{"id":65387,"date":"2026-01-28T19:10:51","date_gmt":"2026-01-28T19:10:51","guid":{"rendered":"https:\/\/fabricegrinda.com\/?p=65387"},"modified":"2026-01-28T19:13:03","modified_gmt":"2026-01-28T19:13:03","slug":"fireside-voi-vc-cung-andrew-romans","status":"publish","type":"post","link":"https:\/\/grinda.org\/vi\/fireside-voi-vc-cung-andrew-romans\/","title":{"rendered":"Fireside v\u1edbi VC c\u00f9ng Andrew Romans"},"content":{"rendered":"\n<p>T\u00f4i \u0111\u00e3 c\u00f3 m\u1ed9t cu\u1ed9c tr\u00f2 chuy\u1ec7n tuy\u1ec7t v\u1eddi v\u1edbi Andrew Romans v\u1ec1 t\u00ecnh h\u00ecnh c\u1ee7a VC.<\/p>\n\n<p>Ch\u00fang t\u00f4i th\u1ea3o lu\u1eadn:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>\u0110\u1ecbnh gi\u00e1 c\u1ee7a c\u00e1c startup AI t\u1eeb Seed \u0111\u1ebfn Series A<\/li>\n\n\n\n<li>T\u1ea5t c\u1ea3 v\u1ec1 th\u1ecb tr\u01b0\u1eddng, t\u1ef7 l\u1ec7 thu ph\u00ed, \u0111\u1ecbnh gi\u00e1, tho\u00e1i v\u1ed1n<\/li>\n\n\n\n<li>Th\u1ee9 c\u1ea5p, c\u00e1ch b\u00e1n, khi n\u00e0o v\u00e0 bao nhi\u00eau<\/li>\n\n\n\n<li>T\u1ef7 l\u1ec7 thu ph\u00ed v\u00e0 c\u00e1ch x\u1ebfp l\u1edbp doanh thu tr\u00ean m\u1ed9t th\u1ecb tr\u01b0\u1eddng<\/li>\n\n\n\n<li>T\u1ea1i sao th\u1ecb tr\u01b0\u1eddng VC Seed l\u1ea1i v\u01b0\u1ee3t tr\u1ed9i h\u01a1n th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng<\/li>\n<\/ul>\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"E126| Fabrice Grinda, General Partner, FJ Labs | AI valuations angel at scale\" width=\"840\" height=\"473\" src=\"https:\/\/www.youtube.com\/embed\/fwGGoAvQAaU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n<p>Ngo\u00e0i video YouTube tr\u00ean, b\u1ea1n c\u0169ng c\u00f3 th\u1ec3 nghe podcast tr\u00ean <a href=\"https:\/\/open.spotify.com\/episode\/7927jm8D0vbshIM1n9ukcQ?si=d5815e780bdc4db7&amp;nd=1&amp;dlsi=31df092b65bd496d\" data-type=\"link\" data-id=\"https:\/\/open.spotify.com\/episode\/7927jm8D0vbshIM1n9ukcQ?si=d5815e780bdc4db7&amp;nd=1&amp;dlsi=31df092b65bd496d\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a>.<\/p>\n\n<p><strong>B\u1ea3n ghi ch\u00e9p<\/strong><\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00ec v\u1eady, \u0111\u1ed1i v\u1edbi ch\u00fang t\u00f4i, b\u00e1n khi IPO ho\u1eb7c sau khi h\u1ebft h\u1ea1n kh\u00f3a l\u00e0 quy\u1ebft \u0111\u1ecbnh t\u1ed1t nh\u1ea5t m\u1ed7i l\u1ea7n, v\u1ec1 c\u01a1 b\u1ea3n. Ngo\u00e0i ra, ch\u00fang t\u00f4i kh\u00f4ng t\u00ecnh c\u1edd \u1edf trong c\u00e1c c\u00f4ng ty nh\u01b0 nh\u1eefng c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng v\u00f4 h\u1ea1n khi h\u1ecd c\u00f4ng khai. Khi c\u00f3 c\u01a1 h\u1ed9i b\u00e1n m\u1ed9t c\u00f4ng ty b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao, vi\u1ec7c th\u1ef1c hi\u1ec7n \u0111i\u1ec1u \u0111\u00f3 g\u1ea7n nh\u01b0 lu\u00f4n l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u00fang, ph\u1ea3i kh\u00f4ng?  <\/p>\n\n<p>H\u1ea7u nh\u01b0 kh\u00f4ng bao gi\u1edd c\u00f3 l\u00fac n\u00e0o t\u00f4i h\u1ed1i ti\u1ebfc khi b\u00e1n 50% ngay c\u1ea3 khi c\u00f4ng ty ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n t\u1ed1t. Tr\u00ean c\u01a1 s\u1edf ti\u1ebfp t\u1ee5c. V\u00ec v\u1eady, h\u00e3y l\u1ea5y thanh kho\u1ea3n khi b\u1ea1n c\u00f3 th\u1ec3, khi b\u1ea1n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 giai \u0111o\u1ea1n \u0111\u1ea7u. B\u1edfi v\u00ec DPI \u0111\u01b0\u1ee3c c\u00e1c LP c\u1ee7a b\u1ea1n \u0111\u00e1nh gi\u00e1 cao, n\u00f3 gi\u00fap h\u1ecd t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0o qu\u1ef9. V\u00e0 v\u00ec ch\u00fang t\u00f4i \u0111ang t\u0103ng tr\u01b0\u1edfng v\u1edbi IRR 30%, n\u00f3 nhanh h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng \u0111ang t\u0103ng tr\u01b0\u1edfng.    <\/p>\n\n<p>V\u00ec v\u1eady, b\u1ea1n t\u1ed1t h\u01a1n n\u00ean t\u00e1i \u0111\u1ea7u t\u01b0.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> Xin ch\u00e0o v\u00e0 ch\u00e0o m\u1eebng \u0111\u1ebfn v\u1edbi Fireside v\u1edbi VC. T\u00f4i l\u00e0 Andrew Romans, v\u00e0 h\u00f4m nay ch\u00fang ta c\u00f3 Fabrice Grinda, m\u1ed9t doanh nh\u00e2n n\u1ed5i ti\u1ebfng \u0111\u00e3 chuy\u1ec3n sang VC v\u1edbi FJ Labs. Fabrice, r\u1ea5t vui \u0111\u01b0\u1ee3c g\u1eb7p b\u1ea1n.  <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> C\u1ea3m \u01a1n v\u00ec \u0111\u00e3 m\u1eddi t\u00f4i.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng. L\u1ea7n cu\u1ed1i t\u00f4i g\u1eb7p b\u1ea1n, b\u1ea1n \u0111ang thuy\u1ebft tr\u00ecnh t\u1ea1i Ng\u00e0y h\u1ed9i VC to\u00e0n c\u1ea7u c\u1ee7a ch\u00fang t\u00f4i \u1edf New York, \u0111i\u1ec1u \u0111\u00f3 r\u1ea5t tuy\u1ec7t. \u0110\u00e3 v\u00e0i n\u0103m k\u1ec3 t\u1eeb khi ch\u00fang ta g\u1eb7p nhau tr\u1ef1c ti\u1ebfp.  <\/p>\n\n<p>V\u00ec v\u1eady, Fabrice, c\u00e1c b\u1ea1n \u0111ang l\u00e0m FJ Labs, \u0111ang l\u00e0m \u0111i\u1ec1u m\u00e0 t\u00f4i ngh\u0129 b\u1ea1n g\u1ecdi l\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n \u1edf quy m\u00f4 l\u1edbn, v\u00e0 b\u1ea1n \u0111\u00e3 c\u00f3 hai c\u00f4ng ty r\u1ea5t th\u00e0nh c\u00f4ng. Tr\u1eeb khi t\u00f4i b\u1ecf l\u1ee1 m\u1ed9t lo\u1ea1t c\u00e1c c\u00f4ng ty kh\u00e1c. C\u00f3 th\u1ec3 nhanh ch\u00f3ng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn nh\u1eefng c\u00f4ng ty \u0111\u00f3 l\u00e0 g\u00ec, sau \u0111\u00f3 ch\u00fang ta s\u1ebd chuy\u1ec3n sang nh\u1eefng g\u00ec b\u1ea1n \u0111ang l\u00e0m b\u00e2y gi\u1edd v\u00e0 nh\u1eefng g\u00ec b\u1ea1n \u0111ang h\u1ecdc.  <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> T\u00f4i th\u1ef1c s\u1ef1 \u0111\u00e3 x\u00e2y d\u1ef1ng h\u01a1n hai doanh nghi\u1ec7p \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi v\u1ed1n m\u1ea1o hi\u1ec3m, nh\u01b0ng hai doanh nghi\u1ec7p th\u00e0nh c\u00f4ng l\u00e0 Zingy, m\u1ed9t c\u00f4ng ty n\u1ed9i dung di \u0111\u1ed9ng l\u1edbn \u1edf M\u1ef9. \u0110\u00f3 l\u00e0 v\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 2000. \u0110\u00f3 l\u00e0 m\u1ed9t doanh nghi\u1ec7p nh\u1ea1c chu\u00f4ng. N\u00f3 \u0111\u00e3 t\u0103ng t\u1eeb kh\u00f4ng l\u00ean 200 tri\u1ec7u doanh thu trong b\u1ed1n n\u0103m m\u00e0 kh\u00f4ng c\u00f3 v\u1ed1n VC th\u1ef1c s\u1ef1, v\u00ec kh\u00f4ng c\u00f3 v\u1ed1n VC n\u00e0o c\u00f3 s\u1eb5n v\u00e0o n\u0103m &#8217;01 ho\u1eb7c &#8217;02, v\u00e0 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng theo c\u00e1ch truy\u1ec1n th\u1ed1ng d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn.   <\/p>\n\n<p>V\u00e0 t\u00f4i \u0111\u00e3 b\u00e1n n\u00f3. V\u00e0 v\u1edbi gi\u00e1 80 tri\u1ec7u v\u00e0o n\u0103m 2004 tr\u01b0\u1edbc khi ch\u00fang t\u00f4i ho\u00e0n to\u00e0n m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t. V\u00e0 sau \u0111\u00f3 v\u00e0o n\u0103m 2006, t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty c\u00f3 t\u00ean l\u00e0 OLX, \u0111\u1ebfn ng\u00e0y nay l\u00e0 trang web rao v\u1eb7t l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi. M\u1ed9t c\u00f4ng ty v\u1edbi 11.000 nh\u00e2n vi\u00ean t\u1ea1i 30 qu\u1ed1c gia, h\u01a1n 300 tri\u1ec7u \u0111\u01a1n v\u1ecb m\u1ed7i th\u00e1ng. V\u00e0 \u0111\u00f3 l\u00e0 trang web rao v\u1eb7t h\u00e0ng \u0111\u1ea7u t\u1ea1i Brazil, to\u00e0n b\u1ed9 Latam v\u00e0 Ukraine, Ba Lan, Romania, to\u00e0n b\u1ed9 \u0110\u00f4ng \u00c2u \u1edf Trung \u0110\u00f4ng, \u1ea4n \u0110\u1ed9 v\u00e0 Pakistan v\u00e0 to\u00e0n b\u1ed9 \u0110\u00f4ng Nam \u00c1.    <\/p>\n\n<p>\u0110\u00f3 l\u00e0 m\u1ed9t c\u00f4ng ty kh\u1ed5ng l\u1ed3. M\u00e0 t\u00f4i \u0111\u00e3 b\u00e1n cho NASCAR&#8217;s process v\u00e0o n\u0103m 2013. V\u00e0 v\u00e0o n\u0103m 2013, t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng FJ Labs.  <\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110i\u1ec1u th\u00fa v\u1ecb v\u1ec1 \u0111i\u1ec1u \u0111\u00f3, v\u00e0 \u0111i\u1ec1u t\u00f4i ngh\u0129 l\u00e0 c\u00f3 li\u00ean quan \u0111\u1ebfn c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp mu\u1ed1n l\u00e0m vi\u1ec7c v\u1edbi c\u00e1c b\u1ea1n ho\u1eb7c VC l\u00e0, b\u1ea1n nh\u00ecn v\u00e0o Craigslist v\u00e0 b\u1ea1n ngh\u0129, k\u1ebb ng\u1ed1c n\u00e0o \u0111\u00e3 t\u1ea1o ra giao di\u1ec7n n\u00e0y c\u00f3 th\u1ec3 l\u00e0m cho n\u00f3 c\u1ed3ng k\u1ec1nh h\u01a1n kh\u00f4ng?<\/p>\n\n<p>Nh\u01b0 th\u1ec3 h\u1ecd \u0111ang c\u1ed1 t\u00ecnh l\u00e0m \u0111i\u1ec1u \u0111\u00f3. V\u00e0 t\u1ea5t nhi\u00ean h\u1ecd \u0111\u00e3 kh\u00f4ng th\u1ef1c hi\u1ec7n tr\u00ean kh\u1eafp \u0110\u00f4ng Nam \u00c1, Latam, v\u00e0. Trung \u0110\u00f4ng v\u00e0 to\u00e0n b\u1ed9 Ch\u00e2u \u00c2u nh\u01b0 b\u1ea1n \u0111\u00e3 l\u00e0m. V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng vi\u1ec7c th\u1ef1c hi\u1ec7n, ch\u1ec9 l\u00e0 kinh nghi\u1ec7m chi\u1ebfn \u0111\u1ea5u c\u1ee7a b\u1ea1n, chuy\u1ec3n th\u00e0nh vi\u1ec7c x\u00e2y d\u1ef1ng c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m c\u1ee7a b\u1ea1n v\u00e0 l\u00e0m vi\u1ec7c v\u1edbi c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p.   <\/p>\n\n<p>Nh\u01b0ng, \u0111\u1ec3 chuy\u1ec3n sang, kh\u00f4ng qu\u00e1 t\u1eadp trung v\u00e0o qu\u00e1 kh\u1ee9 v\u00e0 chuy\u1ec3n sang hi\u1ec7n t\u1ea1i, t\u00f4i tin r\u1eb1ng b\u1ea1n \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 nh\u01b0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n. Trong khi b\u1ea1n \u0111ang \u0111i\u1ec1u h\u00e0nh c\u00e1c c\u00f4ng ty v\u00e0 sau \u0111\u00f3 b\u1ea1n \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c h\u01a1n m\u1ed9t tr\u0103m kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0 sau \u0111\u00f3 t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m, v\u00e0 c\u00f3 m\u1ed9t cu\u1ed9c tranh lu\u1eadn v\u1ec1 vi\u1ec7c t\u00f4i c\u00f3 hi\u1ec7u qu\u1ea3 h\u01a1n khi ch\u1ec9 \u0111\u1ea7u t\u01b0 t\u1eeb b\u1ea3ng c\u00e2n \u0111\u1ed1i c\u1ee7a m\u00ecnh hay t\u1ed1t h\u01a1n l\u00e0 x\u1eed l\u00fd t\u1ea5t c\u1ea3 c\u00e1c b\u00e1o c\u00e1o v\u00e0 LP b\u00ean ngo\u00e0i? <\/p>\n\n<p>V\u00e0 m\u1ed7i khi t\u00f4i vi\u1ebft b\u00e1o c\u00e1o cho c\u00e1c LP, t\u00f4i ngh\u0129 v\u1edbi b\u1ea3n th\u00e2n m\u00ecnh, c\u00f3 l\u1ebd t\u00f4i s\u1eafc b\u00e9n h\u01a1n m\u1ed9t ch\u00fat khi t\u00f4i \u0111\u1ea7u t\u01b0 ti\u1ec1n c\u1ee7a ng\u01b0\u1eddi kh\u00e1c. B\u1edfi v\u00ec n\u00f3 bu\u1ed9c b\u1ea1n ph\u1ea3i theo d\u00f5i t\u1eebng c\u00f4ng ty, blah, blah, blah v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3. Nh\u01b0ng bao nhi\u00eau t\u00f4i ngh\u0129 b\u1ea1n \u0111\u00e3 c\u00f3 nh\u01b0 Telenor \u0111\u00e3 \u0111\u1ea7u t\u01b0 50 tri\u1ec7u, ph\u1ea3i kh\u00f4ng?  <\/p>\n\n<p>\u0110\u00f3 c\u00f3 ph\u1ea3i l\u00e0 LP b\u00ean ngo\u00e0i \u0111\u1ea7u ti\u00ean kh\u00f4ng?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng, h\u00e3y nh\u00ecn t\u00f4i b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n v\u00e0o n\u0103m 98 khi t\u00f4i x\u00e2y d\u1ef1ng c\u00f4ng ty \u0111\u1ea7u ti\u00ean c\u1ee7a m\u00ecnh. V\u00e0 th\u1ef1c t\u1ebf t\u00f4i \u0111\u00e3 suy ngh\u0129 r\u1ea5t k\u1ef9 li\u1ec7u t\u00f4i c\u00f3 n\u00ean l\u00e0m \u0111i\u1ec1u n\u00e0y kh\u00f4ng? Gi\u1ed1ng nh\u01b0 \u0111\u00f3 l\u00e0, theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t vi ph\u1ea1m \u0111\u1ed1i v\u1edbi nhi\u1ec7m v\u1ee5 c\u1ee7a t\u00f4i v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp, CEO, \u0111\u1ec3 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n. \u0110\u00f3 l\u00e0 m\u1ed9t s\u1ef1 ph\u00e2n t\u00e2m, nh\u01b0ng t\u00f4i t\u1ef1 tranh lu\u1eadn \u00edt nh\u1ea5t l\u00e0 \u0111\u00e3 tr\u00ecnh b\u00e0y r\u1eb1ng n\u1ebfu t\u00f4i c\u00f3 th\u1ec3 truy\u1ec1n \u0111\u1ea1t nh\u1eefng b\u00e0i h\u1ecdc kinh nghi\u1ec7m cho c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp kh\u00e1c, \u0111i\u1ec1u \u0111\u00f3 khi\u1ebfn t\u00f4i tr\u1edf th\u00e0nh m\u1ed9t nh\u00e0 s\u00e1ng l\u1eadp t\u1ed1t h\u01a1n.   <\/p>\n\n<p>V\u00e0 n\u1ebfu t\u00f4i c\u00f3 th\u1ec3 gi\u1eef ng\u00f3n tay c\u1ee7a m\u00ecnh tr\u00ean nh\u1ecbp \u0111\u1eadp c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u0111i\u1ec1u \u0111\u00f3 khi\u1ebfn t\u00f4i tr\u1edf th\u00e0nh m\u1ed9t nh\u00e0 s\u00e1ng l\u1eadp t\u1ed1t h\u01a1n. V\u00e0 v\u00ec v\u1eady t\u00f4i \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh v\u00e0o n\u0103m 98, mi\u1ec5n l\u00e0 n\u00f3 kh\u00f4ng m\u1ea5t h\u01a1n m\u1ed9t gi\u1edd. V\u00ec v\u1eady, t\u00f4i \u0111\u00e3 \u0111\u01b0a ra ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn th\u1ee9 t\u01b0, m\u00e0 ch\u00fang t\u00f4i v\u1eabn s\u1eed d\u1ee5ng cho \u0111\u1ebfn ng\u00e0y nay v\u00e0 trong m\u1ed9t cu\u1ed9c h\u1ecdp m\u1ed9t gi\u1edd, t\u00f4i quy\u1ebft \u0111\u1ecbnh c\u00f3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng v\u00e0 t\u00f4i ch\u1ec9 l\u00e0m th\u1ecb tr\u01b0\u1eddng, \u0111\u00f3 t\u1ea5t nhi\u00ean l\u00e0 nh\u1eefng g\u00ec t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3.  <\/p>\n\n<p>Sau \u0111\u00f3, n\u00f3 \u0111\u00e3 t\u1ef1 ph\u00e1t tri\u1ec3n. V\u00ec v\u1eady, \u0111\u1ebfn n\u0103m 2013, t\u00f4i \u0111\u00e3 c\u00f3 kho\u1ea3ng 173 kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0 \u0111ang l\u00e0m r\u1ea5t t\u1ed1t \u0111\u00e3 g\u1ed9p \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n c\u1ee7a t\u00f4i v\u1edbi ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp hi\u1ec7n t\u1ea1i c\u1ee7a t\u00f4i t\u1ea1i FJ Lab, Jose, v\u00e0 n\u00f3 \u0111ang di\u1ec5n ra r\u1ea5t t\u1ed1t. Ngh\u0129 r\u1eb1ng n\u00f3 s\u1ebd x\u00e2y d\u1ef1ng m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00ec hai l\u00fd do, t\u00f4i s\u1ebd n\u00f3i.  <\/p>\n\n<p>M\u1ed9t l\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch m\u00e0 ch\u00fang t\u00f4i ti\u1ebfp t\u1ee5c nh\u1eadn \u0111\u01b0\u1ee3c, ti\u1ebfp t\u1ee5c t\u0103ng v\u00ec th\u01b0\u01a1ng hi\u1ec7u t\u00f4i x\u00e2y d\u1ef1ng trong c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u00f4i \u0111\u00e3 ngh\u0129, b\u1ea1n bi\u1ebft kh\u00f4ng? T\u00f4i \u0111ang chi r\u1ea5t nhi\u1ec1u ti\u1ec1n \u0111\u1ec3 thu\u00ea m\u1ed9t \u0111\u1ed9i ng\u0169 v\u00e0 \u0111\u1ec3 l\u1ecdc c\u00e1c giao d\u1ecbch \u0111\u1ebfn. Ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c 300 giao d\u1ecbch \u0111\u1ebfn m\u1ed7i tu\u1ea7n v\u00e0 t\u00f4i c\u0169ng \u0111ang chi m\u1ed9t s\u1ed1 ti\u1ec1n kh\u00e1 l\u1edbn cho ph\u00e1p l\u00fd, trong v\u0103n ph\u00f2ng h\u1eadu tr\u01b0\u1eddng, v.v., th\u1ef1c s\u1ef1 c\u00f3 quy m\u00f4 l\u1edbn h\u01a1n \u0111\u1ec3 tr\u1ea3 cho c\u1ea5u tr\u00fac chi ph\u00ed v\u00ec kh\u1ed1i l\u01b0\u1ee3ng m\u00e0 ch\u00fang t\u00f4i \u0111ang ho\u1ea1t \u0111\u1ed9ng, n\u00f3 c\u1ea3m th\u1ea5y nh\u01b0 m\u1ed9t qu\u1ef9 ngay t\u1eeb \u0111\u1ea7u. V\u00e0 sau \u0111\u00f3 \u0111\u1ed9t nhi\u00ean, Telenor \u0111\u1ebfn \u0111i\u1ec3m c\u1ee7a b\u1ea1n, \u0111\u1ebfn v\u00e0 n\u00f3i, N\u00e0y, ch\u00fang t\u00f4i mu\u1ed1n l\u00e0m vi\u1ec7c v\u1edbi c\u00e1c b\u1ea1n v\u00ec b\u00e2y gi\u1edd ch\u00fang t\u00f4i s\u1edf h\u1eefu t\u1ea5t c\u1ea3 c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u00e0i s\u1ea3n rao v\u1eb7t n\u00e0y, v\u00e0 ch\u00fang t\u00f4i mu\u1ed1n c\u00f3 m\u1ed9t g\u00f3c nh\u00ecn v\u1ec1 nh\u1eefng g\u00ec s\u1ebd x\u1ea3y ra v\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i n\u00ean l\u00e0m, v\u00e0 \u0111\u00e3 suy ngh\u0129 r\u1ea5t k\u1ef9 v\u1ec1 c\u00e1ch t\u1ed1t nh\u1ea5t \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u n\u00e0y.   <\/p>\n\n<p>H\u1ecd \u0111\u00e3 \u0111\u1ec1 ngh\u1ecb \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty m\u1eb9. Nh\u01b0ng t\u00f4i ngh\u0129, b\u1ea1n bi\u1ebft kh\u00f4ng? C\u00e1ch m\u1edf r\u1ed9ng h\u01a1n l\u00e0 ch\u1ec9 x\u00e2y d\u1ef1ng m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00ec sau \u0111\u00f3 n\u00f3 kh\u00f4ng l\u00e0m lo\u00e3ng ch\u00fang t\u00f4i, d\u00f9 l\u00e0 50 tri\u1ec7u hay m\u1ed9t tr\u0103m tri\u1ec7u hay 300 tri\u1ec7u.  <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e0 t\u00f4i ngh\u0129 t\u00f4i \u0111\u00e3 bi\u1ebft b\u1ea1n trong th\u1eddi gian n\u00e0y, Fabrice v\u00e0 h\u1ed3i \u0111\u00f3 tr\u01b0\u1edbc khi c\u00f3 podcast, \u0111\u00e3 c\u00f3 blog.<\/p>\n\n<p>V\u00e0 t\u00f4i nh\u1edb, b\u1ea1n l\u00e0 m\u1ed9t blogger l\u1edbn v\u00e0 t\u00f4i c\u0169ng v\u1eady, v\u00e0 t\u00f4i lu\u00f4n th\u00edch \u0111\u1ecdc c\u00e1c blog d\u00e0i c\u1ee7a b\u1ea1n m\u00e0 b\u1ea1n s\u1ebd vi\u1ebft. Nh\u01b0ng t\u00f4i c\u00f3 \u1ea5n t\u01b0\u1ee3ng, v\u00e0 t\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u ch\u00fang ta \u0111\u00e3 t\u1eebng n\u00f3i v\u1ec1 \u0111i\u1ec1u n\u00e0y ch\u01b0a, r\u1eb1ng m\u1ed9t trong nh\u1eefng \u0111\u1ed9ng l\u1ef1c \u0111\u1ec3 l\u1ea5y v\u1ed1n b\u00ean ngo\u00e0i l\u00e0 b\u1ea1n ch\u1eafc ch\u1eafn th\u1ea5y \u0111i\u1ec1u n\u00e0y v\u1edbi b\u1ea1n b\u00e8 c\u1ee7a m\u00ecnh, r\u1eb1ng b\u1ea1n ch\u1ec9 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n th\u00f4ng th\u01b0\u1eddng m\u00e0 kh\u00f4ng c\u00f3 quy m\u00f4 c\u1ee7a b\u1ea1n v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c l\u1ea7n tho\u00e1i v\u1ed1n c\u1ee7a b\u1ea1n. <\/p>\n\n<p>V\u00e0 t\u1eadp trung l\u00e0 r\u1eb1ng m\u1ea5t m\u1ed9t th\u1eddi gian d\u00e0i \u0111\u1ec3 \u0111\u01b0\u1ee3c tr\u1ea3 ti\u1ec1n. Gi\u1ed1ng nh\u01b0 m\u1ea5t m\u1ed9t th\u1eddi gian d\u00e0i \u0111\u1ec3 nh\u1eadn ra ti\u1ec1n m\u1eb7t, \u0111\u00f3 l\u00e0, m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p to\u00e0n b\u1ed9, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c c\u1ed1t l\u00f5i c\u1ee7a m\u1ecdi ng\u01b0\u1eddi. L\u00e0m th\u1ebf n\u00e0o b\u1ea1n \u0111ang tham gia v\u00e0o th\u1ee9 c\u1ea5p ho\u1eb7c l\u00e0m th\u1ebf n\u00e0o b\u1ea1n \u0111ang bu\u1ed9c thanh kho\u1ea3n, nh\u01b0ng. R\u1ea5t nhi\u1ec1u thi\u00ean th\u1ea7n, h\u1ecd tri\u1ec3n khai m\u1ed9t s\u1ed1 ti\u1ec1n m\u1eb7t nh\u1ea5t \u0111\u1ecbnh v\u00e0 sau \u0111\u00f3 h\u1ecd ng\u1ea1c nhi\u00ean khi th\u1ea5y, ch\u1ebft ti\u1ec7t, t\u00f4i \u0111\u00e3 tham gia v\u00e0o th\u1ecfa thu\u1eadn n\u00e0y trong 14 n\u0103m, ho\u1eb7c 12 n\u0103m, ho\u1eb7c cu\u1ed1i c\u00f9ng \u0111\u00e3 IPO v\u00e0 c\u00f3 m\u1ed9t kh\u00f3a, ho\u1eb7c cu\u1ed1i c\u00f9ng \u0111\u00e3 \u0111\u01b0\u1ee3c mua l\u1ea1i, nh\u01b0ng ch\u1ebft ti\u1ec7t, c\u00f4ng ty \u0111\u00f3 \u0111\u01b0\u1ee3c gi\u1eef t\u01b0 nh\u00e2n v\u1edbi m\u1ed9t \u0111\u1ecbnh gi\u00e1 b\u1ecb th\u1ed5i ph\u1ed3ng l\u00e0 b\u00e2y gi\u1edd t\u00f4i \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t chi\u1ebft kh\u1ea5u n\u1ebfu t\u00f4i mu\u1ed1n tho\u00e1t ra.   <\/p>\n\n<p>V\u00ec v\u1eady, thay v\u00ec b\u1ecb chi\u1ebft kh\u1ea5u \u1edf \u0111\u00f3, c\u00f3 th\u1ec3. \u0110\u00f3 c\u00f3 bao gi\u1edd l\u00e0 v\u1ea5n \u0111\u1ec1 ch\u1ec9 l\u00e0 th\u1eddi gian tuy\u1ec7t \u0111\u1ed1i hay b\u1ea1n \u0111ang t\u00e1i ch\u1ebf ti\u1ec1n m\u1eb7t \u0111\u1ec3 c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t thi\u00ean th\u1ea7n n\u1ed5i ti\u1ebfng kh\u00f4ng? <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> \u0110\u00f3 kh\u00f4ng bao gi\u1edd l\u00e0 thi\u1ebfu ti\u1ec1n m\u1eb7t. T\u00f4i \u0111ang t\u00e1i ch\u1ebf ti\u1ec1n m\u1eb7t. \u0110\u00f3 l\u00e0 hai \u0111i\u1ec1u. \u0110\u00f3 l\u00e0, trong cu\u1ed9c s\u1ed1ng, t\u00f4i mu\u1ed1n t\u1ed1i \u01b0u h\u00f3a cu\u1ed9c s\u1ed1ng \u0111\u1ec3 ch\u1ec9 l\u00e0m nh\u1eefng \u0111i\u1ec1u t\u00f4i th\u00edch l\u00e0m.   <\/p>\n\n<p>V\u00e0 nh\u1eefng g\u00ec t\u00f4i th\u00edch l\u00e0m l\u00e0 n\u00f3i chuy\u1ec7n v\u1edbi nh\u1eefng nh\u00e0 s\u00e1ng l\u1eadp ti\u1ec1m n\u0103ng t\u1ed1t nh\u1ea5t m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o. V\u00ec v\u1eady, m\u1ed7i tu\u1ea7n ch\u00fang t\u00f4i \u0111i t\u1eeb 300 ng\u01b0\u1eddi li\u00ean h\u1ec7 v\u1edbi ch\u00fang t\u00f4i. \u0110\u1ebfn 50, ch\u00fang t\u00f4i g\u1ecdi \u0111i\u1ec7n v\u1edbi \u0111\u1ebfn s\u00e1u cho cu\u1ed9c g\u1ecdi th\u1ee9 hai. V\u00ec v\u1eady, t\u00f4i ch\u1ec9 n\u00f3i chuy\u1ec7n v\u1edbi s\u00e1u ng\u01b0\u1eddi \u0111\u00f3 v\u1ec1 c\u01a1 b\u1ea3n. V\u00e0 v\u00ec v\u1eady, theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, qu\u00e1 tr\u00ecnh l\u1ecdc kh\u1ed5ng l\u1ed3 \u0111\u00f3, t\u00f4i mu\u1ed1n ng\u01b0\u1eddi kh\u00e1c l\u00e0m. Th\u1ee9 hai, trong danh m\u1ee5c \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i c\u00f3 1200 c\u00f4ng ty, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi 2000 nh\u00e0 s\u00e1ng l\u1eadp. T\u00f4i ch\u1ec9 mu\u1ed1n n\u00f3i chuy\u1ec7n v\u1edbi nh\u1eefng ng\u01b0\u1eddi gi\u1ecfi nh\u1ea5t v\u00e0 v\u00ec v\u1eady c\u0169ng v\u1eady. T\u00f4i c\u1ea7n ai \u0111\u00f3 \u0111\u1ec3 t\u00ecm ra h\u1ecd l\u00e0 ai v\u00e0 \u0111\u1ea3m b\u1ea3o r\u1eb1ng t\u00f4i ch\u1ec9 ph\u00e2n b\u1ed5 th\u1eddi gian cho h\u1ecd. V\u00e0 sau \u0111\u00f3 t\u00f4i kh\u00f4ng mu\u1ed1n l\u00e0m b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c. T\u00f4i kh\u00f4ng mu\u1ed1n gi\u1ea3i quy\u1ebft ph\u00e1p l\u00fd, t\u00f4i kh\u00f4ng mu\u1ed1n gi\u1ea3i quy\u1ebft b\u1ea5t k\u1ef3 c\u00f4ng vi\u1ec7c v\u0103n ph\u00f2ng h\u1eadu tr\u01b0\u1eddng n\u00e0o, v.v.         <\/p>\n\n<p>V\u00e0 h\u00f3a ra n\u1ebfu t\u00f4i c\u00f3 m\u1ed9t qu\u1ef9, t\u00f4i th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 thu\u00ea cho t\u1ea5t c\u1ea3 c\u00e1c v\u1ecb tr\u00ed \u0111\u1ec3 l\u00e0m nh\u1eefng \u0111i\u1ec1u t\u00f4i kh\u00f4ng th\u00edch l\u00e0m, \u0111\u1ec3 t\u00f4i c\u00f3 th\u1ec3 t\u1eadp trung cu\u1ed9c s\u1ed1ng c\u1ee7a m\u00ecnh v\u00e0o nh\u1eefng \u0111i\u1ec1u m\u00e0 t\u00f4i kh\u00f4ng ch\u1ec9 c\u00f3 gi\u00e1 tr\u1ecb gia t\u0103ng nh\u1ea5t, m\u00e0 c\u00f2n quan t\u00e2m nh\u1ea5t, n\u01a1i t\u00f4i th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c vi\u1ebft blog v\u00e0 suy ngh\u0129 v\u1ec1 xu h\u01b0\u1edbng, v.v.<\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady, \u0111\u00f3 l\u00e0 nhi\u1ec1u h\u01a1n, t\u00f4i c\u00f3 th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u1ea5u tr\u00fac ph\u00ed, \u0111\u1ee7 ph\u00ed \u0111\u1ec3 h\u1ed7 tr\u1ee3 th\u1ef1c t\u1ebf l\u00e0 t\u00f4i \u0111\u00e3 chi ti\u00eau m\u1ed9t tri\u1ec7u m\u1ed9t n\u0103m, t\u1eeb t\u00fai \u0111\u1ec3 c\u00f3 th\u1ec3 trang tr\u1ea3i \u0111i\u1ec1u \u0111\u00f3, c\u00f3 th\u1ec3 h\u00f2a v\u1ed1n, nh\u01b0ng \u0111\u1ec3 th\u1ef1c s\u1ef1 thu\u00ea \u0111\u1ed9i ng\u0169 \u0111\u1ec3 l\u00e0m nh\u1eefng \u0111i\u1ec1u t\u00f4i kh\u00f4ng th\u00edch l\u00e0m. V\u00e0 \u0111\u00f3 th\u1ef1c s\u1ef1 l\u00e0 \u0111\u1ed9ng l\u1ef1c v\u00e0 n\u00f3 \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng r\u1ea5t t\u1ed1t. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng. V\u00e2ng. V\u00e0, t\u00f4i ngh\u0129 nh\u01b0 Mao Tr\u1ea1ch \u0110\u00f4ng n\u00f3i, t\u00ecm ki\u1ebfm s\u1ef1 th\u1eadt th\u00f4ng qua s\u1ef1 ki\u1ec7n, \u0111\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec1u r\u1ea5t r\u00f5 r\u00e0ng \u0111\u1ec3 n\u00f3i, nh\u01b0ng c\u00f3 \u0111i\u1ec1u g\u00ec \u0111\u00f3 v\u1ec1 vi\u1ec7c c\u00f3 d\u1eef li\u1ec7u ch\u00ednh v\u00e0 b\u1ea1n \u0111\u00e3 \u0111\u1ea7u t\u01b0 t\u1eeb nghe c\u00f3 v\u1ebb nh\u01b0 n\u0103m 1998. V\u00ec v\u1eady, th\u1eddi k\u1ef3 ho\u00e0ng kim c\u1ee7a .com, th\u1eddi k\u1ef3 \u0111i\u00ean cu\u1ed3ng qua t\u1ea5t c\u1ea3 c\u00e1c chu k\u1ef3 kh\u00e1c nhau n\u00e0y. <\/p>\n\n<p>B\u1ea1n \u0111\u00e3 ho\u00e0n th\u00e0nh bao nhi\u00eau kho\u1ea3n \u0111\u1ea7u t\u01b0 l\u00e0 \u0111i\u1ec3m v\u00e0o v\u00e0 sau \u0111\u00f3 th\u00eam v\u00e0o c\u00e1c kho\u1ea3n ti\u1ebfp theo, v\u00e0 sau \u0111\u00f3 t\u1ed1c \u0111\u1ed9 c\u1ee7a b\u1ea1n m\u1ed7i n\u0103m hi\u1ec7n t\u1ea1i l\u00e0 bao nhi\u00eau.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng. V\u00ec v\u1eady, c\u00e1c kho\u1ea3n ti\u1ebfp theo l\u00e0 chi\u1ebfn l\u01b0\u1ee3c theo d\u00f5i c\u1ee7a ch\u00fang t\u00f4i r\u1ea5t kh\u00e1c bi\u1ec7t. V\u1ebb \u0111\u1eb9p c\u1ee7a vi\u1ec7c tr\u1edf th\u00e0nh m\u1ed9t thi\u00ean th\u1ea7n nh\u1ecf, n\u01a1i b\u1ea1n vi\u1ebft m\u1ed9t t\u1ea5m s\u00e9c 300 ngh\u00ecn \u0111\u00f4 la v\u00e0o m\u1ed9t c\u00f4ng ty l\u00e0 b\u1ea1n kh\u00f4ng s\u1edf h\u1eefu nhi\u1ec1u n\u00f3, v\u00ec v\u1eady b\u1ea1n kh\u00f4ng b\u1ecb b\u1eaft bu\u1ed9c ph\u1ea3i theo d\u00f5i, ph\u1ea3i kh\u00f4ng? <\/p>\n\n<p>T\u00f4i ngh\u0129 \u0111i\u1ec1u g\u00ec l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m l\u00e0 n\u1ebfu b\u1ea1n \u0111\u00e3 l\u00e0m h\u1ea1t gi\u1ed1ng ho\u1eb7c a v\u00e0 b\u1ea1n c\u00f3 25% c\u00f4ng ty. N\u1ebfu b\u1ea1n kh\u00f4ng l\u00e0m theo t\u1ef7 l\u1ec7 c\u1ee7a m\u00ecnh, c\u00f4ng ty s\u1ebd ch\u1ebft v\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n kh\u00f4ng tin v\u00e0o n\u00f3. V\u00e0 theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3. B\u1ea1n \u0111\u00e3 cam k\u1ebft ho\u1eb7c s\u1eb5n s\u00e0ng theo d\u00f5i c\u1ee7a v\u00f2ng ti\u1ebfp theo, m\u1ed9t ho\u1eb7c hai v\u00f2ng.   <\/p>\n\n<p>V\u00e0 \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1ch t\u1eeb g\u00f3c \u0111\u1ed9 l\u00fd thuy\u1ebft, b\u1ea1n n\u00ean l\u00e0m ph\u00e2n t\u00edch theo d\u00f5i c\u1ee7a m\u00ecnh. C\u00e1ch ch\u00fang t\u00f4i l\u00e0m theo d\u00f5i l\u00e0 bi\u1ebft nh\u1eefng g\u00ec ch\u00fang t\u00f4i bi\u1ebft b\u00e2y gi\u1edd v\u1ec1 c\u00f4ng ty, \u0111\u1ed9i ng\u0169, s\u1ee9c h\u00fat, \u0111\u1ecbnh gi\u00e1 c\u1ee7a v\u00f2ng n\u00e0y. N\u1ebfu ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i c\u00f3 \u0111\u1ea7u t\u01b0 kh\u00f4ng. V\u00e0 c\u00e1c c\u00f4ng ty kh\u00f4ng l\u00e0m t\u1ed1t.   <\/p>\n\n<p>Ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0. C\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t, nh\u01b0ng gi\u00e1 qu\u00e1 cao. Ch\u00fang t\u00f4i c\u0169ng kh\u00f4ng \u0111\u1ea7u t\u01b0, v\u00ec v\u1eady ch\u00fang t\u00f4i kh\u00f4ng nh\u00e2n \u0111\u00f4i t\u1ea5t c\u1ea3 c\u00e1c ng\u01b0\u1eddi chi\u1ebfn th\u1eafng kh\u00e1c. Ch\u00fang t\u00f4i ch\u1ec9 nh\u00e2n \u0111\u00f4i v\u00e0o c\u00e1c c\u00f4ng ty m\u00e0 t\u00f4i \u0111o\u00e1n hai k\u1ecbch b\u1ea3n. K\u1ecbch b\u1ea3n t\u00edch c\u1ef1c l\u00e0 c\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t, \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd. Ch\u00fang t\u00f4i \u0111\u1eb7t th\u00eam v\u1ed1n, \u0111\u00f3 l\u00e0 v\u1ec1 ch\u00fang t\u00f4i.     <\/p>\n\n<p>Ho\u1eb7c c\u00f4ng ty kh\u00f4ng l\u00e0m t\u1ed1t, nh\u01b0ng c\u00f3 m\u1ed9t kho\u1ea3n thanh to\u00e1n \u0111\u1ec3 ch\u01a1i v\u00e0 ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y ph\u1ea7n th\u01b0\u1edfng r\u1ee7i ro l\u00e0 x\u1ee9ng \u0111\u00e1ng \u0111\u1ec3 tr\u00e1nh s\u1ef1 chuy\u1ec3n \u0111\u1ed5i l\u1edbn c\u1ee7a c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng, n\u1ee3 cram ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. V\u00ec v\u1eady, \u0111\u00f4i khi ch\u00fang t\u00f4i l\u00e0m nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 trung b\u00ecnh, ch\u00fang t\u00f4i theo d\u00f5i 25% c\u00e1c giao d\u1ecbch, \u0111\u00f3 l\u00e0 m\u1ed9t t\u1ef7 l\u1ec7 nh\u1ecf h\u01a1n nhi\u1ec1u, t\u00f4i s\u1ebd n\u00f3i, so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c VC l\u00e0m, \u0111i\u1ec1u n\u00e0y th\u1ef1c s\u1ef1 t\u00f4i ngh\u0129 gi\u00fap t\u0103ng l\u1ee3i nhu\u1eadn. <\/p>\n\n<p>V\u00e0 c\u00e1ch ch\u00fang t\u00f4i c\u1ea5u tr\u00fac l\u00e0 ch\u00fang t\u00f4i kh\u00f4ng th\u1ef1c s\u1ef1 d\u1ef1 tr\u1eef v\u1ed1n cho c\u00e1c kho\u1ea3n ti\u1ebfp theo, ch\u00fang t\u00f4i ch\u1ec9 l\u00e0m ch\u00fang cho b\u1ea5t k\u1ef3 qu\u1ef9 n\u00e0o hi\u1ec7n \u0111ang ho\u1ea1t \u0111\u1ed9ng. B\u1edfi v\u00ec ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng theo d\u00f5i. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, kh\u00f4ng c\u00f3 v\u1ea5n \u0111\u1ec1 g\u00ec khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c qu\u1ef9 trong m\u1ed9t kho\u1ea3n ti\u1ebfp theo, \u0111i\u1ec1u m\u00e0 t\u00f4i \u0111\u1ed3ng \u00fd v\u1edbi \u0111i\u1ec1u \u0111\u00f3, \u0111\u00e3 tr\u1ea3i qua \u0111i\u1ec1u n\u00e0y.<\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady b\u1ea1n \u0111ang th\u1ef1c hi\u1ec7n bao nhi\u00eau kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ed7i n\u0103m nh\u1eefng ng\u00e0y n\u00e0y? V\u00e0 t\u00f4i bi\u1ebft \u0111i\u1ec1u \u0111\u00f3 thay \u0111\u1ed5i. <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Nh\u1eefng ng\u00e0y n\u00e0y, v\u00e2ng, n\u00f3 \u0111\u00e3 kh\u00e1 nh\u1ea5t qu\u00e1n th\u1ef1c s\u1ef1 trong n\u0103m n\u0103m qua. \u0110\u00f3 l\u00e0 150 giao d\u1ecbch m\u1edbi m\u1ed7i n\u0103m, v\u1ec1 c\u01a1 b\u1ea3n. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> 150 giao d\u1ecbch m\u1edbi m\u1ed7i n\u0103m.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng. Ba giao d\u1ecbch m\u1ed9t tu\u1ea7n.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 c\u00e1c b\u1ea1n, c\u00e1c b\u1ea1n \u0111\u00e3 n\u00f3i r\u1eb1ng b\u1ed1n ti\u00eau ch\u00ed ch\u00ednh \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh v\u1edbi cu\u1ed9c g\u1ecdi m\u1ed9t gi\u1edd n\u00e0y l\u00e0 g\u00ec, m\u00e0 c\u00f3 l\u1ebd l\u00e0 cu\u1ed9c g\u1ecdi ti\u1ebfp theo v\u1edbi FJ Labs, \u0111\u00fang kh\u00f4ng?<\/p>\n\n<p>N\u00f3 kh\u00f4ng th\u1ef1c s\u1ef1 thay \u0111\u1ed5i k\u1ec3 t\u1eeb cu\u1ed1i nh\u1eefng n\u0103m 90. Nh\u1eefng ti\u00eau ch\u00ed \u0111\u00f3 l\u00e0 g\u00ec hay v\u1eabn l\u00e0 b\u1ed1n ti\u00eau ch\u00ed? <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u1eabn l\u00e0 b\u1ed1n ti\u00eau ch\u00ed. Ti\u00eau ch\u00ed s\u1ed1 m\u1ed9t l\u00e0 t\u00f4i c\u00f3 th\u00edch ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng? V\u00e0 b\u00e2y gi\u1edd ch\u00fang t\u00f4i c\u00f3 th\u00edch \u0111\u1ed9i ng\u0169 s\u00e1ng l\u1eadp kh\u00f4ng? V\u00e0 nh\u00e2n ti\u1ec7n, ch\u00fang t\u00f4i c\u00f3 n\u0103m GP v\u00e0 10 nh\u00e0 \u0111\u1ea7u t\u01b0 trong qu\u1ef9. Ch\u00fang t\u00f4i c\u00f3 th\u00edch ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng?    <\/p>\n\n<p>Kh\u00f4ng th\u1ec3 ch\u1ec9 l\u00e0 k\u00e9m c\u1ecfi v\u00e0 \u00f4i, t\u00f4i bi\u1ebft m\u1ed9t ng\u01b0\u1eddi s\u00e1ng l\u1eadp gi\u1ecfi l\u00e0 khi t\u00f4i nh\u00ecn th\u1ea5y. V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ecbnh ngh\u0129a n\u00f3 cho ch\u00fang t\u00f4i l\u00e0 m\u1ed9t ng\u01b0\u1eddi c\u1ef1c k\u1ef3 h\u00f9ng bi\u1ec7n v\u00e0 l\u00e0 m\u1ed9t ng\u01b0\u1eddi b\u00e1n h\u00e0ng c\u00f3 t\u1ea7m nh\u00ecn, nh\u01b0ng c\u0169ng bi\u1ebft c\u00e1ch th\u1ef1c hi\u1ec7n. V\u00ec v\u1eady, khi ch\u00fang t\u00f4i \u1edf giao \u0111i\u1ec3m c\u1ee7a nh\u1eefng ng\u01b0\u1eddi bi\u1ebft c\u00e1ch th\u1ef1c hi\u1ec7n v\u00e0 ho\u1eb7c l\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u00e1n h\u00e0ng c\u00f3 t\u1ea7m nh\u00ecn v\u00e0 c\u00e1ch ch\u00fang t\u00f4i t\u00ecm ra trong hai cu\u1ed9c g\u1ecdi m\u1ed9t gi\u1edd, theo quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n, c\u00f3 m\u1ed9t cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean v\u00e0 cu\u1ed9c g\u1ecdi th\u1ee9 hai v\u1edbi m\u1ed9t trong nh\u1eefng \u0111\u1ed1i t\u00e1c.  <\/p>\n\n<p>Trong cu\u1ed9c g\u1ecdi th\u1ee9 hai, ch\u00fang t\u00f4i ki\u1ec3m tra xem ch\u00fang t\u00f4i c\u00f3 th\u00edch doanh nghi\u1ec7p kh\u00f4ng? H\u1ecd c\u00f3 th\u1ec3 tr\u00ecnh b\u00e0y r\u00f5 r\u00e0ng c\u1ea3 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn t\u1ed5ng th\u1ec3 v\u00e0 kinh t\u1ebf \u0111\u01a1n v\u1ecb nh\u01b0 th\u1ebf n\u00e0o? V\u00e0 ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 CA, nh\u01b0ng ngay c\u1ea3 tr\u01b0\u1edbc khi h\u1ea1t gi\u1ed1ng v\u00e0 tr\u01b0\u1edbc khi ra m\u1eaft, ch\u00fang t\u00f4i mu\u1ed1n ng\u01b0\u1eddi s\u00e1ng l\u1eadp suy ngh\u0129 k\u1ef9, OK &#8211; chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng \u01b0\u1edbc t\u00ednh c\u1ee7a h\u1ecd l\u00e0 bao nhi\u00eau? Gi\u00e1 tr\u1ecb \u0111\u01a1n h\u00e0ng trung b\u00ecnh trong ng\u00e0nh l\u00e0 bao nhi\u00eau? C\u1ea5u tr\u00fac bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p h\u1ecd \u0111ang ho\u1ea1t \u0111\u1ed9ng l\u00e0 g\u00ec?    <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i mu\u1ed1n so s\u00e1nh CA C v\u1edbi LTV v\u00e0 \u0111\u1ea3m b\u1ea3o r\u1eb1ng kinh t\u1ebf \u0111\u01a1n v\u1ecb c\u00f3 \u00fd ngh\u0129a. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i r\u1ea5t ch\u00fa tr\u1ecdng v\u00e0o kinh t\u1ebf \u0111\u01a1n v\u1ecb. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00ec v\u1eady, l\u1eddi khuy\u00ean l\u1edbn cho b\u1ea5t k\u1ef3 ai g\u1ecdi \u0111i\u1ec7n v\u1edbi FJ Labs. Bi\u1ebft kinh t\u1ebf \u0111\u01a1n v\u1ecb c\u1ee7a b\u1ea1n, bi\u1ebft bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n, ngay c\u1ea3 khi b\u1ea1n ch\u01b0a ra m\u1eaft v\u00e0 b\u1ea1n ch\u1ec9 c\u00f3 m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 c\u00f3 l\u1ee3i \u0111\u1ec3 kh\u00f4ng ch\u1ebft tr\u00ean thanh ki\u1ebfm c\u1ee7a b\u1ea1n, trong cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean c\u1ee7a b\u1ea1n v\u00e0 g\u1eb7p Fabrice. <\/p>\n\n<p>\u0110\u01b0\u1ee3c ch\u1ee9?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ch\u1eafc ch\u1eafn r\u1ed3i. S\u1ed1 ba, h\u01a1n nh\u1eefng ng\u01b0\u1eddi kh\u00e1c. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> M\u1ed7i VC \u0111\u1ec1u n\u00f3i v\u1ec1 qu\u1ea3n l\u00fd. T\u1ea5t c\u1ea3 l\u00e0 v\u1ec1 \u0111\u1ed9i ng\u0169. Nh\u01b0ng c\u00f3 v\u1ebb nh\u01b0 b\u1ea1n \u0111\u00e3 m\u00e3 h\u00f3a m\u1ed9t s\u1ed1 c\u00e1ch \u0111\u1ec3 hi\u1ec3u h\u1ecd. \u0110\u00f4i khi b\u1ea1n c\u00f3 m\u1ed9t CEO h\u01a1i kh\u00e1c bi\u1ec7t nh\u01b0 Steve Jobs, kh\u00f4ng \u0111i gi\u00e0y, h\u01a1i kh\u00f3 ch\u1ecbu.    <\/p>\n\n<p>Ai c\u00f3 th\u1ec3 kh\u00f4ng h\u00f9ng bi\u1ec7n nh\u01b0 nh\u1eefng c\u00f4ng vi\u1ec7c \u0111\u01b0\u1ee3c \u0111\u00e1nh b\u00f3ng m\u00e0 m\u1ecdi ng\u01b0\u1eddi bi\u1ebft ng\u00e0y nay? B\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 b\u1ecf l\u1ee1 \u0111i\u1ec1u \u0111\u00f3. Ho\u1eb7c b\u1ea1n c\u00f3 ngh\u0129 r\u1eb1ng b\u1ea1n c\u00f3 s\u1ee9c h\u00fat \u0111\u1ec3 tuy\u1ec3n d\u1ee5ng \u0111\u1ed9i ng\u0169, huy \u0111\u1ed9ng v\u1ed1n v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng?  <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> C\u00e1ch h\u1ecd \u0103n m\u1eb7c, c\u00e1ch h\u1ecd, b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00f4ng quan tr\u1ecdng l\u1eafm. Tuy nhi\u00ean, ch\u00fang t\u00f4i c\u00f3 ch\u00ednh s\u00e1ch kh\u00f4ng ch\u1ea5p nh\u1eadn k\u1ebb x\u1ea5u. <\/p>\n\n<p>V\u00ec v\u1eady, n\u1ebfu ai \u0111\u00f3 t\u1ecf ra ki\u00eau ng\u1ea1o, ng\u1ea1o m\u1ea1n, kh\u00f4ng \u0111\u1ed1i x\u1eed t\u1ed1t v\u1edbi m\u1ecdi ng\u01b0\u1eddi, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0. V\u00e2ng. Steve Jobs hay Travis tr\u00ean th\u1ebf gi\u1edbi c\u00f3 l\u1ebd kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng ng\u01b0\u1eddi m\u00e0 ch\u00fang t\u00f4i mu\u1ed1n h\u1ed7 tr\u1ee3. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 nh\u1eefng ti\u00eau ch\u00ed kh\u00e1c l\u00e0 g\u00ec?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00ec v\u1eady, s\u1ed1 ba l\u00e0 \u0111i\u1ec1u kho\u1ea3n giao d\u1ecbch. B\u00e2y gi\u1edd, kh\u00f4ng c\u00f3 g\u00ec r\u1ebb trong c\u00f4ng ngh\u1ec7, nh\u01b0ng n\u00f3 c\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng trong b\u1ed1i c\u1ea3nh c\u1ee7a s\u1ef1 thu h\u00fat, \u0111\u1ed9i ng\u0169 v\u00e0 c\u01a1 h\u1ed9i? <\/p>\n\n<p>V\u00e0 ch\u00fang t\u00f4i nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 c\u1ea3. V\u00e0 l\u00fd do ch\u00fang t\u00f4i nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 c\u1ea3 l\u00e0 n\u1ebfu b\u1ea1n tham gia, n\u0103m tr\u01b0\u1edbc ho\u1eb7c m\u01b0\u1eddi tr\u01b0\u1edbc v\u00e0 c\u00f4ng ty b\u00e1n v\u1edbi gi\u00e1 50, b\u1ea1n th\u1ef1c s\u1ef1 l\u1ea5y l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ec1n c\u1ee7a m\u00ecnh. Nh\u01b0ng n\u1ebfu b\u1ea1n tham gia v\u00e0o m\u1ed9t th\u1ecfa thu\u1eadn AI \u0111\u01b0\u1ee3c th\u1ed5i ph\u1ed3ng qu\u00e1 m\u1ee9c \u1edf m\u1ee9c 150 tr\u01b0\u1edbc b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec, th\u00ec r\u1ea5t c\u00f3 th\u1ec3 b\u1ea1n s\u1ebd kh\u00f4ng l\u1ea5y l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ec1n c\u1ee7a m\u00ecnh n\u1ebfu \u0111\u00f3 l\u00e0 m\u1ed9t v\u1ee5 mua l\u1ea1i ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec.  <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i c\u00f3, ch\u00fang t\u00f4i bi\u1ebft gi\u00e1 tr\u1ecb trung b\u00ecnh. \u0110\u1ecbnh gi\u00e1. Ch\u00fang t\u00f4i xem x\u00e9t gi\u00e1 tr\u1ecb trung b\u00ecnh tr\u00ean m\u1ee9c trung b\u00ecnh cho t\u1eebng giai \u0111o\u1ea1n v\u00e0 ch\u00fang t\u00f4i c\u1ed1 g\u1eafng g\u1ea7n v\u1edbi gi\u00e1 tr\u1ecb trung b\u00ecnh. V\u00e0 sau \u0111\u00f3 s\u1ed1 b\u1ed1n, n\u00f3 c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 n\u01a1i th\u1ebf gi\u1edbi \u0111ang \u0111i. V\u00e0 ch\u00fang t\u00f4i c\u00f3 lu\u1eadn \u0111i\u1ec3m r\u1ea5t r\u00f5 r\u00e0ng v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a vi\u1ec7c s\u1ed1 h\u00f3a chu\u1ed7i cung \u1ee9ng B2B, t\u01b0\u01a1ng lai c\u1ee7a di \u0111\u1ed9ng, t\u01b0\u01a1ng lai c\u1ee7a b\u1ea5t \u0111\u1ed9ng s\u1ea3n, t\u01b0\u01a1ng lai c\u1ee7a m\u1ecdi ng\u00e0nh d\u1ecdc l\u1edbn.    <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i mu\u1ed1n m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 v\u1eeba h\u1eefu \u00edch cho th\u1ebf gi\u1edbi v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi t\u1ea7m nh\u00ecn c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 n\u01a1i th\u1ebf gi\u1edbi \u0111ang \u0111i.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng, t\u00f4i \u0111\u00e3 t\u1eebng ngh\u0129 r\u1eb1ng \u00f4i, \u0111\u00e2y l\u00e0 lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i v\u00e0 v\u00ec v\u1eady t\u00f4i ch\u1ec9 mu\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o \u0111i\u1ec1u n\u00e0y v\u00e0o l\u00fac n\u00e0y. V\u00e0 sau \u0111\u00f3, v\u00e0 t\u00f4i ngh\u0129 v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 nh\u01b0 m\u1ed9t cu\u1ed9c t\u1ea5n c\u00f4ng. V\u00e0 b\u00e2y gi\u1edd t\u00f4i \u0111\u00e3 tr\u1edf n\u00ean ph\u00f2ng th\u1ee7 h\u01a1n m\u1ed9t ch\u00fat khi n\u00f3i, tr\u1eddi \u01a1i, ngay c\u1ea3 danh m\u1ee5c \u0111\u1ea7u t\u01b0 di s\u1ea3n c\u1ee7a t\u00f4i, ch\u00fang t\u00f4i c\u00f3 h\u01a1n 70 c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i \u0111ang gi\u1edbi thi\u1ec7u cho c\u00e1c VC kh\u00e1c.  <\/p>\n\n<p>V\u00e0 h\u1ecd gi\u1ed1ng nh\u01b0 \u0111i\u1ec1u n\u00e0y kh\u00f4ng ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi t\u1ea7m nh\u00ecn c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 t\u01b0\u01a1ng lai, ngay b\u00e2y gi\u1edd. V\u00ec v\u1eady, n\u00f3 g\u1ea7n nh\u01b0 c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh, n\u00f3 \u0111\u00e3 chuy\u1ec3n t\u1eeb t\u1ea5n c\u00f4ng sang ph\u00f2ng th\u1ee7 khi lo l\u1eafng v\u1ec1 vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i qu\u00e1 tr\u00e1i ng\u01b0\u1ee3c. Ch\u00fang t\u00f4i s\u1ebd ph\u1ea3i t\u00e0i tr\u1ee3 cho \u0111i\u1ec1u n\u00e0y m\u1ed9t m\u00ecnh, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1ch qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng.  <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ch\u00fang t\u00f4i, nh\u00ecn xem, ch\u00fang t\u00f4i ho\u00e0n to\u00e0n c\u00f3 v\u1ea5n \u0111\u1ec1 \u0111\u00f3, ph\u1ea3i kh\u00f4ng? Ch\u00fang t\u00f4i tr\u00e1i ng\u01b0\u1ee3c, c\u00f3 ngh\u0129a l\u00e0 ngay b\u00e2y gi\u1edd ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty AI LLM v\u00ec ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y r\u1eb1ng bi\u00ean l\u1ee3i nhu\u1eadn th\u01b0\u1eddng l\u00e0 \u00e2m. V\u00e0 v\u00e2ng, doanh thu t\u0103ng cao, n\u1ebfu t\u00f4i n\u1ebfu b\u1ea1n cho b\u1ea1n m\u1ed9t \u0111\u00f4 la, t\u00f4i cho b\u1ea1n hai \u0111\u00f4 la tr\u1edf l\u1ea1i, th\u1eadt d\u1ec5 d\u00e0ng \u0111\u1ec3 \u0111i t\u1eeb kh\u00f4ng \u0111\u1ebfn m\u1ed9t tr\u0103m tri\u1ec7u doanh thu.  <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady c\u00f3 r\u1ea5t nhi\u1ec1u c\u00f4ng ty n\u00e0y v\u1edbi c\u00e1c \u0111\u1ed9i ng\u0169 tuy\u1ec7t v\u1eddi, \u0111\u1ed9i ng\u0169 MIT, \u0111\u1ed9i ng\u0169 Stanford, \u0111\u1ed9i ng\u0169 Harvard, v.v., \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u v\u1ed1n v\u00e0 \u0111\u1ecbnh gi\u00e1 cao. Kh\u00f4ng c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c s\u1ef1. T\u00f4i lo l\u1eafng r\u1eb1ng s\u1ebd c\u00f3 m\u1ed9t ng\u00e0y t\u00ednh to\u00e1n, v\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng l\u00e0m b\u1ea5t k\u1ef3 \u0111i\u1ec1u \u0111\u00f3.  <\/p>\n\n<p>Thay v\u00e0o \u0111\u00f3, nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o l\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t l\u00e0 B2B, \u0111ang \u00e1p d\u1ee5ng AI \u0111\u1ec3 tr\u1edf n\u00ean hi\u1ec7u qu\u1ea3 h\u01a1n. Nh\u01b0ng n\u00f3 tr\u00e1i ng\u01b0\u1ee3c v\u00ec ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o, ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o AI \u1ee9ng d\u1ee5ng thay v\u00ec AI t\u1ef1 th\u00e2n. V\u00e0 t\u00f4i s\u1ebd l\u1eadp lu\u1eadn r\u1eb1ng \u0111\u00f3 l\u00e0 c\u00e1ch th\u00f4ng minh \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o AI, nh\u01b0ng v\u00ec n\u00f3 tr\u00e1i ng\u01b0\u1ee3c, vi\u1ec7c t\u00e0i tr\u1ee3 cho c\u00e1c c\u00f4ng ty n\u00e0y th\u1ef1c s\u1ef1 kh\u00e1 kh\u00f3 kh\u0103n.   <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i c\u1ea7n ph\u1ea3i r\u1ea5t c\u00e2n nh\u1eafc v\u1ec1, OK, h\u1ecd c\u00f3 \u0111\u1ee7 v\u1ed1n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ed9 thu h\u00fat, \u0111i\u1ec1u n\u00e0y s\u1ebd \u0111\u1ee7 h\u1ea5p d\u1eabn \u0111\u1ec3 kh\u00f4ng c\u00f3 v\u1ea5n \u0111\u1ec1 g\u00ec, h\u1ecd s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c v\u00f2ng ti\u1ebfp theo \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111\u00e1ng ti\u1ebfc, do t\u00ednh ch\u1ea5t tr\u00e1i ng\u01b0\u1ee3c c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ph\u1ea3i t\u0103ng ti\u00eau chu\u1ea9n c\u1ee7a h\u1ecd v\u00e0 c\u1ea9n th\u1eadn h\u01a1n nhi\u1ec1u. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng. V\u00e0 b\u1ea1n \u0111\u00e3 h\u1ecdc \u0111\u01b0\u1ee3c g\u00ec, ho\u1eb7c b\u1ea1n \u0111\u00e3 \u0111\u1eb7t ra nh\u1eefng ch\u00ednh s\u00e1ch n\u00e0o v\u1ec1 \u0111\u01b0\u1eddng b\u0103ng v\u00e0 c\u00f3 th\u1ec3 th\u1eadm ch\u00ed, b\u1ea1n ngh\u0129 v\u1ec1 n\u00f3 nh\u01b0 th\u1ebf n\u00e0o? Ch\u00fang t\u00f4i th\u01b0\u1eddng n\u00f3i, \u0111\u01b0\u1ee3c r\u1ed3i. T\u0103ng tr\u01b0\u1edfng doanh thu h\u00ecnh g\u1eady kh\u00fac c\u00f4n c\u1ea7u m\u00e0 b\u1ea1n \u0111ang d\u1ef1 b\u00e1o l\u00e0 kh\u00f4ng ch\u1eafc ch\u1eafn, v\u00e0 kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng b\u1ea1n s\u1ebd ph\u00e1t tri\u1ec3n nhanh h\u01a1n Groupon ho\u1eb7c c\u00f4ng ty nh\u1ea1c chu\u00f4ng c\u1ee7a b\u1ea1n trong qu\u00e1 kh\u1ee9.   <\/p>\n\n<p>Nh\u01b0ng \u0111i\u1ec1u ch\u1eafc ch\u1eafn l\u00e0 k\u1ebf ho\u1ea1ch ho\u1ea1t \u0111\u1ed9ng c\u1ee7a b\u1ea1n v\u1ec1 nh\u1eefng g\u00ec b\u1ea1n tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0o b\u1ea1n s\u1ebd chi ti\u00eau v\u00e0 n\u1ebfu b\u1ea1n cho n\u00f3 m\u1ed9t l\u01b0\u1ee3ng \u0111\u01b0\u1eddng b\u0103ng nh\u1ea5t \u0111\u1ecbnh, b\u1ea1n c\u00f3 th\u1eddi gian \u0111\u1ec3 th\u1ef1c hi\u1ec7n m\u1ed9t s\u1ed1 thay \u0111\u1ed5i v\u00e0 c\u1eaft m\u1ed9t s\u1ed1 d\u00e2y v\u00e0 n\u1ed1i m\u1ed9t s\u1ed1 d\u00e2y. Thay \u0111\u1ed5i chi ti\u00eau ho\u1eb7c chi\u1ebfn thu\u1eadt c\u1ee7a b\u1ea1n \u0111\u1ec3, t\u00f4i s\u1ebd th\u1ef1c hi\u1ec7n m\u1ed9t th\u1ecfa thu\u1eadn c\u1ea5p ph\u00e9p tr\u01b0\u1edbc 12 th\u00e1ng ho\u1eb7c m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00f4ng ty th\u00f4ng qua kh\u00e1ch h\u00e0ng. <\/p>\n\n<p>Quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 \u0111\u01b0\u1eddng b\u0103ng \u1edf c\u00e1c giai \u0111o\u1ea1n kh\u00e1c nhau m\u00e0 c\u00e1c b\u1ea1n \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec, <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> v\u00ec t\u00ednh ch\u1ea5t tr\u00e1i ng\u01b0\u1ee3c c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i, n\u01a1i ch\u00fang t\u00f4i kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m VC chung, hi\u1ec7n t\u1ea1i l\u00e0 t\u1ea5t c\u1ea3 AI m\u1ecdi l\u00fac. Ch\u00fang t\u00f4i v\u1ec1 c\u01a1 b\u1ea3n c\u1ea7n hai n\u0103m v\u00ec \u0111i\u1ec1u \u0111\u00f3 cho b\u1ea1n \u0111\u1ee7 th\u1eddi gian \u0111\u1ec3 xoay tr\u1ee5c n\u1ebfu b\u1ea1n c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u00e1t tri\u1ec3n. <\/p>\n\n<p>B\u1ea1n c\u1ea7n ba ho\u1eb7c b\u1ed1n l\u1ea7n t\u1eeb C \u0111\u1ebfn A, t\u1eeb A \u0111\u1ebfn B, v.v. V\u00e0 v\u00e2ng, hai n\u0103m l\u00e0 kho\u1ea3ng th\u1eddi gian ph\u00f9 h\u1ee3p. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00ec v\u1eady, \u0111\u01b0\u1eddng b\u0103ng hai n\u0103m 24 th\u00e1ng cho ph\u00e9p startup c\u00f3 th\u00eam th\u1eddi gian \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ed9t s\u1ed1 c\u1ed9t m\u1ed1c \u0111\u1ec3 m\u1edf c\u1ed5ng ti\u1ebfp theo c\u1ee7a ng\u01b0\u1eddi g\u00e1c c\u1ed5ng ti\u1ebfp theo \u0111\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 l\u00fd thuy\u1ebft cao h\u01a1n.<\/p>\n\n<p>M\u1eb7t kh\u00e1c, nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp d\u01b0\u1eddng nh\u01b0 b\u00e1n r\u1ea5t g\u1ea7n v\u1edbi gi\u00f3 theo kinh nghi\u1ec7m c\u1ee7a t\u00f4i, v\u00e0 h\u1ecd c\u00f3 xu h\u01b0\u1edbng \u0111\u01b0\u1ee3c sinh ra t\u1eeb m\u1eb9 c\u1ee7a h\u1ecd h\u00e9t l\u00ean v\u1ec1 s\u1ef1 pha lo\u00e3ng. H\u1ecd th\u00e0 \u0111\u1eb7t to\u00e0n b\u1ed9 l\u00e2u \u0111\u00e0i v\u00e0o nguy c\u01a1 ch\u1ec9 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t ch\u00fat c\u1ea1o t\u00f3c nh\u1ecf \u0111\u1ec3 gi\u1ea3m thi\u1ec3u s\u1ef1 pha lo\u00e3ng, \u0111i\u1ec1u n\u00e0y kh\u00f4ng thay \u0111\u1ed5i g\u00ec c\u1ea3. <\/p>\n\n<p>V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng c\u00f3 v\u1ebb nh\u01b0 c\u00f3 m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng trong s\u1ef1 nghi\u1ec7p c\u1ee7a t\u00f4i r\u1eb1ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi n\u00f3i chuy\u1ec7n v\u1edbi c\u00e1c doanh nh\u00e2n tr\u1ebb h\u01a1n, ho\u1eb7c c\u00f3 th\u1ec3 h\u1ecd kh\u00f4ng c\u00f2n tr\u1ebb nh\u01b0 v\u1eady, nh\u01b0ng \u0111\u00e2y l\u00e0 startup \u0111\u1ea7u ti\u00ean c\u1ee7a h\u1ecd, r\u1eb1ng h\u1ecd kh\u00f4ng, \u0111\u1eb7t \u0111\u1ee7 nhi\u00ean li\u1ec7u v\u00e0o b\u00ecnh x\u0103ng qua v\u1ea5n \u0111\u1ec1 \u0111\u00f3.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ch\u1eafc ch\u1eafn r\u1ed3i. Nh\u01b0ng trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a ch\u00fang t\u00f4i, n\u1ebfu b\u1ea1n \u0111ang huy \u0111\u1ed9ng, n\u1ebfu b\u1ea1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c d\u01b0\u1edbi 18 th\u00e1ng d\u1ef1a tr\u00ean k\u1ebf ho\u1ea1ch ho\u1ea1t \u0111\u1ed9ng c\u1ee7a b\u1ea1n, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng l\u00e0m \u0111i\u1ec1u n\u00e0y. <\/p>\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 th\u1ea5y qu\u00e1 nhi\u1ec1u ng\u01b0\u1eddi bay qu\u00e1 g\u1ea7n m\u1eb7t tr\u1eddi. V\u00e0 nh\u00e2n ti\u1ec7n, n\u1ebfu t\u00f4i nh\u00ecn v\u00e0o nh\u1eefng \u0111i\u1ec1u gi\u1ebft ch\u1ebft c\u00e1c startup nhi\u1ec1u nh\u1ea5t l\u00e0 g\u00ec? S\u1ed1 m\u1ed9t l\u00e0 b\u1ea1n kh\u00f4ng t\u00ecm th\u1ea5y s\u1ef1 ph\u00f9 h\u1ee3p v\u1edbi th\u1ecb tr\u01b0\u1eddng s\u1ea3n ph\u1ea9m, \u0111\u01b0\u1ee3c ch\u1ee9? \u0110i\u1ec1u \u0111\u00f3 l\u00e0 b\u00ecnh th\u01b0\u1eddng. S\u1ed1 hai th\u1ef1c s\u1ef1 l\u00e0 b\u1ea1n \u0111\u00e3 huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi gi\u00e1 qu\u00e1 cao. V\u00e0 nhi\u1ec1u ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111ang c\u1ed1 g\u1eafng \u0111\u1ecbnh gi\u00e1 \u0111\u1ec3 ho\u00e0n h\u1ea3o.     <\/p>\n\n<p>Nh\u01b0ng v\u1ea5n \u0111\u1ec1 l\u00e0 n\u1ebfu b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n trong \u0111\u1ecbnh gi\u00e1, b\u1ea1n s\u1ebd ch\u1ebft v\u00ec kh\u00f4ng ai mu\u1ed1n th\u1ef1c hi\u1ec7n ch\u1ed1ng pha lo\u00e3ng, v.v. Ho\u1eb7c s\u1ed1 ba, b\u1ea1n kh\u00f4ng huy \u0111\u1ed9ng \u0111\u1ee7 v\u1ed1n v\u00e0 b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n v\u00e0 nhanh nh\u01b0 b\u1ea1n c\u00f3 th\u1ec3, v\u00e0 sau \u0111\u00f3 b\u1ea1n c\u1ea7n th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng m\u1edf r\u1ed9ng. Ch\u1ec9 nh\u1eefng ng\u01b0\u1eddi trong cu\u1ed9c m\u1edbi c\u00f3 th\u1ec3 h\u1ed7 tr\u1ee3 n\u00f3.  <\/p>\n\n<p>B\u1ea1n kh\u00f4ng th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c v\u1ed1n b\u00ean ngo\u00e0i. V\u00e0 th\u01b0\u1eddng xuy\u00ean d\u1eabn \u0111\u1ebfn, nhi\u1ec1u ng\u01b0\u1eddi kh\u00f4ng mu\u1ed1n l\u00e0m c\u1ea7u n\u1ed1i v\u00e0 th\u01b0\u1eddng c\u00f4ng ty c\u0169ng ch\u1ebft. V\u00ec v\u1eady, hai v\u00e0 ba, th\u1ef1c s\u1ef1 l\u00e0. Li\u00ean quan \u0111\u1ebfn \u0111\u1ed9 nh\u1ea1y pha lo\u00e3ng ho\u1eb7c m\u1ed9t s\u1ed1 l\u00fd do l\u1edbn nh\u1ea5t, c\u00f4ng ty ch\u1ebft.   <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng. V\u00e2ng. T\u00f4i lu\u00f4n n\u00f3i r\u1eb1ng khi b\u1ea1n \u0111\u1ecbnh gi\u00e1 v\u00f2ng ti\u1ebfp theo n\u00e0y v\u00e0 t\u1ea5t c\u1ea3 ch\u00fang t\u00f4i \u0111ang suy ngh\u0129 v\u1ec1 s\u1ed1 ti\u1ec1n, \u0111\u1ecbnh gi\u00e1, \u0111i\u1ec1u kho\u1ea3n b\u1ea1n n\u00ean ngh\u0129, v\u00f2ng ti\u1ebfp theo s\u1ebd nh\u01b0 th\u1ebf n\u00e0o sau \u0111\u00f3?<\/p>\n\n<p>V\u00ec v\u1eady, ng\u1ecdn \u0111\u1ed3i n\u00e0y c\u00f3 \u0111\u01b0a t\u00f4i \u0111\u1ebfn ng\u1ecdn \u0111\u1ed3i ti\u1ebfp theo kh\u00f4ng? Ch\u00ednh x\u00e1c. V\u00e0 \u0111\u1eebng ngh\u0129 v\u1ec1 n\u00f3 nh\u01b0, th\u1eadt tuy\u1ec7t, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong th\u1eddi k\u1ef3 COVID ch\u01b0a t\u1eebng c\u00f3 kh\u00f3 kh\u0103n \u0111\u1ec3 n\u00f3i, ch\u00fang t\u00f4i \u0111ang huy \u0111\u1ed9ng tr\u00ean con \u0111\u01b0\u1eddng d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn, v\u00ec v\u1eady m\u1ecdi ng\u01b0\u1eddi h\u00e3y b\u00ecnh t\u0129nh v\u00ec \u0111i\u1ec1u n\u00e0y \u0111\u01b0a ch\u00fang t\u00f4i \u0111\u1ebfn l\u1ee3i nhu\u1eadn. Nh\u01b0ng khi b\u1ea1n \u0111ang x\u00e2y d\u1ef1ng s\u1ea3n ph\u1ea9m v\u00e0 b\u1ea1n \u0111ang c\u1ed1 g\u1eafng tr\u1edf th\u00e0nh ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ebf gi\u1edbi, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng x\u1ea3y ra. <\/p>\n\n<p>V\u00ec v\u1eady, m\u1ed9t ch\u00fat n\u1eefa v\u1ec1 \u0111\u1ecbnh gi\u00e1 v\u1ec1 nh\u1eefng g\u00ec l\u00e0 c\u00f4ng b\u1eb1ng v\u00e0 nh\u1eefng g\u00ec \u0111\u00e3 thay \u0111\u1ed5i. V\u00ec v\u1eady, trong nhi\u1ec1u n\u0103m qua, \u0111\u00e3 c\u00f3 l\u00fac 1 tri\u1ec7u \u0111\u00f4 la l\u00e0 \u0111\u1ecbnh gi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng ty ch\u01b0a b\u1eaft \u0111\u1ea7u. Ch\u1ec9 c\u1ea7n huy \u0111\u1ed9ng ti\u1ec1n thi\u00ean th\u1ea7n th\u00ec c\u00f3 v\u1ebb nh\u01b0 \u0111\u00e3 t\u0103ng l\u00ean ba \u0111\u1ebfn n\u0103m. B\u1ea1n ngh\u0129 v\u1ec1 nh\u1eefng ng\u00e0y \u0111\u1ea7u, ng\u00e0y \u0111\u1ea7u ti\u00ean c\u1ee7a Dave McClure, ng\u00e0y demo kh\u1edfi nghi\u1ec7p 500.   <\/p>\n\n<p>M\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u c\u00f3 m\u1ee9c tr\u1ea7n 5 tri\u1ec7u. Tr\u00ean m\u1ed9t ghi ch\u00fa h\u00f4n tr\u00ean m\u1ed9t ghi ch\u00fa chuy\u1ec3n \u0111\u1ed5i. V\u00e0 sau \u0111\u00f3, m\u1ed9t s\u1ed1 \u0111\u1ecbnh gi\u00e1 n\u00e0y \u0111ang tr\u1edf n\u00ean l\u1edbn h\u01a1n. Theo b\u1ea1n, \u0111i\u1ec1u g\u00ec l\u00e0 c\u00f4ng b\u1eb1ng? V\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 thay \u0111\u1ed5i nh\u01b0 th\u1ebf n\u00e0o so v\u1edbi qu\u00e1 kh\u1ee9? B\u1ea1n \u0111\u00e3 tr\u1ea3i qua m\u1ed9t s\u1ed1 giai \u0111o\u1ea1n c\u1ee7a. N\u01a1i th\u1ecb tr\u01b0\u1eddng l\u00e0.      <\/p>\n\n<p>V\u00ec v\u1eady, c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u v\u1edbi tr\u01b0\u1edbc doanh thu v\u00e0 b\u1ea1n \u0111ang l\u00e0m bao nhi\u00eau tr\u01b0\u1edbc doanh thu nh\u1eefng ng\u00e0y n\u00e0y?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n \u0111\u1ea7u ti\u00ean tr\u01b0\u1edbc doanh thu, c\u00f3 l\u1ebd c\u0169ng kh\u00e1c v\u1edbi ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n th\u1ee9 hai \u0111\u00e3 r\u1ea5t th\u00e0nh c\u00f4ng l\u1ea7n \u0111\u1ea7u ti\u00ean, \u0111i\u1ec1u n\u00e0y c\u0169ng kh\u00e1c v\u1edbi ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n th\u1ee9 hai kh\u00f4ng th\u00e0nh c\u00f4ng l\u1ea7n \u0111\u1ea7u ti\u00ean.<\/p>\n\n<p>Nh\u01b0ng tr\u01b0\u1edbc doanh thu, ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 c\u1ed1 g\u1eafng b\u00e1m v\u00e0o, v\u00e2ng, s\u00e1u mi\u1ec5n ph\u00ed huy \u0111\u1ed9ng m\u1ed9t, m\u1ed9t r\u01b0\u1ee1i v\u00ec b\u1ea1n c\u00f3 th\u1ec3 \u0111i xa h\u01a1n r\u1ea5t nhi\u1ec1u v\u1edbi s\u1ed1 v\u1ed1n \u0111\u00f3 ng\u00e0y h\u00f4m nay. V\u00e0 n\u1ebfu b\u1ea1n \u0111ang huy \u0111\u1ed9ng \u0111i\u00ean r\u1ed3, v\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, c\u00e1c c\u00f4ng ty AI ng\u00e0y nay \u0111\u00e3 huy \u0111\u1ed9ng \u1edf m\u1ee9c 20, 30, 50, m\u1ed9t tr\u0103m, ho\u1eb7c c\u00e1c c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 tr\u01b0\u1edbc doanh thu. <\/p>\n\n<p>V\u00ec v\u1eady, ch\u00fang t\u00f4i kh\u00f4ng th\u1ef1c hi\u1ec7n b\u1ea5t k\u1ef3 th\u1ecfa thu\u1eadn n\u00e0o tr\u01b0\u1edbc doanh thu c\u1ee7a YC \u1edf m\u1ee9c 20, 30, 40 gi\u1edbi h\u1ea1n. N\u00f3 ch\u1ec9 qu\u00e1 ho\u00e0n h\u1ea3o v\u1ec1 gi\u00e1. T\u00f4i th\u00e0 \u0111\u1ee3i m\u1ed9t ho\u1eb7c hai n\u0103m xem li\u1ec7u h\u1ecd c\u00f3 th\u00e0nh c\u00f4ng v\u00e0 t\u1ed3n t\u1ea1i v\u00e0 ph\u00e1t tri\u1ec3n trong \u0111\u1ecbnh gi\u00e1 hay kh\u00f4ng. Th\u1ef1c hi\u1ec7n v\u00f2ng ti\u1ebfp theo h\u01a1n l\u00e0 l\u00e0m ngo\u00e0i YC. V\u00ec v\u1eady, t\u00f4i s\u1ebd \u0111\u1ebfn YC, th\u1ef1c s\u1ef1 xem x\u00e9t t\u1ea5t c\u1ea3 ch\u00fang, xem nh\u1eefng c\u00e1i m\u00e0 t\u00f4i ngh\u0129 l\u00e0 th\u00fa v\u1ecb, v\u00e0 sau \u0111\u00f3 \u0111\u1ee3i \u0111\u1ebfn v\u00f2ng ti\u1ebfp theo, v\u00e0 sau \u0111\u00f3 t\u00f4i s\u1ebd l\u00e0m ch\u00fang trong v\u00f2ng ti\u1ebfp theo.    <\/p>\n\n<p>N\u1ebfu h\u1ecd \u0111\u00e3 ph\u00e1t tri\u1ec3n th\u00e0nh \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111\u1ecbnh gi\u00e1 l\u00e0 h\u1ee3p l\u00fd v\u00e0 c\u00f3 s\u1ef1 h\u1ed9i t\u1ee5 gi\u1eefa s\u1ef1 co l\u1ea1i v\u00e0 \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111\u00f3 l\u00e0 tr\u01b0\u1edbc doanh thu. V\u00f2ng h\u1ea1t gi\u1ed1ng, v\u00e0 t\u00f4i s\u1ebd cho b\u1ea1n v\u00e0 v\u00f2ng h\u1ea1t gi\u1ed1ng \u0111\u1ed1i v\u1edbi t\u00f4i l\u00e0 b\u1ea1n \u0111ang l\u00e0m 15-20K m\u1ed9t th\u00e1ng trong doanh thu r\u00f2ng MRR. V\u00ec v\u1eady, c\u00f3 th\u1ec3 b\u1ea1n l\u00e0 150 K trong GMV m\u1ed7i th\u00e1ng v\u00e0 b\u1ea1n c\u00f3 t\u1ef7 l\u1ec7 l\u1ea5y 15%.  <\/p>\n\n<p>N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng ho\u1eb7c c\u00f3 th\u1ec3 b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng B2B, b\u1ea1n \u0111ang l\u00e0m 500 KA th\u00e1ng trong doanh thu trong GMV v\u1edbi t\u1ef7 l\u1ec7 l\u1ea5y 4%. V\u00ec v\u1eady, b\u1ea1n \u0111ang \u1edf m\u1ee9c bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng 20 K \u0111\u00f3 ho\u1eb7c doanh thu r\u00f2ng \u0111\u00f3, b\u1ea1n c\u00f3 bi\u00ean l\u1ee3i nhu\u1eadn r\u1ea5t cao, sau \u0111\u00f3 b\u1ea1n l\u1ea1i huy \u0111\u1ed9ng v\u1ed1n. Ba, b\u1ed1n \u1edf m\u1ee9c 12 tr\u01b0\u1edbc \u0111\u00e2y t\u1eebng l\u00e0 ch\u00edn tr\u01b0\u1edbc ho\u1eb7c t\u00e1m tr\u01b0\u1edbc, nh\u01b0ng b\u00e2y gi\u1edd l\u00e0 12, 13.  <\/p>\n\n<p>V\u00e0 \u0111\u00e2y l\u00e0 n\u01a1i ch\u00fang t\u00f4i c\u1ed1 g\u1eafng \u0111\u1ea1t \u0111\u01b0\u1ee3c. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, \u0111\u00e2y l\u00e0 m\u1ee9c trung b\u00ecnh cho ch\u00fang t\u00f4i. Trung b\u00ecnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng cao h\u01a1n r\u1ea5t nhi\u1ec1u. V\u00e0 \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 v\u1edbi A, doanh thu r\u00f2ng c\u00f3 th\u1ec3 l\u00e0 150 k MRR ho\u1eb7c. N\u1ebfu b\u1ea1n l\u00e0 c\u00f4ng ty SaaS ho\u1eb7c c\u00f3 th\u1ec3 b\u1ea1n c\u00f3 750K trong GMV, b\u1ea1n l\u1ea5y v\u1edbi t\u1ef7 l\u1ec7 15%. V\u00e0 ph\u1ea1m vi ch\u00fang t\u00f4i c\u1ed1 g\u1eafng \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u00e0 b\u1ea1n \u0111ang huy \u0111\u1ed9ng b\u1ea3y \u1edf m\u1ee9c 23 Pre\u2019s \u1edf m\u1ee9c 30 posts, ho\u1eb7c 10 \u1edf m\u1ee9c 30 pre, \u0111\u1ea1i lo\u1ea1i nh\u01b0 v\u1eady.     <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u1eady t\u1ef7 l\u1ec7 ARR cho nh\u1eefng c\u00e1i \u0111\u00f3 l\u00e0 bao nhi\u00eau? V\u1eady ti\u1ec1n tr\u01b0\u1edbc l\u00e0 bao nhi\u00eau n\u1ebfu, <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u1ea5n \u0111\u1ec1 l\u00e0, ARR ph\u1ee5 thu\u1ed9c v\u00e0o bi\u00ean l\u1ee3i nhu\u1eadn, \u0111\u00fang kh\u00f4ng? V\u1eady b\u1ea1n \u0111ang n\u00f3i v\u1ec1 c\u00e1c doanh nghi\u1ec7p SaaS. <\/p>\n\n<p>Trong doanh thu r\u00f2ng, n\u00f3i doanh thu r\u00f2ng. kh\u00f4ng ph\u1ea3i GMV. V\u00e0 thu\u1eadt ng\u1eef doanh thu r\u00f2ng \u1edf v\u00f2ng A, h\u1ecd \u0111ang l\u00e0m 1,5 tri\u1ec7u v\u00e0 ch\u00fang t\u00f4i mu\u1ed1n \u0111\u1ea7u t\u01b0 \u1edf m\u1ee9c 20, 23 \u0111\u1ebfn 30, \u0111\u00fang kh\u00f4ng? T\u00f4i kh\u00f4ng bi\u1ebft, 20-25.   <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u1eady 20 \u0111\u1ebfn 25 X<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> Doanh thu r\u00f2ng, v\u00e0 \u0111\u00f3 l\u00e0 cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00f3ng. T\u00f4i nh\u1edb khi 10 l\u00e0 c\u00f4ng b\u1eb1ng. <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng. 10 t\u00f4i ngh\u0129 l\u00e0 c\u00f4ng b\u1eb1ng \u1edf giai \u0111o\u1ea1n sau khi t\u0103ng tr\u01b0\u1edfng c\u1ee7a b\u1ea1n th\u1ea5p h\u01a1n. Nh\u01b0ng n\u1ebfu b\u1ea1n \u0111ang t\u0103ng tr\u01b0\u1edfng b\u1ed1n ho\u1eb7c n\u0103m l\u1ea7n m\u1ed7i n\u0103m, t\u00f4i ngh\u0129 20 \u1edf giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng v\u00e0 A, ho\u00e0n to\u00e0n \u1ed5n. <\/p>\n\n<p>\u0110\u1eb7c bi\u1ec7t l\u00e0 th\u1ecb tr\u01b0\u1eddng. Th\u1ecb tr\u01b0\u1eddng ch\u1ecbu \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3. \u0110i\u1ec1u kh\u00f4ng c\u00f4ng b\u1eb1ng l\u00e0, m\u00e0 t\u00f4i th\u1ea5y r\u1ea5t nhi\u1ec1u. C\u00e1c c\u00f4ng ty trong l\u0129nh v\u1ef1c AI \u0111ang ch\u1ea1y \u0111ua \u1edf m\u1ee9c 100 ho\u1eb7c 200 ho\u1eb7c 300 tri\u1ec7u, v\u00e0 ch\u00fang t\u00f4i \u0111ang n\u00f3i v\u1ec1 300 X ARR \u0111ang x\u1ea3y ra ng\u00e0y nay.   <\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u00fang kh\u00f4ng? V\u00e0 th\u1ef1c t\u1ebf c\u1ee7a \u0111i\u1ec1u \u0111\u00f3 l\u00e0 n\u1ebfu m\u1ed9t c\u00f4ng ty c\u00f3 doanh thu ARR 5 tri\u1ec7u v\u00e0 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 10 x, v\u00e0 v\u00ec v\u1eady b\u1ea1n \u0111ang \u0111\u1ea7u t\u01b0 \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 ti\u1ec1n tr\u01b0\u1edbc 50 tri\u1ec7u \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn 10 x. <\/p>\n\n<p>\u0110i\u1ec1u n\u00e0y l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho m\u1ed9t s\u1ed1 kho\u1ea3n l\u1ed7 t\u1eeb m\u1ed9t s\u1ed1 kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u00e1c kh\u00f4ng th\u00e0nh c\u00f4ng \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c qu\u1ef9 n\u0103m X, s\u00e1u X. B\u1ea1n s\u1ebd ph\u1ea3i thanh kho\u1ea3n \u1edf m\u1ee9c 500 tri\u1ec7u m\u00e0 kh\u00f4ng c\u00f3 t\u00e0i tr\u1ee3 trong t\u01b0\u01a1ng lai. <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> \u0110\u00fang.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e0 n\u1ebfu ch\u00fang t\u00f4i l\u00e0m c\u00f4ng vi\u1ec7c c\u1ee7a m\u00ecnh, ch\u00fang t\u00f4i \u0111ang gi\u1edbi thi\u1ec7u startup cho m\u1ed9t tri\u1ec7u VC v\u00ec ch\u00fang t\u00f4i bi\u1ebft m\u1ed9t tri\u1ec7u VC v\u00e0 ch\u00fang t\u00f4i s\u1ebd b\u1ecb pha lo\u00e3ng b\u1edfi, h\u1ecd s\u1ebd ph\u00e1t h\u00e0nh \u00edt nh\u1ea5t 10% c\u1ed5 phi\u1ebfu n\u0103m l\u1ea7n n\u1ebfu m\u1ecdi th\u1ee9 di\u1ec5n ra t\u1ed1t \u0111\u1eb9p.<\/p>\n\n<p>V\u00ec v\u1eady, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n ph\u1ea3i tho\u00e1t ra \u1edf m\u1ee9c m\u1ed9t t\u1ef7. \u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111\u01a1n gi\u1ea3n 10 x tr\u00ean m\u1ed9t c\u00f4ng ty ARR 5 tri\u1ec7u \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 c\u00f4ng b\u1eb1ng \u1edf m\u1ee9c 10 x v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 20 x ng\u00e0y nay c\u00f3 ngh\u0129a l\u00e0 ch\u00fang t\u00f4i c\u1ea7n l\u1ea1m ph\u00e1t \u1edf qu\u1ea7y tho\u00e1t ra ph\u1ea3n \u00e1nh v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a, Microsoft v\u00e0 nh\u1eefng c\u00f4ng ty t\u01b0\u01a1ng t\u1ef1 \u0111\u1ec3 l\u00e0m cho to\u00e1n h\u1ecdc \u0111\u00f3 ho\u1ea1t \u0111\u1ed9ng. <\/p>\n\n<p>V\u00e0 \u0111\u00f3 l\u00e0 n\u01a1i m\u00e0 nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1, t\u00f4i ngh\u0129 l\u00e0 quan tr\u1ecdng.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Kh\u00f4ng, \u0111i\u1ec1u \u0111\u00f3 ho\u00e0n to\u00e0n quan tr\u1ecdng. N\u00f3 c\u0169ng quan tr\u1ecdng \u1edf ph\u00eda gi\u1ea3m gi\u00e1, n\u1ebfu t\u00f4i nh\u00ecn v\u00e0o c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh, 2% \u0111\u1ea7u ti\u00ean c\u1ee7a c\u00e1c giao d\u1ecbch ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n 50 x, \u0111\u00f3 l\u00e0 m\u1ed9t x qu\u1ef9. 13% ti\u1ebfp theo c\u1ee7a c\u00e1c giao d\u1ecbch, ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n t\u00e1m x. \u0110\u00f3 l\u00e0 1% c\u1ee7a, \u0111\u00f3 l\u00e0 m\u1ed9t X qu\u1ef9.   <\/p>\n\n<p>V\u00e0 sau \u0111\u00f3 85% ti\u1ebfp theo c\u1ee7a c\u00e1c giao d\u1ecbch, ch\u00fang t\u00f4i c\u0169ng th\u1ef1c hi\u1ec7n m\u1ed9t ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n 0,45 x ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. V\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t x qu\u1ef9. V\u00e0 th\u1ef1c t\u1ebf l\u00e0 ch\u00fang t\u00f4i nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1 c\u00f3 ngh\u0129a l\u00e0 r\u1ea5t nhi\u1ec1u c\u00f4ng ty. N\u01a1i h\u1ecd kh\u00f4ng l\u00e0m t\u1ed1t, nh\u01b0ng h\u1ecd \u0111\u01b0\u1ee3c mua l\u1ea1i, ch\u00fang t\u00f4i l\u1ea5y l\u1ea1i ti\u1ec1n c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i, cho \u0111\u1ebfn nay ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 355 l\u1ea7n tho\u00e1t ra.    <\/p>\n\n<p>Ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 \u0111\u00e3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n. \u0110\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ea1t gi\u1ed1ng v\u00e0 ti\u1ec1n h\u1ea1t gi\u1ed1ng v\u00e0 45% c\u00e1c giao d\u1ecbch m\u00e0 l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m l\u1edbn h\u01a1n nhi\u1ec1u so v\u1edbi h\u1ea7u h\u1ebft. V\u00e0 ngay c\u1ea3 trong nh\u1eefng c\u00e1i m\u00e0 ch\u00fang t\u00f4i m\u1ea5t ti\u1ec1n, ch\u00fang t\u00f4i v\u1eabn ki\u1ebfm \u0111\u01b0\u1ee3c. 30, 40% s\u1ed1 ti\u1ec1n tr\u1edf l\u1ea1i v\u00ec s\u1ef1 nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1 \u0111\u00f3. V\u00ec v\u1eady, t\u1eeb g\u00f3c \u0111\u1ed9 c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0, th\u1ef1c s\u1ef1 ho\u1ea1t \u0111\u1ed9ng kh\u00e1 t\u1ed1t khi nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1.    <\/p>\n\n<p>Nh\u01b0ng c\u00f3 l\u1ebd ch\u00fang t\u00f4i m\u1ea5t \u0111i nh\u1eefng giao d\u1ecbch n\u00f3ng nh\u1ea5t c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ngh\u00ecn x ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec v\u00ec ch\u00fang t\u00f4i kh\u00f4ng s\u1eb5n s\u00e0ng tr\u1ea3 gi\u00e1 cao.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e0 \u0111i\u1ec1u g\u00ec \u0111\u00e3 thay \u0111\u1ed5i trong quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n, t\u00f4i t\u01b0\u1edfng t\u01b0\u1ee3ng v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m ch\u00edn m\u01b0\u01a1i ch\u00fang t\u00f4i \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c ghi ch\u00fa h\u1ee9a h\u1eb9n ho\u1eb7c ghi ch\u00fa chuy\u1ec3n \u0111\u1ed5i, \u0111\u00fang kh\u00f4ng? V\u00e0 sau \u0111\u00f3 \u0111\u00f4i khi c\u00f3 m\u1ed9t v\u00f2ng gi\u00e1. <\/p>\n\n<p>M\u1ed9t trong nh\u1eefng thi\u00ean th\u1ea7n nh\u01b0, N\u00e0y, \u0111i\u1ec1u \u0111\u00f3 l\u00e0m t\u00f4i b\u1ed1i r\u1ed1i, qu\u00e1 nhi\u1ec1u ph\u1ea7n chuy\u1ec3n \u0111\u1ed9ng. H\u00e3y l\u00e0m m\u1ed9t v\u00f2ng gi\u00e1 th\u1eb3ng. V\u00e0 m\u1ed1i quan t\u00e2m \u1edf \u0111\u00f3 l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a vi\u1ec7c g\u00e2y qu\u1ef9 s\u1ebd tr\u1ea3 cho c\u00e1c lu\u1eadt s\u01b0 t\u1ea1i Oric \u0111\u1ec3 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3. Nh\u01b0ng s\u1edf th\u00edch c\u1ee7a b\u1ea1n l\u00e0 g\u00ec, v\u00e0 suy ngh\u0129 c\u1ee7a b\u1ea1n v\u1ec1 vi\u1ec7c chuy\u1ec3n t\u1eeb ghi ch\u00fa chuy\u1ec3n \u0111\u1ed5i? V\u1edbi gi\u1edbi h\u1ea1n, ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n \u0111\u1ebfn safes ti\u1ec1n tr\u01b0\u1edbc v\u00e0 sau. V\u00e0 t\u00f4i \u0111o\u00e1n c\u00e2u tr\u1ea3 l\u1eddi ng\u1eafn g\u1ecdn l\u00e0 n\u1ebfu b\u1ea1n mu\u1ed1n ho\u1ea1t \u0111\u1ed9ng t\u00edch c\u1ef1c tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c hi\u1ec7n ba kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ed9t tu\u1ea7n, b\u1ea1n ch\u1ec9 c\u1ea7n ch\u01a1i c\u00f9ng v\u1edbi c\u00e1c safes ti\u1ec1n sau l\u00e0 \u0111i\u1ec3n h\u00ecnh.     <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Kh\u00f4ng ph\u00e2n bi\u1ec7t. T\u00f4i l\u00e0m safes \u1edf giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng \u0111\u1eb7c bi\u1ec7t v\u00e0 ti\u1ec1n h\u1ea1t gi\u1ed1ng l\u00e0 \u1ed5n, \u0111\u00fang kh\u00f4ng? <\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 b\u1ea1n kh\u00f4ng mu\u1ed1n d\u00e0nh \u0111i\u1ec3m c\u1ee7a m\u00ecnh, th\u1eddi gian v\u00e0 ti\u1ec1n b\u1ea1c cho lu\u1eadt s\u01b0, b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. C\u00f3 m\u1ed9t v\u00f2ng th\u1ef1c, nh\u01b0 7, 8, 10, 15 tri\u1ec7u. H\u1ecd s\u1ebd l\u00e0m m\u1ed9t v\u00f2ng gi\u00e1, v\u00ec v\u1eady kh\u00f4ng quan tr\u1ecdng. V\u00e0 n\u1ebfu kh\u00f4ng c\u00f3 v\u00f2ng th\u1ef1c, c\u00f3 ngh\u0129a l\u00e0 c\u00f4ng ty th\u1ea5t b\u1ea1i. V\u00ec v\u1eady, n\u00f3 c\u0169ng kh\u00f4ng quan tr\u1ecdng theo c\u00e1ch n\u00e0o \u0111\u00f3. V\u00ec v\u1eady, t\u00f4i kh\u00f4ng ng\u1ea1i l\u00e0m safes ch\u00fat n\u00e0o.     <\/p>\n\n<p>\u0110i\u1ec1u \u0111\u00f3 n\u00f3i r\u1eb1ng, t\u00f4i s\u1ebd kh\u00f4ng l\u00e0m kh\u00f4ng gi\u1edbi h\u1ea1n. N\u1ebfu kh\u00f4ng, b\u1ea1n kh\u00f4ng \u0111\u01b0\u1ee3c b\u1ed3i th\u01b0\u1eddng cho th\u1ef1c t\u1ebf l\u00e0 b\u1ea1n \u0111ang \u0111\u1ea7u t\u01b0 ng\u00e0y h\u00f4m nay. V\u00e0 v\u00ec v\u1eady t\u00f4i kh\u00f4ng l\u00e0m c\u00e1c v\u00f2ng c\u1ea7u. T\u00f4i kh\u00f4ng l\u00e0m kh\u00f4ng gi\u1edbi h\u1ea1n. N\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n. N\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n \u1edf m\u1ee9c gi\u00e1 m\u00e0 t\u00f4i cho l\u00e0 c\u00f4ng b\u1eb1ng so v\u1edbi c\u01a1 h\u1ed9i \u0111\u1ed9i ng\u0169.     <\/p>\n\n<p><strong>Andrew Romans:<\/strong> T\u00f4i lu\u00f4n s\u1eed d\u1ee5ng v\u00ed d\u1ee5 gi\u1ea3i th\u00edch \u0111i\u1ec1u \u0111\u00f3 cho m\u1ed9t nh\u00e0 s\u00e1ng l\u1eadp n\u00f3i, \u0111\u01b0\u1ee3c r\u1ed3i, v\u1eady h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng Lady Gaga s\u1ebd \u0111\u1ea7u t\u01b0 v\u00e0o startup c\u1ee7a b\u1ea1n tr\u00ean m\u1ed9t ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n, v\u00e0 sau \u0111\u00f3 c\u00f4 \u1ea5y tweet v\u1ec1 b\u1ea1n.<\/p>\n\n<p>C\u00f4 \u1ea5y c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi theo d\u00f5i tr\u00ean Twitter h\u01a1n Obama, v\u00e0 sau \u0111\u00f3 \u0111\u1ed9t nhi\u00ean b\u1ea1n c\u00f3 m\u1ed9t tr\u0103m tri\u1ec7u l\u01b0\u1ee3t t\u1ea3i xu\u1ed1ng b\u1ea1n l\u00e0 Skype ti\u1ebfp theo. C\u00f4 \u1ea5y gi\u00fap b\u1ea1n c\u00e0ng nhi\u1ec1u, c\u00f4 \u1ea5y c\u00e0ng t\u1ef1 pha lo\u00e3ng v\u00e0 s\u1edf h\u1eefu c\u1ee7a m\u00ecnh trong doanh nghi\u1ec7p c\u1ee7a b\u1ea1n. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n mu\u1ed1n m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u00e0n to\u00e0n th\u1ee5 \u0111\u1ed9ng, c\u00f3 l\u1ebd \u0111i\u1ec1u \u0111\u00f3 c\u00f3 \u00fd ngh\u0129a. Nh\u01b0ng n\u1ebfu b\u1ea1n c\u00f3, n\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 tin r\u1eb1ng b\u1eb1ng c\u00e1ch n\u00e0o \u0111\u00f3 h\u1ecd s\u1ebd gi\u00fap \u0111\u1ee1.   <\/p>\n\n<p>Th\u00eam gi\u00e1 tr\u1ecb, nh\u01b0 m\u1ed9t Lady Gaga trong t\u00ecnh hu\u1ed1ng \u0111\u00f3, th\u00ec ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n ch\u1ec9 l\u00e0 t\u1ef1 \u0111\u00e1 m\u00ecnh, b\u1eafn v\u00e0o ng\u00f3n ch\u00e2n c\u1ee7a b\u1ea1n.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ch\u1eafc ch\u1eafn r\u1ed3i.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u00fang. \u0110\u00f4i khi c\u00f3 m\u1ed9t t\u00ecnh hu\u1ed1ng m\u00e0 Sequoia \u0111ang tham gia v\u00e0 h\u1ecd s\u1ebd kh\u00f4ng t\u00f4n tr\u1ecdng quy\u1ec1n s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n theo t\u1ef7 l\u1ec7 ho\u1eb7c \u0111i\u1ec1u g\u00ec \u0111\u00f3 t\u01b0\u01a1ng t\u1ef1. <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> Gi\u1ed1ng nh\u01b0 t\u00f4i, t\u00f4i \u0111\u00e3 n\u00f3i kh\u00f4ng bao gi\u1edd bao gi\u1edd kh\u00f4ng bao gi\u1edd l\u00e0m m\u1ed9t ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n.<\/p>\n\n<p>V\u00e0 \u0111\u00e3 c\u00f3 m\u1ed9t v\u00e0i kho\u1ea3nh kh\u1eafc k\u1ef3 l\u1ea1 trong cu\u1ed9c \u0111\u1eddi t\u00f4i khi t\u00f4i \u0111\u00e3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00e0 t\u00f4i r\u1ea5t vui v\u00ec \u0111\u00e3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3, nh\u01b0ng t\u00f4i t\u00f4n gi\u00e1o ch\u1ed1ng l\u1ea1i n\u00f3.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Nh\u01b0ng \u0111\u00e3 c\u00f3 nh\u1eefng kho\u1ea3nh kh\u1eafc m\u00e0 t\u00f4i \u0111\u00e3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3, v\u00ec l\u00fd do ch\u00ednh x\u00e1c b\u1ea1n \u0111\u00e3 n\u00f3i, \u00f4i, Sequoia Andreessen \u0111ang tham gia. H\u1ecd s\u1ebd kh\u00f4ng cho ai kh\u00e1c v\u00e0o, v\u00ec v\u1eady c\u00f3 th\u1ec3 \u0111\u1eb7t ti\u1ec1n v\u00e0o b\u00e2y gi\u1edd. <\/p>\n\n<p>V\u00e0 sau \u0111\u00f3 v\u00f2ng kh\u00f4ng x\u1ea3y ra, ho\u1eb7c h\u1ecd r\u00fat lui v\u00e0 sau \u0111\u00f3 t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n v\u00e0 n\u00f3 th\u1ea5t b\u1ea1i. V\u00ec v\u1eady, m\u1ed9t ph\u1ea7n l\u00fd do t\u00f4i gh\u00e9t l\u00e0m c\u1ea7u v\u00ec n\u00f3 kh\u00f4ng th\u1ec3, n\u00f3 kh\u00f4ng th\u1ec3 l\u00e0 m\u1ed9t c\u00e2y c\u1ea7u \u0111\u1ebfn h\u01b0 kh\u00f4ng. T\u00f4i th\u00edch tr\u1ea3 th\u00eam 20% v\u00e0 c\u00f3 c\u00f4ng ty \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 \u0111\u1ea7y \u0111\u1ee7 cho k\u1ebf ho\u1ea1ch kinh doanh c\u1ee7a h\u1ecd.  <\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u1ed3ng \u00fd. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng. V\u00ec v\u1eady, r\u00f5 r\u00e0ng b\u1ea1n c\u00f3 DNA th\u1ecb tr\u01b0\u1eddng nhi\u1ec1u h\u01a1n h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi trong m\u1ed9t \u1ee7y ban \u0111\u1ea7u t\u01b0 \u1edf b\u1ea5t k\u1ef3 \u0111\u00e2u tr\u00ean th\u1ebf gi\u1edbi. V\u00e0 v\u00ec v\u1eady, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 \u00fd ngh\u0129a r\u1eb1ng \u0111\u00e2y l\u00e0 m\u00f4n th\u1ec3 thao, v\u00e0 b\u1ea1n gi\u1ecfi v\u1ec1 \u0111i\u1ec1u \u0111\u00f3. \u0110\u1ed3ng th\u1eddi, internet \u0111\u00e3 ph\u00e1t tri\u1ec3n r\u1ea5t nhi\u1ec1u k\u1ec3 t\u1eeb n\u0103m 1998 v\u00e0 nh\u1eefng n\u0103m 2000 v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y.   <\/p>\n\n<p>V\u00e0 v\u00ec b\u1ea1n \u0111\u00e3 ti\u1ebfp nh\u1eadn h\u00e0ng tr\u0103m tri\u1ec7u \u0111\u00f4 la v\u1ed1n LP, t\u00ecnh tr\u1ea1ng c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 \u00fd ngh\u0129a g\u00ec \u0111\u1ed1i v\u1edbi m\u1ed9t ng\u01b0\u1eddi nh\u01b0 b\u1ea1n v\u00ec b\u1ea1n bi\u1ebft r\u1ea5t nhi\u1ec1u v\u1ec1 n\u00f3 v\u00e0 \u0111i\u1ec1u g\u00ec l\u00e0 t\u1ed1t, x\u1ea5u hay x\u1ea5u x\u00ed c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u00ec, hi\u1ebfm khi c\u00f3 m\u1ed9t chuy\u00ean gia nh\u01b0 v\u1eady v\u1ec1 ch\u1ee7 \u0111\u1ec1 n\u00e0y?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng, v\u00ec v\u1eady tr\u01b0\u1edbc ti\u00ean l\u00e0 t\u1ed1t, x\u1ea5u v\u00e0 x\u1ea5u x\u00ed. \u0110i\u1ec1u t\u1ed1t l\u00e0 h\u1ecd chi\u1ebfn th\u1eafng. N\u00f3 chi\u1ebfm h\u1ea7u h\u1ebft. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u n\u00e0y c\u0169ng l\u00e0 \u0111i\u1ec1u x\u1ea5u, n\u1ebfu b\u1ea1n \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t v\u00e0 n\u00f3 ho\u1ea1t \u0111\u1ed9ng r\u1ea5t t\u1ed1t, b\u1ea1n th\u1eafng, b\u1ea1n c\u00f3 m\u1ed9t \u0111\u1ed9c quy\u1ec1n t\u1ef1 nhi\u00ean, n\u00f3 tr\u1edf n\u00ean kh\u1ed5ng l\u1ed3. V\u00e0 n\u00f3 c\u00f3 th\u1ec3 c\u1ef1c k\u1ef3 hi\u1ec7u qu\u1ea3 v\u1ec1 v\u1ed1n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3 v\u00ec b\u1ea1n c\u00f3 hi\u1ec7u \u1ee9ng m\u1ea1ng.    <\/p>\n\n<p>B\u00e2y gi\u1edd, nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a l\u1ef1c l\u01b0\u1ee3ng, c\u0169ng l\u00e0 \u0111i\u1ec1u x\u1ea5u x\u00ed, l\u00e0 n\u1ebfu b\u1ea1n thua, c\u00f3 l\u1ebd kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb g\u00ec v\u00e0, v\u00e0 b\u1ea1n kh\u00f4ng c\u00f3 th\u1ecb ph\u1ea7n, v\u00e0 n\u1ebfu b\u1ea1n c\u00f3 hai c\u00e1i \u0111ang chi\u1ebfn \u0111\u1ea5u cho n\u00f3, h\u1ecd c\u00f3 th\u1ec3 chi\u1ebfn \u0111\u1ea5u \u0111\u1ebfn ch\u1ebft v\u00ec \u0111\u1ee9ng th\u1ee9 hai kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb g\u00ec. V\u00e0 v\u00ec v\u1eady b\u1ea1n t\u1ed1t h\u01a1n l\u00e0 h\u1ee3p nh\u1ea5t theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, h\u00ecnh th\u1ee9c ho\u1eb7c h\u00ecnh d\u1ea1ng. <\/p>\n\n<p>V\u00e0 v\u1ea5n \u0111\u1ec1 g\u00e0 v\u00e0 tr\u1ee9ng c\u1ea7n \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft, c\u00f3 \u0111\u1ed9ng l\u1ef1c th\u00fa v\u1ecb \u0111\u00e1ng kinh ng\u1ea1c c\u1ee7a ri\u00eang n\u00f3. \u0110\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec1u m\u00e0 t\u00f4i th\u1ef1c s\u1ef1 r\u1ea5t ph\u00f9 h\u1ee3p \u0111\u1ec3 s\u1eeda ch\u1eefa v\u00e0 gi\u00fap c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp t\u00ecm ra nh\u1eefng g\u00ec h\u1ecd n\u00ean l\u00e0m, c\u00e1ch h\u1ecd n\u00ean x\u00e2y d\u1ef1ng thanh kho\u1ea3n, th\u1ecb tr\u01b0\u1eddng n\u00e0o n\u00ean theo \u0111u\u1ed5i, c\u00e1ch h\u1ecd m\u1edf r\u1ed9ng quy m\u00f4, v\u00ec th\u1ef1c s\u1ef1 c\u00f3.  <\/p>\n\n<p>Nh\u1eefng sai l\u1ea7m r\u00f5 r\u00e0ng m\u00e0 c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp m\u1eafc ph\u1ea3i nh\u01b0 h\u1ecd c\u00f3 qu\u00e1 nhi\u1ec1u ngu\u1ed3n cung, kh\u00f4ng c\u00f3 nhu c\u1ea7u. V\u00ec v\u1eady, s\u1ef1 c\u00e2n b\u1eb1ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng kh\u00f4ng c\u00e2n b\u1eb1ng v\u00ec d\u1ec5 d\u00e0ng c\u00f3 \u0111\u01b0\u1ee3c ngu\u1ed3n cung h\u01a1n l\u00e0 nhu c\u1ea7u. Nh\u01b0ng h\u1ecd l\u00e0 nh\u1eefng doanh nghi\u1ec7p \u0111\u1eb9p. H\u1ecd nh\u1eb9 t\u00e0i s\u1ea3n, h\u1ecd chi\u1ebfn th\u1eafng h\u1ea7u h\u1ebft. N\u1ebfu b\u1ea1n th\u1eafng l\u1edbn. V\u00e0 h\u1ecd k\u1ebft th\u00fac l\u1edbn h\u01a1n b\u1ea1n ngh\u0129 trong t\u1ea5t c\u1ea3 c\u00e1c ng\u00e1ch kh\u00e1c nhau n\u00e0y.     <\/p>\n\n<p>B\u00e2y gi\u1edd c\u00e1ch n\u00f3 ph\u00e1t tri\u1ec3n v\u00ec nhi\u1ec1u ng\u01b0\u1eddi nh\u01b0, ch\u1edd \u0111\u00e3, t\u1ea1i sao c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u1ea1i c\u00f3 li\u00ean quan v\u00e0o n\u0103m 2025? V\u00e0 \u0111\u00f3 l\u00e0 v\u00ec b\u1ea1n \u0111ang ngh\u0129 v\u1ec1 n\u00f3 t\u1eeb g\u00f3c \u0111\u1ed9 ng\u01b0\u1eddi ti\u00eau d\u00f9ng c\u1ee7a b\u1ea1n nh\u01b0 m\u1ed9t ng\u01b0\u1eddi ti\u00eau d\u00f9ng. N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o nhu c\u1ea7u c\u1ee7a m\u00ecnh, ch\u00fang \u0111ang \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng b\u1edfi c\u00e1c th\u1ecb tr\u01b0\u1eddng. Amazon, nh\u00e2n ti\u1ec7n, ch\u1ee7 y\u1ebfu l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng.   <\/p>\n\n<p>B\u1ea1n c\u00f3 th\u1ec3 nh\u1eadn b\u1ea5t k\u1ef3 m\u1eb7t h\u00e0ng n\u00e0o b\u1ea1n mu\u1ed1n trong hai ng\u00e0y. Uber Eats, DoorDash, Uber t\u1ef1 n\u00f3, Airbnb booking.com, t\u1ea5t c\u1ea3 nh\u1eefng th\u1ee9 n\u00e0y l\u00e0 th\u1ecb tr\u01b0\u1eddng v\u00e0 ch\u00fang \u0111\u00e1p \u1ee9ng t\u1ea5t c\u1ea3 nhu c\u1ea7u c\u1ee7a b\u1ea1n v\u1edbi m\u1ee9c th\u00e2m nh\u1eadp 25%. V\u00e0 v\u00e2ng, t\u1ea1i m\u1ed9t s\u1ed1 \u0111i\u1ec3m, n\u00f3 s\u1ebd l\u00e0 75% th\u00e2m nh\u1eadp, nh\u01b0ng \u0111\u00f3 l\u00e0 ba l\u1ea7n t\u1eeb n\u01a1i ch\u00fang ta \u0111ang \u1edf.  <\/p>\n\n<p>V\u00ec v\u1eady, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng nh\u1ea5t thi\u1ebft l\u00e0 r\u1ea5t h\u1ea5p d\u1eabn. V\u1eabn c\u00f2n nh\u1eefng \u0111i\u1ec1u m\u1edbi \u0111ang xu\u1ea5t hi\u1ec7n, nh\u01b0 mua s\u1eafm tr\u1ef1c ti\u1ebfp \u0111ang tr\u1edf th\u00e0nh m\u1ed9t xu h\u01b0\u1edbng l\u1edbn h\u01a1n. Nh\u01b0ng t\u00f4i ngh\u0129 \u0111i\u1ec1u h\u1ea5p d\u1eabn h\u01a1n nhi\u1ec1u l\u00e0 th\u1ef1c t\u1ebf l\u00e0 n\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 th\u1ebf gi\u1edbi B2B, v\u00e0 th\u1eb3ng th\u1eafn l\u00e0 th\u1ebf gi\u1edbi ch\u00ednh ph\u1ee7, th\u1ebf gi\u1edbi d\u1ecbch v\u1ee5 c\u00f4ng c\u1ed9ng. N\u00f3 ho\u00e0n to\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c s\u1ed1 h\u00f3a, \u0111\u00fang kh\u00f4ng?   <\/p>\n\n<p>H\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng b\u1ea1n mu\u1ed1n mua h\u00f3a d\u1ea7u. Th\u1eadm ch\u00ed kh\u00f4ng c\u00f3 m\u1ed9t danh m\u1ee5c v\u1ec1 nh\u1eefng g\u00ec c\u00f3 s\u1eb5n, ch\u01b0a n\u00f3i \u0111\u1ebfn m\u1ed9t h\u1ec7 th\u1ed1ng ho\u1eb7c m\u1ed9t n\u01a1i n\u00e0o \u0111\u00f3 \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i v\u1edbi c\u00e1c h\u1ec7 th\u1ed1ng ERP c\u1ee7a c\u00e1c nh\u00e0 m\u00e1y \u0111\u1ec3 hi\u1ec3u s\u1ef1 ch\u1eadm tr\u1ec5 s\u1ea3n xu\u1ea5t v\u00e0 n\u0103ng l\u1ef1c. Kh\u00f4ng c\u00f3 \u0111\u1eb7t h\u00e0ng tr\u1ef1c tuy\u1ebfn, kh\u00f4ng c\u00f3 thanh to\u00e1n tr\u1ef1c tuy\u1ebfn, kh\u00f4ng c\u00f3 theo d\u00f5i, kh\u00f4ng c\u00f3 t\u00e0i tr\u1ee3 m\u1ecdi th\u1ee9 c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.  <\/p>\n\n<p>V\u00e0 \u0111i\u1ec1u n\u00e0y c\u1ea7n x\u1ea3y ra trong m\u1ecdi ng\u00e0nh c\u00f4ng nghi\u1ec7p, \u1edf m\u1ecdi \u0111\u1ecba l\u00fd cho m\u1ecdi lo\u1ea1i \u0111\u1ea7u v\u00e0o. V\u00e0 c\u1ea3 h\u00e0ng h\u00f3a ho\u00e0n ch\u1ec9nh v\u00e0 \u0111\u1ea7u v\u00e0o trung gian, b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec, nguy\u00ean li\u1ec7u th\u00f4 nh\u01b0 xi m\u0103ng ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. Ngo\u00e0i ra, h\u00e3y ngh\u0129 v\u1ec1 c\u00e1c doanh nghi\u1ec7p nh\u1ecf. H\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p nh\u1ecf v\u00e0 th\u1eb3ng th\u1eafn, h\u1ea7u h\u1ebft, nhi\u1ec1u c\u00f4ng ty l\u1edbn v\u1eabn ho\u1ea1t \u0111\u1ed9ng nh\u01b0 b\u00fat v\u00e0 gi\u1ea5y ho\u1eb7c excel l\u00e0 t\u1ed1t nh\u1ea5t.   <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady s\u1ed1 h\u00f3a trong h\u1ea7u h\u1ebft c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p v\u00e0 h\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p nh\u1ecf, n\u00f3 l\u00e0 t\u1ed1i thi\u1ec3u. Ch\u00fang t\u00f4i d\u01b0\u1edbi 5%. Th\u01b0\u1eddng d\u01b0\u1edbi 1% v\u00e0 n\u00f3 c\u1ea7n ph\u1ea3i x\u1ea3y ra. V\u00e0 c\u00e1ch t\u1ed1t nh\u1ea5t \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 th\u1ef1c s\u1ef1 l\u00e0 th\u00f4ng qua c\u00e1c th\u1ecb tr\u01b0\u1eddng. V\u00e0 v\u00ec v\u1eady lu\u1eadn \u0111i\u1ec3m hi\u1ec7n t\u1ea1i c\u1ee7a t\u00f4i, v\u00e0 ch\u00fang t\u00f4i c\u00f3 s\u00e1u lu\u1eadn \u0111i\u1ec3m ph\u1ee5 trong \u0111\u00f3, l\u00e0 t\u1ea5t c\u1ea3 v\u1ec1 s\u1ed1 h\u00f3a chu\u1ed7i cung \u1ee9ng B2B b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng.    <\/p>\n\n<p>V\u00e0 n\u00f3 kh\u00f4ng h\u1ea5p d\u1eabn, nh\u01b0ng \u0111\u00e2y l\u00e0 nh\u1eefng \u0111i\u1ec1u l\u1edbn. H\u1ea7u h\u1ebft c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p, h\u1ea7u h\u1ebft GDP c\u1ee7a h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a d\u1ecbch v\u1ee5 c\u00f4ng c\u1ed9ng v\u00e0 doanh nghi\u1ec7p. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng. V\u00e2ng. V\u00e0 b\u1ea1n c\u00f3 th\u1ec3 nh\u00ecn v\u00e0o m\u1ed9t qu\u1ed1c gia v\u00e0 t\u00ecm ra nh\u1eefng ng\u00e0nh c\u00f4ng nghi\u1ec7p h\u00e0ng \u0111\u1ea7u \u0111\u00f3 l\u00e0 g\u00ec v\u00e0 theo \u0111u\u1ed5i ch\u00fang. V\u1eady b\u1ea1n c\u00f3 th\u1ec3 chia s\u1ebb m\u1ed9t s\u1ed1 v\u00ed d\u1ee5 \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 th\u1ecb tr\u01b0\u1eddng v\u00e0o n\u0103m 2025 khi ch\u00fang ta \u0111ang \u0111\u1ebfn cu\u1ed1i n\u0103m \u1edf \u0111\u00e2y. <\/p>\n\n<p>Ho\u1eb7c ch\u1ec9 l\u00e0 th\u1eddi gian g\u1ea7n \u0111\u00e2y. M\u1ed9t s\u1ed1 th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y c\u00f3 \u00fd ngh\u0129a l\u00e0 g\u00ec? <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> T\u00f4i s\u1ebd cho b\u1ea1n m\u1ed9t v\u00e0i c\u00e1i \u0111\u00e3 m\u1edf r\u1ed9ng \u0111\u00e3 l\u1edbn. C\u00e1c th\u1ecb tr\u01b0\u1eddng B2B l\u1edbn h\u01a1n. V\u00ec v\u1eady, t\u00f4i s\u1ebd n\u00f3i v\u1ec1 vi\u1ec7c k\u00edch ho\u1ea1t SMB v\u00e0 sau \u0111\u00f3 t\u00f4i s\u1ebd n\u00f3i v\u1ec1 ng\u00e0nh c\u00f4ng nghi\u1ec7p r\u1ed9ng l\u1edbn, l\u1edbn v\u00e0 k\u00edch ho\u1ea1t SMB.  <\/p>\n\n<p>C\u00f3 m\u1ed9t c\u00f4ng ty t\u00ean l\u00e0 Slice. V\u00e0 Slice v\u1ec1 c\u01a1 b\u1ea3n th\u1ef1c hi\u1ec7n c\u00e1c ho\u1ea1t \u0111\u1ed9ng v\u0103n ph\u00f2ng cho c\u00e1c ti\u1ec7m b\u00e1nh pizza. V\u00ec v\u1eady, h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng b\u1ea1n l\u00e0 Luigi v\u00e0 b\u1ea1n mu\u1ed1n n\u1ea5u pizza nh\u1ecf c\u1ee7a m\u00ecnh. \u0110\u00f3 l\u00e0 nh\u1eefng g\u00ec b\u1ea1n \u0111\u00e3 t\u1ea1o ra c\u00e1c ti\u1ec7m b\u00e1nh pizza v\u00ec b\u1ea1n th\u00edch n\u00f3i chuy\u1ec7n v\u1edbi kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh, n\u1ea5u pizza. V\u00e0 sau \u0111\u00f3 \u0111\u1ed9t nhi\u00ean, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ch\u1ee7 s\u1edf h\u1eefu SMB, b\u1ea1n k\u1ebft th\u00fac vi\u1ec7c nh\u1ea5c \u0111i\u1ec7n tho\u1ea1i, qu\u1ea3n l\u00fd m\u1ed9t \u0111\u1ed9i giao h\u00e0ng, nh\u1eadn ngu\u1ed3n cung c\u1ea5p, l\u00e0m k\u1ebf to\u00e1n, \u0111\u00e0m ph\u00e1n v\u1edbi toast, \u0111\u00e0m ph\u00e1n v\u1edbi Uber Eats v\u00e0 DoorDash.    <\/p>\n\n<p>\u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 cu\u1ed9c s\u1ed1ng b\u1ea1n \u0111\u00e3 \u0111\u0103ng k\u00fd. V\u00e0 Slice s\u1ebd l\u00e0m \u0111i\u1ec1u \u0111\u00f3. Nh\u1ea5c \u0111i\u1ec7n tho\u1ea1i l\u00ean, t\u1ea1o trang web c\u1ee7a b\u1ea1n, qu\u1ea3n l\u00fd \u0111\u1ed9i ng\u0169 giao h\u00e0ng, t\u1ed5 ch\u1ee9c \u0111\u1eb7t h\u00e0ng tr\u1ef1c tuy\u1ebfn v\u00e0 th\u1ef1c hi\u1ec7n h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng vi\u1ec7c h\u1eadu tr\u01b0\u1eddng v\u00e0 cung c\u1ea5p m\u1ed9t h\u1ec7 th\u1ed1ng POS. V\u00e0 hi\u1ec7n t\u1ea1i h\u1ecd c\u00f3 20.000 ti\u1ec7m pizza tr\u00ean n\u1ec1n t\u1ea3ng. H\u1ecd \u0111ang th\u1ef1c hi\u1ec7n h\u01a1n m\u1ed9t t\u1ef7 GMV. V\u00e0 \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 \u0111ang x\u1ea3y ra \u1edf c\u00e1c l\u0129nh v\u1ef1c kh\u00e1c.     <\/p>\n\n<p>V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111ang \u1edf Chowbus, m\u1ed9t h\u1ec7 th\u1ed1ng POS cho c\u00e1c nh\u00e0 h\u00e0ng Trung Qu\u1ed1c. Ch\u00fang t\u00f4i \u0111ang \u1edf Fresha, n\u01a1i c\u00f3 h\u01a1n 70.000 th\u1ee3 l\u00e0m t\u00f3c qu\u1ea3n l\u00fd ch\u1ed7 ng\u1ed3i cho ch\u1ee7 ti\u1ec7m t\u00f3c, v\u00e0 sau \u0111\u00f3 l\u00e0 cho c\u00e1c th\u1ee3 l\u00e0m t\u00f3c, t\u1ea5t c\u1ea3 kh\u00e1ch h\u00e0ng c\u1ee7a h\u1ecd. V\u00e0 h\u1ecd cung c\u1ea5p m\u1ed9t h\u1ec7 th\u1ed1ng POS ho\u1eb7c \u00edt nh\u1ea5t \u0111\u00f3 l\u00e0 m\u00f4 h\u00ecnh kinh doanh c\u1ee7a n\u00f3, m\u1eb7c d\u00f9 n\u00f3 l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u1eefa kh\u00e1ch h\u00e0ng v\u00e0 th\u1ee3 l\u00e0m t\u00f3c v\u00e0 ti\u1ec7m c\u1eaft t\u00f3c.  <\/p>\n\n<p>Cents, C-E-N-T-S, l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00fap c\u00e1c ti\u1ec7m gi\u1eb7t l\u00e0 ho\u1eb7c ti\u1ec7m gi\u1eb7t kh\u00f4 qu\u1ea3n l\u00fd \u0111\u1ed9i ng\u0169 giao h\u00e0ng, nh\u1eadn ngu\u1ed3n cung c\u1ea5p, cung c\u1ea5p h\u1ec7 th\u1ed1ng POS. Ch\u00fang t\u00f4i \u0111\u00e3 \u1edf Momence l\u00e0m \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 cho nh\u1eefng ng\u01b0\u1eddi t\u1ed5 ch\u1ee9c, qu\u1ea3n l\u00fd studio yoga. V\u00ec v\u1eady, \u0111i\u1ec1u n\u00e0y \u0111ang x\u1ea3y ra t\u1eebng l\u0129nh v\u1ef1c m\u1ed9t. V\u00e0 nhi\u1ec1u trong s\u1ed1 n\u00e0y l\u00e0 l\u1edbn.   <\/p>\n\n<p>Fresha trong h\u00e0ng t\u1ef7 GMV, th\u00f4ng qua n\u1ec1n t\u1ea3ng. B\u00e2y gi\u1edd v\u1ec1 vi\u1ec7c s\u1ed1 h\u00f3a \u0111\u1ea7u v\u00e0o, c\u00e1c c\u00f4ng ty l\u1edbn nh\u01b0 Knowde \u0111ang l\u00e0m \u0111i\u1ec1u \u0111\u00f3 cho h\u00f3a d\u1ea7u, n\u01a1i \u1edf Schuttflix, \u1edf \u0110\u1ee9c, l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng ba b\u00ean gi\u1eefa c\u00e1c m\u1ecf cung c\u1ea5p s\u1ecfi, c\u00e1c c\u00f4ng tr\u01b0\u1eddng x\u00e2y d\u1ef1ng v\u00e0 c\u00e1c t\u00e0i x\u1ebf xe t\u1ea3i giao h\u00e0ng \u0111\u1ebfn c\u00f4ng tr\u01b0\u1eddng x\u00e2y d\u1ef1ng. <\/p>\n\n<p>Nh\u01b0ng ngay c\u1ea3 nh\u1eefng th\u1ee9 nh\u01b0 ShipBob, m\u1ed9t th\u1ecb tr\u01b0\u1eddng ch\u1ecdn v\u00e0 \u0111\u00f3ng g\u00f3i cu\u1ed1i c\u00f9ng gi\u00fap c\u00e1c c\u00f4ng ty kh\u00f4ng mu\u1ed1n x\u00e2y d\u1ef1ng m\u1ea1ng l\u01b0\u1edbi ph\u00e2n ph\u1ed1i ri\u00eang c\u1ee7a m\u00ecnh ra kh\u1ecfi Amazon, l\u00e0m vi\u1ec7c v\u00e0 c\u00f3 giao h\u00e0ng trong ng\u00e0y ho\u1eb7c giao h\u00e0ng trong hai ng\u00e0y. V\u00ec v\u1eady, v\u1ec1 c\u01a1 b\u1ea3n to\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng \u0111ang ch\u1ee9ng ki\u1ebfn c\u00e1c c\u00f4ng ty r\u1ea5t l\u1edbn v\u00e0 ShipBob, c\u0169ng t\u01b0\u01a1ng t\u1ef1, l\u00e0 m\u1ed9t c\u00f4ng ty tr\u1ecb gi\u00e1 h\u00e0ng t\u1ef7 \u0111\u00f4 la. <\/p>\n\n<p>Flexport c\u0169ng thu\u1ed9c lo\u1ea1i th\u1ecb tr\u01b0\u1eddng B2B nh\u01b0 m\u1ed9t nh\u00e0 giao nh\u1eadn v\u1eadn t\u1ea3i k\u1ef9 thu\u1eadt s\u1ed1. V\u00ec v\u1eady, c\u00f3 r\u1ea5t nhi\u1ec1u c\u00f4ng ty th\u1ef1c s\u1ef1 th\u00fa v\u1ecb \u0111ang \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o Formic, m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00fap \u0111\u1ee1 v\u00e0 t\u00f4i ngh\u0129 ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 n\u0103m nay, gi\u00fap c\u00e1c c\u00f4ng ty t\u1ef1 \u0111\u1ed9ng h\u00f3a d\u00e2y chuy\u1ec1n s\u1ea3n xu\u1ea5t c\u1ee7a h\u1ecd. <\/p>\n\n<p>H\u1ecd v\u00e0o, h\u1ecd g\u1eedi ng\u01b0\u1eddi, t\u00ecm ra nh\u1eefng robot n\u00e0o b\u1ea1n n\u00ean mua. H\u1ecd gi\u00fap b\u1ea1n, h\u1ecd cho b\u1ea1n thu\u00ea ch\u00fang. H\u1ecd th\u1ef1c hi\u1ec7n vi\u1ec7c l\u1eafp \u0111\u1eb7t t\u1ea5t c\u1ea3 trong m\u00f4 h\u00ecnh th\u1ecb tr\u01b0\u1eddng.  <\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 t\u00f4i c\u00f3 th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng \u0111i\u1ec1u \u0111\u00f3 v\u00e0 nh\u1eefng t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn n\u00e0o l\u00e0 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c trong c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u00e0 b\u1ea1n \u0111\u00e3 th\u1ea5y qua nhi\u1ec1u n\u0103m? <\/p>\n\n<p>B\u1edfi v\u00ec m\u1ed9t s\u1ed1 B2B n\u00e0y c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n r\u1ea5t nhanh n\u1ebfu b\u1ea1n, nh\u01b0, n\u1ebfu b\u1ea1n \u0111ang s\u1ed1 h\u00f3a gi\u00e0n khoan d\u1ea7u kh\u00ed v\u00e0 b\u1ea1n \u0111ang l\u1ea5y n\u00f3 ra kh\u1ecfi Excel v\u00e0 ghi ch\u00fa d\u00e1n.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00ec v\u1eady, \u0111\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng \u0111i\u1ec1u b\u1ea1n c\u1ea7n r\u1ea5t c\u1ea9n th\u1eadn trong c\u00e1c th\u1ecb tr\u01b0\u1eddng B2B l\u00e0 m\u1ed9t s\u1ed1 b\u1ea1n c\u1ea7n ngu\u1ed3n cung v\u00e0 c\u1ea7u ph\u00e2n m\u1ea3nh. V\u00e0 n\u1ebfu b\u1ea1n c\u00f3 qu\u00e1 nhi\u1ec1u h\u1ee3p nh\u1ea5t \u1edf m\u1ed9t b\u00ean, b\u1ea1n c\u00f3 th\u1ec3 kh\u00f4ng th\u1ec3 l\u1ea5y m\u1ed9t t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn n\u00e0o c\u1ea3, \u0111\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao c\u00e1c c\u00f4ng ty \u0111ang c\u1ed1 g\u1eafng l\u00e0m \u0111\u1eb7t h\u00e0ng th\u1ef1c ph\u1ea9m cho c\u00e1c nh\u00e0 h\u00e0ng, \u0111\u1eb7t h\u00e0ng t\u1eeb c\u00e1c nh\u00e0 cung c\u1ea5p, n\u00f3 kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng \u1edf M\u1ef9 v\u00ec b\u1ea1n c\u00f3 m\u1ed9t c\u00f4ng ty g\u1ecdi l\u00e0 Cisco, chi\u1ebfm 50% th\u1ecb tr\u01b0\u1eddng. <\/p>\n\n<p>H\u1ecd kh\u00f4ng, b\u1ea1n s\u1ebd l\u00e0 m\u1ed9t nh\u00e0 ph\u00e2n ph\u1ed1i, b\u1ea1n s\u1ebd kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng. \u1ed2. N\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed9 co gi\u00e3n c\u1ee7a cung v\u00e0 c\u1ea7u. B\u1ea1n c\u1ed1 g\u1eafng c\u00f3 3%, gi\u1ea3 s\u1eed, nh\u01b0ng c\u00f3 nhi\u1ec1u danh m\u1ee5c m\u00e0 b\u1ea1n kh\u00f4ng th\u1ec3 l\u1ea5y m\u1ed9t t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn, trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3 b\u1ea1n ph\u1ea3i, m\u1eb7c d\u00f9 b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng, m\u00f4 h\u00ecnh kinh doanh c\u1ee7a b\u1ea1n s\u1ebd l\u00e0 h\u1ec7 th\u1ed1ng POS ho\u1eb7c t\u00e0i tr\u1ee3 ho\u1eb7c d\u1ecbch v\u1ee5 gi\u00e1 tr\u1ecb gia t\u0103ng ho\u1eb7c b\u1ea3o hi\u1ec3m, v.v.   <\/p>\n\n<p>V\u00ec v\u1eady, n\u00f3 th\u1ef1c s\u1ef1 ph\u1ee5 thu\u1ed9c. Ho\u1eb7c ph\u00ed SAS \u0111\u1ec3 cung c\u1ea5p m\u1ed9t c\u00f4ng c\u1ee5 cho, cho m\u1ed9t b\u00ean ho\u1eb7c b\u00ean kia c\u1ee7a th\u1ecb tr\u01b0\u1eddng. T\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn thay \u0111\u1ed5i, b\u1ea1n c\u1ed1 g\u1eafng c\u00f3 3 \u0111\u1ebfn 5%, \u0111\u00f4i khi b\u1ea1n c\u00f3 th\u1ec3 \u0111i, m\u1ed9t s\u1ed1 danh m\u1ee5c kh\u00f4ng b\u1ecb h\u00e0ng h\u00f3a h\u00f3a, b\u1ea1n c\u00f3 th\u1ec3 \u0111i \u0111\u1ebfn 15%. Nh\u01b0ng t\u00f4i n\u00f3i s\u1ef1 kh\u00e1c bi\u1ec7t v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u00ean ti\u00eau d\u00f9ng l\u00e0 trung b\u00ecnh, c\u00e1c th\u1ecb tr\u01b0\u1eddng ti\u00eau d\u00f9ng c\u00f3 l\u1ebd \u1edf m\u1ee9c 15% v\u00e0 c\u00f3 l\u1ebd trung b\u00ecnh, c\u00e1c th\u1ecb tr\u01b0\u1eddng B2B l\u00e0 kho\u1ea3ng 4%.   <\/p>\n\n<p>Nh\u01b0ng sau \u0111\u00f3 b\u1ea1n th\u00eam r\u1ea5t nhi\u1ec1u th\u1ee9 kh\u00e1c, nh\u01b0 b\u1ea1n b\u00e1n qu\u1ea3ng c\u00e1o, b\u1ea1n c\u00f3 m\u1ed9t c\u00f4ng c\u1ee5 SaaS B2B, v.v., v.v.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng. Khi ch\u00fang t\u00f4i \u0111\u00e3 \u1edf trong m\u1ed9t s\u1ed1 \u0111\u00f3, n\u00f3 \u0111\u00e3. T\u00f4i c\u1ea3m th\u1ea5y, c\u1ea3m \u01a1n Ch\u00faa khi th\u1ea5y nh\u1eefng d\u1ecbch v\u1ee5 kh\u00e1c \u0111\u01b0\u1ee3c x\u1ebfp ch\u1ed3ng l\u00ean nhau, v\u00ec v\u1eady t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf c\u1ee7a m\u1ed9t tr\u0103m \u0111\u00f4 la doanh thu mang l\u1ea1i ba \u0111\u1ebfn n\u0103m kh\u00f4ng c\u1ea3m th\u1ea5y tuy\u1ec7t v\u1eddi, nh\u01b0ng th\u1ea5y n\u00f3 t\u0103ng l\u00ean v\u1edbi m\u1ed9t s\u1ed1 kh\u00e1c l\u00e0 t\u1ed1t.  <\/p>\n\n<p>M\u1eb7t kh\u00e1c, FinTech tr\u00f4ng th\u1ef1c s\u1ef1 th\u00fa v\u1ecb cho \u0111\u1ebfn khi b\u1ea1n \u0111\u00e3 \u0111\u1ea7u t\u01b0 r\u1ea5t nhi\u1ec1u v\u00e0o FinTech v\u00e0 nh\u1eadn ra. T\u00f4i \u0111\u00e3 kh\u00f4ng mang, m\u1ed9t v\u0169 kh\u00ed h\u1ea1t nh\u00e2n \u0111\u1ebfn cu\u1ed9c chi\u1ebfn n\u00e0y. Gi\u1ed1ng nh\u01b0 t\u00f4i c\u1ea7n m\u1ed9t qu\u1ef9 l\u1edbn h\u01a1n \u0111\u1ec3 h\u1ed7 tr\u1ee3 s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a m\u1ed9t trong nh\u1eefng c\u00f4ng ty n\u00e0y.  <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ch\u1eafc ch\u1eafn r\u1ed3i.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u1ec3 c\u00f3 th\u1ec3 nh\u01b0 ng\u00e2n h\u00e0ng quy \u0111\u1ecbnh. Nh\u1eefng th\u1ee9 \u0111i\u00ean r\u1ed3. N\u00f3 gi\u1ed1ng nh\u01b0 s\u1ef1 chi\u1ebfm \u0111o\u1ea1t quy \u0111\u1ecbnh. B\u1ea1n \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u0111i\u1ec1u g\u00ec t\u1ed1t v\u00e0 x\u1ea5u khi th\u1ea5y c\u00e1c c\u00f4ng ty th\u1ecb tr\u01b0\u1eddng c\u1ee7a b\u1ea1n qua nhi\u1ec1u th\u1eadp k\u1ef7? Tham gia v\u00e0o t\u00e0i tr\u1ee3, v\u00ec v\u1eady th\u00fac \u0111\u1ea9y d\u00f2ng ti\u1ec1n ho\u1eb7c cung c\u1ea5p b\u1ea3o hi\u1ec3m t\u00e0i ch\u00ednh? V\u00e2ng, nh\u01b0 t\u00f4i ngh\u0129 b\u1ea3o hi\u1ec3m c\u00f3 th\u1ec3 t\u1ed1t. Trong, trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p n\u00e0y.      <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> N\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o danh m\u1ee5c.<\/p>\n\n<p>N\u00f3i chung, theo quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n, FinTech, v\u1ea5n \u0111\u1ec1 v\u1edbi vi\u1ec7c c\u1ea7n t\u00e0i tr\u1ee3 l\u00e0 b\u1ea1n th\u01b0\u1eddng c\u00f3 m\u1ed9t ng\u00e2n h\u00e0ng, ho\u1eb7c, b\u1eaft \u0111\u1ea7u v\u1edbi m\u1ed9t qu\u1ef9 \u0111\u1ea7u c\u01a1 ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec, v\u0103n ph\u00f2ng gia \u0111\u00ecnh. Cu\u1ed1i c\u00f9ng l\u00e0 m\u1ed9t ng\u00e2n h\u00e0ng. V\u1ea5n \u0111\u1ec1 l\u00e0 c\u00e0ng nhi\u1ec1u h\u1ecd mu\u1ed1n b\u1ea1n \u0111\u1eb7t t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p. V\u00e0 v\u00ec v\u1eady khi h\u1ecd m\u1edf r\u1ed9ng s\u1ed1 ti\u1ec1n h\u1ecd cho vay, b\u1ea1n c\u1ea7n c\u00f3 nhi\u1ec1u v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu h\u01a1n.   <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady n\u1ebfu b\u1ea1n kh\u00f4ng c\u00f3 quy m\u00f4 qu\u1ef9 \u0111\u1ec3 h\u1ed7 tr\u1ee3 vi\u1ec7c \u0111\u1eb7t nhi\u1ec1u ti\u1ec1n h\u01a1n khi h\u1ecd m\u1edf r\u1ed9ng th\u00ec r\u1ea5t kh\u00f3 kh\u0103n. V\u00e0 c\u0169ng ngay b\u00e2y gi\u1edd n\u00f3 kh\u00e1 kh\u00f4ng \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng.  KH\u00d4NG. C\u00e1c doanh nghi\u1ec7p m\u00e0, c\u00e1c m\u00f4 h\u00ecnh kinh doanh m\u00e0 t\u00f4i ngh\u0129 \u0111\u00e3 h\u1ea5p d\u1eabn h\u01a1n so v\u1edbi t\u00e0i tr\u1ee3 trong B2B l\u00e0 nh\u1eefng th\u1ee9 nh\u01b0, nh\u01b0 th\u1ef1c s\u1ef1 b\u00e1n qu\u1ea3ng c\u00e1o cho, nh\u01b0 qu\u1ea3ng c\u00e1o t\u1ef1 ph\u1ee5c v\u1ee5. V\u00ec v\u1eady, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c s\u1ef1 trong m\u1ed9t c\u00f4ng ty g\u1ecdi l\u00e0 TopSort. TopSort gi\u00fap c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u00e1n qu\u1ea3ng c\u00e1o cho ch\u00ednh ng\u01b0\u1eddi b\u00e1n c\u1ee7a h\u1ecd, nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n qu\u1ea3ng b\u00e1 b\u1ea3n th\u00e2n \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng. V\u00e0 \u0111i\u1ec1u n\u00e0y th\u1eadt \u0111\u1eb9p v\u00ec qu\u1ea3ng c\u00e1o c\u00f3 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn 95%. V\u00e0 v\u00ec v\u1eady n\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c ba, b\u1ed1n, 5% c\u1ee7a GMV c\u1ee7a b\u1ea1n hi\u1ec7u qu\u1ea3 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng trong qu\u1ea3ng c\u00e1o, \u0111\u00f3 l\u00e0 m\u1ed9t n\u1ed7 l\u1ef1c si\u00eau l\u1ee3i nhu\u1eadn. V\u00e0 nh\u00e2n ti\u1ec7n, Instacart ki\u1ebfm ph\u1ea7n l\u1edbn ti\u1ec1n c\u1ee7a h\u1ecd th\u00f4ng qua qu\u1ea3ng c\u00e1o t\u1ef1 ph\u1ee5c v\u1ee5 n\u01a1i c\u00e1c th\u01b0\u01a1ng hi\u1ec7u \u0111ang mua qu\u1ea3ng c\u00e1o. Amazon b\u00e2y gi\u1edd. V\u00e2ng,       <\/p>\n\n<p><strong>Andrew Romans:<\/strong> T\u00f4i \u0111\u1ecbnh n\u00f3i Amazon. T\u00f4i nh\u1edb l\u1ea7n \u0111\u1ea7u ti\u00ean Amazon l\u00e0m \u0111i\u1ec1u n\u00e0y, m\u1ecdi ng\u01b0\u1eddi \u0111\u00e3 nh\u01b0, t\u1ea1i sao b\u1ea1n l\u1ea1i qu\u1ea3ng b\u00e1 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh c\u1ee7a m\u00ecnh tr\u00ean trang web c\u1ee7a b\u1ea1n? <\/p>\n\n<p>V\u00e0 t\u00f4i nh\u01b0 kh\u00f4ng, \u0111i\u1ec1u n\u00e0y th\u1eadt thi\u00ean t\u00e0i. H\u1ecd hi\u1ec7n \u0111ang \u0111\u01b0\u1ee3c tr\u1ea3 ti\u1ec1n m\u00e0 kh\u00f4ng c\u1ea7n ph\u1ea3i l\u00e0m vi\u1ec7c. So v\u1edbi nh\u1eefng g\u00ec h\u1ecd ph\u1ea3i l\u00e0m \u0111\u1ec3 mua s\u00e1ch. B\u00e1n s\u00e1ch.   <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> L\u01b0u tr\u1eef s\u00e1ch, giao s\u00e1ch.<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e0 nh\u00e2n ti\u1ec7n h\u1ecd th\u1ef1c s\u1ef1 \u0111ang b\u00e1n qu\u1ea3ng c\u00e1o, kh\u00f4ng ph\u1ea3i \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh. H\u1ecd \u0111ang b\u00e1n qu\u1ea3ng c\u00e1o cho nh\u1eefng ng\u01b0\u1eddi trong t\u00f4i \u0111o\u00e1n b\u1ea1n coi c\u00e1c nh\u00e0 cung c\u1ea5p kh\u00e1c l\u00e0 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh, ph\u1ea3i kh\u00f4ng? H\u1ecd \u0111ang b\u00e1n qu\u1ea3ng c\u00e1o cho ng\u01b0\u1eddi b\u00e1n tr\u00ean n\u1ec1n t\u1ea3ng c\u1ee7a h\u1ecd.  <\/p>\n\n<p><strong>Andrew Romans:<\/strong> B\u1ea1n nh\u1edb trong nh\u1eefng ng\u00e0y \u0111\u1ea7u ti\u00ean khi Amazon l\u1ea7n \u0111\u1ea7u ti\u00ean l\u00e0m \u0111i\u1ec1u n\u00e0y, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u g\u00e3i \u0111\u1ea7u v\u00e0 sau \u0111\u00f3 n\u00f3i, th\u1ef1c ra. M\u1eb7c d\u00f9 \u0111i\u1ec1u n\u00e0y tr\u00e1i ng\u01b0\u1ee3c v\u1edbi tr\u1ef1c gi\u00e1c, nh\u01b0ng \u0111i\u1ec1u n\u00e0y th\u1ef1c s\u1ef1 l\u00e0 thi\u00ean t\u00e0i. <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e0 v\u00e2ng, b\u1edfi v\u00ec h\u1ecd l\u00e0 b\u00ean th\u1ee9 nh\u1ea5t. M\u1ecdi ng\u01b0\u1eddi kh\u00f4ng nh\u1eadn ra Amazon th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t n\u1ec1n t\u1ea3ng b\u00ean th\u1ee9 ba. H\u1ecd th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng.  <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e2ng. V\u00e2ng.  V\u00e2ng. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, c\u00f3 th\u1ec3 g\u1ea7n k\u1ebft th\u00fac cu\u1ed9c g\u1ecdi n\u00e0y, phi\u00ean n\u00e0y h\u00f4m nay &#8211; tho\u00e1t. V\u00ec v\u1eady, b\u1ea1n \u0111\u00e3 th\u1ea5y r\u1ea5t nhi\u1ec1u tho\u00e1t \u1edf th\u1eddi \u0111i\u1ec3m n\u00e0y. B\u1ea1n c\u00f3 th\u1ec3, n\u1ebfu b\u1ea1n \u0111ang vi\u1ebft m\u1ed9t cu\u1ed1n s\u00e1ch v\u1ec1, \u0111\u00e2y l\u00e0 b\u1ed1n lo\u1ea1i tho\u00e1t kh\u00e1c nhau m\u00e0 b\u1ea1n c\u00f3 \u0111\u01b0\u1ee3c.  <\/p>\n\n<p>C\u00e1c danh m\u1ee5c tho\u00e1t kh\u00e1c nhau m\u00e0 b\u1ea1n \u0111\u00e3 th\u1ea5y l\u00e0 g\u00ec v\u00e0 m\u1ed9t ch\u00fat v\u1ec1 \u0111i\u1ec1u g\u00ec l\u00e0 t\u1ed1t, x\u1ea5u v\u00e0 x\u1ea5u x\u00ed c\u1ee7a vi\u1ec7c t\u00ecm ki\u1ebfm s\u1ef1 th\u1eadt th\u00f4ng qua c\u00e1c s\u1ef1 ki\u1ec7n m\u00e0 b\u1ea1n \u0111\u00e3 th\u1ea5y r\u1ea5t nhi\u1ec1u d\u1eef li\u1ec7u cho ch\u00ednh m\u00ecnh?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00ec v\u1eady, t\u00f4i n\u00f3i c\u00f3 ba lo\u1ea1i tho\u00e1t, t\u00f4i \u0111o\u00e1n l\u00e0 b\u1ed1n. Lo\u1ea1i x\u1ea5u. B\u1ea1n c\u00f3 M&amp;A, b\u1ea1n c\u00f3 IPO. B\u1ea1n c\u00f3 th\u1ee9 c\u1ea5p v\u00e0 b\u1ea1n c\u00f3 c\u00f4ng ty \u0111\u00f3ng c\u1eeda.   <\/p>\n\n<p>\u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 nh\u1eefng \u0111i\u1ec1u n\u00e0y thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 d\u1ef1a tr\u00ean s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a chu k\u1ef3 kinh t\u1ebf v\u0129 m\u00f4 chung v\u00e0 th\u1ef1c s\u1ef1 l\u00e0 chu k\u1ef3 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, ph\u1ea3i kh\u00f4ng? V\u00ec v\u1eady, v\u00e0o n\u0103m 2021, c\u00f3 s\u1ed1 l\u01b0\u1ee3ng IPO \u0111i\u00ean r\u1ed3, s\u1ed1 l\u01b0\u1ee3ng M&amp;A \u0111i\u00ean r\u1ed3, v\u00e0 \u0111i\u1ec1u \u0111\u00f3 ho\u00e0n to\u00e0n b\u1ecb b\u1ecf qua, t\u1eeb 22 \u0111\u1ebfn 25 v\u1ec1 c\u01a1 b\u1ea3n. V\u00e0 v\u00ec v\u1eady t\u1eeb 22 \u0111\u1ebfn 25, ph\u1ea7n l\u1edbn c\u00e1c l\u1ed1i tho\u00e1t m\u00e0 ch\u00fang t\u00f4i c\u00f3 \u0111\u01b0\u1ee3c l\u00e0 th\u1ee9 c\u1ea5p v\u00e0 nh\u1eefng th\u1ee9 c\u1ea5p n\u00e0y r\u00f5 r\u00e0ng ch\u1ec9 c\u00f3 th\u1ec3 x\u1ea3y ra v\u1edbi c\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t.  <\/p>\n\n<p>Ho\u1eb7c trong v\u00f2ng t\u0103ng gi\u00e1 ho\u1eb7c h\u1ecd \u0111\u00e3 tr\u1edf n\u00ean l\u1edbn \u0111\u1ebfn m\u1ee9c c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c t\u1ea1o ra tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Forge, n\u01a1i b\u1ea1n c\u00f3 c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi th\u1ee9 c\u1ea5p \u0111\u1ebfn v\u00e0 ti\u1ebfp c\u1eadn b\u1ea1n \u0111\u1ec3 mua v\u00e0 b\u00e1n c\u00e1c c\u00f4ng ty. V\u00e0 v\u00ec v\u1eady, t\u00f4i n\u00f3i th\u1ee9 c\u1ea5p \u0111\u00e3 l\u00e0 danh m\u1ee5c ph\u00e1t tri\u1ec3n m\u1ea1nh nh\u1ea5t v\u00e0 n\u01a1i ch\u00fang t\u00f4i \u0111\u00e3 th\u1ef1c hi\u1ec7n h\u1ea7u h\u1ebft c\u00e1c l\u1ed1i tho\u00e1t trong hai \u0111\u1ebfn ba n\u0103m qua trong s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c v\u00f2ng t\u0103ng gi\u00e1 v\u00e0 c\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t, nh\u01b0ng ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, h\u1ea7u h\u1ebft c\u00e1c VC s\u1ebd kh\u00f4ng b\u00e1n tr\u00ean \u0111\u01b0\u1eddng \u0111i l\u00ean, nh\u01b0ng ch\u00fang t\u00f4i, v\u00ec ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ea1t gi\u1ed1ng v\u00e0 c\u00e1c c\u00f4ng ty \u0111ang \u1edf l\u1ea1i t\u01b0 nh\u00e2n l\u00e2u h\u01a1n v\u00e0 l\u00e2u h\u01a1n, n\u1ebfu ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y r\u1eb1ng m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 c\u00f3 gi\u00e1 qu\u00e1 cao \u0111\u1ebfn m\u1ee9c ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u00e1nh gi\u00e1 m\u1ed9t 10 x v\u00ec \u0111i\u1ec3m b\u1ea1n \u0111\u00e3 n\u00f3i tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 c\u1ea7n m\u1ed9t 10 x tr\u00ean c\u01a1 s\u1edf ti\u1ebfp t\u1ee5c \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0. Ch\u00fang t\u00f4i c\u1ed1 g\u1eafng b\u00e1n 50% tr\u00ean \u0111\u01b0\u1eddng \u0111i l\u00ean, v\u00e0 50% l\u00e0 quy t\u1eafc ng\u00f3n tay c\u00e1i c\u1ee7a ch\u00fang t\u00f4i v\u00ec \u0111\u00f3 l\u00e0 tri\u1ebft l\u00fd kh\u00f4ng h\u1ed1i ti\u1ebfc. Ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1eb7t n\u00f3 \u1edf m\u1ee9c b\u1ea5t k\u1ef3, 10 x v\u00e0 ch\u00fang t\u00f4i, n\u1ebfu n\u00f3 \u0111i \u0111\u1ebfn m\u1eb7t tr\u0103ng, ch\u00fang t\u00f4i v\u1eabn c\u00f3 50%. Ch\u00fang t\u00f4i h\u1ea1nh ph\u00fac. N\u1ebfu n\u00f3 v\u1ec1 kh\u00f4ng, ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 10 x, ch\u00fang t\u00f4i h\u1ea1nh ph\u00fac. V\u00e0 v\u00ec v\u1eady 50% l\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i l\u00e0m trong h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p.       <\/p>\n\n<p>Th\u00eam v\u00e0o \u0111\u00f3, n\u00f3 kh\u00f4ng th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi nhi\u1ec1u l\u1ea7n.<\/p>\n\n<p>N\u00f3 nhi\u1ec1u h\u01a1n l\u00e0 ch\u00fang t\u00f4i ngh\u0129 \u0111i\u1ec1u n\u00e0y c\u00f3 gi\u00e1 qu\u00e1 cao nh\u01b0 th\u1ebf n\u00e0o. \u0110\u1ed1i v\u1edbi ch\u00fang t\u00f4i \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty t\u1ea1i b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o, n\u1ebfu \u0111\u00f3 l\u00e0 giai \u0111o\u1ea1n sau nh\u01b0 Series B ho\u1eb7c C ho\u1eb7c D, l\u00e0 nh\u1eefng c\u00f4ng ty th\u01b0\u1eddng nh\u1eadn \u0111\u01b0\u1ee3c th\u1ee9 c\u1ea5p, ch\u00fang t\u00f4i v\u1eabn c\u1ea7n th\u1ea5y ti\u1ec1m n\u0103ng 10 x v\u00ec n\u00f3 gi\u1ed1ng nh\u01b0 ch\u00fang t\u00f4i \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o v\u00f2ng n\u00e0y. <\/p>\n\n<p>V\u00e0 n\u1ebfu ch\u00fang t\u00f4i kh\u00f4ng th\u1ea5y \u0111i\u1ec1u \u0111\u00f3, \u00edt nh\u1ea5t ch\u00fang t\u00f4i c\u1ea7n n\u00f3i, \u0111\u01b0\u1ee3c r\u1ed3i, c\u00f3 70%, 60% x\u00e1c su\u1ea5t c\u1ee7a m\u1ed9t hai ba x m\u00e0 v\u1edbi x\u00e1c su\u1ea5t cao, nh\u01b0 ni\u1ec1m tin cao, ch\u00fang t\u00f4i \u0111\u00e3 nh\u1eadn l\u1ea1i. X\u00e1c su\u1ea5t l\u1edbn c\u1ee7a ba x v\u00e0 \u00edt nh\u1ea5t 20% x\u00e1c su\u1ea5t c\u1ee7a m\u1ed9t 10 x. N\u1ebfu ch\u00fang t\u00f4i kh\u00f4ng th\u1ea5y \u0111i\u1ec1u \u0111\u00f3, ch\u00fang t\u00f4i th\u01b0\u1eddng s\u1ebd b\u00e1n. N\u1ebfu ch\u1ec9 l\u00e0 m\u1ed9t hai, 3 X, ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng ng\u01b0\u1eddi ki\u1ec3u P, ph\u1ea3i kh\u00f4ng?   <\/p>\n\n<p>Ch\u00fang t\u00f4i kh\u00f4ng c\u1ed1 g\u1eafng \u0111\u1ea1t \u0111\u01b0\u1ee3c 15, 20% IRR ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e0 nh\u1eefng sai l\u1ea7m n\u00e0o b\u1ea1n s\u1ebd n\u00f3i b\u1ea1n \u0111\u00e3 m\u1eafc ph\u1ea3i trong th\u1ee9 c\u1ea5p? V\u00ec v\u1eady, nh\u00ecn l\u1ea1i r\u1ea5t nhi\u1ec1u ho\u1ea1t \u0111\u1ed9ng, b\u1ea1n ph\u1ea3i h\u1ecdc h\u1ecfi t\u1eeb m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 kh\u00f4ng \u0111i theo c\u00e1ch b\u1ea1n ngh\u0129 ho\u1eb7c gi\u00f3 \u0111\u00e3 thay \u0111\u1ed5i tr\u00ean b\u1ea1n \u1edf gi\u1eefa n\u00f3. <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng, h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi ngh\u0129 r\u1eb1ng b\u1ea1n n\u00ean gi\u1eef m\u00e3i m\u00e3i v\u00e0 b\u1ea1n n\u00ean tr\u1edf th\u00e0nh qu\u1ef9 crossover, v.v.<\/p>\n\n<p>T\u00f4i ngh\u0129, v\u00e0 \u0111\u00f3 ch\u1eafc ch\u1eafn l\u00e0 nh\u1eefng g\u00ec c\u00e1c qu\u1ef9 l\u1edbn h\u01a1n \u0111ang l\u00e0m, nh\u01b0ng t\u00f4i ngh\u0129 \u0111i\u1ec1u \u0111\u00f3 s\u1ebd l\u00e0m gi\u1ea3m IRR c\u1ee7a b\u1ea1n. H\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty \u0111\u00e3 c\u00f4ng khai v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng d\u01b0\u1edbi 20 t\u1ef7, t\u00f4i s\u1ebd n\u00f3i, \u0111\u00e3 kh\u00f4ng l\u00e0m \u0111\u1eb7c bi\u1ec7t t\u1ed1t tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng. V\u00e0 v\u00ec v\u1eady n\u1ebfu ch\u00fang t\u00f4i c\u00f3 th\u1ec3 \u0111\u00e3 b\u00e1n trong IPO, th\u01b0\u1eddng ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3, ch\u00fang t\u00f4i \u0111\u00e3 b\u1ecb kh\u00f3a l\u1ea1i.  <\/p>\n\n<p>Ch\u00fang t\u00f4i th\u1ef1c s\u1ef1, ch\u00fang t\u00f4i \u0111\u00e3 t\u1ed1t h\u01a1n nhi\u1ec1u khi b\u00e1n trong IPO, ch\u00fang t\u00f4i c\u00f3 th\u1ec3, ho\u1eb7c ngay tr\u01b0\u1edbc \u0111\u00f3 trong m\u1ed9t th\u1ee9 c\u1ea5p sau \u0111\u00f3 gi\u1eef qua kh\u00f3a. Ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu \u0111\u00e3 m\u1ea5t ti\u1ec1n trong s\u00e1u th\u00e1ng trong th\u1eddi gian kh\u00f3a cho h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty. V\u00e0 sau \u0111\u00f3 n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o, ch\u00fang t\u00f4i c\u00f3 n\u00ean gi\u1eef m\u1ed9t c\u1ed5 phi\u1ebfu m\u00e3i m\u00e3i, c\u00e2u tr\u1ea3 l\u1eddi th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t s\u1ef1 ph\u00e2n \u0111\u00f4i.  <\/p>\n\n<p>N\u1ebfu c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng ty chi\u1ebfn th\u1eafng trong m\u1ed9t danh m\u1ee5c l\u1edbn. C\u00e2u tr\u1ea3 l\u1eddi c\u00f3 th\u1ec3 l\u00e0, nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 l\u00e0, ch\u1ec9 c\u00f3 r\u1ea5t \u00edt trong s\u1ed1 n\u00e0y, ph\u1ea3i kh\u00f4ng? N\u00f3 gi\u1ed1ng nh\u01b0 Google v\u00e0 Microsoft, v.v. 99% c\u00e1c c\u00f4ng ty ch\u00fang t\u00f4i t\u1ed1t h\u01a1n l\u00e0 b\u00e1n c\u00e0ng s\u1edbm c\u00e0ng t\u1ed1t khi, m\u1ed9t khi c\u00f4ng ty c\u00f3 t\u00ednh thanh kho\u1ea3n v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 v\u00ec n\u00f3 t\u0103ng tr\u01b0\u1edfng v\u1edbi t\u1ed1c \u0111\u1ed9 th\u1ea5p h\u01a1n khi c\u00f4ng khai h\u01a1n tr\u01b0\u1edbc.   <\/p>\n\n<p>V\u00e0 c\u0169ng ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng, ph\u1ea3i kh\u00f4ng? \u0110\u1ed9t nhi\u00ean khi c\u00f4ng ty c\u00f4ng khai, t\u00f4i m\u1ea5t quy\u1ec1n truy c\u1eadp \u0111\u1eb7c quy\u1ec1n v\u00e0o ng\u01b0\u1eddi s\u00e1ng l\u1eadp, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 tr\u01b0\u1edbc khi h\u1ecd c\u00f4ng khai, ch\u00fang t\u00f4i c\u00f3 c\u00e1c cu\u1ed9c g\u1ecdi c\u1eadp nh\u1eadt v\u00e0 t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c t\u1ea5t c\u1ea3 chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh v\u00e0 m\u1ecdi th\u1ee9. Gi\u1ed1ng nh\u01b0 ph\u00fat h\u1ecd c\u00f4ng khai, \u0111i\u1ec1u \u0111\u00f3 ho\u00e0n to\u00e0n bi\u1ebfn m\u1ea5t, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u00ec t\u00f4i \u0111\u00e3 c\u00f3 \u0111i\u1ec3m \u0111\u00f3, \u1ed3, 0,1% c\u1ee7a c\u00f4ng ty.   <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady, \u0111\u1ed1i v\u1edbi ch\u00fang t\u00f4i, b\u00e1n t\u1ea1i IPO ho\u1eb7c sau khi h\u1ebft th\u1eddi gian kh\u00f3a l\u00e0 quy\u1ebft \u0111\u1ecbnh t\u1ed1t nh\u1ea5t m\u1ed7i l\u1ea7n, v\u1ec1 c\u01a1 b\u1ea3n. Ngo\u00e0i ra, ch\u00fang t\u00f4i kh\u00f4ng n\u1eb1m trong c\u00e1c c\u00f4ng ty m\u00e0 khi c\u00f4ng khai l\u1ea1i l\u00e0 nh\u1eefng c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng v\u00f4 h\u1ea1n. Khi c\u00f3 c\u01a1 h\u1ed9i b\u00e1n m\u1ed9t c\u00f4ng ty b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao, l\u00e0m \u0111i\u1ec1u \u0111\u00f3 g\u1ea7n nh\u01b0 lu\u00f4n l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u00fang \u0111\u1eafn, ph\u1ea3i kh\u00f4ng?  <\/p>\n\n<p>H\u1ea7u nh\u01b0 kh\u00f4ng bao gi\u1edd c\u00f3 l\u00fac t\u00f4i h\u1ed1i ti\u1ebfc khi b\u00e1n 50% ngay c\u1ea3 khi c\u00f4ng ty ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n t\u1ed1t. Tr\u00ean c\u01a1 s\u1edf ti\u1ebfp t\u1ee5c. V\u00ec v\u1eady, h\u00e3y l\u1ea5y thanh kho\u1ea3n khi c\u00f3 th\u1ec3, khi b\u1ea1n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 giai \u0111o\u1ea1n \u0111\u1ea7u, v\u00ec DPI \u0111\u01b0\u1ee3c c\u00e1c LP c\u1ee7a b\u1ea1n \u0111\u00e1nh gi\u00e1 cao. N\u00f3 gi\u00fap h\u1ecd t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0o qu\u1ef9. V\u00e0 v\u00ec ch\u00fang t\u00f4i \u0111ang t\u0103ng tr\u01b0\u1edfng v\u1edbi IRR 30% nhanh h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng c\u00f4ng khai, n\u00ean b\u1ea1n s\u1ebd t\u1ed1t h\u01a1n khi t\u00e1i \u0111\u1ea7u t\u01b0.     <\/p>\n\n<p><strong>Andrew Romans:<\/strong> Hi\u1ec3u r\u1ed3i. Hi\u1ec3u r\u1ed3i. V\u00e0 c\u00e1c b\u1ea1n c\u00f3 bao gi\u1edd b\u00e1n 10% ho\u1eb7c 25% hay th\u1ef1c s\u1ef1 l\u00e0 50% ho\u1eb7c kh\u00f4ng g\u00ec c\u1ea3?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> \u0110\u00f3 l\u00e0 50% trong 90% c\u00e1c tr\u01b0\u1eddng h\u1ee3p. \u0110\u00f3 l\u00e0 25%, c\u00f3 th\u1ec3 trong 5% c\u00e1c tr\u01b0\u1eddng h\u1ee3p, v\u00e0 \u0111\u00f3 l\u00e0 80% v\u00e0 75%. 25% trong 5% c\u00e1c tr\u01b0\u1eddng h\u1ee3p v\u00ec trong hai tr\u01b0\u1eddng h\u1ee3p n\u00e0y, 25% l\u00e0 nh\u01b0 c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t.  <\/p>\n\n<p>Gi\u00e1 th\u1ef1c s\u1ef1 cao nh\u01b0ng ch\u00fang t\u00f4i hi\u1ec3u c\u00e2u chuy\u1ec7n. Ch\u00fang t\u00f4i th\u1ea5y l\u00fd do t\u1ea1i sao n\u00f3 c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n. Ch\u00fang t\u00f4i th\u1ea5y \u0111\u1ee7, n\u00f3 \u0111\u1ee7 h\u1ea5p d\u1eabn. V\u00e0 c\u00f3 th\u1ec3 h\u1ec7 s\u1ed1 nh\u00e2n ch\u1ec9 l\u00e0 qu\u00e1 th\u1ea5p. Ch\u1ec9 c\u00f3 ba ho\u1eb7c b\u1ed1n l\u1ea7n m\u00e0 ch\u00fang t\u00f4i mu\u1ed1n gi\u1eef 75%. B\u00e2y gi\u1edd, n\u1ebfu n\u00f3 l\u00e0 h\u01a1n 100 l\u1ea7n, gi\u00e1 ho\u00e0n h\u1ea3o \u0111\u1ebfn m\u1ee9c ch\u00fang t\u00f4i c\u1ed1 g\u1eafng b\u00e1n 75%.      <\/p>\n\n<p>Nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3, m\u1ed9t l\u1ea7n n\u1eefa, ch\u1ec9 x\u1ea3y ra \u1edf r\u1ea5t \u00edt c\u00f4ng ty. N\u00f3 ch\u1ec9 x\u1ea3y ra \u1edf nh\u1eefng c\u00f4ng ty n\u00f3ng nh\u1ea5t. V\u00e0 \u0111\u00f3 l\u00e0 nh\u1eefng tr\u01b0\u1eddng h\u1ee3p ch\u00fang t\u00f4i c\u1ed1 g\u1eafng b\u00e1n 75%. V\u00ec v\u1eady, ngay b\u00e2y gi\u1edd ch\u00fang t\u00f4i \u0111ang c\u1ed1 g\u1eafng b\u00e1n 75% c\u00e1c c\u00f4ng ty AI c\u1ee7a m\u00ecnh.   <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00ec v\u1eady, \u0111\u00f4i khi ch\u00fang t\u00f4i xem x\u00e9t ch\u00fang t\u00f4i \u0111ang \u1edf \u0111\u00e2u trong qu\u1ef9 n\u00e0y? Ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 t\u1eeb qu\u1ef9 m\u1ed9t, qu\u1ef9 hai, qu\u1ef9 ba, qu\u1ef9 b\u1ed1n, v\u00e0 ch\u00fang t\u00f4i c\u00f3 \u0111\u1ea1t m\u1ed9t l\u1ea7n DPI kh\u00f4ng? <\/p>\n\n<p>N\u1ebfu kh\u00f4ng, c\u00f3 th\u1ec3 ch\u00fang t\u00f4i s\u1ebd b\u00e1n 75% v\u00e0 sau \u0111\u00f3 h\u00e3y gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 \u0111\u00f3. Kh\u00f4ng ai ph\u00e0n n\u00e0n, t\u1ea5t c\u1ea3 c\u00e1c b\u1ea1n \u0111\u00e3 l\u1ea5y l\u1ea1i ti\u1ec1n c\u1ee7a m\u00ecnh. V\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 th\u00fac \u0111\u1ea9y ch\u00fang t\u00f4i l\u00e0m nhi\u1ec1u h\u01a1n, n\u00f3i 25. \u0110\u00f3 c\u0169ng l\u00e0 m\u1ed9t c\u00e2n nh\u1eafc t\u1eeb ph\u00eda ch\u00fang t\u00f4i.   <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng. \u0110\u00fang v\u1eady. V\u00e0 bao l\u00e2u n\u1eefa c\u0169ng nh\u01b0 t\u00f4i c\u0169ng c\u00f3 th\u1ec3 th\u1ea5y tr\u01b0\u1eddng h\u1ee3p ng\u01b0\u1ee3c l\u1ea1i. <\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m m\u1ed9t l\u1ea7n DPI. V\u00e0 c\u00e1ch duy nh\u1ea5t \u0111\u1ec3 \u0111i\u1ec1u n\u00e0y tr\u1edf th\u00e0nh qu\u1ef9 ba l\u1ea7n l\u00e0 c\u00f4ng ty n\u00e0y ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng v\u00e0 c\u00f3 l\u1ebd ch\u00fang t\u00f4i t\u1ed1t h\u01a1n khi gi\u1eef l\u1ea1i v\u00e0 \u0111\u00f3 l\u00e0 c\u00f4ng ty duy nh\u1ea5t t\u0103ng tr\u01b0\u1edfng v\u00e0 c\u00f3 l\u1ebd ch\u00fang t\u00f4i t\u1ed1t h\u01a1n khi gi\u1eef l\u1ea1i ho\u1eb7c b\u00e1n l\u1ed7. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> Ch\u00ednh x\u00e1c. V\u00e0 t\u00f4i c\u1ea3m th\u1ea5y nh\u01b0 n\u1ebfu b\u1ea5t k\u1ef3 LP n\u00e0o ph\u00e0n n\u00e0n, t\u00f4i s\u1ebd n\u00f3i, N\u00e0y b\u1ea1n, b\u1ea1n \u0111\u00e3 l\u1ea5y l\u1ea1i ti\u1ec1n c\u1ee7a m\u00ecnh, v\u00ec v\u1eady \u0111\u1eebng ph\u00e0n n\u00e0n. <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ch\u00ednh x\u00e1c.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> N\u1ebfu t\u00f4i ch\u01b0a tr\u1ea3 l\u1ea1i ti\u1ec1n cho b\u1ea1n, t\u00f4i s\u1eb5n s\u00e0ng nghe th\u00eam v\u1ec1 \u0111i\u1ec1u n\u00e0y. Nh\u01b0ng t\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y, h\u00e3y \u0111\u1ec3 ch\u00fang t\u00f4i l\u00e0m nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111ang l\u00e0m. Ch\u00fang t\u00f4i c\u1ea7n \u0111i\u1ec1u \u0111\u00f3 \u0111\u1ec3 mang l\u1ea1i k\u1ebft qu\u1ea3 v\u00e0o th\u1eddi \u0111i\u1ec3m n\u00e0y. V\u00e0 nh\u1eefng ng\u01b0\u1eddi n\u00e0y r\u1ea5t h\u00e0o h\u1ee9ng v\u1edbi 4 l\u1ea7n tr\u00ean \u0111\u1ecbnh gi\u00e1 l\u1edbn n\u00e0y, \u0111ang nh\u00ecn v\u00e0o s\u1ef1 t\u1ef1 tin cao 4 l\u1ea7n t\u1eeb \u0111\u00e2y.   <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady khi k\u1ebft th\u00fac ngo\u00e0i c\u00e1c th\u1ecb tr\u01b0\u1eddng, b\u1ea1n c\u00f3 th\u1ec3 chia s\u1ebb b\u1ea5t k\u1ef3 ch\u1ee7 \u0111\u1ec1 \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i n\u00e0o kh\u00e1c m\u00e0 b\u1ea1n \u0111ang h\u00e0o h\u1ee9ng kh\u00f4ng?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00ec v\u1eady, h\u00e3y nh\u00ecn, t\u00f4i s\u1ebd n\u00f3i tr\u01b0\u1edbc h\u1ebft. \u00c1p d\u1ee5ng AI v\u00e0o t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y l\u00e0 ch\u00eca kh\u00f3a nh\u01b0ng kh\u00f4ng ph\u1ea3i theo c\u00e1ch m\u00e0 m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i. V\u00ed d\u1ee5, m\u1ed9t trong nh\u1eefng th\u1ecb tr\u01b0\u1eddng c\u1ee7a ch\u00fang t\u00f4i \u0111ang ph\u00e1t tri\u1ec3n m\u1ea1nh nh\u1ea5t l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1eddi trang c\u00f3 t\u00ean l\u00e0 Vinted.  <\/p>\n\n<p>V\u00e0 nh\u1eefng g\u00ec h\u1ecd \u0111\u00e3 l\u00e0m l\u00e0 h\u1ecd s\u1eed d\u1ee5ng AI \u0111\u1ec3 d\u1ecbch c\u00e1c danh s\u00e1ch gi\u1eefa c\u00e1c qu\u1ed1c gia v\u00e0 \u0111\u1ec3 d\u1ecbch c\u00e1c cu\u1ed9c tr\u00f2 chuy\u1ec7n gi\u1eefa ng\u01b0\u1eddi d\u00f9ng sao cho l\u1ea7n \u0111\u1ea7u ti\u00ean b\u1ea1n c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ef1c s\u1ef1 to\u00e0n ch\u00e2u \u00c2u, H\u1ee3p ch\u1ee7ng qu\u1ed1c ch\u00e2u \u00c2u, n\u01a1i ng\u01b0\u1eddi mua c\u00f3 th\u1ec3 \u1edf Ph\u00e1p v\u00e0 ng\u01b0\u1eddi b\u00e1n \u1edf Lithuania, v\u00e0 kh\u00f4ng b\u00ean n\u00e0o nh\u1eadn ra \u0111i\u1ec1u \u0111\u00f3, v\u00e0 n\u00f3 \u0111\u00e3 t\u1ea1o ra thanh kho\u1ea3n l\u1edbn, cho ph\u00e9p h\u1ecd chi\u1ebfn th\u1eafng \u1edf r\u1ea5t nhi\u1ec1u qu\u1ed1c gia kh\u00e1c nhau.<\/p>\n\n<p>H\u1ecd \u0111\u1ea1t 10 t\u1ef7 GMV. V\u00ec v\u1eady, m\u1ed9t l\u00e0 l\u00e0m vi\u1ec7c xuy\u00ean bi\u00ean gi\u1edbi v\u1edbi AI. Hai l\u00e0 \u0111\u01a1n gi\u1ea3n h\u00f3a danh s\u00e1ch n\u01a1i b\u1ea1n ch\u1ee5p \u1ea3nh v\u00e0 b\u00f9m, b\u1ea1n c\u00f3 ti\u00eau \u0111\u1ec1, gi\u00e1, m\u00f4 t\u1ea3, danh m\u1ee5c, t\u1ea5t c\u1ea3 \u0111\u1ec1u t\u1ef1 \u0111\u1ed9ng cho b\u1ea1n. V\u00e0 ba l\u00e0 ho\u00e0n to\u00e0n \u0111\u01a1n gi\u1ea3n h\u00f3a ch\u0103m s\u00f3c kh\u00e1ch h\u00e0ng. B\u00e2y gi\u1edd, nh\u1eefng \u0111i\u1ec1u kh\u00e1c m\u00e0 t\u00f4i th\u00edch, ngo\u00e0i vi\u1ec7c s\u1eed d\u1ee5ng AI \u0111\u1ec3 l\u00e0m cho t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y hi\u1ec7u qu\u1ea3 h\u01a1n nhi\u1ec1u, m\u00e0 t\u00f4i ngh\u0129 l\u00e0 c\u00e1ch th\u00f4ng minh \u0111\u1ec3 ch\u01a1i AI l\u00e0 t\u1ea5t c\u1ea3 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng xung quanh vi\u1ec7c x\u00e2y d\u1ef1ng c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y. Nh\u01b0 robot h\u00ecnh ng\u01b0\u1eddi, c\u00e1c c\u00f4ng ty \u0111\u01b0\u1eddng ray thanh to\u00e1n. V\u00e0 c\u0169ng nh\u1eefng \u0111i\u1ec1u ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c thay \u0111\u1ed5i \u0111\u1ecba ch\u00ednh tr\u1ecb kh\u00e1c nhau, ph\u1ea3i kh\u00f4ng? V\u00ec v\u1eady, ngay b\u00e2y gi\u1edd ch\u00fang ta \u0111ang \u1edf trong Chi\u1ebfn tranh L\u1ea1nh II gi\u1eefa Trung Qu\u1ed1c, Nga, Iran, Tri\u1ec1u Ti\u00ean, v\u00e0 m\u1ed9t b\u00ean, ph\u01b0\u01a1ng T\u00e2y v\u00e0 b\u00ean kia, v\u00e0 c\u00f3 th\u1ec3 \u1ea4n \u0110\u1ed9 \u1edf gi\u1eefa.       <\/p>\n\n<p>T\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty tr\u00ean th\u1ebf gi\u1edbi \u0111ang c\u1ed1 g\u1eafng di chuy\u1ec3n chu\u1ed7i cung \u1ee9ng c\u1ee7a h\u1ecd ra kh\u1ecfi Trung Qu\u1ed1c. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng B2B \u1edf \u1ea4n \u0110\u1ed9 \u0111ang gi\u00fap c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t \u1ea4n \u0110\u1ed9 b\u00e1n v\u00e0o c\u00e1c c\u00f4ng ty \u1edf ph\u01b0\u01a1ng T\u00e2y. V\u00ec v\u1eady, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty nh\u01b0 Ziod, \u0111ang gi\u00fap c\u00e1c th\u01b0\u01a1ng hi\u1ec7u l\u1edbn \u1edf ch\u00e2u \u00c2u v\u00e0 M\u1ef9 mua t\u1eeb c\u00e1c c\u00f4ng ty nh\u1ecf l\u1ebb \u1edf \u1ea4n \u0110\u1ed9 nh\u01b0 may m\u1eb7c.  <\/p>\n\n<p>V\u00e0 v\u1ea5n \u0111\u1ec1 l\u00e0, b\u1ea5t k\u1ef3 nh\u00e0 s\u1ea3n xu\u1ea5t n\u00e0o trong s\u1ed1 n\u00e0y t\u1ef1 m\u00ecnh, h\u1ecd kh\u00f4ng th\u1ec3 tr\u1ea3 l\u1eddi RFP, h\u1ecd kh\u00f4ng th\u1ec3 x\u1eed l\u00fd h\u1ea3i quan, h\u1ecd kh\u00f4ng th\u1ec3 l\u00e0m m\u1eabu. V\u00ec v\u1eady, th\u1ecb tr\u01b0\u1eddng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00e0 sau \u0111\u00f3 b\u00e1n cho b\u1ea5t k\u1ef3 ai, H&amp;M v\u00e0 Zara. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111ang l\u00e0m r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c xu h\u01b0\u1edbng c\u1ee7a th\u1eddi \u0111\u1ea1i ch\u00fang ta.  <\/p>\n\n<p>V\u00ec v\u1eady, h\u1ed7 tr\u1ee3 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng cho s\u1ed1 h\u00f3a B2B, m\u00e0 t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf ng\u00e0y \u0111\u1ea7u ti\u00ean. V\u00e0 v\u00ec v\u1eady \u0111\u00e2y l\u00e0 10 n\u0103m tr\u01b0\u1edbc v\u00e0 n\u0103ng su\u1ea5t. C\u00f3 r\u1ea5t nhi\u1ec1u c\u1ea3i ti\u1ebfn n\u0103ng su\u1ea5t nh\u1edd AI trong t\u1ea5t c\u1ea3 c\u00e1c danh m\u1ee5c n\u00e0y. \u0110\u1ed1i v\u1edbi t\u00f4i, \u0111\u00e2y l\u00e0 \u0111i\u1ec1u th\u00fa v\u1ecb nh\u1ea5t. V\u00ec v\u1eady, v\u00ed d\u1ee5, t\u00f4i s\u1ebd x\u00e2y d\u1ef1ng m\u1ed9t AI thay v\u00ec x\u00e2y d\u1ef1ng m\u1ed9t LLM, m\u1ed9t LLM kh\u00e1c cho m\u00e3 h\u00f3a.    <\/p>\n\n<p>Nh\u01b0 l\u00e0m th\u1ebf n\u00e0o t\u00f4i c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng AI \u0111\u1ec3 \u0111\u01a1n gi\u1ea3n h\u00f3a x\u00e2y d\u1ef1ng? Xin t\u1ea5t c\u1ea3 c\u00e1c gi\u1ea5y ph\u00e9p v\u00e0 qu\u1ea3n l\u00fd c\u00e1c cu\u1ed9c tr\u00f2 chuy\u1ec7n gi\u1eefa c\u00e1c nh\u00e0 th\u1ea7u ch\u00ednh v\u00e0 c\u00e1c nh\u00e0 th\u1ea7u ph\u1ee5 v\u00e0 ki\u1ebfn tr\u00fac s\u01b0 v\u00e0 kh\u00e1ch h\u00e0ng, v.v. C\u00f3 r\u1ea5t nhi\u1ec1u c\u00e1ch s\u1eed d\u1ee5ng m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m \u0111\u1ec3 l\u00e0m cho c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y, v\u1ed1n r\u1ea5t l\u1edbn, hi\u1ec7u qu\u1ea3 h\u01a1n. T\u00f4i r\u1ea5t h\u00e0o h\u1ee9ng v\u1edbi t\u1ea5t c\u1ea3 \u0111i\u1ec1u \u0111\u00f3.   <\/p>\n\n<p><strong>Andrew Romans:<\/strong> V\u00e0 t\u1ea5t c\u1ea3 \u0111i\u1ec1u n\u00e0y ch\u1ec9 l\u00e0 m\u1ed9t s\u1ef1 ti\u1ebfn tri\u1ec3n t\u1ef1 nhi\u00ean c\u1ee7a s\u1ed1 h\u00f3a nh\u1eefng g\u00ec \u0111ang x\u1ea3y ra. T\u1ef1 \u0111\u1ed9ng h\u00f3a quy tr\u00ecnh l\u00e0m vi\u1ec7c c\u1ee7a con ng\u01b0\u1eddi, khai th\u00e1c c\u00e1c t\u1eadp d\u1eef li\u1ec7u, \u0111\u01b0a d\u1eef li\u1ec7u v\u00e0o quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean d\u1eef li\u1ec7u. \u0110\u00f3 l\u00e0 ph\u1ea7n m\u1ec1m t\u1ef1 \u0111\u1ed9ng h\u00f3a v\u00e0 t\u00e1i t\u01b0\u1edfng t\u01b0\u1ee3ng to\u00e0n b\u1ed9 \u0111i\u1ec1u \u0111\u00f3.  <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ch\u00ednh x\u00e1c.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> Nh\u1eefng ng\u01b0\u1eddi nh\u01b0 anh em nh\u00e0 Samwer v\u00e0 b\u1ea1n, t\u00f4i s\u1ebd n\u00f3i, \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t trong vi\u1ec7c th\u1ef1c hi\u1ec7n qu\u1ed1c t\u1ebf.<\/p>\n\n<p>V\u1ec1 nh\u1eefng g\u00ec \u0111ang x\u1ea3y ra ch\u1ec9 \u1edf M\u1ef9. B\u1ea1n c\u1ea3m th\u1ea5y th\u1ebf n\u00e0o v\u1ec1 kinh nghi\u1ec7m \u0111\u1ea7u t\u01b0 b\u00ean ngo\u00e0i Hoa K\u1ef3? V\u00e0 b\u1ea1n g\u1ed1c t\u1eeb Nice, t\u00f4i ngh\u0129 v\u1eady, \u0111\u00fang kh\u00f4ng? V\u1eady quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 vi\u1ec7c b\u1ecb \u0111\u00e1nh b\u1ea1i \u1edf \u1ea4n \u0110\u1ed9 ho\u1eb7c b\u1ea1n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty \u1ea4n \u0110\u1ed9 v\u00e0 sau \u0111\u00f3 b\u1ea1n kh\u00f4ng bao gi\u1edd nghe l\u1ea1i t\u1eeb h\u1ecd?   <\/p>\n\n<p>Ho\u1eb7c kinh nghi\u1ec7m c\u1ee7a b\u1ea1n v\u1ec1 \u0111i\u1ec1u t\u1ed1t, \u0111i\u1ec1u x\u1ea5u v\u00e0 \u0111i\u1ec1u x\u1ea5u c\u1ee7a qu\u1ed1c t\u1ebf so v\u1edbi M\u1ef9 l\u00e0 g\u00ec?<\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00ec v\u1eady, tr\u01b0\u1edbc h\u1ebft, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u1edf M\u1ef9 nh\u01b0 ph\u1ea7n l\u1edbn l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u1eb7c, v\u00ec v\u1eady ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c m\u00f4 h\u00ecnh kinh doanh \u0111\u1ed9t ph\u00e1 m\u1edbi trong c\u00e1c danh m\u1ee5c hi\u1ec7n c\u00f3. ID arbitrage c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ph\u1ea7n l\u1edbn h\u01a1n c\u1ee7a ch\u1ee7 \u0111\u1ec1 c\u1ee7a ch\u00fang t\u00f4i trong nh\u1eefng n\u0103m 2000 v\u00e0 \u0111\u1ea7u nh\u1eefng n\u0103m 2010 so v\u1edbi b\u00e2y gi\u1edd. <\/p>\n\n<p> V\u00ec v\u1eady, n\u00f3i chung, t\u00f4i s\u1ebd n\u00f3i r\u1eb1ng M\u1ef9 l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u1ed1t nh\u1ea5t c\u00f3 th\u1ec3. N\u00f3 c\u00f3 350 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng gi\u00e0u c\u00f3 l\u00e0 nh\u1eefng ng\u01b0\u1eddi ti\u00ean phong. Kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 c\u1ea3. L\u00e0 m\u1ed9t ng\u01b0\u1eddi s\u00e1ng l\u1eadp, b\u1ea1n \u0111ang ch\u01a1i tr\u00f2 ch\u01a1i kh\u1edfi nghi\u1ec7p c\u1ee7a h\u1ecd \u1edf ch\u1ebf \u0111\u1ed9 d\u1ec5 d\u00e0ng. M\u1ecdi th\u1ee9 d\u1ec5 d\u00e0ng h\u01a1n, x\u00e2y d\u1ef1ng c\u00f4ng ty, tuy\u1ec3n d\u1ee5ng ng\u01b0\u1eddi, sa th\u1ea3i ng\u01b0\u1eddi, huy \u0111\u1ed9ng v\u1ed1n, tho\u00e1t ra, v.v.    <\/p>\n\n<p>\u0110i\u1ec1u \u0111\u00f3 n\u00f3i r\u1eb1ng, c\u00f3 nh\u1eefng c\u01a1 h\u1ed9i th\u00fa v\u1ecb, \u0111\u1ed9c \u0111\u00e1o \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u00e1c, nh\u01b0ng t\u00f4i s\u1ebd t\u1eadp trung v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u1edbn. V\u00ec v\u1eady, t\u00f4i ch\u1ec9 l\u00e0m nh\u01b0 Brazil v\u00e0 \u1ea4n \u0110\u1ed9 ho\u1eb7c b\u1ea5t k\u1ef3 ch\u00e2u \u00c2u n\u00e0o. V\u00e0 t\u00f4i s\u1ebd tr\u00e1nh c\u00e1c th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p. Ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t \u1edf \u1ea4n \u0110\u1ed9. Ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t \u1edf Brazil.    <\/p>\n\n<p>Nh\u01b0ng n\u1ebfu b\u1ea1n \u0111i \u0111\u1ebfn Kenya, n\u00f3 nguy hi\u1ec3m h\u01a1n nhi\u1ec1u v\u00ec b\u1ea1n ngh\u0129 r\u1eb1ng nh\u1eefng \u0111i\u1ec1u b\u1ea1n coi l\u00e0 \u0111\u01b0\u01a1ng nhi\u00ean v\u1ec1 nh\u1eefng g\u00ec ho\u1ea1t \u0111\u1ed9ng v\u00e0 nh\u1eefng g\u00ec kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng, kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng ho\u1ea1t \u0111\u1ed9ng. V\u00e0 \u0111\u00f4i khi c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp bi\u1ebfn m\u1ea5t v\u00e0 c\u00f3 th\u1ec3 c\u00e1c con s\u1ed1 l\u00e0 gi\u1ea3 m\u1ea1o, v.v. V\u00ec v\u1eady, t\u00f4i s\u1ebd c\u1ea9n th\u1eadn h\u01a1n nhi\u1ec1u v\u1ec1 vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng bi\u00ean gi\u1edbi v\u00e0 c\u0169ng l\u00e0 h\u1ec7 th\u1ed1ng thay \u0111\u1ed5i ch\u00ednh s\u00e1ch \u0111\u1ecba l\u00fd, ph\u1ea3i kh\u00f4ng?  <\/p>\n\n<p>Gi\u1ed1ng nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 t\u1eebng \u0111\u1ea7u t\u01b0 r\u1ea5t nhi\u1ec1u v\u00e0o nh\u1eefng n\u0103m 2000 \u1edf Trung Qu\u1ed1c v\u00e0 Nga. Nh\u01b0ng sau \u0111\u00f3 c\u1ea3 hai qu\u1ed1c gia n\u00e0y \u0111\u00e3 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ecba ch\u00ednh tr\u1ecb khi\u1ebfn ch\u00fang t\u00f4i r\u00fat kh\u1ecfi c\u00e1c qu\u1ed1c gia ho\u00e0n to\u00e0n. T\u00f4i \u0111\u00e3 l\u00e0 m\u1ed9t \u0111\u1ea1i s\u1ee9 s\u1edbm \u1edf Alibaba v\u00e0 b\u00e2y gi\u1edd ch\u00fang t\u00f4i kh\u00f4ng c\u00f2n c\u00f3 ch\u00fang t\u00f4i \u0111\u1ebfn Trung Qu\u1ed1c n\u1eefa.  <\/p>\n\n<p><strong>Andrew Romans:<\/strong> C\u00e2u h\u1ecfi cu\u1ed1i c\u00f9ng khi k\u1ebft th\u00fac. V\u1eady Fabrice, t\u00f4i bi\u1ebft b\u1ea1n c\u00f3 xu h\u01b0\u1edbng di chuy\u1ec3n kh\u1eafp th\u1ebf gi\u1edbi m\u1ed9t ch\u00fat. Gi\u1ed1ng nh\u01b0 b\u1ea1n, b\u1ea1n ho\u1ea1t \u0111\u1ed9ng v\u00e0i th\u00e1ng trong n\u0103m \u1edf c\u00e1c ph\u1ea7n kh\u00e1c nhau c\u1ee7a th\u1ebf gi\u1edbi. H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft \u0111i\u1ec1u \u0111\u00f3 l\u00e0 g\u00ec. \u0110i\u1ec1u \u0111\u00f3 lu\u00f4n th\u00fa v\u1ecb \u0111\u1ec3 nghe.    <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> V\u00e2ng, t\u00f4i \u0111ang c\u1ed1 g\u1eafng t\u1ed1i \u01b0u h\u00f3a cu\u1ed9c s\u1ed1ng \u0111\u1ec3 c\u00f3 cu\u1ed9c s\u1ed1ng t\u1ed1t nh\u1ea5t c\u00f3 th\u1ec3 v\u00e0 t\u00f4i th\u1ea5y r\u1eb1ng m\u1ed7i \u0111\u1ecba \u0111i\u1ec3m ph\u1ee5c v\u1ee5 m\u1ed9t m\u1ee5c \u0111\u00edch nh\u1ea5t \u0111\u1ecbnh trong cu\u1ed9c s\u1ed1ng c\u1ee7a t\u00f4i v\u00e0 l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u1edf \u0111\u00f3.