b\u00e0i vi\u1ebft blog ti\u1ebfp theo. M\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ecdi ng\u00e0nh, m\u1ecdi khu v\u1ef1c \u0111\u1ecba l\u00fd v\u00e0 \u1edf m\u1ecdi giai \u0111o\u1ea1n, nh\u01b0ng ch\u00fang t\u00f4i c\u00f3 m\u1ed9t \u0111i\u1ec3m \u0111\u1eb7c bi\u1ec7t: ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng.\n Trong nh\u1eefng n\u0103m qua, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o kho\u1ea3ng 3% s\u1ed1 giao d\u1ecbch m\u00e0 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1. V\u00ed d\u1ee5: v\u00e0o n\u0103m 2019, ch\u00fang t\u00f4i \u0111\u00e3 th\u1ef1c hi\u1ec7n 83 kho\u1ea3n \u0111\u1ea7u t\u01b0 l\u1ea7n \u0111\u1ea7u ti\u00ean. N\u00f3i c\u00e1ch kh\u00e1c, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o 3,3% trong s\u1ed1 2.542 giao d\u1ecbch m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u00e1nh gi\u00e1.\n 3. Vi\u1ec7c ph\u00e2n b\u1ed5 c\u00e1c giao d\u1ecbch ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c kh\u00f4ng ng\u1eabu nhi\u00ean v\u00e0 nh\u1ea5t qu\u00e1n theo th\u1eddi gian\n Nh\u00ecn chung, c\u00f3 nhi\u1ec1u giao d\u1ecbch ti\u1ec1n h\u1ea1t gi\u1ed1ng v\u00e0 h\u1ea1t gi\u1ed1ng h\u01a1n c\u00e1c giao d\u1ecbch Series A v\u00e0 Series B. \u0110\u1ed5i l\u1ea1i, c\u00f3 nhi\u1ec1u giao d\u1ecbch Series A &amp; B h\u01a1n c\u00e1c giao d\u1ecbch \u1edf giai \u0111o\u1ea1n sau. Tr\u00ean h\u1ebft, v\u00ec ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nh\u01b0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n vi\u1ebft nh\u1eefng t\u1ea5m s\u00e9c t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf n\u00ean ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c nh\u1eefng giao d\u1ecbch \u1edf giai \u0111o\u1ea1n tr\u01b0\u1edbc m\u1ed9t c\u00e1ch kh\u00f4ng c\u00e2n x\u1ee9ng so v\u1edbi nh\u1eefng giao d\u1ecbch \u1edf giai \u0111o\u1ea1n sau. Do \u0111\u00f3, h\u1ea7u h\u1ebft c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u \u1edf giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng ho\u1eb7c s\u1edbm h\u01a1n m\u1eb7c d\u00f9 s\u1ed1 l\u01b0\u1ee3ng Series A \u0111\u00e3 t\u0103ng l\u00ean trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y.  \n 4. M\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c giao d\u1ecbch t\u1eeb b\u1ea5t k\u1ef3 qu\u1ed1c gia n\u00e0o, ch\u00fang t\u00f4i c\u00f3 c\u00e1c \u01b0u ti\u00ean c\u1ee5 th\u1ec3\n M\u1eb7c d\u00f9 ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u nh\u01b0ng ch\u00fang t\u00f4i c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i New York v\u00e0 h\u1ea7u h\u1ebft s\u1ef1 \u0111\u1ed5i m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec1u \u0111\u1ebfn t\u1eeb Hoa K\u1ef3. Do \u0111\u00f3, h\u1ea7u h\u1ebft lu\u1ed3ng giao d\u1ecbch c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u \u0111\u1ebfn t\u1eeb Hoa K\u1ef3 v\u00e0 h\u1ea7u h\u1ebft c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u \u1edf Hoa K\u1ef3. \u0110\u1ed3ng th\u1eddi, Jose s\u1ed1ng \u1edf London v\u00e0 t\u00f4i l\u00e0 ng\u01b0\u1eddi Ph\u00e1p, v\u00ec v\u1eady ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u giao d\u1ecbch \u1edf ch\u00e2u \u00c2u. V\u1edbi d\u1ea5u \u1ea5n to\u00e0n c\u1ea7u c\u1ee7a OLX, t\u00f4i c\u0169ng c\u00f3 m\u1eb7t r\u1ea5t r\u00f5 r\u00e0ng \u1edf nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i.\n M\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c giao d\u1ecbch \u1edf t\u1ea5t c\u1ea3 c\u00e1c qu\u1ed1c gia, nh\u01b0ng khi xem x\u00e9t c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i, ch\u00fang t\u00f4i t\u1eadp trung v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u1edbn c\u00f3 h\u1ec7 sinh th\u00e1i m\u1ea1o hi\u1ec3m v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh m\u1ea1nh m\u1ebd h\u01a1n. Ng\u00e0y nay \u0111i\u1ec1u n\u00e0y ch\u1ee7 y\u1ebfu c\u00f3 ngh\u0129a l\u00e0 Brazil v\u00e0 \u1ea4n \u0110\u1ed9. \u0110i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng bao gi\u1edd \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u1ecf h\u01a1n. V\u00ed d\u1ee5: ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o Rappi \u1edf Columbia, Yassir \u1edf Algeria v\u00e0 Lori Systems \u1edf Kenya, nh\u01b0ng ti\u00eau chu\u1ea9n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i cao h\u01a1n r\u1ea5t nhi\u1ec1u.\n V\u1ea5n \u0111\u1ec1 ch\u00ednh \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i nh\u1ecf h\u01a1n l\u00e0 thi\u1ebfu v\u1ed1n Series A &amp; B v\u00e0 thi\u1ebfu l\u1ed1i tho\u00e1t. C\u00f3 nh\u1eefng ng\u01b0\u1eddi d\u00e2n \u0111\u1ecba ph\u01b0\u01a1ng gi\u00e0u c\u00f3 s\u1ebd \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n v\u00e0o h\u1ea7u h\u1ebft m\u1ecdi qu\u1ed1c gia tr\u00ean th\u1ebf gi\u1edbi. Ngo\u00e0i ra, n\u1ebfu b\u1ea1n \u0111\u1ed9t ph\u00e1, th\u01b0\u1eddng c\u00f3 ngh\u0129a l\u00e0 doanh thu h\u01a1n 100 tri\u1ec7u \u0111\u00f4 la v\u00e0 \u0111\u1ecbnh gi\u00e1 100 tri\u1ec7u \u0111\u00f4 la, c\u00e1c qu\u1ef9 to\u00e0n c\u1ea7u c\u1ee7a Hoa K\u1ef3 nh\u01b0 Tiger Global s\u1ebd t\u00ecm b\u1ea1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0 (\u1edf m\u1ee9c th\u01b0\u1eddng l\u00e0 Series C) b\u1ea5t k\u1ec3 b\u1ea1n \u1edf \u0111\u00e2u.\n Tuy nhi\u00ean, h\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u1ecf h\u01a1n \u0111\u1ec1u kh\u00f4ng c\u00f3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Series A &amp; B, khi\u1ebfn c\u00e1c c\u00f4ng ty kh\u00f3 c\u00f3 th\u1ec3 chuy\u1ec3n t\u1eeb tr\u1ea1ng th\u00e1i h\u1ea1t gi\u1ed1ng sang tr\u1ea1ng th\u00e1i \u0111\u1ed9t ph\u00e1, \u0111\u1eb7c bi\u1ec7t n\u1ebfu th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba nh\u1ecf. T\u1ec7 h\u01a1n n\u1eefa, c\u00f3 r\u1ea5t \u00edt l\u1ed1i tho\u00e1t cho nh\u1eefng c\u00f4ng ty \u0111\u00f3, ngay c\u1ea3 nh\u1eefng c\u00f4ng ty th\u00e0nh c\u00f4ng, b\u1edfi v\u00ec nh\u1eefng qu\u1ed1c gia m\u00e0 h\u1ecd \u0111\u1eb7t ch\u00e2n \u0111\u1ebfn kh\u00f4ng n\u1eb1m trong danh s\u00e1ch \u01b0u ti\u00ean c\u1ee7a nh\u1eefng k\u1ebb th\u00e2u t\u00f3m l\u1edbn tr\u00ean to\u00e0n c\u1ea7u.\n Cho \u0111\u1ebfn nay, 58% kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i l\u00e0 \u1edf M\u1ef9 v\u00e0 Canada (ch\u1ee7 y\u1ebfu l\u00e0 M\u1ef9), 25% \u1edf Ch\u00e2u \u00c2u, 6% \u1edf Brazil, 2% \u1edf \u1ea4n \u0110\u1ed9 v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c qu\u1ed1c gia kh\u00e1c c\u1ed9ng l\u1ea1i chi\u1ebfm 9%.\n Ngo\u00e0i ra, ch\u00fang t\u00f4i c\u00f2n c\u00f3 m\u1ed9t s\u1ed1 nguy\u00ean t\u1eafc h\u01b0\u1edbng d\u1eabn kh\u00e1c.A. Ch\u00fang t\u00f4i t\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng\n Ni\u1ec1m \u0111am m\u00ea c\u1ee7a t\u00f4i v\u1edbi th\u1ecb tr\u01b0\u1eddng b\u1eaft ngu\u1ed3n t\u1eeb ni\u1ec1m \u0111am m\u00ea ban \u0111\u1ea7u c\u1ee7a t\u00f4i v\u1edbi kinh t\u1ebf. T\u00f4i ph\u00e1t hi\u1ec7n ra Adam Smith v\u00e0 David Ricardo \u1edf tu\u1ed5i thi\u1ebfu ni\u00ean. C\u00f4ng tr\u00ecnh c\u1ee7a h\u1ecd g\u00e2y \u1ea5n t\u01b0\u1ee3ng v\u1edbi t\u00f4i v\u00ec n\u00f3 gi\u1ea3i th\u00edch c\u00e1ch th\u1ebf gi\u1edbi \u0111\u01b0\u1ee3c c\u1ea5u tr\u00fac t\u1ed1t h\u01a1n b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c m\u00e0 t\u00f4i g\u1eb7p ph\u1ea3i. \u0110\u00e2y l\u00e0 l\u00fd do t\u1ea1i sao t\u00f4i h\u1ecdc kinh t\u1ebf t\u1ea1i Princeton, \u0111i\u1ec1u n\u00e0y c\u00e0ng l\u00e0m t\u0103ng th\u00eam s\u1ef1 quan t\u00e2m c\u1ee7a t\u00f4i \u0111\u1ed1i v\u1edbi thi\u1ebft k\u1ebf th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c h\u1ec7 th\u1ed1ng khuy\u1ebfn kh\u00edch.\n Khi t\u00f4i t\u1ed1t nghi\u1ec7p n\u0103m 1996, t\u00f4i kh\u00f4ng ngh\u0129 n\u00f3 s\u1ebd d\u1eabn \u0111\u1ebfn \u0111i\u1ec1u g\u00ec thi\u1ebft th\u1ef1c. L\u00e0 m\u1ed9t thanh ni\u00ean 21 tu\u1ed5i nh\u00fat nh\u00e1t v\u00e0 s\u1ed1ng n\u1ed9i t\u00e2m, t\u00f4i \u0111\u00e3 l\u00e0m vi\u1ec7c cho McKinsey \u0111\u01b0\u1ee3c hai n\u0103m. M\u1eb7c d\u00f9 t\u00f4i mu\u1ed1n tr\u1edf th\u00e0nh m\u1ed9t doanh nh\u00e2n tr\u00ean Internet nh\u01b0ng t\u00f4i c\u1ea3m th\u1ea5y McKinsey s\u1ebd gi\u1ed1ng nh\u01b0 m\u1ed9t tr\u01b0\u1eddng kinh doanh, ngo\u1ea1i tr\u1eeb vi\u1ec7c h\u1ecd tr\u1ea3 ti\u1ec1n cho t\u00f4i. Hai n\u0103m sau, t\u00f4i c\u1ea3m th\u1ea5y m\u00ecnh \u0111\u00e3 h\u1ecdc \u0111\u01b0\u1ee3c nh\u1eefng \u0111i\u1ec1u c\u1ea7n h\u1ecdc v\u00e0 s\u1eb5n s\u00e0ng d\u1ea5n th\u00e2n v\u00e0o th\u1ebf gi\u1edbi kinh doanh.\n Khi t\u00f4i b\u1eaft \u0111\u1ea7u suy ngh\u0129 v\u1ec1 nh\u1eefng \u00fd t\u01b0\u1edfng v\u1ec1 nh\u1eefng c\u00f4ng ty m\u00e0 t\u00f4i c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng, t\u00f4i nh\u1eadn ra r\u1eb1ng nhi\u1ec1u c\u00f4ng ty kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi m\u1ed9t thanh ni\u00ean 23 tu\u1ed5i thi\u1ebfu kinh nghi\u1ec7m. X\u00e2y d\u1ef1ng c\u00e1c c\u00f4ng ty ki\u1ec3u Amazon \u0111\u00f2i h\u1ecfi ph\u1ea3i qu\u1ea3n l\u00fd chu\u1ed7i cung \u1ee9ng ph\u1ee9c t\u1ea1p. C\u00e1c c\u00f4ng ty thu\u1ed9c lo\u1ea1i h\u00ecnh Etrade y\u00eau c\u1ea7u ph\u1ea3i c\u00f3 gi\u1ea5y ph\u00e9p m\u00f4i gi\u1edbi ho\u1eb7c ng\u00e2n h\u00e0ng. H\u1ea7u h\u1ebft c\u00e1c \u00fd t\u01b0\u1edfng c\u0169ng \u0111\u00f2i h\u1ecfi r\u1ea5t nhi\u1ec1u v\u1ed1n. Khi t\u00f4i truy c\u1eadp trang web eBay, t\u00f4i \u0111\u00e3 th\u00edch ngay t\u1eeb c\u00fa nh\u1ea5p chu\u1ed9t \u0111\u1ea7u ti\u00ean. T\u00f4i ngay l\u1eadp t\u1ee9c nh\u1eadn ra l\u01b0\u1ee3ng gi\u00e1 tr\u1ecb phi th\u01b0\u1eddng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1eb1ng c\u00e1ch mang l\u1ea1i s\u1ef1 minh b\u1ea1ch v\u00e0 t\u00ednh thanh kho\u1ea3n cho c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u00f4ng r\u00f5 r\u00e0ng v\u00e0 ph\u00e2n m\u1ea3nh tr\u01b0\u1edbc \u0111\u00e2y d\u00e0nh cho \u0111\u1ed3 s\u01b0u t\u1ea7m v\u00e0 h\u00e0ng h\u00f3a \u0111\u00e3 qua s\u1eed d\u1ee5ng, v\u1ed1n ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch ngo\u1ea1i tuy\u1ebfn trong c\u00e1c \u0111\u1ee3t b\u00e1n h\u00e0ng trong gara. T\u00f4i c\u0169ng nh\u1eadn ra r\u1eb1ng m\u00f4 h\u00ecnh n\u00e0y s\u1ebd hi\u1ec7u qu\u1ea3 v\u1ec1 v\u1ed1n nh\u01b0 th\u1ebf n\u00e0o khi n\u00f3 gi\u1ea3i ph\u00f3ng hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi m\u1ea1nh m\u1ebd v\u1edbi vi\u1ec7c ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi mua k\u00e9o theo nhi\u1ec1u ng\u01b0\u1eddi b\u00e1n h\u01a1n, nh\u1eefng ng\u01b0\u1eddi n\u00e0y l\u1ea7n l\u01b0\u1ee3t thu h\u00fat th\u00eam nhi\u1ec1u ng\u01b0\u1eddi mua h\u01a1n. H\u01a1n n\u1eefa, t\u00f4i bi\u1ebft t\u00f4i c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng n\u00f3. Vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t trang web nh\u01b0 eBay c\u00f3 s\u1ef1 ph\u1ee9c t\u1ea1p ri\u00eang trong vi\u1ec7c gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 con g\u00e0 v\u00e0 qu\u1ea3 tr\u1ee9ng \u0111\u1ec3 t\u00ecm ra c\u00e1i g\u00ec n\u00ean b\u1eaft \u0111\u1ea7u v\u00e0 c\u00e1ch ki\u1ebfm ti\u1ec1n, nh\u01b0ng \u0111\u00f3 l\u00e0 lo\u1ea1i ph\u1ee9c t\u1ea1p m\u00e0 t\u00f4i c\u1ea3m th\u1ea5y ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p \u0111\u1ec3 gi\u1ea3i quy\u1ebft.\n T\u00f4i th\u00e0nh l\u1eadp Aucland, m\u1ed9t trang \u0111\u1ea5u gi\u00e1 tr\u1ef1c tuy\u1ebfn \u1edf Ch\u00e2u \u00c2u v\u00e0o th\u00e1ng 7 n\u0103m 1998. Cu\u1ed1i c\u00f9ng t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng n\u00f3 th\u00e0nh m\u1ed9t trong nh\u1eefng trang \u0111\u1ea5u gi\u00e1 tr\u1ef1c tuy\u1ebfn l\u1edbn nh\u1ea5t \u1edf Ch\u00e2u \u00c2u tr\u01b0\u1edbc khi n\u00f3 s\u00e1p nh\u1eadp v\u1edbi m\u1ed9t \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u01b0\u1ee3c giao d\u1ecbch c\u00f4ng khai, QXL Ricardo. \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 sau \u0111\u00f3 h\u1ecd \u0111\u00e3 \u0111\u01b0\u1ee3c Naspers mua l\u1ea1i (v\u00ec cu\u1ed1i c\u00f9ng OLX c\u0169ng v\u1eady). Khi \u0111ang \u0111i\u1ec1u h\u00e0nh Aucland, t\u00f4i \u0111\u01b0\u1ee3c m\u1ed9t \u0111\u1ed3ng nghi\u1ec7p \u1edf McKinsey gi\u1edbi thi\u1ec7u v\u1edbi m\u1ed9t nh\u00f3m sinh vi\u00ean t\u1ed1t nghi\u1ec7p Harvard v\u00e0 Stanford. T\u00f4i x\u00e1c nh\u1eadn ni\u1ec1m tin c\u1ee7a h\u1ecd r\u1eb1ng h\u1ecd n\u00ean ra m\u1eaft m\u1ed9t trang web gi\u1ed1ng nh\u01b0 eBay \u1edf M\u1ef9 Latinh v\u00e0 \u0111\u1ed3ng \u00fd cung c\u1ea5p cho h\u1ecd c\u00f4ng ngh\u1ec7 v\u00e0 k\u1ebf ho\u1ea1ch kinh doanh \u0111\u1ec3 th\u1ef1c hi\u1ec7n \u0111i\u1ec1u \u0111\u00f3. Deremate ra \u0111\u1eddi v\u00e0 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng trang \u0111\u1ea5u gi\u00e1 h\u00e0ng \u0111\u1ea7u \u1edf M\u1ef9 Latinh cho \u0111\u1ebfn khi s\u00e1p nh\u1eadp v\u1edbi MercadoLibre tr\u01b0\u1edbc \u0111\u1ee3t IPO.\n T\u00f4i th\u00edch x\u00e2y d\u1ef1ng Aucland. T\u00f4i y\u00eau th\u00edch s\u1eafc th\u00e1i c\u1ee7a vi\u1ec7c k\u1ebft h\u1ee3p cung v\u00e0 c\u1ea7u tr\u00ean c\u01a1 s\u1edf t\u1eebng danh m\u1ee5c v\u00e0 x\u00e2y d\u1ef1ng m\u1ed9t c\u1ed9ng \u0111\u1ed3ng ng\u01b0\u1eddi d\u00f9ng th\u1ef1c s\u1ef1. Sau khi bong b\u00f3ng Internet n\u1ed5 tung, t\u00f4i th\u00e0nh l\u1eadp Zingy, m\u1ed9t c\u00f4ng ty nh\u1ea1c chu\u00f4ng, v\u00ec t\u00f4i mu\u1ed1n tr\u1edf th\u00e0nh m\u1ed9t doanh nh\u00e2n v\u00e0 c\u1ea3m th\u1ea5y m\u00ecnh c\u00f3 th\u1ec3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p th\u00e0nh c\u00f4ng v\u00e0 sinh l\u1eddi trong m\u1ed9t th\u1ebf gi\u1edbi kh\u00f4ng c\u00f3 v\u1ed1n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m. Tuy nhi\u00ean, \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 t\u00ecnh y\u00eau \u0111\u00edch th\u1ef1c. \u0110\u00f3 l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c \u0111\u00edch. T\u00f4i \u0111\u00e3 l\u00e0m cho n\u00f3 c\u00f3 l\u00e3i, t\u0103ng doanh thu l\u00ean 200 tri\u1ec7u \u0111\u00f4 la tr\u01b0\u1edbc khi b\u00e1n n\u00f3 v\u1edbi gi\u00e1 80 tri\u1ec7u \u0111\u00f4 la. B\u00e2y gi\u1edd t\u00f4i c\u00f3 th\u1ec3 quay l\u1ea1i ch\u1ee3.\n Trong nh\u1eefng n\u0103m qua, t\u00f4i \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bc\u1ea3 s\u1ef1 n\u1ed5i l\u00ean c\u1ee7a Craigslist v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng d\u1ecdc \u0111\u1ea7u ti\u00ean nh\u01b0 Stubhub v\u00e0 Elance (nay l\u00e0 Upwork). T\u00f4i r\u1ea5t h\u00e0o h\u1ee9ng khi x\u00e2y d\u1ef1ng OLX. \u0110\u00f3 l\u00e0 c\u00f4ng ty m\u00e0 t\u00f4i \u0111\u1ecbnh x\u00e2y d\u1ef1ng. \u0110\u00f3 ch\u00ednh l\u00e0 nh\u1eefng g\u00ec Craigslist s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c n\u1ebfu n\u00f3 ho\u1ea1t \u0111\u1ed9ng t\u1ed1t: \u01b0u ti\u00ean thi\u1ebft b\u1ecb di \u0111\u1ed9ng v\u1edbi n\u1ed9i dung \u0111\u01b0\u1ee3c ki\u1ec3m duy\u1ec7t ho\u00e0n to\u00e0n, kh\u00f4ng c\u00f3 th\u01b0 r\u00e1c, l\u1eeba \u0111\u1ea3o, m\u1ea1i d\u00e2m, c\u00e1 nh\u00e2n v\u00e0 gi\u1ebft ng\u01b0\u1eddi, ph\u1ee5c v\u1ee5 ph\u1ee5 n\u1eef, nh\u1eefng ng\u01b0\u1eddi l\u00e0 ng\u01b0\u1eddi ra quy\u1ebft \u0111\u1ecbnh ch\u00ednh trong m\u1ecdi ho\u1ea1t \u0111\u1ed9ng mua s\u1eafm c\u1ee7a h\u1ed9 gia \u0111\u00ecnh. N\u00f3 hi\u1ec7n ph\u1ee5c v\u1ee5 h\u01a1n 350 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng m\u1ed7i th\u00e1ng t\u1ea1i 30 qu\u1ed1c gia \u1edf h\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i, n\u01a1i n\u00f3 l\u00e0 m\u1ed9t ph\u1ea7n c\u01a1 c\u1ea5u c\u1ee7a x\u00e3 h\u1ed9i. N\u00f3 cho ph\u00e9p h\u00e0ng tri\u1ec7u ng\u01b0\u1eddi ki\u1ebfm s\u1ed1ng v\u00e0 c\u1ea3i thi\u1ec7n cu\u1ed9c s\u1ed1ng h\u00e0ng ng\u00e0y trong khi \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng mi\u1ec5n ph\u00ed.