<\/p>\n\n<p>V\u00ed d\u1ee5, New York, n\u01a1i t\u00f4i \u0111ang s\u1ed1ng, l\u00e0 m\u1ed9t thi\u00ean \u0111\u01b0\u1eddng c\u1ee7a c\u00e1c ho\u1ea1t \u0111\u1ed9ng tr\u00ed tu\u1ec7, x\u00e3 h\u1ed9i, ngh\u1ec7 thu\u1eadt, chuy\u00ean nghi\u1ec7p. V\u00e0 n\u00f3 th\u1eadt tuy\u1ec7t v\u1eddi. Nh\u01b0 b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec b\u1ea1n quan t\u00e2m, b\u1ea1n s\u1ebd t\u00ecm th\u1ea5y n\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ea9y \u0111\u1ebfn gi\u1edbi h\u1ea1n t\u1ed1i \u0111a \u1edf New York, v\u00e0 c\u00f3 nh\u1eefng ng\u01b0\u1eddi th\u00f4ng minh nh\u1ea5t, tham v\u1ecdng nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi.  <\/p>\n\n<p>V\u1ea5n \u0111\u1ec1 l\u00e0, sau hai th\u00e1ng \u1edf New York, t\u00f4i th\u1ef1c s\u1ef1 ki\u1ec7t s\u1ee9c v\u00ec b\u1ea1n \u0111ang l\u00e0m qu\u00e1 nhi\u1ec1u v\u00e0 m\u1ed7i cu\u1ed9c h\u1ecdp x\u00e3 h\u1ed9i c\u0169ng l\u00e0 cu\u1ed9c h\u1ecdp chuy\u00ean nghi\u1ec7p. V\u00e0 v\u00ec v\u1eady t\u00f4i v\u00e0 c\u0169ng c\u00f3 m\u1ed9t kho\u1ea3ng th\u1eddi gian m\u00e0 New York th\u1eadt tuy\u1ec7t v\u1eddi. T\u00f4i th\u00edch \u1edf New York v\u00e0o th\u00e1ng 9 v\u00e0 th\u00e1ng 10 v\u00e0 th\u00e1ng 4, th\u00e1ng 5, th\u00e1ng 6, nh\u01b0ng New York kh\u00f4ng h\u1ea5p d\u1eabn v\u00e0o th\u00e1ng 7, th\u00e1ng 8; kh\u00f4ng h\u1ea5p d\u1eabn t\u1eeb th\u00e1ng 11 \u0111\u1ebfn th\u00e1ng 3. V\u00e0 t\u00f4i c\u00e2n b\u1eb1ng cu\u1ed9c s\u1ed1ng \u0111\u00f4 th\u1ecb New York c\u1ee7a m\u00ecnh t\u1eeb g\u00f3c \u0111\u1ed9 c\u00e2n b\u1eb1ng c\u00f4ng vi\u1ec7c-cu\u1ed9c s\u1ed1ng v\u1edbi vi\u1ec7c \u0111i \u0111\u1ebfn b\u00e3i bi\u1ec3n, hi\u1ec7n t\u1ea1i l\u00e0 Turks v\u00e0 Caicos, n\u01a1i t\u00f4i \u0111ang \u1edf ngay b\u00e2y gi\u1edd. Th\u1ef1c ra, t\u00f4i \u1edf \u0111\u00f3 v\u00e0o th\u00e1ng 11, th\u00e1ng 12 v\u00e0 th\u01b0\u1eddng l\u00e0 th\u00e1ng 3, n\u01a1i t\u00f4i th\u1ef1c hi\u1ec7n c\u00e1c cu\u1ed9c g\u1ecdi Zoom trong ng\u00e0y.    <\/p>\n\n<p>V\u00e0 \u0111\u00f3 l\u00e0 \u0111\u1eb7c quy\u1ec1n c\u1ee7a vi\u1ec7c kinh doanh m\u00e0 t\u00f4i c\u00f3 th\u1ec3 l\u00e0m vi\u1ec7c t\u1eeb xa. Nh\u01b0ng sau \u0111\u00f3 gi\u1eefa c\u00e1c cu\u1ed9c h\u1ecdp, t\u00f4i \u0111i l\u01b0\u1edbt v\u00e1n di\u1ec1u. V\u00e0o bu\u1ed5i t\u1ed1i, t\u00f4i \u0111i ch\u01a1i paddle t\u1ea1i c\u1ed5ng, t\u00f4i ch\u01a1i tennis, v\u00e0 t\u00f4i c\u1ed1 g\u1eafng s\u1ed1ng th\u1eadt kh\u1ecfe m\u1ea1nh. V\u00e0 n\u00f3 cung c\u1ea5p cho t\u00f4i n\u01a1i ngh\u1ec9 ng\u01a1i th\u01b0 gi\u00e3n tr\u00ean b\u00e3i bi\u1ec3n c\u1ee7a s\u1ef1 thanh th\u1ea3n t\u1ea1i \u0111i\u1ec3m \u0111\u1ebfn. V\u00e0 sau \u0111\u00f3 t\u00f4i c\u00e2n b\u1eb1ng \u0111i\u1ec1u \u0111\u00f3 v\u1edbi n\u00fai n\u01a1i t\u00f4i \u0111i tr\u01b0\u1ee3t tuy\u1ebft \u1edf v\u00f9ng h\u1ebbo l\u00e1nh v\u00e0o th\u00e1ng 1, th\u00e1ng 2, v\u00e0 t\u00f4i \u0111i leo n\u00fai v\u00e0 c\u1eafm tr\u1ea1i v\u00e0o th\u00e1ng 8.   <\/p>\n\n<p>V\u00e0 v\u00ec v\u1eady t\u00f4i \u0111i \u0111\u1ebfn Revelstoke \u1edf British Columbia, n\u01a1i n\u1eb1m gi\u1eefa h\u01b0 kh\u00f4ng, Canada. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, c\u00f9ng m\u1ed9t \u0111i\u1ec1u trong tu\u1ea7n t\u00f4i l\u00e0m vi\u1ec7c v\u00e0 sau \u0111\u00f3 m\u1ed7i cu\u1ed1i tu\u1ea7n t\u00f4i \u0111i tr\u01b0\u1ee3t tuy\u1ebft ho\u1eb7c tr\u01b0\u1ee3t tuy\u1ebft b\u1eb1ng tr\u1ef1c th\u0103ng v\u00e0o th\u00e1ng 1, th\u00e1ng 2. \u0110i leo n\u00fai, c\u1eafm tr\u1ea1i v\u00e0o m\u00f9a h\u00e8 v\u00e0 sau \u0111\u00f3 t\u00f4i \u0111i th\u0103m gia \u0111\u00ecnh \u1edf Nice \u1edf Saint Tropez v\u00e0o th\u00e1ng 7 trong v\u00e0i tu\u1ea7n.  <\/p>\n\n<p>V\u00e0 sau \u0111\u00f3 t\u00f4i \u0111i \u0111\u1ebfn Burning Man m\u1ed7i n\u0103m. V\u00e0 ngo\u00e0i ra, t\u00f4i c\u1ed1 g\u1eafng th\u00eam m\u1ed9t cu\u1ed9c phi\u00eau l\u01b0u hai tu\u1ea7n \u0111i\u00ean r\u1ed3 ngo\u00e0i l\u01b0\u1edbi, nh\u01b0 \u0111i b\u1ed9 \u0111\u1ebfn Nam C\u1ef1c, k\u00e9o xe tr\u01b0\u1ee3t tuy\u1ebft c\u1ee7a t\u00f4i, nh\u01b0 b\u0103ng qua Costa Rica v\u00e0 \u0111i xe \u0111\u1ea1p leo n\u00fai t\u1eeb \u0110\u1ea1i T\u00e2y D\u01b0\u01a1ng \u0111\u1ebfn Th\u00e1i B\u00ecnh D\u01b0\u01a1ng, n\u01a1i t\u00f4i ho\u00e0n to\u00e0n ng\u1eaft k\u1ebft n\u1ed1i v\u1edbi th\u1ebf gi\u1edbi trong hai tu\u1ea7n \u0111\u1ec3 n\u1ea1p l\u1ea1i n\u0103ng l\u01b0\u1ee3ng. <\/p>\n\n<p>\u0110\u00f3 l\u00e0 m\u1ed9t b\u00e0i t\u1eadp v\u1ec1 l\u00f2ng bi\u1ebft \u01a1n khi nh\u1eadn ra r\u1eb1ng sinh t\u1ed3n t\u1eebng l\u00e0 m\u1ed9t c\u00f4ng vi\u1ec7c to\u00e0n th\u1eddi gian. Khi b\u1ea1n s\u1ed1ng ngo\u00e0i l\u01b0\u1edbi kh\u00f4ng c\u00f3 nh\u00e0 v\u1ec7 sinh, kh\u00f4ng c\u00f3 \u0111i\u1ec7n, kh\u00f4ng c\u00f3 n\u01b0\u1edbc, v.v., v\u00e0 b\u1ea1n tr\u1edf l\u1ea1i, b\u1ea1n r\u1ea5t bi\u1ebft \u01a1n nh\u1eefng \u0111i\u1ec1u \u0111\u01a1n gi\u1ea3n nh\u1ecf b\u00e9 c\u1ee7a cu\u1ed9c s\u1ed1ng nh\u01b0 m\u1ed9t nh\u00e0 v\u1ec7 sinh ho\u1eb7c n\u01b0\u1edbc ch\u1ea3y, ho\u1eb7c m\u1ed9t v\u00f2i hoa sen n\u00f3ng ho\u1eb7c m\u1ed9t chi\u1ebfc pizza. <\/p>\n\n<p>Ch\u00fang ta th\u1eadt may m\u1eafn v\u00e0 ch\u00fang ta coi \u0111\u00f3 l\u00e0 \u0111i\u1ec1u hi\u1ec3n nhi\u00ean. Ch\u00fang ta kh\u00f4ng nh\u1eadn ra m\u00ecnh may m\u1eafn nh\u01b0 th\u1ebf n\u00e0o. <\/p>\n\n<p><strong>Andrew Romans:<\/strong> \u0110\u00fang v\u1eady. T\u00f4i th\u00edch \u0111i\u1ec1u \u0111\u00f3. \u0110\u01b0\u1ee3c r\u1ed3i, Fabrice, r\u1ea5t vui \u0111\u01b0\u1ee3c g\u1eb7p b\u1ea1n. C\u1ea3m \u01a1n r\u1ea5t nhi\u1ec1u v\u00e0 hy v\u1ecdng s\u1edbm g\u1eb7p l\u1ea1i b\u1ea1n.   <\/p>\n\n<p><strong>Fabrice Grinda:<\/strong> Ho\u00e0n h\u1ea3o. C\u1ea3m \u01a1n.<\/p>\n\n<p><strong>Andrew Romans:<\/strong> T\u1ea1m bi\u1ec7t.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>T\u00f4i \u0111\u00e3 c\u00f3 m\u1ed9t cu\u1ed9c tr\u00f2 chuy\u1ec7n tuy\u1ec7t v\u1eddi v\u1edbi Andrew Romans v\u1ec1 t\u00ecnh h\u00ecnh c\u1ee7a VC. Ch\u00fang t\u00f4i th\u1ea3o lu\u1eadn: Ngo\u00e0i video YouTube tr\u00ean, b\u1ea1n c\u0169ng c\u00f3 th\u1ec3 nghe podcast tr\u00ean Spotify. B\u1ea3n ghi ch\u00e9p Fabrice Grinda: V\u00ec v\u1eady, \u0111\u1ed1i v\u1edbi ch\u00fang t\u00f4i, b\u00e1n khi IPO ho\u1eb7c sau khi h\u1ebft h\u1ea1n kh\u00f3a l\u00e0 quy\u1ebft \u0111\u1ecbnh t\u1ed1t nh\u1ea5t m\u1ed7i l\u1ea7n, v\u1ec1 c\u01a1 b\u1ea3n. Ngo\u00e0i ra, ch\u00fang t\u00f4i kh\u00f4ng t\u00ecnh c\u1edd \u1edf trong c\u00e1c c\u00f4ng ty nh\u01b0 nh\u1eefng c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng v\u00f4 h\u1ea1n khi h\u1ecd c\u00f4ng khai. Khi c\u00f3 c\u01a1 h\u1ed9i b\u00e1n m\u1ed9t c\u00f4ng ty b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao,<\/p>\n","protected":false},"author":9,"featured_media":65310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[253],"tags":[],"class_list":["post-65387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-phong-van-tro-chuyen-ben-lo-suoi"],"acf":[],"contentUpdated":"Fireside v\u1edbi VC c\u00f9ng Andrew Romans. Categories - Ph\u1ecfng v\u1ea5n &amp; Tr\u00f2 chuy\u1ec7n b\u00ean l\u00f2 s\u01b0\u1edfi. Date-Posted - 2026-01-28T19:10:51 . \n T\u00f4i \u0111\u00e3 c\u00f3 m\u1ed9t cu\u1ed9c tr\u00f2 chuy\u1ec7n tuy\u1ec7t v\u1eddi v\u1edbi Andrew Romans v\u1ec1 t\u00ecnh h\u00ecnh c\u1ee7a VC.\n Ch\u00fang t\u00f4i th\u1ea3o lu\u1eadn:\n \u0110\u1ecbnh gi\u00e1 c\u1ee7a c\u00e1c startup AI t\u1eeb Seed \u0111\u1ebfn Series A\n T\u1ea5t c\u1ea3 v\u1ec1 th\u1ecb tr\u01b0\u1eddng, t\u1ef7 l\u1ec7 thu ph\u00ed, \u0111\u1ecbnh gi\u00e1, tho\u00e1i v\u1ed1n\n Th\u1ee9 c\u1ea5p, c\u00e1ch b\u00e1n, khi n\u00e0o v\u00e0 bao nhi\u00eau\n T\u1ef7 l\u1ec7 thu ph\u00ed v\u00e0 c\u00e1ch x\u1ebfp l\u1edbp doanh thu tr\u00ean m\u1ed9t th\u1ecb tr\u01b0\u1eddng\n T\u1ea1i sao th\u1ecb tr\u01b0\u1eddng VC Seed l\u1ea1i v\u01b0\u1ee3t tr\u1ed9i h\u01a1n th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng\n Ngo\u00e0i video YouTube tr\u00ean, b\u1ea1n c\u0169ng c\u00f3 th\u1ec3 nghe podcast tr\u00ean Spotify.\n B\u1ea3n ghi ch\u00e9p\n Fabrice Grinda: V\u00ec v\u1eady, \u0111\u1ed1i v\u1edbi ch\u00fang t\u00f4i, b\u00e1n khi IPO ho\u1eb7c sau khi h\u1ebft h\u1ea1n kh\u00f3a l\u00e0 quy\u1ebft \u0111\u1ecbnh t\u1ed1t nh\u1ea5t m\u1ed7i l\u1ea7n, v\u1ec1 c\u01a1 b\u1ea3n. Ngo\u00e0i ra, ch\u00fang t\u00f4i kh\u00f4ng t\u00ecnh c\u1edd \u1edf trong c\u00e1c c\u00f4ng ty nh\u01b0 nh\u1eefng c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng v\u00f4 h\u1ea1n khi h\u1ecd c\u00f4ng khai. Khi c\u00f3 c\u01a1 h\u1ed9i b\u00e1n m\u1ed9t c\u00f4ng ty b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao, vi\u1ec7c th\u1ef1c hi\u1ec7n \u0111i\u1ec1u \u0111\u00f3 g\u1ea7n nh\u01b0 lu\u00f4n l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u00fang, ph\u1ea3i kh\u00f4ng?  \n H\u1ea7u nh\u01b0 kh\u00f4ng bao gi\u1edd c\u00f3 l\u00fac n\u00e0o t\u00f4i h\u1ed1i ti\u1ebfc khi b\u00e1n 50% ngay c\u1ea3 khi c\u00f4ng ty ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n t\u1ed1t. Tr\u00ean c\u01a1 s\u1edf ti\u1ebfp t\u1ee5c. V\u00ec v\u1eady, h\u00e3y l\u1ea5y thanh kho\u1ea3n khi b\u1ea1n c\u00f3 th\u1ec3, khi b\u1ea1n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 giai \u0111o\u1ea1n \u0111\u1ea7u. B\u1edfi v\u00ec DPI \u0111\u01b0\u1ee3c c\u00e1c LP c\u1ee7a b\u1ea1n \u0111\u00e1nh gi\u00e1 cao, n\u00f3 gi\u00fap h\u1ecd t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0o qu\u1ef9. V\u00e0 v\u00ec ch\u00fang t\u00f4i \u0111ang t\u0103ng tr\u01b0\u1edfng v\u1edbi IRR 30%, n\u00f3 nhanh h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng \u0111ang t\u0103ng tr\u01b0\u1edfng.    \n V\u00ec v\u1eady, b\u1ea1n t\u1ed1t h\u01a1n n\u00ean t\u00e1i \u0111\u1ea7u t\u01b0.\n Andrew Romans: Xin ch\u00e0o v\u00e0 ch\u00e0o m\u1eebng \u0111\u1ebfn v\u1edbi Fireside v\u1edbi VC. T\u00f4i l\u00e0 Andrew Romans, v\u00e0 h\u00f4m nay ch\u00fang ta c\u00f3 Fabrice Grinda, m\u1ed9t doanh nh\u00e2n n\u1ed5i ti\u1ebfng \u0111\u00e3 chuy\u1ec3n sang VC v\u1edbi FJ Labs. Fabrice, r\u1ea5t vui \u0111\u01b0\u1ee3c g\u1eb7p b\u1ea1n.  \n Fabrice Grinda: C\u1ea3m \u01a1n v\u00ec \u0111\u00e3 m\u1eddi t\u00f4i.\n Andrew Romans: V\u00e2ng. L\u1ea7n cu\u1ed1i t\u00f4i g\u1eb7p b\u1ea1n, b\u1ea1n \u0111ang thuy\u1ebft tr\u00ecnh t\u1ea1i Ng\u00e0y h\u1ed9i VC to\u00e0n c\u1ea7u c\u1ee7a ch\u00fang t\u00f4i \u1edf New York, \u0111i\u1ec1u \u0111\u00f3 r\u1ea5t tuy\u1ec7t. \u0110\u00e3 v\u00e0i n\u0103m k\u1ec3 t\u1eeb khi ch\u00fang ta g\u1eb7p nhau tr\u1ef1c ti\u1ebfp.  \n V\u00ec v\u1eady, Fabrice, c\u00e1c b\u1ea1n \u0111ang l\u00e0m FJ Labs, \u0111ang l\u00e0m \u0111i\u1ec1u m\u00e0 t\u00f4i ngh\u0129 b\u1ea1n g\u1ecdi l\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n \u1edf quy m\u00f4 l\u1edbn, v\u00e0 b\u1ea1n \u0111\u00e3 c\u00f3 hai c\u00f4ng ty r\u1ea5t th\u00e0nh c\u00f4ng. Tr\u1eeb khi t\u00f4i b\u1ecf l\u1ee1 m\u1ed9t lo\u1ea1t c\u00e1c c\u00f4ng ty kh\u00e1c. C\u00f3 th\u1ec3 nhanh ch\u00f3ng \u0111\u1ec1 c\u1eadp \u0111\u1ebfn nh\u1eefng c\u00f4ng ty \u0111\u00f3 l\u00e0 g\u00ec, sau \u0111\u00f3 ch\u00fang ta s\u1ebd chuy\u1ec3n sang nh\u1eefng g\u00ec b\u1ea1n \u0111ang l\u00e0m b\u00e2y gi\u1edd v\u00e0 nh\u1eefng g\u00ec b\u1ea1n \u0111ang h\u1ecdc.  \n Fabrice Grinda: T\u00f4i th\u1ef1c s\u1ef1 \u0111\u00e3 x\u00e2y d\u1ef1ng h\u01a1n hai doanh nghi\u1ec7p \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi v\u1ed1n m\u1ea1o hi\u1ec3m, nh\u01b0ng hai doanh nghi\u1ec7p th\u00e0nh c\u00f4ng l\u00e0 Zingy, m\u1ed9t c\u00f4ng ty n\u1ed9i dung di \u0111\u1ed9ng l\u1edbn \u1edf M\u1ef9. \u0110\u00f3 l\u00e0 v\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 2000. \u0110\u00f3 l\u00e0 m\u1ed9t doanh nghi\u1ec7p nh\u1ea1c chu\u00f4ng. N\u00f3 \u0111\u00e3 t\u0103ng t\u1eeb kh\u00f4ng l\u00ean 200 tri\u1ec7u doanh thu trong b\u1ed1n n\u0103m m\u00e0 kh\u00f4ng c\u00f3 v\u1ed1n VC th\u1ef1c s\u1ef1, v\u00ec kh\u00f4ng c\u00f3 v\u1ed1n VC n\u00e0o c\u00f3 s\u1eb5n v\u00e0o n\u0103m &#8217;01 ho\u1eb7c &#8217;02, v\u00e0 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng theo c\u00e1ch truy\u1ec1n th\u1ed1ng d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn.   \n V\u00e0 t\u00f4i \u0111\u00e3 b\u00e1n n\u00f3. V\u00e0 v\u1edbi gi\u00e1 80 tri\u1ec7u v\u00e0o n\u0103m 2004 tr\u01b0\u1edbc khi ch\u00fang t\u00f4i ho\u00e0n to\u00e0n m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t. V\u00e0 sau \u0111\u00f3 v\u00e0o n\u0103m 2006, t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t c\u00f4ng ty c\u00f3 t\u00ean l\u00e0 OLX, \u0111\u1ebfn ng\u00e0y nay l\u00e0 trang web rao v\u1eb7t l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi. M\u1ed9t c\u00f4ng ty v\u1edbi 11.000 nh\u00e2n vi\u00ean t\u1ea1i 30 qu\u1ed1c gia, h\u01a1n 300 tri\u1ec7u \u0111\u01a1n v\u1ecb m\u1ed7i th\u00e1ng. V\u00e0 \u0111\u00f3 l\u00e0 trang web rao v\u1eb7t h\u00e0ng \u0111\u1ea7u t\u1ea1i Brazil, to\u00e0n b\u1ed9 Latam v\u00e0 Ukraine, Ba Lan, Romania, to\u00e0n b\u1ed9 \u0110\u00f4ng \u00c2u \u1edf Trung \u0110\u00f4ng, \u1ea4n \u0110\u1ed9 v\u00e0 Pakistan v\u00e0 to\u00e0n b\u1ed9 \u0110\u00f4ng Nam \u00c1.    \n \u0110\u00f3 l\u00e0 m\u1ed9t c\u00f4ng ty kh\u1ed5ng l\u1ed3. M\u00e0 t\u00f4i \u0111\u00e3 b\u00e1n cho NASCAR&#8217;s process v\u00e0o n\u0103m 2013. V\u00e0 v\u00e0o n\u0103m 2013, t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng FJ Labs.  \n Andrew Romans: \u0110i\u1ec1u th\u00fa v\u1ecb v\u1ec1 \u0111i\u1ec1u \u0111\u00f3, v\u00e0 \u0111i\u1ec1u t\u00f4i ngh\u0129 l\u00e0 c\u00f3 li\u00ean quan \u0111\u1ebfn c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp mu\u1ed1n l\u00e0m vi\u1ec7c v\u1edbi c\u00e1c b\u1ea1n ho\u1eb7c VC l\u00e0, b\u1ea1n nh\u00ecn v\u00e0o Craigslist v\u00e0 b\u1ea1n ngh\u0129, k\u1ebb ng\u1ed1c n\u00e0o \u0111\u00e3 t\u1ea1o ra giao di\u1ec7n n\u00e0y c\u00f3 th\u1ec3 l\u00e0m cho n\u00f3 c\u1ed3ng k\u1ec1nh h\u01a1n kh\u00f4ng?\n Nh\u01b0 th\u1ec3 h\u1ecd \u0111ang c\u1ed1 t\u00ecnh l\u00e0m \u0111i\u1ec1u \u0111\u00f3. V\u00e0 t\u1ea5t nhi\u00ean h\u1ecd \u0111\u00e3 kh\u00f4ng th\u1ef1c hi\u1ec7n tr\u00ean kh\u1eafp \u0110\u00f4ng Nam \u00c1, Latam, v\u00e0. Trung \u0110\u00f4ng v\u00e0 to\u00e0n b\u1ed9 Ch\u00e2u \u00c2u nh\u01b0 b\u1ea1n \u0111\u00e3 l\u00e0m. V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng vi\u1ec7c th\u1ef1c hi\u1ec7n, ch\u1ec9 l\u00e0 kinh nghi\u1ec7m chi\u1ebfn \u0111\u1ea5u c\u1ee7a b\u1ea1n, chuy\u1ec3n th\u00e0nh vi\u1ec7c x\u00e2y d\u1ef1ng c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m c\u1ee7a b\u1ea1n v\u00e0 l\u00e0m vi\u1ec7c v\u1edbi c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p.   \n Nh\u01b0ng, \u0111\u1ec3 chuy\u1ec3n sang, kh\u00f4ng qu\u00e1 t\u1eadp trung v\u00e0o qu\u00e1 kh\u1ee9 v\u00e0 chuy\u1ec3n sang hi\u1ec7n t\u1ea1i, t\u00f4i tin r\u1eb1ng b\u1ea1n \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 nh\u01b0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n. Trong khi b\u1ea1n \u0111ang \u0111i\u1ec1u h\u00e0nh c\u00e1c c\u00f4ng ty v\u00e0 sau \u0111\u00f3 b\u1ea1n \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c h\u01a1n m\u1ed9t tr\u0103m kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0 sau \u0111\u00f3 t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m, v\u00e0 c\u00f3 m\u1ed9t cu\u1ed9c tranh lu\u1eadn v\u1ec1 vi\u1ec7c t\u00f4i c\u00f3 hi\u1ec7u qu\u1ea3 h\u01a1n khi ch\u1ec9 \u0111\u1ea7u t\u01b0 t\u1eeb b\u1ea3ng c\u00e2n \u0111\u1ed1i c\u1ee7a m\u00ecnh hay t\u1ed1t h\u01a1n l\u00e0 x\u1eed l\u00fd t\u1ea5t c\u1ea3 c\u00e1c b\u00e1o c\u00e1o v\u00e0 LP b\u00ean ngo\u00e0i? \n V\u00e0 m\u1ed7i khi t\u00f4i vi\u1ebft b\u00e1o c\u00e1o cho c\u00e1c LP, t\u00f4i ngh\u0129 v\u1edbi b\u1ea3n th\u00e2n m\u00ecnh, c\u00f3 l\u1ebd t\u00f4i s\u1eafc b\u00e9n h\u01a1n m\u1ed9t ch\u00fat khi t\u00f4i \u0111\u1ea7u t\u01b0 ti\u1ec1n c\u1ee7a ng\u01b0\u1eddi kh\u00e1c. B\u1edfi v\u00ec n\u00f3 bu\u1ed9c b\u1ea1n ph\u1ea3i theo d\u00f5i t\u1eebng c\u00f4ng ty, blah, blah, blah v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3. Nh\u01b0ng bao nhi\u00eau t\u00f4i ngh\u0129 b\u1ea1n \u0111\u00e3 c\u00f3 nh\u01b0 Telenor \u0111\u00e3 \u0111\u1ea7u t\u01b0 50 tri\u1ec7u, ph\u1ea3i kh\u00f4ng?  \n \u0110\u00f3 c\u00f3 ph\u1ea3i l\u00e0 LP b\u00ean ngo\u00e0i \u0111\u1ea7u ti\u00ean kh\u00f4ng?\n Fabrice Grinda: V\u00e2ng, h\u00e3y nh\u00ecn t\u00f4i b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n v\u00e0o n\u0103m 98 khi t\u00f4i x\u00e2y d\u1ef1ng c\u00f4ng ty \u0111\u1ea7u ti\u00ean c\u1ee7a m\u00ecnh. V\u00e0 th\u1ef1c t\u1ebf t\u00f4i \u0111\u00e3 suy ngh\u0129 r\u1ea5t k\u1ef9 li\u1ec7u t\u00f4i c\u00f3 n\u00ean l\u00e0m \u0111i\u1ec1u n\u00e0y kh\u00f4ng? Gi\u1ed1ng nh\u01b0 \u0111\u00f3 l\u00e0, theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t vi ph\u1ea1m \u0111\u1ed1i v\u1edbi nhi\u1ec7m v\u1ee5 c\u1ee7a t\u00f4i v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp, CEO, \u0111\u1ec3 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n. \u0110\u00f3 l\u00e0 m\u1ed9t s\u1ef1 ph\u00e2n t\u00e2m, nh\u01b0ng t\u00f4i t\u1ef1 tranh lu\u1eadn \u00edt nh\u1ea5t l\u00e0 \u0111\u00e3 tr\u00ecnh b\u00e0y r\u1eb1ng n\u1ebfu t\u00f4i c\u00f3 th\u1ec3 truy\u1ec1n \u0111\u1ea1t nh\u1eefng b\u00e0i h\u1ecdc kinh nghi\u1ec7m cho c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp kh\u00e1c, \u0111i\u1ec1u \u0111\u00f3 khi\u1ebfn t\u00f4i tr\u1edf th\u00e0nh m\u1ed9t nh\u00e0 s\u00e1ng l\u1eadp t\u1ed1t h\u01a1n.   \n V\u00e0 n\u1ebfu t\u00f4i c\u00f3 th\u1ec3 gi\u1eef ng\u00f3n tay c\u1ee7a m\u00ecnh tr\u00ean nh\u1ecbp \u0111\u1eadp c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u0111i\u1ec1u \u0111\u00f3 khi\u1ebfn t\u00f4i tr\u1edf th\u00e0nh m\u1ed9t nh\u00e0 s\u00e1ng l\u1eadp t\u1ed1t h\u01a1n. V\u00e0 v\u00ec v\u1eady t\u00f4i \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh v\u00e0o n\u0103m 98, mi\u1ec5n l\u00e0 n\u00f3 kh\u00f4ng m\u1ea5t h\u01a1n m\u1ed9t gi\u1edd. V\u00ec v\u1eady, t\u00f4i \u0111\u00e3 \u0111\u01b0a ra ti\u00eau ch\u00ed l\u1ef1a ch\u1ecdn th\u1ee9 t\u01b0, m\u00e0 ch\u00fang t\u00f4i v\u1eabn s\u1eed d\u1ee5ng cho \u0111\u1ebfn ng\u00e0y nay v\u00e0 trong m\u1ed9t cu\u1ed9c h\u1ecdp m\u1ed9t gi\u1edd, t\u00f4i quy\u1ebft \u0111\u1ecbnh c\u00f3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng v\u00e0 t\u00f4i ch\u1ec9 l\u00e0m th\u1ecb tr\u01b0\u1eddng, \u0111\u00f3 t\u1ea5t nhi\u00ean l\u00e0 nh\u1eefng g\u00ec t\u00f4i \u0111\u00e3 x\u00e2y d\u1ef1ng v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3.  \n Sau \u0111\u00f3, n\u00f3 \u0111\u00e3 t\u1ef1 ph\u00e1t tri\u1ec3n. V\u00ec v\u1eady, \u0111\u1ebfn n\u0103m 2013, t\u00f4i \u0111\u00e3 c\u00f3 kho\u1ea3ng 173 kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0 \u0111ang l\u00e0m r\u1ea5t t\u1ed1t \u0111\u00e3 g\u1ed9p \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n c\u1ee7a t\u00f4i v\u1edbi ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp hi\u1ec7n t\u1ea1i c\u1ee7a t\u00f4i t\u1ea1i FJ Lab, Jose, v\u00e0 n\u00f3 \u0111ang di\u1ec5n ra r\u1ea5t t\u1ed1t. Ngh\u0129 r\u1eb1ng n\u00f3 s\u1ebd x\u00e2y d\u1ef1ng m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00ec hai l\u00fd do, t\u00f4i s\u1ebd n\u00f3i.  \n M\u1ed9t l\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch m\u00e0 ch\u00fang t\u00f4i ti\u1ebfp t\u1ee5c nh\u1eadn \u0111\u01b0\u1ee3c, ti\u1ebfp t\u1ee5c t\u0103ng v\u00ec th\u01b0\u01a1ng hi\u1ec7u t\u00f4i x\u00e2y d\u1ef1ng trong c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u00f4i \u0111\u00e3 ngh\u0129, b\u1ea1n bi\u1ebft kh\u00f4ng? T\u00f4i \u0111ang chi r\u1ea5t nhi\u1ec1u ti\u1ec1n \u0111\u1ec3 thu\u00ea m\u1ed9t \u0111\u1ed9i ng\u0169 v\u00e0 \u0111\u1ec3 l\u1ecdc c\u00e1c giao d\u1ecbch \u0111\u1ebfn. Ch\u00fang t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c 300 giao d\u1ecbch \u0111\u1ebfn m\u1ed7i tu\u1ea7n v\u00e0 t\u00f4i c\u0169ng \u0111ang chi m\u1ed9t s\u1ed1 ti\u1ec1n kh\u00e1 l\u1edbn cho ph\u00e1p l\u00fd, trong v\u0103n ph\u00f2ng h\u1eadu tr\u01b0\u1eddng, v.v., th\u1ef1c s\u1ef1 c\u00f3 quy m\u00f4 l\u1edbn h\u01a1n \u0111\u1ec3 tr\u1ea3 cho c\u1ea5u tr\u00fac chi ph\u00ed v\u00ec kh\u1ed1i l\u01b0\u1ee3ng m\u00e0 ch\u00fang t\u00f4i \u0111ang ho\u1ea1t \u0111\u1ed9ng, n\u00f3 c\u1ea3m th\u1ea5y nh\u01b0 m\u1ed9t qu\u1ef9 ngay t\u1eeb \u0111\u1ea7u. V\u00e0 sau \u0111\u00f3 \u0111\u1ed9t nhi\u00ean, Telenor \u0111\u1ebfn \u0111i\u1ec3m c\u1ee7a b\u1ea1n, \u0111\u1ebfn v\u00e0 n\u00f3i, N\u00e0y, ch\u00fang t\u00f4i mu\u1ed1n l\u00e0m vi\u1ec7c v\u1edbi c\u00e1c b\u1ea1n v\u00ec b\u00e2y gi\u1edd ch\u00fang t\u00f4i s\u1edf h\u1eefu t\u1ea5t c\u1ea3 c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u00e0i s\u1ea3n rao v\u1eb7t n\u00e0y, v\u00e0 ch\u00fang t\u00f4i mu\u1ed1n c\u00f3 m\u1ed9t g\u00f3c nh\u00ecn v\u1ec1 nh\u1eefng g\u00ec s\u1ebd x\u1ea3y ra v\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i n\u00ean l\u00e0m, v\u00e0 \u0111\u00e3 suy ngh\u0129 r\u1ea5t k\u1ef9 v\u1ec1 c\u00e1ch t\u1ed1t nh\u1ea5t \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u n\u00e0y.   \n H\u1ecd \u0111\u00e3 \u0111\u1ec1 ngh\u1ecb \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty m\u1eb9. Nh\u01b0ng t\u00f4i ngh\u0129, b\u1ea1n bi\u1ebft kh\u00f4ng? C\u00e1ch m\u1edf r\u1ed9ng h\u01a1n l\u00e0 ch\u1ec9 x\u00e2y d\u1ef1ng m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m v\u00ec sau \u0111\u00f3 n\u00f3 kh\u00f4ng l\u00e0m lo\u00e3ng ch\u00fang t\u00f4i, d\u00f9 l\u00e0 50 tri\u1ec7u hay m\u1ed9t tr\u0103m tri\u1ec7u hay 300 tri\u1ec7u.  \n Andrew Romans: V\u00e0 t\u00f4i ngh\u0129 t\u00f4i \u0111\u00e3 bi\u1ebft b\u1ea1n trong th\u1eddi gian n\u00e0y, Fabrice v\u00e0 h\u1ed3i \u0111\u00f3 tr\u01b0\u1edbc khi c\u00f3 podcast, \u0111\u00e3 c\u00f3 blog.\n V\u00e0 t\u00f4i nh\u1edb, b\u1ea1n l\u00e0 m\u1ed9t blogger l\u1edbn v\u00e0 t\u00f4i c\u0169ng v\u1eady, v\u00e0 t\u00f4i lu\u00f4n th\u00edch \u0111\u1ecdc c\u00e1c blog d\u00e0i c\u1ee7a b\u1ea1n m\u00e0 b\u1ea1n s\u1ebd vi\u1ebft. Nh\u01b0ng t\u00f4i c\u00f3 \u1ea5n t\u01b0\u1ee3ng, v\u00e0 t\u00f4i kh\u00f4ng bi\u1ebft li\u1ec7u ch\u00fang ta \u0111\u00e3 t\u1eebng n\u00f3i v\u1ec1 \u0111i\u1ec1u n\u00e0y ch\u01b0a, r\u1eb1ng m\u1ed9t trong nh\u1eefng \u0111\u1ed9ng l\u1ef1c \u0111\u1ec3 l\u1ea5y v\u1ed1n b\u00ean ngo\u00e0i l\u00e0 b\u1ea1n ch\u1eafc ch\u1eafn th\u1ea5y \u0111i\u1ec1u n\u00e0y v\u1edbi b\u1ea1n b\u00e8 c\u1ee7a m\u00ecnh, r\u1eb1ng b\u1ea1n ch\u1ec9 \u0111\u1ea7u t\u01b0 thi\u00ean th\u1ea7n th\u00f4ng th\u01b0\u1eddng m\u00e0 kh\u00f4ng c\u00f3 quy m\u00f4 c\u1ee7a b\u1ea1n v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c l\u1ea7n tho\u00e1i v\u1ed1n c\u1ee7a b\u1ea1n. \n V\u00e0 t\u1eadp trung l\u00e0 r\u1eb1ng m\u1ea5t m\u1ed9t th\u1eddi gian d\u00e0i \u0111\u1ec3 \u0111\u01b0\u1ee3c tr\u1ea3 ti\u1ec1n. Gi\u1ed1ng nh\u01b0 m\u1ea5t m\u1ed9t th\u1eddi gian d\u00e0i \u0111\u1ec3 nh\u1eadn ra ti\u1ec1n m\u1eb7t, \u0111\u00f3 l\u00e0, m\u1ed9t ng\u00e0nh c\u00f4ng nghi\u1ec7p to\u00e0n b\u1ed9, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c c\u1ed1t l\u00f5i c\u1ee7a m\u1ecdi ng\u01b0\u1eddi. L\u00e0m th\u1ebf n\u00e0o b\u1ea1n \u0111ang tham gia v\u00e0o th\u1ee9 c\u1ea5p ho\u1eb7c l\u00e0m th\u1ebf n\u00e0o b\u1ea1n \u0111ang bu\u1ed9c thanh kho\u1ea3n, nh\u01b0ng. R\u1ea5t nhi\u1ec1u thi\u00ean th\u1ea7n, h\u1ecd tri\u1ec3n khai m\u1ed9t s\u1ed1 ti\u1ec1n m\u1eb7t nh\u1ea5t \u0111\u1ecbnh v\u00e0 sau \u0111\u00f3 h\u1ecd ng\u1ea1c nhi\u00ean khi th\u1ea5y, ch\u1ebft ti\u1ec7t, t\u00f4i \u0111\u00e3 tham gia v\u00e0o th\u1ecfa thu\u1eadn n\u00e0y trong 14 n\u0103m, ho\u1eb7c 12 n\u0103m, ho\u1eb7c cu\u1ed1i c\u00f9ng \u0111\u00e3 IPO v\u00e0 c\u00f3 m\u1ed9t kh\u00f3a, ho\u1eb7c cu\u1ed1i c\u00f9ng \u0111\u00e3 \u0111\u01b0\u1ee3c mua l\u1ea1i, nh\u01b0ng ch\u1ebft ti\u1ec7t, c\u00f4ng ty \u0111\u00f3 \u0111\u01b0\u1ee3c gi\u1eef t\u01b0 nh\u00e2n v\u1edbi m\u1ed9t \u0111\u1ecbnh gi\u00e1 b\u1ecb th\u1ed5i ph\u1ed3ng l\u00e0 b\u00e2y gi\u1edd t\u00f4i \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t chi\u1ebft kh\u1ea5u n\u1ebfu t\u00f4i mu\u1ed1n tho\u00e1t ra.   \n V\u00ec v\u1eady, thay v\u00ec b\u1ecb chi\u1ebft kh\u1ea5u \u1edf \u0111\u00f3, c\u00f3 th\u1ec3. \u0110\u00f3 c\u00f3 bao gi\u1edd l\u00e0 v\u1ea5n \u0111\u1ec1 ch\u1ec9 l\u00e0 th\u1eddi gian tuy\u1ec7t \u0111\u1ed1i hay b\u1ea1n \u0111ang t\u00e1i ch\u1ebf ti\u1ec1n m\u1eb7t \u0111\u1ec3 c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t thi\u00ean th\u1ea7n n\u1ed5i ti\u1ebfng kh\u00f4ng? \n Fabrice Grinda: \u0110\u00f3 kh\u00f4ng bao gi\u1edd l\u00e0 thi\u1ebfu ti\u1ec1n m\u1eb7t. T\u00f4i \u0111ang t\u00e1i ch\u1ebf ti\u1ec1n m\u1eb7t. \u0110\u00f3 l\u00e0 hai \u0111i\u1ec1u. \u0110\u00f3 l\u00e0, trong cu\u1ed9c s\u1ed1ng, t\u00f4i mu\u1ed1n t\u1ed1i \u01b0u h\u00f3a cu\u1ed9c s\u1ed1ng \u0111\u1ec3 ch\u1ec9 l\u00e0m nh\u1eefng \u0111i\u1ec1u t\u00f4i th\u00edch l\u00e0m.   \n V\u00e0 nh\u1eefng g\u00ec t\u00f4i th\u00edch l\u00e0m l\u00e0 n\u00f3i chuy\u1ec7n v\u1edbi nh\u1eefng nh\u00e0 s\u00e1ng l\u1eadp ti\u1ec1m n\u0103ng t\u1ed1t nh\u1ea5t m\u00e0 ch\u00fang t\u00f4i c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o. V\u00ec v\u1eady, m\u1ed7i tu\u1ea7n ch\u00fang t\u00f4i \u0111i t\u1eeb 300 ng\u01b0\u1eddi li\u00ean h\u1ec7 v\u1edbi ch\u00fang t\u00f4i. \u0110\u1ebfn 50, ch\u00fang t\u00f4i g\u1ecdi \u0111i\u1ec7n v\u1edbi \u0111\u1ebfn s\u00e1u cho cu\u1ed9c g\u1ecdi th\u1ee9 hai. V\u00ec v\u1eady, t\u00f4i ch\u1ec9 n\u00f3i chuy\u1ec7n v\u1edbi s\u00e1u ng\u01b0\u1eddi \u0111\u00f3 v\u1ec1 c\u01a1 b\u1ea3n. V\u00e0 v\u00ec v\u1eady, theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, qu\u00e1 tr\u00ecnh l\u1ecdc kh\u1ed5ng l\u1ed3 \u0111\u00f3, t\u00f4i mu\u1ed1n ng\u01b0\u1eddi kh\u00e1c l\u00e0m. Th\u1ee9 hai, trong danh m\u1ee5c \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i c\u00f3 1200 c\u00f4ng ty, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi 2000 nh\u00e0 s\u00e1ng l\u1eadp. T\u00f4i ch\u1ec9 mu\u1ed1n n\u00f3i chuy\u1ec7n v\u1edbi nh\u1eefng ng\u01b0\u1eddi gi\u1ecfi nh\u1ea5t v\u00e0 v\u00ec v\u1eady c\u0169ng v\u1eady. T\u00f4i c\u1ea7n ai \u0111\u00f3 \u0111\u1ec3 t\u00ecm ra h\u1ecd l\u00e0 ai v\u00e0 \u0111\u1ea3m b\u1ea3o r\u1eb1ng t\u00f4i ch\u1ec9 ph\u00e2n b\u1ed5 th\u1eddi gian cho h\u1ecd. V\u00e0 sau \u0111\u00f3 t\u00f4i kh\u00f4ng mu\u1ed1n l\u00e0m b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00e1c. T\u00f4i kh\u00f4ng mu\u1ed1n gi\u1ea3i quy\u1ebft ph\u00e1p l\u00fd, t\u00f4i kh\u00f4ng mu\u1ed1n gi\u1ea3i quy\u1ebft b\u1ea5t k\u1ef3 c\u00f4ng vi\u1ec7c v\u0103n ph\u00f2ng h\u1eadu tr\u01b0\u1eddng n\u00e0o, v.v.         \n V\u00e0 h\u00f3a ra n\u1ebfu t\u00f4i c\u00f3 m\u1ed9t qu\u1ef9, t\u00f4i th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 thu\u00ea cho t\u1ea5t c\u1ea3 c\u00e1c v\u1ecb tr\u00ed \u0111\u1ec3 l\u00e0m nh\u1eefng \u0111i\u1ec1u t\u00f4i kh\u00f4ng th\u00edch l\u00e0m, \u0111\u1ec3 t\u00f4i c\u00f3 th\u1ec3 t\u1eadp trung cu\u1ed9c s\u1ed1ng c\u1ee7a m\u00ecnh v\u00e0o nh\u1eefng \u0111i\u1ec1u m\u00e0 t\u00f4i kh\u00f4ng ch\u1ec9 c\u00f3 gi\u00e1 tr\u1ecb gia t\u0103ng nh\u1ea5t, m\u00e0 c\u00f2n quan t\u00e2m nh\u1ea5t, n\u01a1i t\u00f4i th\u1ef1c s\u1ef1 c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c vi\u1ebft blog v\u00e0 suy ngh\u0129 v\u1ec1 xu h\u01b0\u1edbng, v.v.\n V\u00e0 v\u00ec v\u1eady, \u0111\u00f3 l\u00e0 nhi\u1ec1u h\u01a1n, t\u00f4i c\u00f3 th\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c c\u1ea5u tr\u00fac ph\u00ed, \u0111\u1ee7 ph\u00ed \u0111\u1ec3 h\u1ed7 tr\u1ee3 th\u1ef1c t\u1ebf l\u00e0 t\u00f4i \u0111\u00e3 chi ti\u00eau m\u1ed9t tri\u1ec7u m\u1ed9t n\u0103m, t\u1eeb t\u00fai \u0111\u1ec3 c\u00f3 th\u1ec3 trang tr\u1ea3i \u0111i\u1ec1u \u0111\u00f3, c\u00f3 th\u1ec3 h\u00f2a v\u1ed1n, nh\u01b0ng \u0111\u1ec3 th\u1ef1c s\u1ef1 thu\u00ea \u0111\u1ed9i ng\u0169 \u0111\u1ec3 l\u00e0m nh\u1eefng \u0111i\u1ec1u t\u00f4i kh\u00f4ng th\u00edch l\u00e0m. V\u00e0 \u0111\u00f3 th\u1ef1c s\u1ef1 l\u00e0 \u0111\u1ed9ng l\u1ef1c v\u00e0 n\u00f3 \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng r\u1ea5t t\u1ed1t. \n Andrew Romans: V\u00e2ng. V\u00e2ng. V\u00e0, t\u00f4i ngh\u0129 nh\u01b0 Mao Tr\u1ea1ch \u0110\u00f4ng n\u00f3i, t\u00ecm ki\u1ebfm s\u1ef1 th\u1eadt th\u00f4ng qua s\u1ef1 ki\u1ec7n, \u0111\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec1u r\u1ea5t r\u00f5 r\u00e0ng \u0111\u1ec3 n\u00f3i, nh\u01b0ng c\u00f3 \u0111i\u1ec1u g\u00ec \u0111\u00f3 v\u1ec1 vi\u1ec7c c\u00f3 d\u1eef li\u1ec7u ch\u00ednh v\u00e0 b\u1ea1n \u0111\u00e3 \u0111\u1ea7u t\u01b0 t\u1eeb nghe c\u00f3 v\u1ebb nh\u01b0 n\u0103m 1998. V\u00ec v\u1eady, th\u1eddi k\u1ef3 ho\u00e0ng kim c\u1ee7a .com, th\u1eddi k\u1ef3 \u0111i\u00ean cu\u1ed3ng qua t\u1ea5t c\u1ea3 c\u00e1c chu k\u1ef3 kh\u00e1c nhau n\u00e0y. \n B\u1ea1n \u0111\u00e3 ho\u00e0n th\u00e0nh bao nhi\u00eau kho\u1ea3n \u0111\u1ea7u t\u01b0 l\u00e0 \u0111i\u1ec3m v\u00e0o v\u00e0 sau \u0111\u00f3 th\u00eam v\u00e0o c\u00e1c kho\u1ea3n ti\u1ebfp theo, v\u00e0 sau \u0111\u00f3 t\u1ed1c \u0111\u1ed9 c\u1ee7a b\u1ea1n m\u1ed7i n\u0103m hi\u1ec7n t\u1ea1i l\u00e0 bao nhi\u00eau.\n Fabrice Grinda: V\u00e2ng. V\u00ec v\u1eady, c\u00e1c kho\u1ea3n ti\u1ebfp theo l\u00e0 chi\u1ebfn l\u01b0\u1ee3c theo d\u00f5i c\u1ee7a ch\u00fang t\u00f4i r\u1ea5t kh\u00e1c bi\u1ec7t. V\u1ebb \u0111\u1eb9p c\u1ee7a vi\u1ec7c tr\u1edf th\u00e0nh m\u1ed9t thi\u00ean th\u1ea7n nh\u1ecf, n\u01a1i b\u1ea1n vi\u1ebft m\u1ed9t t\u1ea5m s\u00e9c 300 ngh\u00ecn \u0111\u00f4 la v\u00e0o m\u1ed9t c\u00f4ng ty l\u00e0 b\u1ea1n kh\u00f4ng s\u1edf h\u1eefu nhi\u1ec1u n\u00f3, v\u00ec v\u1eady b\u1ea1n kh\u00f4ng b\u1ecb b\u1eaft bu\u1ed9c ph\u1ea3i theo d\u00f5i, ph\u1ea3i kh\u00f4ng? \n T\u00f4i ngh\u0129 \u0111i\u1ec1u g\u00ec l\u00e0m gi\u1ea3m l\u1ee3i nhu\u1eadn \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m l\u00e0 n\u1ebfu b\u1ea1n \u0111\u00e3 l\u00e0m h\u1ea1t gi\u1ed1ng ho\u1eb7c a v\u00e0 b\u1ea1n c\u00f3 25% c\u00f4ng ty. N\u1ebfu b\u1ea1n kh\u00f4ng l\u00e0m theo t\u1ef7 l\u1ec7 c\u1ee7a m\u00ecnh, c\u00f4ng ty s\u1ebd ch\u1ebft v\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n kh\u00f4ng tin v\u00e0o n\u00f3. V\u00e0 theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3. B\u1ea1n \u0111\u00e3 cam k\u1ebft ho\u1eb7c s\u1eb5n s\u00e0ng theo d\u00f5i c\u1ee7a v\u00f2ng ti\u1ebfp theo, m\u1ed9t ho\u1eb7c hai v\u00f2ng.   \n V\u00e0 \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1ch t\u1eeb g\u00f3c \u0111\u1ed9 l\u00fd thuy\u1ebft, b\u1ea1n n\u00ean l\u00e0m ph\u00e2n t\u00edch theo d\u00f5i c\u1ee7a m\u00ecnh. C\u00e1ch ch\u00fang t\u00f4i l\u00e0m theo d\u00f5i l\u00e0 bi\u1ebft nh\u1eefng g\u00ec ch\u00fang t\u00f4i bi\u1ebft b\u00e2y gi\u1edd v\u1ec1 c\u00f4ng ty, \u0111\u1ed9i ng\u0169, s\u1ee9c h\u00fat, \u0111\u1ecbnh gi\u00e1 c\u1ee7a v\u00f2ng n\u00e0y. N\u1ebfu ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n t\u1ea1i, ch\u00fang t\u00f4i c\u00f3 \u0111\u1ea7u t\u01b0 kh\u00f4ng. V\u00e0 c\u00e1c c\u00f4ng ty kh\u00f4ng l\u00e0m t\u1ed1t.   \n Ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0. C\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t, nh\u01b0ng gi\u00e1 qu\u00e1 cao. Ch\u00fang t\u00f4i c\u0169ng kh\u00f4ng \u0111\u1ea7u t\u01b0, v\u00ec v\u1eady ch\u00fang t\u00f4i kh\u00f4ng nh\u00e2n \u0111\u00f4i t\u1ea5t c\u1ea3 c\u00e1c ng\u01b0\u1eddi chi\u1ebfn th\u1eafng kh\u00e1c. Ch\u00fang t\u00f4i ch\u1ec9 nh\u00e2n \u0111\u00f4i v\u00e0o c\u00e1c c\u00f4ng ty m\u00e0 t\u00f4i \u0111o\u00e1n hai k\u1ecbch b\u1ea3n. K\u1ecbch b\u1ea3n t\u00edch c\u1ef1c l\u00e0 c\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t, \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd. Ch\u00fang t\u00f4i \u0111\u1eb7t th\u00eam v\u1ed1n, \u0111\u00f3 l\u00e0 v\u1ec1 ch\u00fang t\u00f4i.     \n Ho\u1eb7c c\u00f4ng ty kh\u00f4ng l\u00e0m t\u1ed1t, nh\u01b0ng c\u00f3 m\u1ed9t kho\u1ea3n thanh to\u00e1n \u0111\u1ec3 ch\u01a1i v\u00e0 ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y ph\u1ea7n th\u01b0\u1edfng r\u1ee7i ro l\u00e0 x\u1ee9ng \u0111\u00e1ng \u0111\u1ec3 tr\u00e1nh s\u1ef1 chuy\u1ec3n \u0111\u1ed5i l\u1edbn c\u1ee7a c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng, n\u1ee3 cram ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. V\u00ec v\u1eady, \u0111\u00f4i khi ch\u00fang t\u00f4i l\u00e0m nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 trung b\u00ecnh, ch\u00fang t\u00f4i theo d\u00f5i 25% c\u00e1c giao d\u1ecbch, \u0111\u00f3 l\u00e0 m\u1ed9t t\u1ef7 l\u1ec7 nh\u1ecf h\u01a1n nhi\u1ec1u, t\u00f4i s\u1ebd n\u00f3i, so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c VC l\u00e0m, \u0111i\u1ec1u n\u00e0y th\u1ef1c s\u1ef1 t\u00f4i ngh\u0129 gi\u00fap t\u0103ng l\u1ee3i nhu\u1eadn. \n V\u00e0 c\u00e1ch ch\u00fang t\u00f4i c\u1ea5u tr\u00fac l\u00e0 ch\u00fang t\u00f4i kh\u00f4ng th\u1ef1c s\u1ef1 d\u1ef1 tr\u1eef v\u1ed1n cho c\u00e1c kho\u1ea3n ti\u1ebfp theo, ch\u00fang t\u00f4i ch\u1ec9 l\u00e0m ch\u00fang cho b\u1ea5t k\u1ef3 qu\u1ef9 n\u00e0o hi\u1ec7n \u0111ang ho\u1ea1t \u0111\u1ed9ng. B\u1edfi v\u00ec ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng theo d\u00f5i. \n Andrew Romans: \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, kh\u00f4ng c\u00f3 v\u1ea5n \u0111\u1ec1 g\u00ec khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c qu\u1ef9 trong m\u1ed9t kho\u1ea3n ti\u1ebfp theo, \u0111i\u1ec1u m\u00e0 t\u00f4i \u0111\u1ed3ng \u00fd v\u1edbi \u0111i\u1ec1u \u0111\u00f3, \u0111\u00e3 tr\u1ea3i qua \u0111i\u1ec1u n\u00e0y.\n V\u00e0 v\u00ec v\u1eady b\u1ea1n \u0111ang th\u1ef1c hi\u1ec7n bao nhi\u00eau kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ed7i n\u0103m nh\u1eefng ng\u00e0y n\u00e0y? V\u00e0 t\u00f4i bi\u1ebft \u0111i\u1ec1u \u0111\u00f3 thay \u0111\u1ed5i. \n Fabrice Grinda: Nh\u1eefng ng\u00e0y n\u00e0y, v\u00e2ng, n\u00f3 \u0111\u00e3 kh\u00e1 nh\u1ea5t qu\u00e1n th\u1ef1c s\u1ef1 trong n\u0103m n\u0103m qua. \u0110\u00f3 l\u00e0 150 giao d\u1ecbch m\u1edbi m\u1ed7i n\u0103m, v\u1ec1 c\u01a1 b\u1ea3n. \n Andrew Romans: 150 giao d\u1ecbch m\u1edbi m\u1ed7i n\u0103m.\n Fabrice Grinda: V\u00e2ng. Ba giao d\u1ecbch m\u1ed9t tu\u1ea7n.\n Andrew Romans: \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 c\u00e1c b\u1ea1n, c\u00e1c b\u1ea1n \u0111\u00e3 n\u00f3i r\u1eb1ng b\u1ed1n ti\u00eau ch\u00ed ch\u00ednh \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh v\u1edbi cu\u1ed9c g\u1ecdi m\u1ed9t gi\u1edd n\u00e0y l\u00e0 g\u00ec, m\u00e0 c\u00f3 l\u1ebd l\u00e0 cu\u1ed9c g\u1ecdi ti\u1ebfp theo v\u1edbi FJ Labs, \u0111\u00fang kh\u00f4ng?\n N\u00f3 kh\u00f4ng th\u1ef1c s\u1ef1 thay \u0111\u1ed5i k\u1ec3 t\u1eeb cu\u1ed1i nh\u1eefng n\u0103m 90. Nh\u1eefng ti\u00eau ch\u00ed \u0111\u00f3 l\u00e0 g\u00ec hay v\u1eabn l\u00e0 b\u1ed1n ti\u00eau ch\u00ed? \n Fabrice Grinda: V\u1eabn l\u00e0 b\u1ed1n ti\u00eau ch\u00ed. Ti\u00eau ch\u00ed s\u1ed1 m\u1ed9t l\u00e0 t\u00f4i c\u00f3 th\u00edch ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng? V\u00e0 b\u00e2y gi\u1edd ch\u00fang t\u00f4i c\u00f3 th\u00edch \u0111\u1ed9i ng\u0169 s\u00e1ng l\u1eadp kh\u00f4ng? V\u00e0 nh\u00e2n ti\u1ec7n, ch\u00fang t\u00f4i c\u00f3 n\u0103m GP v\u00e0 10 nh\u00e0 \u0111\u1ea7u t\u01b0 trong qu\u1ef9. Ch\u00fang t\u00f4i c\u00f3 th\u00edch ng\u01b0\u1eddi s\u00e1ng l\u1eadp kh\u00f4ng?    \n Kh\u00f4ng th\u1ec3 ch\u1ec9 l\u00e0 k\u00e9m c\u1ecfi v\u00e0 \u00f4i, t\u00f4i bi\u1ebft m\u1ed9t ng\u01b0\u1eddi s\u00e1ng l\u1eadp gi\u1ecfi l\u00e0 khi t\u00f4i nh\u00ecn th\u1ea5y. V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ecbnh ngh\u0129a n\u00f3 cho ch\u00fang t\u00f4i l\u00e0 m\u1ed9t ng\u01b0\u1eddi c\u1ef1c k\u1ef3 h\u00f9ng bi\u1ec7n v\u00e0 l\u00e0 m\u1ed9t ng\u01b0\u1eddi b\u00e1n h\u00e0ng c\u00f3 t\u1ea7m nh\u00ecn, nh\u01b0ng c\u0169ng bi\u1ebft c\u00e1ch th\u1ef1c hi\u1ec7n. V\u00ec v\u1eady, khi ch\u00fang t\u00f4i \u1edf giao \u0111i\u1ec3m c\u1ee7a nh\u1eefng ng\u01b0\u1eddi bi\u1ebft c\u00e1ch th\u1ef1c hi\u1ec7n v\u00e0 ho\u1eb7c l\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u00e1n h\u00e0ng c\u00f3 t\u1ea7m nh\u00ecn v\u00e0 c\u00e1ch ch\u00fang t\u00f4i t\u00ecm ra trong hai cu\u1ed9c g\u1ecdi m\u1ed9t gi\u1edd, theo quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n, c\u00f3 m\u1ed9t cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean v\u00e0 cu\u1ed9c g\u1ecdi th\u1ee9 hai v\u1edbi m\u1ed9t trong nh\u1eefng \u0111\u1ed1i t\u00e1c.  \n Trong cu\u1ed9c g\u1ecdi th\u1ee9 hai, ch\u00fang t\u00f4i ki\u1ec3m tra xem ch\u00fang t\u00f4i c\u00f3 th\u00edch doanh nghi\u1ec7p kh\u00f4ng? H\u1ecd c\u00f3 th\u1ec3 tr\u00ecnh b\u00e0y r\u00f5 r\u00e0ng c\u1ea3 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn t\u1ed5ng th\u1ec3 v\u00e0 kinh t\u1ebf \u0111\u01a1n v\u1ecb nh\u01b0 th\u1ebf n\u00e0o? V\u00e0 ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 CA, nh\u01b0ng ngay c\u1ea3 tr\u01b0\u1edbc khi h\u1ea1t gi\u1ed1ng v\u00e0 tr\u01b0\u1edbc khi ra m\u1eaft, ch\u00fang t\u00f4i mu\u1ed1n ng\u01b0\u1eddi s\u00e1ng l\u1eadp suy ngh\u0129 k\u1ef9, OK &#8211; chi ph\u00ed thu h\u00fat kh\u00e1ch h\u00e0ng \u01b0\u1edbc t\u00ednh c\u1ee7a h\u1ecd l\u00e0 bao nhi\u00eau? Gi\u00e1 tr\u1ecb \u0111\u01a1n h\u00e0ng trung b\u00ecnh trong ng\u00e0nh l\u00e0 bao nhi\u00eau? C\u1ea5u tr\u00fac bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p h\u1ecd \u0111ang ho\u1ea1t \u0111\u1ed9ng l\u00e0 g\u00ec?    \n V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i mu\u1ed1n so s\u00e1nh CA C v\u1edbi LTV v\u00e0 \u0111\u1ea3m b\u1ea3o r\u1eb1ng kinh t\u1ebf \u0111\u01a1n v\u1ecb c\u00f3 \u00fd ngh\u0129a. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i r\u1ea5t ch\u00fa tr\u1ecdng v\u00e0o kinh t\u1ebf \u0111\u01a1n v\u1ecb. \n Andrew Romans: V\u00ec v\u1eady, l\u1eddi khuy\u00ean l\u1edbn cho b\u1ea5t k\u1ef3 ai g\u1ecdi \u0111i\u1ec7n v\u1edbi FJ Labs. Bi\u1ebft kinh t\u1ebf \u0111\u01a1n v\u1ecb c\u1ee7a b\u1ea1n, bi\u1ebft bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n, ngay c\u1ea3 khi b\u1ea1n ch\u01b0a ra m\u1eaft v\u00e0 b\u1ea1n ch\u1ec9 c\u00f3 m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 c\u00f3 l\u1ee3i \u0111\u1ec3 kh\u00f4ng ch\u1ebft tr\u00ean thanh ki\u1ebfm c\u1ee7a b\u1ea1n, trong cu\u1ed9c g\u1ecdi \u0111\u1ea7u ti\u00ean c\u1ee7a b\u1ea1n v\u00e0 g\u1eb7p Fabrice. \n \u0110\u01b0\u1ee3c ch\u1ee9?\n Fabrice Grinda: Ch\u1eafc ch\u1eafn r\u1ed3i. S\u1ed1 ba, h\u01a1n nh\u1eefng ng\u01b0\u1eddi kh\u00e1c. \n Andrew Romans: M\u1ed7i VC \u0111\u1ec1u n\u00f3i v\u1ec1 qu\u1ea3n l\u00fd. T\u1ea5t c\u1ea3 l\u00e0 v\u1ec1 \u0111\u1ed9i ng\u0169. Nh\u01b0ng c\u00f3 v\u1ebb nh\u01b0 b\u1ea1n \u0111\u00e3 m\u00e3 h\u00f3a m\u1ed9t s\u1ed1 c\u00e1ch \u0111\u1ec3 hi\u1ec3u h\u1ecd. \u0110\u00f4i khi b\u1ea1n c\u00f3 m\u1ed9t CEO h\u01a1i kh\u00e1c bi\u1ec7t nh\u01b0 Steve Jobs, kh\u00f4ng \u0111i gi\u00e0y, h\u01a1i kh\u00f3 ch\u1ecbu.    \n Ai c\u00f3 th\u1ec3 kh\u00f4ng h\u00f9ng bi\u1ec7n nh\u01b0 nh\u1eefng c\u00f4ng vi\u1ec7c \u0111\u01b0\u1ee3c \u0111\u00e1nh b\u00f3ng m\u00e0 m\u1ecdi ng\u01b0\u1eddi bi\u1ebft ng\u00e0y nay? B\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 b\u1ecf l\u1ee1 \u0111i\u1ec1u \u0111\u00f3. Ho\u1eb7c b\u1ea1n c\u00f3 ngh\u0129 r\u1eb1ng b\u1ea1n c\u00f3 s\u1ee9c h\u00fat \u0111\u1ec3 tuy\u1ec3n d\u1ee5ng \u0111\u1ed9i ng\u0169, huy \u0111\u1ed9ng v\u1ed1n v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng?  \n Fabrice Grinda: C\u00e1ch h\u1ecd \u0103n m\u1eb7c, c\u00e1ch h\u1ecd, b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec kh\u00f4ng quan tr\u1ecdng l\u1eafm. Tuy nhi\u00ean, ch\u00fang t\u00f4i c\u00f3 ch\u00ednh s\u00e1ch kh\u00f4ng ch\u1ea5p nh\u1eadn k\u1ebb x\u1ea5u. \n V\u00ec v\u1eady, n\u1ebfu ai \u0111\u00f3 t\u1ecf ra ki\u00eau ng\u1ea1o, ng\u1ea1o m\u1ea1n, kh\u00f4ng \u0111\u1ed1i x\u1eed t\u1ed1t v\u1edbi m\u1ecdi ng\u01b0\u1eddi, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u1ea7u t\u01b0. V\u00e2ng. Steve Jobs hay Travis tr\u00ean th\u1ebf gi\u1edbi c\u00f3 l\u1ebd kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng ng\u01b0\u1eddi m\u00e0 ch\u00fang t\u00f4i mu\u1ed1n h\u1ed7 tr\u1ee3. \n Andrew Romans: \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 nh\u1eefng ti\u00eau ch\u00ed kh\u00e1c l\u00e0 g\u00ec?\n Fabrice Grinda: V\u00ec v\u1eady, s\u1ed1 ba l\u00e0 \u0111i\u1ec1u kho\u1ea3n giao d\u1ecbch. B\u00e2y gi\u1edd, kh\u00f4ng c\u00f3 g\u00ec r\u1ebb trong c\u00f4ng ngh\u1ec7, nh\u01b0ng n\u00f3 c\u00f3 c\u00f4ng b\u1eb1ng kh\u00f4ng trong b\u1ed1i c\u1ea3nh c\u1ee7a s\u1ef1 thu h\u00fat, \u0111\u1ed9i ng\u0169 v\u00e0 c\u01a1 h\u1ed9i? \n V\u00e0 ch\u00fang t\u00f4i nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 c\u1ea3. V\u00e0 l\u00fd do ch\u00fang t\u00f4i nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 c\u1ea3 l\u00e0 n\u1ebfu b\u1ea1n tham gia, n\u0103m tr\u01b0\u1edbc ho\u1eb7c m\u01b0\u1eddi tr\u01b0\u1edbc v\u00e0 c\u00f4ng ty b\u00e1n v\u1edbi gi\u00e1 50, b\u1ea1n th\u1ef1c s\u1ef1 l\u1ea5y l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ec1n c\u1ee7a m\u00ecnh. Nh\u01b0ng n\u1ebfu b\u1ea1n tham gia v\u00e0o m\u1ed9t th\u1ecfa thu\u1eadn AI \u0111\u01b0\u1ee3c th\u1ed5i ph\u1ed3ng qu\u00e1 m\u1ee9c \u1edf m\u1ee9c 150 tr\u01b0\u1edbc b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec, th\u00ec r\u1ea5t c\u00f3 th\u1ec3 b\u1ea1n s\u1ebd kh\u00f4ng l\u1ea5y l\u1ea1i \u0111\u01b0\u1ee3c ti\u1ec1n c\u1ee7a m\u00ecnh n\u1ebfu \u0111\u00f3 l\u00e0 m\u1ed9t v\u1ee5 mua l\u1ea1i ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec.  \n V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i c\u00f3, ch\u00fang t\u00f4i bi\u1ebft gi\u00e1 tr\u1ecb trung b\u00ecnh. \u0110\u1ecbnh gi\u00e1. Ch\u00fang t\u00f4i xem x\u00e9t gi\u00e1 tr\u1ecb trung b\u00ecnh tr\u00ean m\u1ee9c trung b\u00ecnh cho t\u1eebng giai \u0111o\u1ea1n v\u00e0 ch\u00fang t\u00f4i c\u1ed1 g\u1eafng g\u1ea7n v\u1edbi gi\u00e1 tr\u1ecb trung b\u00ecnh. V\u00e0 sau \u0111\u00f3 s\u1ed1 b\u1ed1n, n\u00f3 c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 n\u01a1i th\u1ebf gi\u1edbi \u0111ang \u0111i. V\u00e0 ch\u00fang t\u00f4i c\u00f3 lu\u1eadn \u0111i\u1ec3m r\u1ea5t r\u00f5 r\u00e0ng v\u1ec1 t\u01b0\u01a1ng lai c\u1ee7a vi\u1ec7c s\u1ed1 h\u00f3a chu\u1ed7i cung \u1ee9ng B2B, t\u01b0\u01a1ng lai c\u1ee7a di \u0111\u1ed9ng, t\u01b0\u01a1ng lai c\u1ee7a b\u1ea5t \u0111\u1ed9ng s\u1ea3n, t\u01b0\u01a1ng lai c\u1ee7a m\u1ecdi ng\u00e0nh d\u1ecdc l\u1edbn.    \n V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i mu\u1ed1n m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 v\u1eeba h\u1eefu \u00edch cho th\u1ebf gi\u1edbi v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi t\u1ea7m nh\u00ecn c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 n\u01a1i th\u1ebf gi\u1edbi \u0111ang \u0111i.\n Andrew Romans: V\u00e2ng, t\u00f4i \u0111\u00e3 t\u1eebng ngh\u0129 r\u1eb1ng \u00f4i, \u0111\u00e2y l\u00e0 lu\u1eadn \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i v\u00e0 v\u00ec v\u1eady t\u00f4i ch\u1ec9 mu\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o \u0111i\u1ec1u n\u00e0y v\u00e0o l\u00fac n\u00e0y. V\u00e0 sau \u0111\u00f3, v\u00e0 t\u00f4i ngh\u0129 v\u1ec1 \u0111i\u1ec1u \u0111\u00f3 nh\u01b0 m\u1ed9t cu\u1ed9c t\u1ea5n c\u00f4ng. V\u00e0 b\u00e2y gi\u1edd t\u00f4i \u0111\u00e3 tr\u1edf n\u00ean ph\u00f2ng th\u1ee7 h\u01a1n m\u1ed9t ch\u00fat khi n\u00f3i, tr\u1eddi \u01a1i, ngay c\u1ea3 danh m\u1ee5c \u0111\u1ea7u t\u01b0 di s\u1ea3n c\u1ee7a t\u00f4i, ch\u00fang t\u00f4i c\u00f3 h\u01a1n 70 c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i \u0111ang gi\u1edbi thi\u1ec7u cho c\u00e1c VC kh\u00e1c.  \n V\u00e0 h\u1ecd gi\u1ed1ng nh\u01b0 \u0111i\u1ec1u n\u00e0y kh\u00f4ng ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi t\u1ea7m nh\u00ecn c\u1ee7a ch\u00fang t\u00f4i v\u1ec1 t\u01b0\u01a1ng lai, ngay b\u00e2y gi\u1edd. V\u00ec v\u1eady, n\u00f3 g\u1ea7n nh\u01b0 c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh, n\u00f3 \u0111\u00e3 chuy\u1ec3n t\u1eeb t\u1ea5n c\u00f4ng sang ph\u00f2ng th\u1ee7 khi lo l\u1eafng v\u1ec1 vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty m\u00e0 ch\u00fang t\u00f4i qu\u00e1 tr\u00e1i ng\u01b0\u1ee3c. Ch\u00fang t\u00f4i s\u1ebd ph\u1ea3i t\u00e0i tr\u1ee3 cho \u0111i\u1ec1u n\u00e0y m\u1ed9t m\u00ecnh, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e1ch qu\u1ef9 c\u1ee7a ch\u00fang t\u00f4i \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng.  \n Fabrice Grinda: Ch\u00fang t\u00f4i, nh\u00ecn xem, ch\u00fang t\u00f4i ho\u00e0n to\u00e0n c\u00f3 v\u1ea5n \u0111\u1ec1 \u0111\u00f3, ph\u1ea3i kh\u00f4ng? Ch\u00fang t\u00f4i tr\u00e1i ng\u01b0\u1ee3c, c\u00f3 ngh\u0129a l\u00e0 ngay b\u00e2y gi\u1edd ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty AI LLM v\u00ec ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y r\u1eb1ng bi\u00ean l\u1ee3i nhu\u1eadn th\u01b0\u1eddng l\u00e0 \u00e2m. V\u00e0 v\u00e2ng, doanh thu t\u0103ng cao, n\u1ebfu t\u00f4i n\u1ebfu b\u1ea1n cho b\u1ea1n m\u1ed9t \u0111\u00f4 la, t\u00f4i cho b\u1ea1n hai \u0111\u00f4 la tr\u1edf l\u1ea1i, th\u1eadt d\u1ec5 d\u00e0ng \u0111\u1ec3 \u0111i t\u1eeb kh\u00f4ng \u0111\u1ebfn m\u1ed9t tr\u0103m tri\u1ec7u doanh thu.  \n V\u00e0 v\u00ec v\u1eady c\u00f3 r\u1ea5t nhi\u1ec1u c\u00f4ng ty n\u00e0y v\u1edbi c\u00e1c \u0111\u1ed9i ng\u0169 tuy\u1ec7t v\u1eddi, \u0111\u1ed9i ng\u0169 MIT, \u0111\u1ed9i ng\u0169 Stanford, \u0111\u1ed9i ng\u0169 Harvard, v.v., \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u v\u1ed1n v\u00e0 \u0111\u1ecbnh gi\u00e1 cao. Kh\u00f4ng c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c s\u1ef1. T\u00f4i lo l\u1eafng r\u1eb1ng s\u1ebd c\u00f3 m\u1ed9t ng\u00e0y t\u00ednh to\u00e1n, v\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111\u00e3 kh\u00f4ng l\u00e0m b\u1ea5t k\u1ef3 \u0111i\u1ec1u \u0111\u00f3.  \n Thay v\u00e0o \u0111\u00f3, nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o l\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t l\u00e0 B2B, \u0111ang \u00e1p d\u1ee5ng AI \u0111\u1ec3 tr\u1edf n\u00ean hi\u1ec7u qu\u1ea3 h\u01a1n. Nh\u01b0ng n\u00f3 tr\u00e1i ng\u01b0\u1ee3c v\u00ec ch\u00fang t\u00f4i kh\u00f4ng \u0111\u1ea7u t\u01b0 v\u00e0o, ch\u00fang t\u00f4i \u0111\u1ea7u t\u01b0 v\u00e0o AI \u1ee9ng d\u1ee5ng thay v\u00ec AI t\u1ef1 th\u00e2n. V\u00e0 t\u00f4i s\u1ebd l\u1eadp lu\u1eadn r\u1eb1ng \u0111\u00f3 l\u00e0 c\u00e1ch th\u00f4ng minh \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o AI, nh\u01b0ng v\u00ec n\u00f3 tr\u00e1i ng\u01b0\u1ee3c, vi\u1ec7c t\u00e0i tr\u1ee3 cho c\u00e1c c\u00f4ng ty n\u00e0y th\u1ef1c s\u1ef1 kh\u00e1 kh\u00f3 kh\u0103n.   \n V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i c\u1ea7n ph\u1ea3i r\u1ea5t c\u00e2n nh\u1eafc v\u1ec1, OK, h\u1ecd c\u00f3 \u0111\u1ee7 v\u1ed1n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c \u0111\u1ed9 thu h\u00fat, \u0111i\u1ec1u n\u00e0y s\u1ebd \u0111\u1ee7 h\u1ea5p d\u1eabn \u0111\u1ec3 kh\u00f4ng c\u00f3 v\u1ea5n \u0111\u1ec1 g\u00ec, h\u1ecd s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c v\u00f2ng ti\u1ebfp theo \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111\u00e1ng ti\u1ebfc, do t\u00ednh ch\u1ea5t tr\u00e1i ng\u01b0\u1ee3c c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ph\u1ea3i t\u0103ng ti\u00eau chu\u1ea9n c\u1ee7a h\u1ecd v\u00e0 c\u1ea9n th\u1eadn h\u01a1n nhi\u1ec1u. \n Andrew Romans: V\u00e2ng. V\u00e0 b\u1ea1n \u0111\u00e3 h\u1ecdc \u0111\u01b0\u1ee3c g\u00ec, ho\u1eb7c b\u1ea1n \u0111\u00e3 \u0111\u1eb7t ra nh\u1eefng ch\u00ednh s\u00e1ch n\u00e0o v\u1ec1 \u0111\u01b0\u1eddng b\u0103ng v\u00e0 c\u00f3 th\u1ec3 th\u1eadm ch\u00ed, b\u1ea1n ngh\u0129 v\u1ec1 n\u00f3 nh\u01b0 th\u1ebf n\u00e0o? Ch\u00fang t\u00f4i th\u01b0\u1eddng n\u00f3i, \u0111\u01b0\u1ee3c r\u1ed3i. T\u0103ng tr\u01b0\u1edfng doanh thu h\u00ecnh g\u1eady kh\u00fac c\u00f4n c\u1ea7u m\u00e0 b\u1ea1n \u0111ang d\u1ef1 b\u00e1o l\u00e0 kh\u00f4ng ch\u1eafc ch\u1eafn, v\u00e0 kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng b\u1ea1n s\u1ebd ph\u00e1t tri\u1ec3n nhanh h\u01a1n Groupon ho\u1eb7c c\u00f4ng ty nh\u1ea1c chu\u00f4ng c\u1ee7a b\u1ea1n trong qu\u00e1 kh\u1ee9.   \n Nh\u01b0ng \u0111i\u1ec1u ch\u1eafc ch\u1eafn l\u00e0 k\u1ebf ho\u1ea1ch ho\u1ea1t \u0111\u1ed9ng c\u1ee7a b\u1ea1n v\u1ec1 nh\u1eefng g\u00ec b\u1ea1n tr\u00f4ng nh\u01b0 th\u1ebf n\u00e0o b\u1ea1n s\u1ebd chi ti\u00eau v\u00e0 n\u1ebfu b\u1ea1n cho n\u00f3 m\u1ed9t l\u01b0\u1ee3ng \u0111\u01b0\u1eddng b\u0103ng nh\u1ea5t \u0111\u1ecbnh, b\u1ea1n c\u00f3 th\u1eddi gian \u0111\u1ec3 th\u1ef1c hi\u1ec7n m\u1ed9t s\u1ed1 thay \u0111\u1ed5i v\u00e0 c\u1eaft m\u1ed9t s\u1ed1 d\u00e2y v\u00e0 n\u1ed1i m\u1ed9t s\u1ed1 d\u00e2y. Thay \u0111\u1ed5i chi ti\u00eau ho\u1eb7c chi\u1ebfn thu\u1eadt c\u1ee7a b\u1ea1n \u0111\u1ec3, t\u00f4i s\u1ebd th\u1ef1c hi\u1ec7n m\u1ed9t th\u1ecfa thu\u1eadn c\u1ea5p ph\u00e9p tr\u01b0\u1edbc 12 th\u00e1ng ho\u1eb7c m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00f4ng ty th\u00f4ng qua kh\u00e1ch h\u00e0ng. \n Quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 \u0111\u01b0\u1eddng b\u0103ng \u1edf c\u00e1c giai \u0111o\u1ea1n kh\u00e1c nhau m\u00e0 c\u00e1c b\u1ea1n \u0111\u1ea7u t\u01b0 l\u00e0 g\u00ec, \n Fabrice Grinda: v\u00ec t\u00ednh ch\u1ea5t tr\u00e1i ng\u01b0\u1ee3c c\u1ee7a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i, n\u01a1i ch\u00fang t\u00f4i kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi lu\u1eadn \u0111i\u1ec3m VC chung, hi\u1ec7n t\u1ea1i l\u00e0 t\u1ea5t c\u1ea3 AI m\u1ecdi l\u00fac. Ch\u00fang t\u00f4i v\u1ec1 c\u01a1 b\u1ea3n c\u1ea7n hai n\u0103m v\u00ec \u0111i\u1ec1u \u0111\u00f3 cho b\u1ea1n \u0111\u1ee7 th\u1eddi gian \u0111\u1ec3 xoay tr\u1ee5c n\u1ebfu b\u1ea1n c\u1ea7n \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u00e1t tri\u1ec3n. \n B\u1ea1n c\u1ea7n ba ho\u1eb7c b\u1ed1n l\u1ea7n t\u1eeb C \u0111\u1ebfn A, t\u1eeb A \u0111\u1ebfn B, v.v. V\u00e0 v\u00e2ng, hai n\u0103m l\u00e0 kho\u1ea3ng th\u1eddi gian ph\u00f9 h\u1ee3p. \n Andrew Romans: V\u00ec v\u1eady, \u0111\u01b0\u1eddng b\u0103ng hai n\u0103m 24 th\u00e1ng cho ph\u00e9p startup c\u00f3 th\u00eam th\u1eddi gian \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ed9t s\u1ed1 c\u1ed9t m\u1ed1c \u0111\u1ec3 m\u1edf c\u1ed5ng ti\u1ebfp theo c\u1ee7a ng\u01b0\u1eddi g\u00e1c c\u1ed5ng ti\u1ebfp theo \u0111\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 l\u00fd thuy\u1ebft cao h\u01a1n.\n M\u1eb7t kh\u00e1c, nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp d\u01b0\u1eddng nh\u01b0 b\u00e1n r\u1ea5t g\u1ea7n v\u1edbi gi\u00f3 theo kinh nghi\u1ec7m c\u1ee7a t\u00f4i, v\u00e0 h\u1ecd c\u00f3 xu h\u01b0\u1edbng \u0111\u01b0\u1ee3c sinh ra t\u1eeb m\u1eb9 c\u1ee7a h\u1ecd h\u00e9t l\u00ean v\u1ec1 s\u1ef1 pha lo\u00e3ng. H\u1ecd th\u00e0 \u0111\u1eb7t to\u00e0n b\u1ed9 l\u00e2u \u0111\u00e0i v\u00e0o nguy c\u01a1 ch\u1ec9 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t ch\u00fat c\u1ea1o t\u00f3c nh\u1ecf \u0111\u1ec3 gi\u1ea3m thi\u1ec3u s\u1ef1 pha lo\u00e3ng, \u0111i\u1ec1u n\u00e0y kh\u00f4ng thay \u0111\u1ed5i g\u00ec c\u1ea3. \n V\u00ec v\u1eady, t\u00f4i ngh\u0129 r\u1eb1ng c\u00f3 v\u1ebb nh\u01b0 c\u00f3 m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng trong s\u1ef1 nghi\u1ec7p c\u1ee7a t\u00f4i r\u1eb1ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi n\u00f3i chuy\u1ec7n v\u1edbi c\u00e1c doanh nh\u00e2n tr\u1ebb h\u01a1n, ho\u1eb7c c\u00f3 th\u1ec3 h\u1ecd kh\u00f4ng c\u00f2n tr\u1ebb nh\u01b0 v\u1eady, nh\u01b0ng \u0111\u00e2y l\u00e0 startup \u0111\u1ea7u ti\u00ean c\u1ee7a h\u1ecd, r\u1eb1ng h\u1ecd kh\u00f4ng, \u0111\u1eb7t \u0111\u1ee7 nhi\u00ean li\u1ec7u v\u00e0o b\u00ecnh x\u0103ng qua v\u1ea5n \u0111\u1ec1 \u0111\u00f3.