\n OLX cho ph\u00e9p t\u00f4i ph\u00e1t tri\u1ec3n h\u01a1n n\u1eefa ngh\u1ec1 c\u1ee7a m\u00ecnh v\u00e0 c\u00e0ng y\u00eau v\u1ebb \u0111\u1eb9p v\u00e0 s\u1ef1 sang tr\u1ecdng c\u1ee7a c\u00e1c khu ch\u1ee3. Khi b\u1eadn \u0111i\u1ec1u h\u00e0nh OLX c\u00f9ng h\u00e0ng tr\u0103m nh\u00e2n vi\u00ean tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi, t\u00f4i quy\u1ebft \u0111\u1ecbnh t\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n v\u00ec t\u00f4i c\u1ea3m th\u1ea5y m\u00ecnh c\u00f3 v\u1ecb th\u1ebf \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 nhanh ch\u00f3ng.\n Chuy\u00ean m\u00f4n h\u00f3a n\u00e0y \u0111\u00e3 t\u1ea1o ra hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi ri\u00eang c\u1ee7a n\u00f3. Vi\u1ec7c tr\u1edf n\u00ean n\u1ed5i ti\u1ebfng v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 c\u1ea3i thi\u1ec7n lu\u1ed3ng giao d\u1ecbch c\u1ee7a t\u00f4i tr\u00ean th\u1ecb tr\u01b0\u1eddng, c\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng nh\u1eadn d\u1ea1ng m\u1eabu c\u1ee7a t\u00f4i v\u00e0 cho ph\u00e9p t\u00f4i ph\u00e1t tri\u1ec3n lu\u1eadn \u0111i\u1ec3m v\u00e0 ph\u01b0\u01a1ng ph\u00e1p ph\u1ecfng \u0111o\u00e1n ch\u1eafc ch\u1eafn h\u01a1n. Khi FJ Labs ph\u00e1t tri\u1ec3n t\u1eeb Jose v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n c\u1ee7a t\u00f4i, ch\u00fang t\u00f4i ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 ti\u1ebfp t\u1ee5c \u0111i theo con \u0111\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 \u0111i.\n V\u00e0o n\u0103m 2020, th\u1ecb tr\u01b0\u1eddng v\u1eabn ph\u00f9 h\u1ee3p h\u01a1n bao gi\u1edd h\u1ebft. Ch\u00fang ta v\u1eabn \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a cu\u1ed9c c\u00e1ch m\u1ea1ng c\u00f4ng ngh\u1ec7 v\u00e0 th\u1ecb tr\u01b0\u1eddng s\u1ebd \u0111\u00f3ng m\u1ed9t vai tr\u00f2 quan tr\u1ecdng trong th\u1eadp k\u1ef7 t\u1edbi v\u00e0 h\u01a1n th\u1ebf n\u1eefa.B. Ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh nhanh ch\u00f3ng v\u00e0 minh b\u1ea1ch\n L\u00e0 m\u1ed9t doanh nh\u00e2n, t\u00f4i lu\u00f4n gh\u00e9t qu\u00e1 tr\u00ecnh g\u00e2y qu\u1ef9 ch\u1eadm ch\u1ea1p v\u00e0 t\u1ed1n th\u1eddi gian nh\u01b0 th\u1ebf n\u00e0o. Nhi\u1ec1u tu\u1ea7n tr\u00f4i qua gi\u1eefa c\u00e1c cu\u1ed9c g\u1eb7p v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m ch\u1ec9 v\u00ec h\u1ecd s\u1eed d\u1ee5ng th\u1eddi gian nh\u01b0 m\u1ed9t y\u1ebfu t\u1ed1 th\u1ea9m \u0111\u1ecbnh. C\u00e1c doanh nh\u00e2n ph\u1ea3i r\u1ea5t chu \u0111\u00e1o trong vi\u1ec7c th\u1ef1c hi\u1ec7n m\u1ed9t quy tr\u00ecnh ch\u1eb7t ch\u1ebd \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u00e1c b\u1ea3ng \u0111i\u1ec1u kho\u1ea3n c\u00f9ng l\u00fac nh\u1eb1m t\u1ea1o ra l\u01b0\u1ee3ng FOMO ph\u00f9 h\u1ee3p. C\u00e1c doanh nh\u00e2n hi\u1ebfm khi bi\u1ebft m\u00ecnh \u0111ang \u0111\u1ee9ng \u1edf \u0111\u00e2u. Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m kh\u00f4ng quan t\u00e2m c\u00f3 th\u1ec3 b\u1ecf qua ch\u00fang ho\u1eb7c c\u1ef1c k\u1ef3 ch\u1eadm ch\u1ea1p thay v\u00ec ho\u00e0n to\u00e0n chuy\u1ec3n kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1ec3 duy tr\u00ec kh\u1ea3 n\u0103ng thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ecd.\n N\u00f3 khi\u1ebfn t\u00f4i ph\u00e1t \u0111i\u00ean v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t doanh nh\u00e2n v\u00e0 t\u00f4i quy\u1ebft \u0111\u1ecbnh l\u00e0m \u0111i\u1ec1u ng\u01b0\u1ee3c l\u1ea1i v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t thi\u00ean th\u1ea7n. T\u00f4i \u0111\u00e3 ch\u1ecdn s\u1ef1 minh b\u1ea1ch v\u00e0 trung th\u1ef1c tri\u1ec7t \u0111\u1ec3. V\u00ec qu\u00e1 b\u1eadn r\u1ed9n \u0111i\u1ec1u h\u00e0nh c\u00e1c ho\u1ea1t \u0111\u1ed9ng h\u00e0ng ng\u00e0y c\u1ee7a OLX n\u00ean t\u00f4i \u0111\u00e3 ngh\u0129 ra chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p d\u1ef1a tr\u00ean cu\u1ed9c g\u1ecdi k\u00e9o d\u00e0i 1 gi\u1edd. Trong cu\u1ed9c g\u1ecdi ho\u1eb7c cu\u1ed9c h\u1ecdp k\u00e9o d\u00e0i 1 gi\u1edd, t\u00f4i s\u1ebd n\u00f3i v\u1edbi c\u00e1c doanh nh\u00e2n r\u1eb1ng li\u1ec7u t\u00f4i c\u00f3 \u0111ang \u0111\u1ea7u t\u01b0 hay kh\u00f4ng v\u00e0 t\u1ea1i sao. Trong 97% tr\u01b0\u1eddng h\u1ee3p, t\u00f4i \u0111\u00e3 b\u1ecf qua c\u01a1 h\u1ed9i v\u00e0 n\u00f3i v\u1edbi h\u1ecd nh\u1eefng g\u00ec c\u1ea7n c\u1ea3i thi\u1ec7n \u0111\u1ec3 thay \u0111\u1ed5i suy ngh\u0129 c\u1ee7a t\u00f4i.\n Ch\u00fang t\u00f4i kh\u00f4ng thay \u0111\u1ed5i nhi\u1ec1u quy tr\u00ecnh c\u1ee7a FJ Labs, m\u1eb7c d\u00f9 ch\u00fang t\u00f4i \u0111\u00e3 tinh ch\u1ec9nh n\u00f3 theo c\u00e1ch cho ph\u00e9p ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 nhi\u1ec1u giao d\u1ecbch h\u01a1n v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng h\u01a1n. H\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111\u1ec1u \u0111\u01b0\u1ee3c xem x\u00e9t l\u1ea7n \u0111\u1ea7u ti\u00ean b\u1edfi m\u1ed9t th\u00e0nh vi\u00ean nh\u00f3m FJ, ng\u01b0\u1eddi s\u1ebd tr\u00ecnh b\u00e0y khuy\u1ebfn ngh\u1ecb c\u1ee7a h\u1ecd trong cu\u1ed9c h\u1ecdp \u1ee7y ban \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ee9 Ba c\u1ee7a ch\u00fang t\u00f4i. N\u1ebfu \u0111\u01b0\u1ee3c Jose b\u1ea3o \u0111\u1ea3m ho\u1eb7c t\u00f4i s\u1ebd th\u1ef1c hi\u1ec7n cu\u1ed9c g\u1ecdi th\u1ee9 hai, sau \u0111\u00f3 ch\u00fang t\u00f4i s\u1ebd \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0. N\u00f3i c\u00e1ch kh\u00e1c, c\u00e1c doanh nh\u00e2n s\u1ebd \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 sau t\u1ed1i \u0111a 2 cu\u1ed9c g\u1ecdi trong v\u00f2ng 2 tu\u1ea7n. N\u1ebfu ch\u00fang t\u00f4i ch\u1ecdn kh\u00f4ng \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i s\u1ebd cho h\u1ecd bi\u1ebft l\u00fd do v\u00e0 \u0111i\u1ec1u g\u00ec c\u1ea7n thay \u0111\u1ed5i \u0111\u1ec3 ch\u00fang t\u00f4i thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh.\n N\u1ebfu l\u00e0 ng\u01b0\u1eddi tham gia cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean, t\u00f4i v\u1eabn th\u01b0\u1eddng \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o cu\u1ed1i cu\u1ed9c h\u1ecdp tr\u01b0\u1edbc s\u1ef1 ng\u1ea1c nhi\u00ean c\u1ee7a doanh nh\u00e2n. T\u00f4i th\u1ea5y n\u00f3 b\u00ecnh th\u01b0\u1eddng. Sau t\u1ea5t c\u1ea3, ch\u00fang t\u00f4i c\u00f3 chi\u1ebfn l\u01b0\u1ee3c v\u00e0 kinh nghi\u1ec7m \u0111\u1ea7u t\u01b0 r\u00f5 r\u00e0ng c\u0169ng nh\u01b0 gi\u1eef v\u1eefng ni\u1ec1m tin c\u1ee7a m\u00ecnh. T\u00f4i y\u00eau s\u1ef1 r\u00f5 r\u00e0ng v\u1ec1 m\u1ee5c \u0111\u00edch v\u00e0 suy ngh\u0129.C. Ch\u00fang t\u00f4i kh\u00f4ng d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch  \n L\u00e0 thi\u00ean th\u1ea7n, ch\u00fang t\u00f4i kh\u00f4ng d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch. Khi ch\u00fang t\u00f4i th\u00e0nh l\u1eadp FJ Labs, ch\u00fang t\u00f4i ch\u01b0a bao gi\u1edd ngh\u0129 \u0111\u1ebfn vi\u1ec7c tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m truy\u1ec1n th\u1ed1ng v\u00e0 d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch. Ch\u00fang t\u00f4i th\u00edch g\u1eb7p g\u1ee1 c\u00e1c doanh nh\u00e2n, nghe nh\u1eefng \u00fd t\u01b0\u1edfng \u0111i\u00ean r\u1ed3 c\u1ee7a h\u1ecd v\u00e0 gi\u00fap h\u1ecd th\u1ef1c hi\u1ec7n nh\u1eefng \u01b0\u1edbc m\u01a1 \u0111\u00f3. \u0110i\u1ec1u n\u00e0y cho ph\u00e9p ch\u00fang t\u00f4i tr\u00e1nh \u0111\u01b0\u1ee3c c\u00e1c c\u00f4ng vi\u1ec7c ph\u00e1p l\u00fd v\u00e0 h\u00e0nh ch\u00ednh ph\u00e1t sinh t\u1eeb c\u00e1c giao d\u1ecbch h\u00e0ng \u0111\u1ea7u.\n H\u01a1n n\u1eefa, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u1eefng thi\u00ean th\u1ea7n, ch\u00fang t\u00f4i lu\u00f4n coi VC l\u00e0 b\u1ea1n c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i \u0111\u00e3 thi\u1ebft l\u1eadp m\u1ed1i quan h\u1ec7 b\u1ec1n ch\u1eb7t v\u1edbi nhi\u1ec1u ng\u01b0\u1eddi trong s\u1ed1 h\u1ecd v\u00e0 b\u1eaft \u0111\u1ea7u t\u1ed5 ch\u1ee9c c\u00e1c cu\u1ed9c g\u1ecdi th\u01b0\u1eddng xuy\u00ean \u0111\u1ec3 chia s\u1ebb quy tr\u00ecnh giao d\u1ecbch. C\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a ch\u00fang t\u00f4i c\u1ef1c k\u1ef3 th\u00e0nh c\u00f4ng v\u00e0 vi\u1ec7c thay \u0111\u1ed5i n\u00f3 l\u00e0 \u0111i\u1ec1u v\u00f4 ngh\u0129a. C\u00e1c giao d\u1ecbch d\u1eabn \u0111\u1ea7u c\u00f3 ngh\u0129a l\u00e0 ph\u1ea3i c\u1ea1nh tranh v\u1edbi c\u00e1c VC \u0111\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5. C\u00f3 r\u1ea5t nhi\u1ec1u \u01b0u \u0111\u00e3i tuy\u1ec7t v\u1eddi m\u00e0 ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng th\u1ec3 tham gia ho\u1eb7c \u0111\u01b0\u1ee3c m\u1eddi tham gia. Kh\u00f4ng ai t\u1ec9nh t\u00e1o s\u1ebd ch\u1ecdn ch\u00fang t\u00f4i thay v\u00ec Sequoia n\u1ebfu ch\u00fang t\u00f4i l\u00e0 lo\u1ea1i VC d\u1eabn \u0111\u1ea7u c\u00e1c giao d\u1ecbch. \u0110i\u1ec1u hay l\u00e0 v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn hi\u1ec7n t\u1ea1i, c\u00e1c doanh nh\u00e2n kh\u00f4ng c\u1ea7n ph\u1ea3i l\u1ef1a ch\u1ecdn. H\u1ecd c\u00f3 th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u1ea3 VC ch\u00ednh m\u00e0 h\u1ecd l\u1ef1a ch\u1ecdn v\u00e0 ch\u00fang t\u00f4i. Hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o h\u1ea7u h\u1ebft m\u1ecdi c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i mu\u1ed1n v\u00e0 ch\u00fang t\u00f4i y\u00eau th\u00edch \u0111i\u1ec1u \u0111\u00f3!D. Ch\u00fang t\u00f4i kh\u00f4ng ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb\n Theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, vi\u1ec7c kh\u00f4ng ng\u1ed3i v\u00e0o gh\u1ebf h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb l\u00e0 h\u1eadu qu\u1ea3 t\u1ef1 nhi\u00ean c\u1ee7a vi\u1ec7c kh\u00f4ng l\u00e3nh \u0111\u1ea1o, nh\u01b0ng ch\u00fang ta c\u00f3 nh\u1eefng l\u00fd do c\u01a1 b\u1ea3n \u0111\u1ec3 kh\u00f4ng mu\u1ed1n ng\u1ed3i v\u00e0o h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. V\u1ec1 m\u1eb7t kh\u00e1ch quan, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng th\u1ec3 tham gia hi\u1ec7u qu\u1ea3 h\u01a1n 10 h\u1ed9i \u0111\u1ed3ng, \u0111i\u1ec1u n\u00e0y kh\u00f4ng t\u01b0\u01a1ng th\u00edch v\u1edbi c\u00e1ch ti\u1ebfp c\u1eadn \u0111a d\u1ea1ng h\u00f3a cao \u0111\u1ed9 c\u1ee7a ch\u00fang t\u00f4i. T\u1ec7 h\u01a1n n\u1eefa, t\u00f4i quan s\u00e1t th\u1ea5y r\u1eb1ng nh\u1eefng c\u00f4ng ty \u0111ang th\u1ea5t b\u1ea1i cu\u1ed1i c\u00f9ng l\u1ea1i c\u1ea7n nhi\u1ec1u c\u00f4ng s\u1ee9c v\u00e0 th\u1eddi gian h\u01a1n. N\u00f3i c\u00e1ch kh\u00e1c, cu\u1ed1i c\u00f9ng b\u1ea1n s\u1ebd ph\u00e2n b\u1ed5 to\u00e0n b\u1ed9 th\u1eddi gian c\u1ee7a m\u00ecnh \u0111\u1ec3 gi\u00fap c\u00e1c c\u00f4ng ty \u0111i t\u1eeb 1 \u0111\u1ebfn 0 v\u00e0 h\u1ea7u nh\u01b0 kh\u00f4ng d\u00e0nh th\u1eddi gian n\u00e0o cho c\u00e1c c\u00f4ng ty \u0111ang ho\u1ea1t \u0111\u1ed9ng t\u1ed1t nh\u1ea5t v\u00e0 \u0111ang \u0111i t\u1eeb 1 \u0111\u1ebfn 100. Thay v\u00e0o \u0111\u00f3, b\u1ea1n n\u00ean b\u1ecf qua nh\u1eefng c\u00f4ng ty \u0111i t\u1eeb 1 \u0111\u1ebfn 0 v\u00e0 d\u00e0nh th\u1eddi gian suy ngh\u0129 c\u00e1ch t\u1ea1o ra gi\u00e1 tr\u1ecb cao nh\u1ea5t cho t\u00e0u t\u00ean l\u1eeda c\u1ee7a m\u00ecnh.\n Ngo\u00e0i ra c\u00f2n c\u00f3 m\u1ed9t s\u1ed1 h\u00ecnh th\u1ee9c v\u00e0 t\u00ednh c\u1ee9ng nh\u1eafc nh\u1ea5t \u0111\u1ecbnh trong c\u00e1c cu\u1ed9c h\u1ecdp h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb khi\u1ebfn h\u1ecd kh\u00f4ng th\u1ec3 \u0111i v\u00e0o tr\u1ecdng t\u00e2m c\u1ee7a v\u1ea5n \u0111\u1ec1. V\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t doanh nh\u00e2n v\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0, nh\u1eefng cu\u1ed9c th\u1ea3o lu\u1eadn chi\u1ebfn l\u01b0\u1ee3c c\u00f3 \u00fd ngh\u0129a nh\u1ea5t m\u00e0 t\u00f4i t\u1eebng c\u00f3 l\u00e0 nh\u1eefng cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u00e0 ph\u00ea 1-1 th\u00e2n m\u1eadt h\u01a1n l\u00e0 nh\u1eefng cu\u1ed9c h\u1ecdp h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb ch\u00ednh th\u1ee9c. T\u00f4i \u0111\u00e3 \u0111\u01b0\u1ee3c n\u00f3i v\u00f4 s\u1ed1 l\u1ea7n r\u1eb1ng cu\u1ed9c tr\u00f2 chuy\u1ec7n gi\u1eefa t\u00f4i v\u1edbi m\u1ed9t doanh nh\u00e2n l\u00e0 cu\u1ed9c tr\u00f2 chuy\u1ec7n c\u00f3 \u00fd ngh\u0129a nh\u1ea5t m\u00e0 h\u1ecd t\u1eebng c\u00f3.\n L\u01b0u \u00fd r\u1eb1ng vi\u1ec7c kh\u00f4ng tham gia h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 ch\u00fang t\u00f4i ch\u1ec9 l\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ee5 \u0111\u1ed9ng. Gi\u00e1 tr\u1ecb ch\u00fang t\u00f4i cung c\u1ea5p c\u00f3 m\u1ed9t d\u1ea1ng kh\u00e1c.E. Gi\u00e1 tr\u1ecb gia t\u0103ng ch\u00ednh c\u1ee7a ch\u00fang t\u00f4i l\u00e0 h\u1ed7 tr\u1ee3 g\u00e2y qu\u1ef9, qu\u1ea3ng c\u00e1o ngo\u1ea1i tuy\u1ebfn v\u00e0 suy ngh\u0129 v\u1ec1 \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng\n Nhi\u1ec1u qu\u1ef9 v\u1edbi h\u00e0ng t\u1ef7 t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd c\u00f3 \u0111\u1ed9i ng\u0169 n\u1ec1n t\u1ea3ng ho\u00e0n ch\u1ec9nh v\u1edbi nhi\u1ec1u \u0111\u1ed1i t\u00e1c li\u00ean doanh. H\u1ecd c\u00f3 c\u00e1c chuy\u00ean gia s\u0103n \u0111\u1ea7u ng\u01b0\u1eddi v\u00e0 chuy\u00ean gia trong nhi\u1ec1u l\u0129nh v\u1ef1c kh\u00e1c nhau \u0111\u1ec3 gi\u00fap \u0111\u1ee1 c\u00e1c c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0. Ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 \u0111\u1ee7 ngu\u1ed3n l\u1ef1c \u0111\u1ec3 l\u00e0m t\u1ea5t c\u1ea3 nh\u1eefng vi\u1ec7c \u0111\u00f3. Thay v\u00e0o \u0111\u00f3, ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh t\u1eadp trung v\u00e0o ba c\u00e1ch gi\u00fap \u0111\u1ee1 kh\u00e1c nhau.\n \u0110\u1ea7u ti\u00ean v\u00e0 quan tr\u1ecdng nh\u1ea5t, ch\u00fang t\u00f4i gi\u00fap c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p ph\u00e1t tri\u1ec3n. Ch\u00fang t\u00f4i gi\u00fap h\u1ecd ho\u00e0n th\u00e0nh v\u00f2ng hi\u1ec7n t\u1ea1i ho\u1eb7c n\u00e2ng cao v\u00f2ng trong t\u01b0\u01a1ng lai. Cu\u1ed1i c\u00f9ng, FJ Labs kh\u00f4ng \u0111\u1eb7t ra c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a v\u00f2ng n\u00e0y. Ch\u00fang t\u00f4i ch\u1ec9 mu\u1ed1n c\u00e1c c\u00f4ng ty ch\u00fang t\u00f4i y\u00eau th\u00edch \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3. Ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n c\u00e1c cu\u1ed9c g\u1ecdi chia s\u1ebb lu\u1ed3ng v\u1edbi kho\u1ea3ng 100 VC c\u1ee9 sau 8 tu\u1ea7n, bao g\u1ed3m h\u1ea7u h\u1ebft m\u1ecdi giai \u0111o\u1ea1n v\u00e0 \u0111\u1ecba l\u00fd. Ch\u00fang t\u00f4i c\u00f3 m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ph\u00f9 h\u1ee3p, trong \u0111\u00f3 ch\u00fang t\u00f4i gi\u1edbi thi\u1ec7u c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m ph\u00f9 h\u1ee3p cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p ph\u00f9 h\u1ee3p. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m th\u00edch \u0111i\u1ec1u \u0111\u00f3 v\u00ec h\u1ecd c\u00f3 \u0111\u01b0\u1ee3c lu\u1ed3ng giao d\u1ecbch ph\u00f9 h\u1ee3p v\u00e0 kh\u00e1c bi\u1ec7t. C\u00e1c doanh nh\u00e2n th\u00edch n\u00f3 v\u00ec h\u1ecd \u0111\u01b0\u1ee3c g\u1eb7p g\u1ee1 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m h\u00e0ng \u0111\u1ea7u. Ch\u00fang t\u00f4i y\u00eau th\u00edch n\u00f3 v\u00ec c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u00e0 ch\u00fang t\u00f4i quan t\u00e2m \u0111\u1ec1u nh\u1eadn \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3.\n Tr\u01b0\u1edbc khi doanh nh\u00e2n b\u1eaft tay v\u00e0o ti\u1ebfp th\u1ecb, ch\u00fang t\u00f4i c\u1ed1 g\u1eafng th\u1ef1c hi\u1ec7n m\u1ed9t cu\u1ed9c g\u1ecdi \u0111\u1ec3 cung c\u1ea5p cho h\u1ecd ph\u1ea3n h\u1ed3i v\u1ec1 quan \u0111i\u1ec3m c\u1ee7a h\u1ecd c\u0169ng nh\u01b0 xem x\u00e9t c\u00e1ch tr\u00ecnh b\u00e0y v\u00e0 qu\u1ea3ng c\u00e1o chi\u00eau h\u00e0ng c\u1ee7a h\u1ecd. Khi ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y h\u1ecd \u0111\u00e3 s\u1eb5n s\u00e0ng, ch\u00fang t\u00f4i s\u1ebd t\u1ea1o ph\u1ea7n gi\u1edbi thi\u1ec7u ph\u00f9 h\u1ee3p.\n Ch\u00fang t\u00f4i c\u0169ng c\u00f3 th\u1ec3 gi\u00fap suy ngh\u0129 v\u1ec1 \u0111\u1ed9ng l\u1ef1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng. B\u1ea1n n\u00ean b\u1eaft \u0111\u1ea7u v\u1edbi b\u00ean cung hay b\u00ean c\u1ea7u? B\u1ea1n n\u00ean l\u00e0 ng\u01b0\u1eddi \u0111\u1ecba ph\u01b0\u01a1ng nh\u01b0 th\u1ebf n\u00e0o? M\u1ee9c c\u00e0o n\u00ean l\u00e0 1%, 5%, 15% hay 50%? N\u00ean nghi\u00eang v\u1ec1 ph\u00eda cung hay ph\u00eda c\u1ea7u? B\u1ea1n c\u00f3 n\u00ean cung c\u1ea5p d\u1ecbch v\u1ee5 b\u1ed5 sung cho m\u1ed9t b\u00ean c\u1ee7a th\u1ecb tr\u01b0\u1eddng? Ch\u00fang t\u00f4i th\u1ea5y r\u1ea5t nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng n\u00ean ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n r\u1ea5t nhi\u1ec1u kh\u1ea3 n\u0103ng nh\u1eadn d\u1ea1ng m\u1eabu v\u00e0 c\u00f3 th\u1ec3 gi\u00fap suy ngh\u0129 th\u1ea5u \u0111\u00e1o c\u00e1c v\u1ea5n \u0111\u1ec1 chi\u1ebfn l\u01b0\u1ee3c c\u1ed1t l\u00f5i.\n Cu\u1ed1i c\u00f9ng, ch\u00fang t\u00f4i c\u00f3 th\u1ec3 gi\u00fap c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 qu\u1ea3ng c\u00e1o ngo\u1ea1i tuy\u1ebfn, \u0111\u1eb7c bi\u1ec7t l\u00e0 qu\u1ea3ng c\u00e1o tr\u00ean TV. William Guillouard, m\u1ed9t trong nh\u1eefng \u0110\u1ed1i t\u00e1c li\u00ean doanh c\u1ee7a ch\u00fang t\u00f4i l\u00e0 Gi\u00e1m \u0111\u1ed1c Ti\u1ebfp th\u1ecb t\u1ea1i OLX, n\u01a1i ch\u00fang t\u00f4i \u0111\u00e3 chi h\u01a1n 500 tri\u1ec7u \u0111\u00f4 la v\u00e0o qu\u1ea3ng c\u00e1o truy\u1ec1n h\u00ecnh. Ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ec3 ch\u1ea1y chi\u1ebfn d\u1ecbch truy\u1ec1n h\u00ecnh theo c\u00e1ch ch\u00fang t\u00f4i ch\u1ea1y c\u00e1c chi\u1ebfn d\u1ecbch tr\u1ef1c tuy\u1ebfn v\u1edbi m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5 v\u00e0 ph\u00e2n t\u00edch LTV \u0111\u1ebfn CAC. Trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p, ch\u00fang t\u00f4i \u0111\u00e3 th\u00e0nh c\u00f4ng trong vi\u1ec7c m\u1edf r\u1ed9ng quy m\u00f4 c\u00f4ng ty m\u1ed9t c\u00e1ch nhanh ch\u00f3ng th\u00f4ng qua TV v\u1edbi n\u1ec1n kinh t\u1ebf \u0111\u01a1n v\u1ecb t\u1ed1t h\u01a1n so v\u1edbi th\u00f4ng qua Google v\u00e0 Facebook. R\u00f5 r\u00e0ng, \u0111i\u1ec1u n\u00e0y ch\u1ec9 \u00e1p d\u1ee5ng cho m\u1ed9t nh\u00f3m nh\u1ecf c\u00e1c c\u00f4ng ty trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1i ch\u00fang, c\u00f3 n\u1ec1n kinh t\u1ebf \u0111\u01a1n v\u1ecb t\u1ed1t v\u00e0 quy m\u00f4 \u0111\u1ee7 \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c th\u1eed s\u1eed d\u1ee5ng TV, nh\u01b0ng \u0111\u1ed1i v\u1edbi nh\u1eefng c\u00f4ng ty \u0111\u00f3, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 thay \u0111\u1ed5i cu\u1ed9c ch\u01a1i.F. Ch\u00fang t\u00f4i \u0111\u00e3 thi\u1ebft l\u1eadp k\u00edch th\u01b0\u1edbc s\u00e9c theo v\u00f2ng\n Ch\u00fang t\u00f4i kh\u00f4ng mu\u1ed1n c\u1ea1nh tranh \u0111\u1ec3 gi\u00e0nh quy\u1ec1n ph\u00e2n b\u1ed5 v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m truy\u1ec1n th\u1ed1ng. Ch\u00fang t\u00f4i t\u1ef1 coi m\u00ecnh l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 nh\u1ecf c\u00f3 gi\u00e1 tr\u1ecb gia t\u0103ng c\u00f9ng v\u1edbi h\u1ecd v\u00e0 ch\u00fang t\u00f4i mu\u1ed1n h\u1ecd m\u1eddi ch\u00fang t\u00f4i tham gia c\u00e1c giao d\u1ecbch t\u1ed1t nh\u1ea5t c\u1ee7a h\u1ecd. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7t k\u00edch th\u01b0\u1edbc ki\u1ec3m tra t\u1ed1i \u0111a m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 tri\u1ec3n khai \u1edf m\u1ecdi giai \u0111o\u1ea1n, \u0111\u1eb7c bi\u1ec7t l\u00e0 giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng. Trong v\u00f2ng h\u1ea1t gi\u1ed1ng tr\u1ecb gi\u00e1 3 tri\u1ec7u \u0111\u00f4 la \u0111i\u1ec3n h\u00ecnh, ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u \u0111\u1ea7u t\u01b0 1,5-2 tri\u1ec7u \u0111\u00f4 la. \u0110\u1ec3 c\u00f3 quy m\u00f4 ph\u00f9 h\u1ee3p so v\u1edbi v\u1ecb tr\u00ed d\u1eabn \u0111\u1ea7u, ch\u00fang t\u00f4i hi\u1ec7n \u0111\u1ea7u t\u01b0 $390k v\u00e0o h\u1ea1t gi\u1ed1ng. Ch\u00fang t\u00f4i c\u00f3 th\u1ec3 tri\u1ec3n khai th\u00eam m\u1ed9t ch\u00fat v\u1ed1n \u1edf m\u1ed7i giai \u0111o\u1ea1n v\u00e0 c\u00f3 th\u1ec3 t\u0103ng nh\u1eb9 quy m\u00f4 s\u00e9c trong t\u01b0\u01a1ng lai n\u1ebfu qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i l\u1edbn h\u01a1n m\u1ed9t ch\u00fat, nh\u01b0ng quy m\u00f4 \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i s\u1ebd lu\u00f4n nh\u1ecf so v\u1edbi quy m\u00f4 \u0111\u1ea7u t\u01b0.\n Trong giai \u0111o\u1ea1n ti\u1ec1n h\u1ea1t gi\u1ed1ng th\u01b0\u1eddng kh\u00f4ng c\u00f3 qu\u1ef9 \u0111\u1ea7u t\u01b0. C\u00e1c v\u00f2ng \u0111\u1ea5u th\u01b0\u1eddng \u0111\u01b0\u1ee3c t\u1ea1o th\u00e0nh t\u1eeb m\u1ed9t nh\u00f3m thi\u00ean th\u1ea7n. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, ch\u00fang t\u00f4i r\u1ea5t c\u00f3 th\u1ec3 l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t v\u1edbi kho\u1ea3n \u0111\u1ea7u t\u01b0 220 ngh\u00ecn \u0111\u00f4 la c\u1ee7a m\u00ecnh, nh\u01b0ng ch\u00fang t\u00f4i ch\u1ec9 coi m\u00ecnh l\u00e0 m\u1ed9t trong nh\u1eefng thi\u00ean th\u1ea7n ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ef1c s\u1ef1.\n Ch\u00fang t\u00f4i c\u0169ng \u0111\u1ea7u t\u01b0 220 USD \u201ct\u1edd r\u01a1i\u201d v\u00e0o c\u00e1c c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i th\u1ea5y h\u1ea5p d\u1eabn nh\u01b0ng kh\u00f4ng tho\u1ea3i m\u00e1i khi \u0111\u1ea7u t\u01b0 v\u00e0o kho\u1ea3n ph\u00e2n b\u1ed5 ti\u00eau chu\u1ea9n c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i l\u00e0m \u0111i\u1ec1u n\u00e0y v\u00ec nhi\u1ec1u l\u00fd do. C\u00f3 l\u1ebd m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u01a1i cao, t\u00ednh kinh t\u1ebf \u0111\u01a1n v\u1ecb ch\u01b0a \u0111\u01b0\u1ee3c ch\u1ee9ng minh r\u00f5 r\u00e0ng ho\u1eb7c c\u00f4ng ty kh\u1edfi nghi\u1ec7p \u0111ang ho\u1ea1t \u0111\u1ed9ng trong m\u1ed9t l\u0129nh v\u1ef1c kinh doanh m\u00e0 ch\u00fang t\u00f4i th\u1ea5y th\u00fa v\u1ecb nh\u01b0ng ch\u01b0a bi\u1ebft nhi\u1ec1u v\u1ec1 n\u00f3.\n B\u1ea1n c\u00f3 th\u1ec3 t\u00ecm th\u1ea5y s\u1ef1 ph\u00e2n b\u1ed5 ti\u00eau chu\u1ea9n hi\u1ec7n t\u1ea1i c\u1ee7a ch\u00fang t\u00f4i b\u00ean d\u01b0\u1edbi.\n G. Ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c ho\u1ea1t \u0111\u1ed9ng ti\u1ebfp theo m\u1ed9t c\u00e1ch \u0111\u1ed9c l\u1eadp\n Ph\u01b0\u01a1ng ch\u00e2m r\u00f5 r\u00e0ng c\u1ee7a Thung l\u0169ng Silicon l\u00e0 b\u1ea1n t\u0103ng g\u1ea5p \u0111\u00f4i s\u1ed1 ng\u01b0\u1eddi chi\u1ebfn th\u1eafng c\u1ee7a m\u00ecnh b\u1ea5t k\u1ec3 gi\u00e1 c\u1ea3. Ch\u00fang t\u00f4i ph\u1ea3n \u0111\u1ed1i ph\u1ea7n th\u1ee9 hai c\u1ee7a tuy\u00ean b\u1ed1 \u0111\u00f3. Ch\u00fang t\u00f4i lu\u00f4n c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng v\u1ec1 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 mang l\u1ea1i l\u1ee3i \u00edch cho ch\u00fang t\u00f4i. Nh\u01b0 t\u00f4i s\u1ebd tr\u00ecnh b\u00e0y chi ti\u1ebft trong b\u00e0i \u0111\u0103ng blog ti\u1ebfp theo v\u1ec1 ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 c\u1ee7a FJ Labs, n\u1ebfu ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y \u0111\u1ecbnh gi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p qu\u00e1 cao so v\u1edbi l\u1ef1c k\u00e9o th\u00ec ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0 ngay c\u1ea3 khi ch\u00fang t\u00f4i y\u00eau th\u00edch doanh nh\u00e2n v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh doanh m\u00e0 h\u1ecd tham gia.\n Ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 nh\u1eefng l\u1ea7n ti\u1ebfp theo nh\u01b0 th\u1ec3 \u0111\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p. \u0110\u1ec3 duy tr\u00ec m\u1ee5c ti\u00eau \u0111\u00e1nh gi\u00e1, m\u1ed9t th\u00e0nh vi\u00ean kh\u00e1c trong nh\u00f3m \u0111\u01b0a ra khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u s\u1ebd th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch. C\u00e2u h\u1ecfi m\u00e0 ch\u00fang t\u00f4i c\u1ed1 g\u1eafng tr\u1ea3 l\u1eddi l\u00e0: bi\u1ebft nh\u1eefng g\u00ec ch\u00fang t\u00f4i bi\u1ebft hi\u1ec7n t\u1ea1i v\u1ec1 \u0111\u1ed9i ng\u0169 v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh doanh, li\u1ec7u ch\u00fang t\u00f4i c\u00f3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 n\u00e0y kh\u00f4ng?\n T\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 c\u1ea3m nh\u1eadn c\u1ee7a ch\u00fang ta v\u1ec1 c\u00e2u tr\u1ea3 l\u1eddi cho c\u00e2u h\u1ecfi \u0111\u00f3, ch\u00fang ta c\u1ed1 g\u1eafng th\u1ef1c hi\u1ec7n theo t\u1ef7 l\u1ec7 si\u00eau, theo t\u1ef7 l\u1ec7 ho\u1eb7c \u0111\u01a1n thu\u1ea7n l\u00e0 chuy\u1ec3n kho\u1ea3n \u0111\u1ea7u t\u01b0. Trong v\u00e0i n\u0103m g\u1ea7n \u0111\u00e2y, khi ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u qu\u1ef9 chuy\u1ec3n sang c\u00e1c giai \u0111o\u1ea1n sau, ch\u00fang t\u00f4i th\u01b0\u1eddng c\u1ea3m th\u1ea5y nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t c\u1ee7a m\u00ecnh b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao v\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n \u1edf c\u00e1c giai \u0111o\u1ea1n sau. \u0110\u1ebfn nay, ch\u00fang t\u00f4i \u0111\u00e3 ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n 24% kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.\n Ngo\u00e0i ra, v\u1edbi quy m\u00f4 qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i, ch\u00fang t\u00f4i th\u01b0\u1eddng kh\u00f4ng \u0111\u1ee7 kh\u1ea3 n\u0103ng th\u1ef1c hi\u1ec7n c\u00e1c t\u1ef7 l\u1ec7 theo t\u1ef7 l\u1ec7 v\u00ec ch\u00fang s\u1ebd \u0111\u1ea1i di\u1ec7n cho ph\u1ea7n l\u1edbn s\u1ed1 v\u1ed1n \u0111\u01b0\u1ee3c tri\u1ec3n khai. T\u1ec7 h\u01a1n n\u1eefa v\u1edbi t\u1ef7 l\u1ec7 s\u1edf h\u1eefu nh\u1ecf c\u1ee7a ch\u00fang t\u00f4i khi c\u00e1c c\u00f4ng ty \u0111\u00e3 ph\u00e1t tri\u1ec3n \u1edf giai \u0111o\u1ea1n sau, ch\u00fang t\u00f4i b\u1eaft \u0111\u1ea7u m\u1ea5t quy\u1ec1n v\u1ec1 th\u00f4ng tin v\u00e0 kh\u00f4ng c\u00f2n c\u00f3 th\u1ec3 th\u1ea5y \u0111\u01b0\u1ee3c c\u00f4ng ty \u0111ang ho\u1ea1t \u0111\u1ed9ng t\u1ed1t nh\u01b0 th\u1ebf n\u00e0o. K\u1ebft qu\u1ea3 l\u00e0, khi ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y gi\u00e1 ph\u00f9 h\u1ee3p, \u0111\u00f4i khi ch\u00fang t\u00f4i b\u00e1n 50% v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh trong c\u00e1c giao d\u1ecbch th\u1ee9 c\u1ea5p, th\u01b0\u1eddng l\u00e0 b\u00e1n cho c\u00e1c VC d\u1eabn \u0111\u1ea7u khi m\u1ed9t v\u00f2ng di\u1ec5n ra.\n Theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, ch\u00fang t\u00f4i \u0111ang th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c ho\u00e0n to\u00e0n tr\u00e1i ng\u01b0\u1ee3c v\u1edbi Thung l\u0169ng Silicon: ch\u00fang t\u00f4i b\u00e1n nh\u1eefng ng\u01b0\u1eddi chi\u1ebfn th\u1eafng thay v\u00ec t\u0103ng g\u1ea5p \u0111\u00f4i ch\u00fang. \u0110i\u1ec1u n\u00e0y gi\u1ea3i th\u00edch t\u1ea1i sao IRR th\u1ef1c t\u1ebf c\u1ee7a ch\u00fang t\u00f4i l\u1ea1i cao nh\u01b0 v\u1eady. M\u1ed9t ph\u1ea7n l\u00fd do ch\u00fang t\u00f4i t\u00ecm ki\u1ebfm s\u1ea3n ph\u1ea9m ph\u1ee5 l\u00e0 do m\u00f4 h\u00ecnh kinh doanh c\u1ee7a ch\u00fang t\u00f4i th\u00fac \u0111\u1ea9y. Ng\u01b0\u1ee3c l\u1ea1i v\u1edbi c\u00e1c qu\u1ef9 l\u1edbn, ch\u00fang t\u00f4i kh\u00f4ng s\u1ed1ng nh\u1edd ph\u00ed. Ch\u00fang t\u00f4i v\u1eeba \u0111\u1ea1t \u0111\u1ebfn \u0111i\u1ec3m h\u00f2a v\u1ed1n v\u1edbi FJ Labs. Sau nhi\u1ec1u n\u0103m ph\u1ea3i tr\u1ee3 c\u1ea5p c\u01a1 c\u1ea5u chi ph\u00ed b\u1eb1ng h\u00e0ng tri\u1ec7u kho\u1ea3n \u0111\u1ea7u t\u01b0 t\u1ef1 chi tr\u1ea3, ph\u00ed qu\u1ea3n l\u00fd m\u00e0 ch\u00fang t\u00f4i thu \u0111\u01b0\u1ee3c hi\u1ec7n \u0111\u00e3 trang tr\u1ea3i \u0111\u01b0\u1ee3c chi ph\u00ed c\u1ee7a ch\u00fang t\u00f4i. Tuy nhi\u00ean, ch\u00fang ta v\u1eabn c\u00f2n m\u1ed9t con \u0111\u01b0\u1eddng \u0111\u1ec3 \u0111i. Jose v\u00e0 t\u00f4i s\u1ebd kh\u00f4ng t\u1ef1 tr\u1ea3 ti\u1ec1n ho\u1eb7c ho\u00e0n tr\u1ea3 c\u00e1c chi ph\u00ed c\u1ee7a m\u00ecnh.\n M\u00f4 h\u00ecnh kinh doanh c\u1ee7a ch\u00fang t\u00f4i kh\u00e1c nhau. Ch\u00fang t\u00f4i ki\u1ebfm ti\u1ec1n t\u1eeb l\u1ed1i tho\u00e1t. Ch\u00fang t\u00f4i c\u1ea7n v\u1ed1n t\u1eeb nh\u1eefng l\u1ea7n tho\u00e1i v\u1ed1n th\u00e0nh c\u00f4ng \u0111\u1ec3 ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi v\u00ec ch\u00fang t\u00f4i chi\u1ebfm t\u1ef7 l\u1ec7 l\u1edbn trong s\u1ed1 v\u1ed1n \u0111\u01b0\u1ee3c tri\u1ec3n khai. \u0110\u1ebfn nay, ch\u00fang t\u00f4i \u0111\u1ea1i di\u1ec7n cho 114 tri\u1ec7u USD trong s\u1ed1 284 tri\u1ec7u USD \u0111\u01b0\u1ee3c tri\u1ec3n khai. Ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3 \u0111\u1ee3i m\u1ed9t th\u1eadp k\u1ef7 \u0111\u1ec3 c\u00f3 l\u1ed1i tho\u00e1t cu\u1ed1i c\u00f9ng v\u00ec ch\u00fang t\u00f4i mu\u1ed1n ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ed1c \u0111\u1ed9 m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0.\n Nh\u01b0 b\u1ea1n c\u00f3 th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng, nh\u1eefng l\u1ed1i tho\u00e1t th\u1ee9 c\u1ea5p nh\u01b0 v\u1eady ch\u1ec9 c\u00f3 \u1edf nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t. Kh\u00f4ng ai quan t\u00e2m \u0111\u1ebfn vi\u1ec7c mua l\u1ea1i c\u00e1c v\u1ecb tr\u00ed \u1edf nh\u1eefng c\u00f4ng ty \u0111ang ho\u1ea1t \u0111\u1ed9ng kh\u00f4ng t\u1ed1t. Ngay c\u1ea3 \u1edf nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t, ch\u00fang t\u00f4i ch\u1ec9 c\u00f3 th\u1ec3 b\u00e1n v\u00ec ch\u00fang t\u00f4i s\u1edf h\u1eefu nh\u1eefng v\u1ecb th\u1ebf nh\u1ecf v\u00e0 kh\u00f4ng c\u00f3 m\u1eb7t trong h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb. Kh\u00f4ng c\u00f3 t\u00edn hi\u1ec7u th\u1ef1c s\u1ef1 n\u00e0o \u0111\u1ebfn t\u1eeb vi\u1ec7c ch\u00fang t\u00f4i s\u1eb5n s\u00e0ng b\u00e1n ngo\u00e0i nhu c\u1ea7u thanh kho\u1ea3n. Tr\u00ean th\u1ef1c t\u1ebf, ch\u00fang ta th\u01b0\u1eddng \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u b\u00e1n h\u00e0ng nh\u01b0 m\u1ed9t \u00e2n hu\u1ec7 h\u01a1n l\u00e0 t\u00ecm c\u00e1ch b\u00e1n h\u00e0ng. V\u00ed d\u1ee5: Andreesen, Greylock v\u00e0 Sequoia \u0111\u1ec1u c\u00f3 th\u1ec3 mu\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty \u1edf Series B. Doanh nh\u00e2n n\u00e0y y\u00eau th\u00edch c\u1ea3 3 v\u00e0 kh\u00f4ng mu\u1ed1n h\u1ecd t\u00e0i tr\u1ee3 cho \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh. C\u00e1c qu\u1ef9 mu\u1ed1n c\u00f3 \u00edt nh\u1ea5t 15% quy\u1ec1n s\u1edf h\u1eefu m\u1ed7i qu\u1ef9. Doanh nh\u00e2n kh\u00f4ng mu\u1ed1n pha lo\u00e3ng 45%. H\u1ecd th\u1ef1c hi\u1ec7n v\u00f2ng s\u01a1 c\u1ea5p v\u1edbi 30% v\u00e0 t\u1ed5 ch\u1ee9c v\u00f2ng th\u1ee9 c\u1ea5p cho ph\u1ea7n c\u00f2n l\u1ea1i. H\u1ecd h\u1ecfi li\u1ec7u ch\u00fang t\u00f4i c\u00f3 vui l\u00f2ng b\u00e1n m\u1ed9t ph\u1ea7n v\u1ecb tr\u00ed c\u1ee7a m\u00ecnh \u1edf v\u1ecb tr\u00ed th\u1ee9 c\u1ea5p nh\u01b0 m\u1ed9t \u0111\u1eb7c \u00e2n \u0111\u1ec3 ho\u00e0n th\u00e0nh v\u00f2ng \u0111\u1ea5u hay kh\u00f4ng.\n Ch\u00fang t\u00f4i \u0111\u00e3 suy ngh\u0129 r\u1ea5t l\u00e2u v\u1ec1 vi\u1ec7c n\u00ean b\u00e1n bao nhi\u00eau trong nh\u1eefng t\u00ecnh hu\u1ed1ng n\u00e0y. Cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i quy\u1ebft \u0111\u1ecbnh b\u00e1n 50%. N\u00f3 cung c\u1ea5p cho ch\u00fang t\u00f4i t\u00ednh thanh kho\u1ea3n v\u00e0 m\u1ed9t l\u1ed1i tho\u00e1t tuy\u1ec7t v\u1eddi, \u0111\u1ed3ng th\u1eddi duy tr\u00ec nhi\u1ec1u l\u1ee3i th\u1ebf n\u1ebfu c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng t\u1ed1t m\u1ed9t c\u00e1ch \u0111\u00e1ng kinh ng\u1ea1c. H\u1ec7 s\u1ed1 qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i s\u1ebd cao h\u01a1n n\u1ebfu ch\u00fang t\u00f4i n\u1eafm gi\u1eef cho \u0111\u1ebfn cu\u1ed1i k\u1ef3, m\u1eb7c d\u00f9 IRR c\u1ee7a ch\u00fang t\u00f4i s\u1ebd th\u1ea5p h\u01a1n. Tuy nhi\u00ean, x\u00e9t v\u1ec1 c\u01a1 b\u1ea3n, ch\u00fang t\u00f4i tri\u1ec3n khai l\u1ea1i t\u1ea5t c\u1ea3 s\u1ed1 v\u1ed1n m\u00e0 ch\u00fang t\u00f4i c\u00f3 \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c r\u00fat lui kh\u1ecfi c\u00e1c c\u00f4ng ty \u1edf giai \u0111o\u1ea1n tr\u01b0\u1edbc, n\u01a1i ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y c\u00f3 nhi\u1ec1u l\u1ee3i th\u1ebf h\u01a1n, b\u1ed9i s\u1ed1 th\u1ef1c v\u00e0 IRR c\u1ee7a ch\u00fang t\u00f4i s\u1ebd cao h\u01a1n khi ch\u00fang t\u00f4i theo \u0111u\u1ed5i gi\u1ea3i ph\u00e1p th\u1ee9 c\u1ea5p khi b\u1ea1n xem x\u00e9t l\u1ee3i nhu\u1eadn m\u00e0 ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c t\u00e1i tri\u1ec3n khai th\u1ee7 \u0111\u00f4.\n H. Khi qu\u1ef9 h\u1ebft ti\u1ec1n, ch\u00fang t\u00f4i ch\u1ec9 huy \u0111\u1ed9ng qu\u1ef9 ti\u1ebfp theo v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng ti\u1ebfp theo s\u1ebd di\u1ec5n ra t\u1eeb qu\u1ef9 ti\u1ebfp theo\n Ch\u00fang t\u00f4i kh\u00f4ng l\u00e0m theo c\u00e1ch x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 truy\u1ec1n th\u1ed1ng. Danh m\u1ee5c \u0111\u1ea7u t\u01b0 ch\u1ec9 l\u00e0 t\u1ed5ng c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ri\u00eang l\u1ebb v\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 ti\u1ebfp theo m\u00e0 ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n. Vi\u1ec7c x\u00e2y d\u1ef1ng ho\u00e0n to\u00e0n t\u1eeb d\u01b0\u1edbi l\u00ean. Ch\u00fang t\u00f4i ch\u1ec9 tri\u1ec3n khai s\u1ed1 v\u1ed1n m\u00ecnh c\u00f3 v\u00e0 khi h\u1ebft v\u1ed1n, ch\u00fang t\u00f4i s\u1ebd huy \u0111\u1ed9ng v\u1ed1n ti\u1ebfp theo. Ch\u00fang t\u00f4i \u0111i\u1ec1u ch\u1ec9nh quy m\u00f4 \u0111\u1ea7u t\u01b0 \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o m\u1ed7i qu\u1ef9 \u0111\u01b0\u1ee3c tri\u1ec3n khai trong v\u00f2ng 2 \u0111\u1ebfn 3 n\u0103m, nh\u01b0ng \u0111\u00f3 ch\u1ec9 l\u00e0 gi\u1edbi h\u1ea1n c\u1ee7a n\u00f3.\n V\u00ec ch\u00fang t\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u m\u00ecnh c\u00f3 ti\u1ebfp t\u1ee5c theo d\u00f5i hay kh\u00f4ng v\u00e0 ch\u00fang t\u00f4i ch\u1ec9 theo d\u00f5i trong 24% tr\u01b0\u1eddng h\u1ee3p, n\u00ean vi\u1ec7c d\u00e0nh v\u1ed1n cho nh\u1eefng l\u1ea7n ti\u1ebfp theo l\u00e0 kh\u00f4ng c\u00f3 \u00fd ngh\u0129a g\u00ec. Ngo\u00e0i ra, nhi\u1ec1u kho\u1ea3n ti\u1ebfp theo n\u1eb1m ngo\u00e0i ph\u1ea1m vi tri\u1ec3n khai v\u1ed1n t\u1eeb 2 \u0111\u1ebfn 3 n\u0103m c\u1ee7a qu\u1ef9. Do \u0111\u00f3, ch\u00fang t\u00f4i \u0111\u00e3 n\u00f3i v\u1edbi c\u00e1c LP c\u1ee7a m\u00ecnh r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd th\u1ef1c hi\u1ec7n c\u00e1c ho\u1ea1t \u0111\u1ed9ng ti\u1ebfp theo t\u1eeb b\u1ea5t k\u1ef3 qu\u1ef9 n\u00e0o \u0111ang \u0111\u1ea7u t\u01b0 khi ch\u00fang t\u00f4i \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ti\u1ebfp theo. Ch\u00fang t\u00f4i c\u0169ng y\u00eau c\u1ea7u h\u1ecd \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ecdi qu\u1ef9 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ed9 ti\u1ebfp c\u1eadn gi\u1ed1ng h\u1ec7t nh\u01b0 ch\u00fang t\u00f4i.\n L\u01b0u \u00fd r\u1eb1ng ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng b\u00e1n v\u1ecb th\u1ebf t\u1eeb qu\u1ef9 n\u00e0y sang qu\u1ef9 kh\u00e1c. Ch\u1ec9 c\u00f3 m\u1ed9t quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 duy nh\u1ea5t: ch\u00fang ta \u0111\u1ea7u t\u01b0, n\u1eafm gi\u1eef ho\u1eb7c b\u00e1n.\n I. N\u1ebfu tr\u01b0\u1edbc \u0111\u00e2y b\u1ea1n \u0111\u00e3 th\u00e0nh c\u00f4ng v\u1edbi ch\u00fang t\u00f4i, ch\u00fang t\u00f4i s\u1ebd h\u1ed7 tr\u1ee3 b\u1ea1n trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi ngay c\u1ea3 khi \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 th\u1ecb tr\u01b0\u1eddng\n Ch\u00fang t\u00f4i g\u1eafn b\u00f3 v\u1edbi nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u00e0m \u0111i\u1ec1u \u0111\u00fang \u0111\u1eafn cho ch\u00fang t\u00f4i. T\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y, ch\u00fang t\u00f4i \u0111\u00e3 h\u1ed7 tr\u1ee3 kho\u1ea3ng 1.400 ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u1edf 600 c\u00f4ng ty. 200 ng\u01b0\u1eddi trong s\u1ed1 h\u1ecd \u0111\u00e3 tho\u00e1t ra v\u00e0 m\u1ed9t n\u1eeda trong s\u1ed1 \u0111\u00f3 \u0111\u00e3 th\u00e0nh c\u00f4ng. Nhi\u1ec1u nh\u00e0 s\u00e1ng l\u1eadp th\u00e0nh c\u00f4ng \u0111\u00e3 ti\u1ebfp t\u1ee5c x\u00e2y d\u1ef1ng c\u00e1c c\u00f4ng ty m\u1edbi. V\u00ed d\u1ee5: \u0111\u00e2y l\u00e0 c\u00e1ch cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o Archer ( www.flyarcher.com ), m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u1ec1 m\u00e1y bay ch\u1ea1y \u0111i\u1ec7n VTOL. Ch\u00fang t\u00f4i \u0111\u00e3 \u1ee7ng h\u1ed9 Brett Adcock v\u00e0 Adam Goldstein trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng Vettery c\u1ee7a h\u1ecd, c\u00f4ng ty n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c b\u00e1n cho Adecco. Ch\u00fang t\u00f4i r\u1ea5t vui m\u1eebng \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 h\u1ecd trong c\u00f4ng ty kh\u1edfi nghi\u1ec7p m\u1edbi c\u1ee7a h\u1ecd m\u1eb7c d\u00f9 ch\u00fang t\u00f4i thi\u1ebfu chuy\u00ean m\u00f4n v\u1ec1 l\u0129nh v\u1ef1c m\u00e1y bay t\u1ef1 bay ch\u1ea1y \u0111i\u1ec7n.\n T\u00f3m l\u1ea1i, m\u1eb7c d\u00f9 ch\u00fang t\u00f4i kh\u00f4ng c\u00f3 s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch, giai \u0111o\u1ea1n ho\u1eb7c \u0111\u1ecba l\u00fd nh\u1ea5t \u0111\u1ecbnh m\u00e0 ch\u00fang t\u00f4i d\u1ef1 \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 h\u00e0ng n\u0103m, nh\u01b0ng m\u1ecdi th\u1ee9 di\u1ec5n ra \u0111\u1ebfn m\u1ee9c cu\u1ed1i c\u00f9ng ch\u00fang t\u00f4i c\u00f3 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u00f3m t\u1eaft nh\u01b0 sau:\n Tr\u1ecdng t\u00e2m Pre-Seed \/ Seed \/ Series A\n \u0110\u1eb7t quy m\u00f4 \u0111\u1ea7u t\u01b0 m\u1ed7i v\u00f2ng trung b\u00ecnh l\u00e0 400 ngh\u00ecn \u0111\u00f4 la\n T\u1eadp trung v\u00e0o th\u1ecb tr\u01b0\u1eddng (70% giao d\u1ecbch)\n C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u nh\u01b0ng v\u1edbi h\u1ea7u h\u1ebft c\u00e1c giao d\u1ecbch \u1edf M\u1ef9, ti\u1ebfp theo l\u00e0 T\u00e2y \u00c2u, Brazil v\u00e0 \u1ea4n \u0110\u1ed9\n H\u01a1n 100 kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ed7i n\u0103m\n Quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 1-2 tu\u1ea7n sau l\u1ea7n g\u1eb7p \u0111\u1ea7u ti\u00ean\n Ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 c\u00e1c l\u01b0\u1ee3t ti\u1ebfp theo m\u1ed9t c\u00e1ch \u0111\u1ed9c l\u1eadp v\u00e0 t\u1ef7 l\u1ec7 theo d\u00f5i trung b\u00ecnh trong 24% kho\u1ea3n \u0111\u1ea7u t\u01b0\n Ch\u00fang t\u00f4i kh\u00f4ng d\u00e0nh qu\u1ef9 cho nh\u1eefng l\u1ea7n ti\u1ebfp theo. Ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 t\u1eeb b\u1ea5t k\u1ef3 qu\u1ef9 n\u00e0o ch\u00fang t\u00f4i tri\u1ec3n khai t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u1ea7u t\u01b0\n Ch\u00fang t\u00f4i kh\u00f4ng d\u1eabn \u0111\u1ea7u v\u00f2ng \u0111\u1ea5u\n Ch\u00fang t\u00f4i kh\u00f4ng tham gia h\u1ed9i \u0111\u1ed3ng\n Ch\u00fang t\u00f4i gi\u00fap c\u00e1c c\u00f4ng ty danh m\u1ee5c \u0111\u1ea7u t\u01b0 g\u00e2y qu\u1ef9\n \u0110\u1ec3 gi\u00fap b\u1ea1n h\u00ecnh dung v\u1ec1 quy m\u00f4, qu\u1ef9 tr\u1ecb gi\u00e1 175 tri\u1ec7u USD m\u1edbi nh\u1ea5t c\u1ee7a ch\u00fang t\u00f4i c\u00f3 th\u1ec3 s\u1ebd c\u00f3 h\u01a1n 500 kho\u1ea3n \u0111\u1ea7u t\u01b0. \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 m\u1eb7c d\u00f9 ch\u00fang t\u00f4i kh\u00f4ng th\u1ef1c hi\u1ec7n b\u1ea5t k\u1ef3 m\u00f4 h\u00ecnh h\u00f3a hay x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 n\u00e0o, nh\u01b0ng chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a cao \u0111\u1ed9 n\u00e0y d\u01b0\u1eddng nh\u01b0 l\u00e0 hi\u1ec7u qu\u1ea3 nh\u1ea5t cho \u0111\u1ebfn nay. C\u00f3 m\u1ed9t b\u00e0i b\u00e1o r\u1ea5t chu \u0111\u00e1o c\u1ee7a Abe Othman , ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u Khoa h\u1ecdc d\u1eef li\u1ec7u t\u1ea1i AngelList g\u1ee3i \u00fd r\u1eb1ng ngay t\u1eeb \u0111\u1ea7u, chi\u1ebfn l\u01b0\u1ee3c t\u1ed1t nh\u1ea5t l\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ecdi giao d\u1ecbch \u201c\u0111\u00e1ng tin c\u1eady\u201d. N\u00f3 \u0111\u01b0\u1ee3c sinh ra b\u1edfi  Ph\u00e2n t\u00edch hi\u1ec7u su\u1ea5t c\u1ee7a Angelist cho LP  \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y r\u00f5 r\u00e0ng r\u1eb1ng \u201c\u0111\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty h\u01a1n c\u00f3 xu h\u01b0\u1edbng t\u1ea1o ra l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0 cao h\u01a1n. Trung b\u00ecnh, l\u1ee3i nhu\u1eadn trung b\u00ecnh m\u1ed7i n\u0103m t\u0103ng 9,0 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0 l\u1ee3i nhu\u1eadn trung b\u00ecnh m\u1ed7i n\u0103m t\u0103ng 6,9 \u0111i\u1ec3m c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi m\u1ed7i c\u00f4ng ty b\u1ed5 sung m\u00e0 LP ti\u1ebfp x\u00fac.\u201d\n L\u1ee3i nhu\u1eadn c\u1ee7a ch\u00fang t\u00f4i d\u1eabn \u0111\u1ebfn s\u1ef1 tin c\u1eady cho l\u00fd thuy\u1ebft. T\u00ednh \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 4 n\u0103m 2020, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 284 tri\u1ec7u USD v\u00e0o 571 c\u00f4ng ty kh\u1edfi nghi\u1ec7p. Ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 193 l\u1ea7n tho\u00e1t l\u1ec7nh v\u1edbi IRR th\u1ef1c t\u1ebf l\u00e0 62%. T\u00f4i nghi ng\u1edd r\u1eb1ng \u0111a d\u1ea1ng h\u00f3a ho\u1ea1t \u0111\u1ed9ng t\u1ed1t v\u00ec nhi\u1ec1u l\u00fd do:\n L\u1ee3i nhu\u1eadn m\u1ea1o hi\u1ec3m tu\u00e2n theo quy lu\u1eadt l\u0169y th\u1eeba thay v\u00ec \u0111\u01b0\u1eddng cong ph\u00e2n ph\u1ed1i Gaussian th\u00f4ng th\u01b0\u1eddng. \u0110i\u1ec1u c\u1ea7n thi\u1ebft l\u00e0 ph\u1ea3i \u1edf trong nh\u1eefng c\u00f4ng ty t\u1ea1o ra t\u1ea5t c\u1ea3 l\u1ee3i nhu\u1eadn. \u0110\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty h\u01a1n s\u1ebd l\u00e0m t\u0103ng kh\u1ea3 n\u0103ng b\u1ea1n gi\u00e0nh \u0111\u01b0\u1ee3c chi\u1ebfn th\u1eafng.\n \u0110\u1ea7u t\u01b0 v\u00e0o nhi\u1ec1u c\u00f4ng ty h\u01a1n s\u1ebd n\u00e2ng cao h\u00ecnh \u1ea3nh c\u1ee7a b\u1ea1n v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0, t\u1eeb \u0111\u00f3 c\u1ea3i thi\u1ec7n quy tr\u00ecnh giao d\u1ecbch c\u1ee7a b\u1ea1n. \u0110i\u1ec1u n\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 h\u01a1n n\u1ebfu b\u1ea1n x\u00e2y d\u1ef1ng th\u01b0\u01a1ng hi\u1ec7u v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eaft bu\u1ed9c ph\u1ea3i c\u00f3 cho m\u1ed9t danh m\u1ee5c nh\u1ea5t \u0111\u1ecbnh nh\u01b0 ch\u00fang t\u00f4i c\u00f3 tr\u00ean th\u1ecb tr\u01b0\u1eddng.\n Vi\u1ec7c \u0111\u00e1nh gi\u00e1 nhi\u1ec1u c\u00f4ng ty h\u01a1n s\u1ebd cung c\u1ea5p cho b\u1ea1n nhi\u1ec1u d\u1eef li\u1ec7u h\u01a1n \u0111\u1ec3 x\u00e2y d\u1ef1ng nh\u1eadn d\u1ea1ng m\u1eabu nh\u1eb1m c\u1ea3i thi\u1ec7n ti\u00eau ch\u00ed v\u00e0 lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.\n C\u00e1i hay trong chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a ch\u00fang t\u00f4i l\u00e0 n\u00f3 c\u00f3 h\u1ec7 th\u1ed1ng v\u00e0 \u0111i t\u1eeb d\u01b0\u1edbi l\u00ean. Ch\u00fang t\u00f4i ph\u00e1t tri\u1ec3n n\u00f3 theo th\u1eddi gian khi ch\u00fang t\u00f4i quan s\u00e1t c\u00e1c \u0111i\u1ec1u ki\u1ec7n ph\u00e1t tri\u1ec3n cho d\u00f9 ch\u00fang \u1edf c\u1ea5p \u0111\u1ed9 v\u0129 m\u00f4, ng\u00e0nh \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m hay c\u1ee5 th\u1ec3 l\u00e0 trong c\u00f4ng ngh\u1ec7. V\u00ed d\u1ee5, m\u1ed9t th\u1eadp k\u1ef7 tr\u01b0\u1edbc, ch\u00fang t\u00f4i t\u1eebng \u0111\u1ea7u t\u01b0 r\u1ea5t nhi\u1ec1u v\u00e0o Th\u1ed5 Nh\u0129 K\u1ef3 v\u00e0 Nga. Sau khi Putin x\u00e2m chi\u1ebfm Georgia v\u00e0 s\u00e1p nh\u1eadp Crimea, v\u00e0 sau khi Erdogan \u0111\u1eafc c\u1eed \u1edf Th\u1ed5 Nh\u0129 K\u1ef3, ch\u00fang t\u00f4i \u0111\u00e3 ng\u1eebng \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ea3 hai n\u01b0\u1edbc v\u00ec ch\u00fang t\u00f4i \u0111\u00e3 ph\u1ecfng \u0111o\u00e1n ch\u00ednh x\u00e1c r\u1eb1ng ngu\u1ed3n v\u1ed1n m\u1ea1o hi\u1ec3m v\u00e0 c\u00e1c l\u1ed1i tho\u00e1t s\u1ebd c\u1ea1n ki\u1ec7t. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, tr\u01b0\u1edbc th\u00e1ng 2 n\u0103m 2018, ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty ti\u1ec1n h\u1ea1t gi\u1ed1ng, th\u01b0\u1eddng l\u00e0 ti\u1ec1n ra m\u1eaft. Tuy nhi\u00ean, c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u1eabn ti\u1ebfp t\u1ee5c t\u0103ng quy m\u00f4 qu\u1ef9 c\u1ee7a h\u1ecd. \u0110\u1ec3 tri\u1ec3n khai l\u01b0\u1ee3ng v\u1ed1n l\u1edbn h\u01a1n, c\u00e1c qu\u1ef9 \u0111\u00f3 \u0111\u00e3 chuy\u1ec3n sang c\u00e1c giai \u0111o\u1ea1n sau, \u0111\u1ea9y m\u1ee9c \u0111\u1ecbnh gi\u00e1 \u1edf c\u00e1c giai \u0111o\u1ea1n \u0111\u00f3 l\u00ean cao v\u00ec c\u00f3 nhi\u1ec1u v\u1ed1n h\u01a1n \u0111ang theo \u0111u\u1ed5i c\u00f9ng m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng giao d\u1ecbch. Ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y vi\u1ec7c \u0111i ng\u01b0\u1ee3c l\u1ea1i v\u00e0 chuy\u1ec3n sang giai \u0111o\u1ea1n tr\u01b0\u1edbc khi v\u1ed1n \u0111ang c\u1ea1n ki\u1ec7t l\u00e0 \u0111i\u1ec1u h\u1ee3p l\u00fd. Sau khi nh\u1eadn th\u1ea5y ng\u00e0y c\u00e0ng c\u00f3 nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng B2B n\u01a1i th\u1ecb tr\u01b0\u1eddng ch\u1ecdn nh\u00e0 cung c\u1ea5p cho b\u00ean c\u1ea7u, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e1t tri\u1ec3n lu\u1eadn \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng c\u1ee7a m\u00ecnh.\n S\u1ebd r\u1ea5t th\u00fa v\u1ecb khi chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a ch\u00fang t\u00f4i s\u1ebd ph\u00e1t tri\u1ec3n nh\u01b0 th\u1ebf n\u00e0o trong nh\u1eefng n\u0103m t\u1edbi. V\u00ed d\u1ee5: t\u00f4i c\u00f3 th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng m\u1ed9t t\u01b0\u01a1ng lai n\u01a1i ch\u00fang t\u00f4i ph\u00e2n bi\u1ec7t chi\u1ebfn l\u01b0\u1ee3c giai \u0111o\u1ea1n \u0111\u1ea7u v\u1edbi chi\u1ebfn l\u01b0\u1ee3c giai \u0111o\u1ea1n sau v\u00e0 t\u1ea1o qu\u1ef9 ri\u00eang cho nh\u1eefng c\u01a1 h\u1ed9i \u0111\u00f3. Th\u1eddi gian s\u1ebd tr\u1ea3 l\u1eddi, t\u1ea5t c\u1ea3 nh\u1eefng g\u00ec t\u00f4i bi\u1ebft l\u00e0 n\u00f3 s\u1ebd r\u1ea5t vui!\n ","Category":["Ph\u00f2ng th\u00ed nghi\u1ec7m FJ","Ph\u00f2ng th\u00ed nghi\u1ec7m FJ","C\u00e1c b\u00e0i vi\u1ebft"],"_links":{"self":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/31502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/comments?post=31502"}],"version-history":[{"count":1,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/31502\/revisions"}],"predecessor-version":[{"id":31513,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/31502\/revisions\/31513"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media\/31509"}],"wp:attachment":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media?parent=31502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/categories?post=31502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/tags?post=31502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}