\n Fabrice Grinda: Ch\u1eafc ch\u1eafn r\u1ed3i. Nh\u01b0ng trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a ch\u00fang t\u00f4i, n\u1ebfu b\u1ea1n \u0111ang huy \u0111\u1ed9ng, n\u1ebfu b\u1ea1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c d\u01b0\u1edbi 18 th\u00e1ng d\u1ef1a tr\u00ean k\u1ebf ho\u1ea1ch ho\u1ea1t \u0111\u1ed9ng c\u1ee7a b\u1ea1n, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng l\u00e0m \u0111i\u1ec1u n\u00e0y. \n Ch\u00fang t\u00f4i \u0111\u00e3 th\u1ea5y qu\u00e1 nhi\u1ec1u ng\u01b0\u1eddi bay qu\u00e1 g\u1ea7n m\u1eb7t tr\u1eddi. V\u00e0 nh\u00e2n ti\u1ec7n, n\u1ebfu t\u00f4i nh\u00ecn v\u00e0o nh\u1eefng \u0111i\u1ec1u gi\u1ebft ch\u1ebft c\u00e1c startup nhi\u1ec1u nh\u1ea5t l\u00e0 g\u00ec? S\u1ed1 m\u1ed9t l\u00e0 b\u1ea1n kh\u00f4ng t\u00ecm th\u1ea5y s\u1ef1 ph\u00f9 h\u1ee3p v\u1edbi th\u1ecb tr\u01b0\u1eddng s\u1ea3n ph\u1ea9m, \u0111\u01b0\u1ee3c ch\u1ee9? \u0110i\u1ec1u \u0111\u00f3 l\u00e0 b\u00ecnh th\u01b0\u1eddng. S\u1ed1 hai th\u1ef1c s\u1ef1 l\u00e0 b\u1ea1n \u0111\u00e3 huy \u0111\u1ed9ng qu\u00e1 nhi\u1ec1u ti\u1ec1n v\u1edbi gi\u00e1 qu\u00e1 cao. V\u00e0 nhi\u1ec1u ng\u01b0\u1eddi s\u00e1ng l\u1eadp \u0111ang c\u1ed1 g\u1eafng \u0111\u1ecbnh gi\u00e1 \u0111\u1ec3 ho\u00e0n h\u1ea3o.     \n Nh\u01b0ng v\u1ea5n \u0111\u1ec1 l\u00e0 n\u1ebfu b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n trong \u0111\u1ecbnh gi\u00e1, b\u1ea1n s\u1ebd ch\u1ebft v\u00ec kh\u00f4ng ai mu\u1ed1n th\u1ef1c hi\u1ec7n ch\u1ed1ng pha lo\u00e3ng, v.v. Ho\u1eb7c s\u1ed1 ba, b\u1ea1n kh\u00f4ng huy \u0111\u1ed9ng \u0111\u1ee7 v\u1ed1n v\u00e0 b\u1ea1n kh\u00f4ng ph\u00e1t tri\u1ec3n v\u00e0 nhanh nh\u01b0 b\u1ea1n c\u00f3 th\u1ec3, v\u00e0 sau \u0111\u00f3 b\u1ea1n c\u1ea7n th\u1ef1c hi\u1ec7n m\u1ed9t v\u00f2ng m\u1edf r\u1ed9ng. Ch\u1ec9 nh\u1eefng ng\u01b0\u1eddi trong cu\u1ed9c m\u1edbi c\u00f3 th\u1ec3 h\u1ed7 tr\u1ee3 n\u00f3.  \n B\u1ea1n kh\u00f4ng th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c v\u1ed1n b\u00ean ngo\u00e0i. V\u00e0 th\u01b0\u1eddng xuy\u00ean d\u1eabn \u0111\u1ebfn, nhi\u1ec1u ng\u01b0\u1eddi kh\u00f4ng mu\u1ed1n l\u00e0m c\u1ea7u n\u1ed1i v\u00e0 th\u01b0\u1eddng c\u00f4ng ty c\u0169ng ch\u1ebft. V\u00ec v\u1eady, hai v\u00e0 ba, th\u1ef1c s\u1ef1 l\u00e0. Li\u00ean quan \u0111\u1ebfn \u0111\u1ed9 nh\u1ea1y pha lo\u00e3ng ho\u1eb7c m\u1ed9t s\u1ed1 l\u00fd do l\u1edbn nh\u1ea5t, c\u00f4ng ty ch\u1ebft.   \n Andrew Romans: V\u00e2ng. V\u00e2ng. T\u00f4i lu\u00f4n n\u00f3i r\u1eb1ng khi b\u1ea1n \u0111\u1ecbnh gi\u00e1 v\u00f2ng ti\u1ebfp theo n\u00e0y v\u00e0 t\u1ea5t c\u1ea3 ch\u00fang t\u00f4i \u0111ang suy ngh\u0129 v\u1ec1 s\u1ed1 ti\u1ec1n, \u0111\u1ecbnh gi\u00e1, \u0111i\u1ec1u kho\u1ea3n b\u1ea1n n\u00ean ngh\u0129, v\u00f2ng ti\u1ebfp theo s\u1ebd nh\u01b0 th\u1ebf n\u00e0o sau \u0111\u00f3?\n V\u00ec v\u1eady, ng\u1ecdn \u0111\u1ed3i n\u00e0y c\u00f3 \u0111\u01b0a t\u00f4i \u0111\u1ebfn ng\u1ecdn \u0111\u1ed3i ti\u1ebfp theo kh\u00f4ng? Ch\u00ednh x\u00e1c. V\u00e0 \u0111\u1eebng ngh\u0129 v\u1ec1 n\u00f3 nh\u01b0, th\u1eadt tuy\u1ec7t, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong th\u1eddi k\u1ef3 COVID ch\u01b0a t\u1eebng c\u00f3 kh\u00f3 kh\u0103n \u0111\u1ec3 n\u00f3i, ch\u00fang t\u00f4i \u0111ang huy \u0111\u1ed9ng tr\u00ean con \u0111\u01b0\u1eddng d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn, v\u00ec v\u1eady m\u1ecdi ng\u01b0\u1eddi h\u00e3y b\u00ecnh t\u0129nh v\u00ec \u0111i\u1ec1u n\u00e0y \u0111\u01b0a ch\u00fang t\u00f4i \u0111\u1ebfn l\u1ee3i nhu\u1eadn. Nh\u01b0ng khi b\u1ea1n \u0111ang x\u00e2y d\u1ef1ng s\u1ea3n ph\u1ea9m v\u00e0 b\u1ea1n \u0111ang c\u1ed1 g\u1eafng tr\u1edf th\u00e0nh ng\u01b0\u1eddi d\u1eabn \u0111\u1ea7u th\u1ebf gi\u1edbi, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng x\u1ea3y ra. \n V\u00ec v\u1eady, m\u1ed9t ch\u00fat n\u1eefa v\u1ec1 \u0111\u1ecbnh gi\u00e1 v\u1ec1 nh\u1eefng g\u00ec l\u00e0 c\u00f4ng b\u1eb1ng v\u00e0 nh\u1eefng g\u00ec \u0111\u00e3 thay \u0111\u1ed5i. V\u00ec v\u1eady, trong nhi\u1ec1u n\u0103m qua, \u0111\u00e3 c\u00f3 l\u00fac 1 tri\u1ec7u \u0111\u00f4 la l\u00e0 \u0111\u1ecbnh gi\u00e1 c\u1ee7a m\u1ed9t c\u00f4ng ty ch\u01b0a b\u1eaft \u0111\u1ea7u. Ch\u1ec9 c\u1ea7n huy \u0111\u1ed9ng ti\u1ec1n thi\u00ean th\u1ea7n th\u00ec c\u00f3 v\u1ebb nh\u01b0 \u0111\u00e3 t\u0103ng l\u00ean ba \u0111\u1ebfn n\u0103m. B\u1ea1n ngh\u0129 v\u1ec1 nh\u1eefng ng\u00e0y \u0111\u1ea7u, ng\u00e0y \u0111\u1ea7u ti\u00ean c\u1ee7a Dave McClure, ng\u00e0y demo kh\u1edfi nghi\u1ec7p 500.   \n M\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u c\u00f3 m\u1ee9c tr\u1ea7n 5 tri\u1ec7u. Tr\u00ean m\u1ed9t ghi ch\u00fa h\u00f4n tr\u00ean m\u1ed9t ghi ch\u00fa chuy\u1ec3n \u0111\u1ed5i. V\u00e0 sau \u0111\u00f3, m\u1ed9t s\u1ed1 \u0111\u1ecbnh gi\u00e1 n\u00e0y \u0111ang tr\u1edf n\u00ean l\u1edbn h\u01a1n. Theo b\u1ea1n, \u0111i\u1ec1u g\u00ec l\u00e0 c\u00f4ng b\u1eb1ng? V\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 thay \u0111\u1ed5i nh\u01b0 th\u1ebf n\u00e0o so v\u1edbi qu\u00e1 kh\u1ee9? B\u1ea1n \u0111\u00e3 tr\u1ea3i qua m\u1ed9t s\u1ed1 giai \u0111o\u1ea1n c\u1ee7a. N\u01a1i th\u1ecb tr\u01b0\u1eddng l\u00e0.      \n V\u00ec v\u1eady, c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u v\u1edbi tr\u01b0\u1edbc doanh thu v\u00e0 b\u1ea1n \u0111ang l\u00e0m bao nhi\u00eau tr\u01b0\u1edbc doanh thu nh\u1eefng ng\u00e0y n\u00e0y?\n Fabrice Grinda: Ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n \u0111\u1ea7u ti\u00ean tr\u01b0\u1edbc doanh thu, c\u00f3 l\u1ebd c\u0169ng kh\u00e1c v\u1edbi ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n th\u1ee9 hai \u0111\u00e3 r\u1ea5t th\u00e0nh c\u00f4ng l\u1ea7n \u0111\u1ea7u ti\u00ean, \u0111i\u1ec1u n\u00e0y c\u0169ng kh\u00e1c v\u1edbi ng\u01b0\u1eddi s\u00e1ng l\u1eadp l\u1ea7n th\u1ee9 hai kh\u00f4ng th\u00e0nh c\u00f4ng l\u1ea7n \u0111\u1ea7u ti\u00ean.\n Nh\u01b0ng tr\u01b0\u1edbc doanh thu, ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 c\u1ed1 g\u1eafng b\u00e1m v\u00e0o, v\u00e2ng, s\u00e1u mi\u1ec5n ph\u00ed huy \u0111\u1ed9ng m\u1ed9t, m\u1ed9t r\u01b0\u1ee1i v\u00ec b\u1ea1n c\u00f3 th\u1ec3 \u0111i xa h\u01a1n r\u1ea5t nhi\u1ec1u v\u1edbi s\u1ed1 v\u1ed1n \u0111\u00f3 ng\u00e0y h\u00f4m nay. V\u00e0 n\u1ebfu b\u1ea1n \u0111ang huy \u0111\u1ed9ng \u0111i\u00ean r\u1ed3, v\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, c\u00e1c c\u00f4ng ty AI ng\u00e0y nay \u0111\u00e3 huy \u0111\u1ed9ng \u1edf m\u1ee9c 20, 30, 50, m\u1ed9t tr\u0103m, ho\u1eb7c c\u00e1c c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed, ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 tr\u01b0\u1edbc doanh thu. \n V\u00ec v\u1eady, ch\u00fang t\u00f4i kh\u00f4ng th\u1ef1c hi\u1ec7n b\u1ea5t k\u1ef3 th\u1ecfa thu\u1eadn n\u00e0o tr\u01b0\u1edbc doanh thu c\u1ee7a YC \u1edf m\u1ee9c 20, 30, 40 gi\u1edbi h\u1ea1n. N\u00f3 ch\u1ec9 qu\u00e1 ho\u00e0n h\u1ea3o v\u1ec1 gi\u00e1. T\u00f4i th\u00e0 \u0111\u1ee3i m\u1ed9t ho\u1eb7c hai n\u0103m xem li\u1ec7u h\u1ecd c\u00f3 th\u00e0nh c\u00f4ng v\u00e0 t\u1ed3n t\u1ea1i v\u00e0 ph\u00e1t tri\u1ec3n trong \u0111\u1ecbnh gi\u00e1 hay kh\u00f4ng. Th\u1ef1c hi\u1ec7n v\u00f2ng ti\u1ebfp theo h\u01a1n l\u00e0 l\u00e0m ngo\u00e0i YC. V\u00ec v\u1eady, t\u00f4i s\u1ebd \u0111\u1ebfn YC, th\u1ef1c s\u1ef1 xem x\u00e9t t\u1ea5t c\u1ea3 ch\u00fang, xem nh\u1eefng c\u00e1i m\u00e0 t\u00f4i ngh\u0129 l\u00e0 th\u00fa v\u1ecb, v\u00e0 sau \u0111\u00f3 \u0111\u1ee3i \u0111\u1ebfn v\u00f2ng ti\u1ebfp theo, v\u00e0 sau \u0111\u00f3 t\u00f4i s\u1ebd l\u00e0m ch\u00fang trong v\u00f2ng ti\u1ebfp theo.    \n N\u1ebfu h\u1ecd \u0111\u00e3 ph\u00e1t tri\u1ec3n th\u00e0nh \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111\u1ecbnh gi\u00e1 l\u00e0 h\u1ee3p l\u00fd v\u00e0 c\u00f3 s\u1ef1 h\u1ed9i t\u1ee5 gi\u1eefa s\u1ef1 co l\u1ea1i v\u00e0 \u0111\u1ecbnh gi\u00e1 v\u00e0 \u0111\u00f3 l\u00e0 tr\u01b0\u1edbc doanh thu. V\u00f2ng h\u1ea1t gi\u1ed1ng, v\u00e0 t\u00f4i s\u1ebd cho b\u1ea1n v\u00e0 v\u00f2ng h\u1ea1t gi\u1ed1ng \u0111\u1ed1i v\u1edbi t\u00f4i l\u00e0 b\u1ea1n \u0111ang l\u00e0m 15-20K m\u1ed9t th\u00e1ng trong doanh thu r\u00f2ng MRR. V\u00ec v\u1eady, c\u00f3 th\u1ec3 b\u1ea1n l\u00e0 150 K trong GMV m\u1ed7i th\u00e1ng v\u00e0 b\u1ea1n c\u00f3 t\u1ef7 l\u1ec7 l\u1ea5y 15%.  \n N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng ho\u1eb7c c\u00f3 th\u1ec3 b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng B2B, b\u1ea1n \u0111ang l\u00e0m 500 KA th\u00e1ng trong doanh thu trong GMV v\u1edbi t\u1ef7 l\u1ec7 l\u1ea5y 4%. V\u00ec v\u1eady, b\u1ea1n \u0111ang \u1edf m\u1ee9c bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng 20 K \u0111\u00f3 ho\u1eb7c doanh thu r\u00f2ng \u0111\u00f3, b\u1ea1n c\u00f3 bi\u00ean l\u1ee3i nhu\u1eadn r\u1ea5t cao, sau \u0111\u00f3 b\u1ea1n l\u1ea1i huy \u0111\u1ed9ng v\u1ed1n. Ba, b\u1ed1n \u1edf m\u1ee9c 12 tr\u01b0\u1edbc \u0111\u00e2y t\u1eebng l\u00e0 ch\u00edn tr\u01b0\u1edbc ho\u1eb7c t\u00e1m tr\u01b0\u1edbc, nh\u01b0ng b\u00e2y gi\u1edd l\u00e0 12, 13.  \n V\u00e0 \u0111\u00e2y l\u00e0 n\u01a1i ch\u00fang t\u00f4i c\u1ed1 g\u1eafng \u0111\u1ea1t \u0111\u01b0\u1ee3c. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, \u0111\u00e2y l\u00e0 m\u1ee9c trung b\u00ecnh cho ch\u00fang t\u00f4i. Trung b\u00ecnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng cao h\u01a1n r\u1ea5t nhi\u1ec1u. V\u00e0 \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 v\u1edbi A, doanh thu r\u00f2ng c\u00f3 th\u1ec3 l\u00e0 150 k MRR ho\u1eb7c. N\u1ebfu b\u1ea1n l\u00e0 c\u00f4ng ty SaaS ho\u1eb7c c\u00f3 th\u1ec3 b\u1ea1n c\u00f3 750K trong GMV, b\u1ea1n l\u1ea5y v\u1edbi t\u1ef7 l\u1ec7 15%. V\u00e0 ph\u1ea1m vi ch\u00fang t\u00f4i c\u1ed1 g\u1eafng \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u00e0 b\u1ea1n \u0111ang huy \u0111\u1ed9ng b\u1ea3y \u1edf m\u1ee9c 23 Pre\u2019s \u1edf m\u1ee9c 30 posts, ho\u1eb7c 10 \u1edf m\u1ee9c 30 pre, \u0111\u1ea1i lo\u1ea1i nh\u01b0 v\u1eady.     \n Andrew Romans: V\u1eady t\u1ef7 l\u1ec7 ARR cho nh\u1eefng c\u00e1i \u0111\u00f3 l\u00e0 bao nhi\u00eau? V\u1eady ti\u1ec1n tr\u01b0\u1edbc l\u00e0 bao nhi\u00eau n\u1ebfu, \n Fabrice Grinda: V\u1ea5n \u0111\u1ec1 l\u00e0, ARR ph\u1ee5 thu\u1ed9c v\u00e0o bi\u00ean l\u1ee3i nhu\u1eadn, \u0111\u00fang kh\u00f4ng? V\u1eady b\u1ea1n \u0111ang n\u00f3i v\u1ec1 c\u00e1c doanh nghi\u1ec7p SaaS. \n Trong doanh thu r\u00f2ng, n\u00f3i doanh thu r\u00f2ng. kh\u00f4ng ph\u1ea3i GMV. V\u00e0 thu\u1eadt ng\u1eef doanh thu r\u00f2ng \u1edf v\u00f2ng A, h\u1ecd \u0111ang l\u00e0m 1,5 tri\u1ec7u v\u00e0 ch\u00fang t\u00f4i mu\u1ed1n \u0111\u1ea7u t\u01b0 \u1edf m\u1ee9c 20, 23 \u0111\u1ebfn 30, \u0111\u00fang kh\u00f4ng? T\u00f4i kh\u00f4ng bi\u1ebft, 20-25.   \n Andrew Romans: V\u1eady 20 \u0111\u1ebfn 25 X\n Fabrice Grinda: V\u00e2ng.\n Andrew Romans: Doanh thu r\u00f2ng, v\u00e0 \u0111\u00f3 l\u00e0 cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00f3ng. T\u00f4i nh\u1edb khi 10 l\u00e0 c\u00f4ng b\u1eb1ng. \n Fabrice Grinda: V\u00e2ng. 10 t\u00f4i ngh\u0129 l\u00e0 c\u00f4ng b\u1eb1ng \u1edf giai \u0111o\u1ea1n sau khi t\u0103ng tr\u01b0\u1edfng c\u1ee7a b\u1ea1n th\u1ea5p h\u01a1n. Nh\u01b0ng n\u1ebfu b\u1ea1n \u0111ang t\u0103ng tr\u01b0\u1edfng b\u1ed1n ho\u1eb7c n\u0103m l\u1ea7n m\u1ed7i n\u0103m, t\u00f4i ngh\u0129 20 \u1edf giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng v\u00e0 A, ho\u00e0n to\u00e0n \u1ed5n. \n \u0110\u1eb7c bi\u1ec7t l\u00e0 th\u1ecb tr\u01b0\u1eddng. Th\u1ecb tr\u01b0\u1eddng ch\u1ecbu \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3. \u0110i\u1ec1u kh\u00f4ng c\u00f4ng b\u1eb1ng l\u00e0, m\u00e0 t\u00f4i th\u1ea5y r\u1ea5t nhi\u1ec1u. C\u00e1c c\u00f4ng ty trong l\u0129nh v\u1ef1c AI \u0111ang ch\u1ea1y \u0111ua \u1edf m\u1ee9c 100 ho\u1eb7c 200 ho\u1eb7c 300 tri\u1ec7u, v\u00e0 ch\u00fang t\u00f4i \u0111ang n\u00f3i v\u1ec1 300 X ARR \u0111ang x\u1ea3y ra ng\u00e0y nay.   \n Andrew Romans: \u0110\u00fang kh\u00f4ng? V\u00e0 th\u1ef1c t\u1ebf c\u1ee7a \u0111i\u1ec1u \u0111\u00f3 l\u00e0 n\u1ebfu m\u1ed9t c\u00f4ng ty c\u00f3 doanh thu ARR 5 tri\u1ec7u v\u00e0 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 10 x, v\u00e0 v\u00ec v\u1eady b\u1ea1n \u0111ang \u0111\u1ea7u t\u01b0 \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 ti\u1ec1n tr\u01b0\u1edbc 50 tri\u1ec7u \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn 10 x. \n \u0110i\u1ec1u n\u00e0y l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho m\u1ed9t s\u1ed1 kho\u1ea3n l\u1ed7 t\u1eeb m\u1ed9t s\u1ed1 kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u00e1c kh\u00f4ng th\u00e0nh c\u00f4ng \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c qu\u1ef9 n\u0103m X, s\u00e1u X. B\u1ea1n s\u1ebd ph\u1ea3i thanh kho\u1ea3n \u1edf m\u1ee9c 500 tri\u1ec7u m\u00e0 kh\u00f4ng c\u00f3 t\u00e0i tr\u1ee3 trong t\u01b0\u01a1ng lai. \n Fabrice Grinda: \u0110\u00fang.\n Andrew Romans: V\u00e0 n\u1ebfu ch\u00fang t\u00f4i l\u00e0m c\u00f4ng vi\u1ec7c c\u1ee7a m\u00ecnh, ch\u00fang t\u00f4i \u0111ang gi\u1edbi thi\u1ec7u startup cho m\u1ed9t tri\u1ec7u VC v\u00ec ch\u00fang t\u00f4i bi\u1ebft m\u1ed9t tri\u1ec7u VC v\u00e0 ch\u00fang t\u00f4i s\u1ebd b\u1ecb pha lo\u00e3ng b\u1edfi, h\u1ecd s\u1ebd ph\u00e1t h\u00e0nh \u00edt nh\u1ea5t 10% c\u1ed5 phi\u1ebfu n\u0103m l\u1ea7n n\u1ebfu m\u1ecdi th\u1ee9 di\u1ec5n ra t\u1ed1t \u0111\u1eb9p.\n V\u00ec v\u1eady, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 b\u1ea1n ph\u1ea3i tho\u00e1t ra \u1edf m\u1ee9c m\u1ed9t t\u1ef7. \u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111\u01a1n gi\u1ea3n 10 x tr\u00ean m\u1ed9t c\u00f4ng ty ARR 5 tri\u1ec7u \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 c\u00f4ng b\u1eb1ng \u1edf m\u1ee9c 10 x v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c 20 x ng\u00e0y nay c\u00f3 ngh\u0129a l\u00e0 ch\u00fang t\u00f4i c\u1ea7n l\u1ea1m ph\u00e1t \u1edf qu\u1ea7y tho\u00e1t ra ph\u1ea3n \u00e1nh v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a, Microsoft v\u00e0 nh\u1eefng c\u00f4ng ty t\u01b0\u01a1ng t\u1ef1 \u0111\u1ec3 l\u00e0m cho to\u00e1n h\u1ecdc \u0111\u00f3 ho\u1ea1t \u0111\u1ed9ng. \n V\u00e0 \u0111\u00f3 l\u00e0 n\u01a1i m\u00e0 nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1, t\u00f4i ngh\u0129 l\u00e0 quan tr\u1ecdng.\n Fabrice Grinda: Kh\u00f4ng, \u0111i\u1ec1u \u0111\u00f3 ho\u00e0n to\u00e0n quan tr\u1ecdng. N\u00f3 c\u0169ng quan tr\u1ecdng \u1edf ph\u00eda gi\u1ea3m gi\u00e1, n\u1ebfu t\u00f4i nh\u00ecn v\u00e0o c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh, 2% \u0111\u1ea7u ti\u00ean c\u1ee7a c\u00e1c giao d\u1ecbch ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n 50 x, \u0111\u00f3 l\u00e0 m\u1ed9t x qu\u1ef9. 13% ti\u1ebfp theo c\u1ee7a c\u00e1c giao d\u1ecbch, ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n t\u00e1m x. \u0110\u00f3 l\u00e0 1% c\u1ee7a, \u0111\u00f3 l\u00e0 m\u1ed9t X qu\u1ef9.   \n V\u00e0 sau \u0111\u00f3 85% ti\u1ebfp theo c\u1ee7a c\u00e1c giao d\u1ecbch, ch\u00fang t\u00f4i c\u0169ng th\u1ef1c hi\u1ec7n m\u1ed9t ch\u00fang t\u00f4i th\u1ef1c hi\u1ec7n 0,45 x ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. V\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t x qu\u1ef9. V\u00e0 th\u1ef1c t\u1ebf l\u00e0 ch\u00fang t\u00f4i nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1 c\u00f3 ngh\u0129a l\u00e0 r\u1ea5t nhi\u1ec1u c\u00f4ng ty. N\u01a1i h\u1ecd kh\u00f4ng l\u00e0m t\u1ed1t, nh\u01b0ng h\u1ecd \u0111\u01b0\u1ee3c mua l\u1ea1i, ch\u00fang t\u00f4i l\u1ea5y l\u1ea1i ti\u1ec1n c\u1ee7a m\u00ecnh. Ch\u00fang t\u00f4i, cho \u0111\u1ebfn nay ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 355 l\u1ea7n tho\u00e1t ra.    \n Ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 \u0111\u00e3 ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n. \u0110\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ea1t gi\u1ed1ng v\u00e0 ti\u1ec1n h\u1ea1t gi\u1ed1ng v\u00e0 45% c\u00e1c giao d\u1ecbch m\u00e0 l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m l\u1edbn h\u01a1n nhi\u1ec1u so v\u1edbi h\u1ea7u h\u1ebft. V\u00e0 ngay c\u1ea3 trong nh\u1eefng c\u00e1i m\u00e0 ch\u00fang t\u00f4i m\u1ea5t ti\u1ec1n, ch\u00fang t\u00f4i v\u1eabn ki\u1ebfm \u0111\u01b0\u1ee3c. 30, 40% s\u1ed1 ti\u1ec1n tr\u1edf l\u1ea1i v\u00ec s\u1ef1 nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1 \u0111\u00f3. V\u00ec v\u1eady, t\u1eeb g\u00f3c \u0111\u1ed9 c\u1ea5u tr\u00fac danh m\u1ee5c \u0111\u1ea7u t\u01b0, th\u1ef1c s\u1ef1 ho\u1ea1t \u0111\u1ed9ng kh\u00e1 t\u1ed1t khi nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1.    \n Nh\u01b0ng c\u00f3 l\u1ebd ch\u00fang t\u00f4i m\u1ea5t \u0111i nh\u1eefng giao d\u1ecbch n\u00f3ng nh\u1ea5t c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ngh\u00ecn x ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec v\u00ec ch\u00fang t\u00f4i kh\u00f4ng s\u1eb5n s\u00e0ng tr\u1ea3 gi\u00e1 cao.\n Andrew Romans: V\u00e0 \u0111i\u1ec1u g\u00ec \u0111\u00e3 thay \u0111\u1ed5i trong quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n, t\u00f4i t\u01b0\u1edfng t\u01b0\u1ee3ng v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m ch\u00edn m\u01b0\u01a1i ch\u00fang t\u00f4i \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c ghi ch\u00fa h\u1ee9a h\u1eb9n ho\u1eb7c ghi ch\u00fa chuy\u1ec3n \u0111\u1ed5i, \u0111\u00fang kh\u00f4ng? V\u00e0 sau \u0111\u00f3 \u0111\u00f4i khi c\u00f3 m\u1ed9t v\u00f2ng gi\u00e1. \n M\u1ed9t trong nh\u1eefng thi\u00ean th\u1ea7n nh\u01b0, N\u00e0y, \u0111i\u1ec1u \u0111\u00f3 l\u00e0m t\u00f4i b\u1ed1i r\u1ed1i, qu\u00e1 nhi\u1ec1u ph\u1ea7n chuy\u1ec3n \u0111\u1ed9ng. H\u00e3y l\u00e0m m\u1ed9t v\u00f2ng gi\u00e1 th\u1eb3ng. V\u00e0 m\u1ed1i quan t\u00e2m \u1edf \u0111\u00f3 l\u00e0 t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m c\u1ee7a vi\u1ec7c g\u00e2y qu\u1ef9 s\u1ebd tr\u1ea3 cho c\u00e1c lu\u1eadt s\u01b0 t\u1ea1i Oric \u0111\u1ec3 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u \u0111\u00f3. Nh\u01b0ng s\u1edf th\u00edch c\u1ee7a b\u1ea1n l\u00e0 g\u00ec, v\u00e0 suy ngh\u0129 c\u1ee7a b\u1ea1n v\u1ec1 vi\u1ec7c chuy\u1ec3n t\u1eeb ghi ch\u00fa chuy\u1ec3n \u0111\u1ed5i? V\u1edbi gi\u1edbi h\u1ea1n, ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n \u0111\u1ebfn safes ti\u1ec1n tr\u01b0\u1edbc v\u00e0 sau. V\u00e0 t\u00f4i \u0111o\u00e1n c\u00e2u tr\u1ea3 l\u1eddi ng\u1eafn g\u1ecdn l\u00e0 n\u1ebfu b\u1ea1n mu\u1ed1n ho\u1ea1t \u0111\u1ed9ng t\u00edch c\u1ef1c tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ef1c hi\u1ec7n ba kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ed9t tu\u1ea7n, b\u1ea1n ch\u1ec9 c\u1ea7n ch\u01a1i c\u00f9ng v\u1edbi c\u00e1c safes ti\u1ec1n sau l\u00e0 \u0111i\u1ec3n h\u00ecnh.     \n Fabrice Grinda: Kh\u00f4ng ph\u00e2n bi\u1ec7t. T\u00f4i l\u00e0m safes \u1edf giai \u0111o\u1ea1n h\u1ea1t gi\u1ed1ng \u0111\u1eb7c bi\u1ec7t v\u00e0 ti\u1ec1n h\u1ea1t gi\u1ed1ng l\u00e0 \u1ed5n, \u0111\u00fang kh\u00f4ng? \n Gi\u1ed1ng nh\u01b0 b\u1ea1n kh\u00f4ng mu\u1ed1n d\u00e0nh \u0111i\u1ec3m c\u1ee7a m\u00ecnh, th\u1eddi gian v\u00e0 ti\u1ec1n b\u1ea1c cho lu\u1eadt s\u01b0, b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. C\u00f3 m\u1ed9t v\u00f2ng th\u1ef1c, nh\u01b0 7, 8, 10, 15 tri\u1ec7u. H\u1ecd s\u1ebd l\u00e0m m\u1ed9t v\u00f2ng gi\u00e1, v\u00ec v\u1eady kh\u00f4ng quan tr\u1ecdng. V\u00e0 n\u1ebfu kh\u00f4ng c\u00f3 v\u00f2ng th\u1ef1c, c\u00f3 ngh\u0129a l\u00e0 c\u00f4ng ty th\u1ea5t b\u1ea1i. V\u00ec v\u1eady, n\u00f3 c\u0169ng kh\u00f4ng quan tr\u1ecdng theo c\u00e1ch n\u00e0o \u0111\u00f3. V\u00ec v\u1eady, t\u00f4i kh\u00f4ng ng\u1ea1i l\u00e0m safes ch\u00fat n\u00e0o.     \n \u0110i\u1ec1u \u0111\u00f3 n\u00f3i r\u1eb1ng, t\u00f4i s\u1ebd kh\u00f4ng l\u00e0m kh\u00f4ng gi\u1edbi h\u1ea1n. N\u1ebfu kh\u00f4ng, b\u1ea1n kh\u00f4ng \u0111\u01b0\u1ee3c b\u1ed3i th\u01b0\u1eddng cho th\u1ef1c t\u1ebf l\u00e0 b\u1ea1n \u0111ang \u0111\u1ea7u t\u01b0 ng\u00e0y h\u00f4m nay. V\u00e0 v\u00ec v\u1eady t\u00f4i kh\u00f4ng l\u00e0m c\u00e1c v\u00f2ng c\u1ea7u. T\u00f4i kh\u00f4ng l\u00e0m kh\u00f4ng gi\u1edbi h\u1ea1n. N\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n. N\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n \u1edf m\u1ee9c gi\u00e1 m\u00e0 t\u00f4i cho l\u00e0 c\u00f4ng b\u1eb1ng so v\u1edbi c\u01a1 h\u1ed9i \u0111\u1ed9i ng\u0169.     \n Andrew Romans: T\u00f4i lu\u00f4n s\u1eed d\u1ee5ng v\u00ed d\u1ee5 gi\u1ea3i th\u00edch \u0111i\u1ec1u \u0111\u00f3 cho m\u1ed9t nh\u00e0 s\u00e1ng l\u1eadp n\u00f3i, \u0111\u01b0\u1ee3c r\u1ed3i, v\u1eady h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng Lady Gaga s\u1ebd \u0111\u1ea7u t\u01b0 v\u00e0o startup c\u1ee7a b\u1ea1n tr\u00ean m\u1ed9t ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n, v\u00e0 sau \u0111\u00f3 c\u00f4 \u1ea5y tweet v\u1ec1 b\u1ea1n.\n C\u00f4 \u1ea5y c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi theo d\u00f5i tr\u00ean Twitter h\u01a1n Obama, v\u00e0 sau \u0111\u00f3 \u0111\u1ed9t nhi\u00ean b\u1ea1n c\u00f3 m\u1ed9t tr\u0103m tri\u1ec7u l\u01b0\u1ee3t t\u1ea3i xu\u1ed1ng b\u1ea1n l\u00e0 Skype ti\u1ebfp theo. C\u00f4 \u1ea5y gi\u00fap b\u1ea1n c\u00e0ng nhi\u1ec1u, c\u00f4 \u1ea5y c\u00e0ng t\u1ef1 pha lo\u00e3ng v\u00e0 s\u1edf h\u1eefu c\u1ee7a m\u00ecnh trong doanh nghi\u1ec7p c\u1ee7a b\u1ea1n. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n mu\u1ed1n m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u00e0n to\u00e0n th\u1ee5 \u0111\u1ed9ng, c\u00f3 l\u1ebd \u0111i\u1ec1u \u0111\u00f3 c\u00f3 \u00fd ngh\u0129a. Nh\u01b0ng n\u1ebfu b\u1ea1n c\u00f3, n\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 tin r\u1eb1ng b\u1eb1ng c\u00e1ch n\u00e0o \u0111\u00f3 h\u1ecd s\u1ebd gi\u00fap \u0111\u1ee1.   \n Th\u00eam gi\u00e1 tr\u1ecb, nh\u01b0 m\u1ed9t Lady Gaga trong t\u00ecnh hu\u1ed1ng \u0111\u00f3, th\u00ec ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n ch\u1ec9 l\u00e0 t\u1ef1 \u0111\u00e1 m\u00ecnh, b\u1eafn v\u00e0o ng\u00f3n ch\u00e2n c\u1ee7a b\u1ea1n.\n Fabrice Grinda: Ch\u1eafc ch\u1eafn r\u1ed3i.\n Andrew Romans: \u0110\u00fang. \u0110\u00f4i khi c\u00f3 m\u1ed9t t\u00ecnh hu\u1ed1ng m\u00e0 Sequoia \u0111ang tham gia v\u00e0 h\u1ecd s\u1ebd kh\u00f4ng t\u00f4n tr\u1ecdng quy\u1ec1n s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n theo t\u1ef7 l\u1ec7 ho\u1eb7c \u0111i\u1ec1u g\u00ec \u0111\u00f3 t\u01b0\u01a1ng t\u1ef1. \n Fabrice Grinda: V\u00e2ng.\n Andrew Romans: Gi\u1ed1ng nh\u01b0 t\u00f4i, t\u00f4i \u0111\u00e3 n\u00f3i kh\u00f4ng bao gi\u1edd bao gi\u1edd kh\u00f4ng bao gi\u1edd l\u00e0m m\u1ed9t ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n.\n V\u00e0 \u0111\u00e3 c\u00f3 m\u1ed9t v\u00e0i kho\u1ea3nh kh\u1eafc k\u1ef3 l\u1ea1 trong cu\u1ed9c \u0111\u1eddi t\u00f4i khi t\u00f4i \u0111\u00e3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00e0 t\u00f4i r\u1ea5t vui v\u00ec \u0111\u00e3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3, nh\u01b0ng t\u00f4i t\u00f4n gi\u00e1o ch\u1ed1ng l\u1ea1i n\u00f3.\n Fabrice Grinda: Nh\u01b0ng \u0111\u00e3 c\u00f3 nh\u1eefng kho\u1ea3nh kh\u1eafc m\u00e0 t\u00f4i \u0111\u00e3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3, v\u00ec l\u00fd do ch\u00ednh x\u00e1c b\u1ea1n \u0111\u00e3 n\u00f3i, \u00f4i, Sequoia Andreessen \u0111ang tham gia. H\u1ecd s\u1ebd kh\u00f4ng cho ai kh\u00e1c v\u00e0o, v\u00ec v\u1eady c\u00f3 th\u1ec3 \u0111\u1eb7t ti\u1ec1n v\u00e0o b\u00e2y gi\u1edd. \n V\u00e0 sau \u0111\u00f3 v\u00f2ng kh\u00f4ng x\u1ea3y ra, ho\u1eb7c h\u1ecd r\u00fat lui v\u00e0 sau \u0111\u00f3 t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o ghi ch\u00fa kh\u00f4ng gi\u1edbi h\u1ea1n v\u00e0 n\u00f3 th\u1ea5t b\u1ea1i. V\u00ec v\u1eady, m\u1ed9t ph\u1ea7n l\u00fd do t\u00f4i gh\u00e9t l\u00e0m c\u1ea7u v\u00ec n\u00f3 kh\u00f4ng th\u1ec3, n\u00f3 kh\u00f4ng th\u1ec3 l\u00e0 m\u1ed9t c\u00e2y c\u1ea7u \u0111\u1ebfn h\u01b0 kh\u00f4ng. T\u00f4i th\u00edch tr\u1ea3 th\u00eam 20% v\u00e0 c\u00f3 c\u00f4ng ty \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 \u0111\u1ea7y \u0111\u1ee7 cho k\u1ebf ho\u1ea1ch kinh doanh c\u1ee7a h\u1ecd.  \n Andrew Romans: \u0110\u1ed3ng \u00fd. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng. V\u00ec v\u1eady, r\u00f5 r\u00e0ng b\u1ea1n c\u00f3 DNA th\u1ecb tr\u01b0\u1eddng nhi\u1ec1u h\u01a1n h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi trong m\u1ed9t \u1ee7y ban \u0111\u1ea7u t\u01b0 \u1edf b\u1ea5t k\u1ef3 \u0111\u00e2u tr\u00ean th\u1ebf gi\u1edbi. V\u00e0 v\u00ec v\u1eady, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 \u00fd ngh\u0129a r\u1eb1ng \u0111\u00e2y l\u00e0 m\u00f4n th\u1ec3 thao, v\u00e0 b\u1ea1n gi\u1ecfi v\u1ec1 \u0111i\u1ec1u \u0111\u00f3. \u0110\u1ed3ng th\u1eddi, internet \u0111\u00e3 ph\u00e1t tri\u1ec3n r\u1ea5t nhi\u1ec1u k\u1ec3 t\u1eeb n\u0103m 1998 v\u00e0 nh\u1eefng n\u0103m 2000 v\u00e0 t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y.   \n V\u00e0 v\u00ec b\u1ea1n \u0111\u00e3 ti\u1ebfp nh\u1eadn h\u00e0ng tr\u0103m tri\u1ec7u \u0111\u00f4 la v\u1ed1n LP, t\u00ecnh tr\u1ea1ng c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 \u00fd ngh\u0129a g\u00ec \u0111\u1ed1i v\u1edbi m\u1ed9t ng\u01b0\u1eddi nh\u01b0 b\u1ea1n v\u00ec b\u1ea1n bi\u1ebft r\u1ea5t nhi\u1ec1u v\u1ec1 n\u00f3 v\u00e0 \u0111i\u1ec1u g\u00ec l\u00e0 t\u1ed1t, x\u1ea5u hay x\u1ea5u x\u00ed c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng v\u00ec, hi\u1ebfm khi c\u00f3 m\u1ed9t chuy\u00ean gia nh\u01b0 v\u1eady v\u1ec1 ch\u1ee7 \u0111\u1ec1 n\u00e0y?\n Fabrice Grinda: V\u00e2ng, v\u00ec v\u1eady tr\u01b0\u1edbc ti\u00ean l\u00e0 t\u1ed1t, x\u1ea5u v\u00e0 x\u1ea5u x\u00ed. \u0110i\u1ec1u t\u1ed1t l\u00e0 h\u1ecd chi\u1ebfn th\u1eafng. N\u00f3 chi\u1ebfm h\u1ea7u h\u1ebft. V\u00ec v\u1eady, n\u1ebfu b\u1ea1n \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u n\u00e0y c\u0169ng l\u00e0 \u0111i\u1ec1u x\u1ea5u, n\u1ebfu b\u1ea1n \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t v\u00e0 n\u00f3 ho\u1ea1t \u0111\u1ed9ng r\u1ea5t t\u1ed1t, b\u1ea1n th\u1eafng, b\u1ea1n c\u00f3 m\u1ed9t \u0111\u1ed9c quy\u1ec1n t\u1ef1 nhi\u00ean, n\u00f3 tr\u1edf n\u00ean kh\u1ed5ng l\u1ed3. V\u00e0 n\u00f3 c\u00f3 th\u1ec3 c\u1ef1c k\u1ef3 hi\u1ec7u qu\u1ea3 v\u1ec1 v\u1ed1n \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3 v\u00ec b\u1ea1n c\u00f3 hi\u1ec7u \u1ee9ng m\u1ea1ng.    \n B\u00e2y gi\u1edd, nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a l\u1ef1c l\u01b0\u1ee3ng, c\u0169ng l\u00e0 \u0111i\u1ec1u x\u1ea5u x\u00ed, l\u00e0 n\u1ebfu b\u1ea1n thua, c\u00f3 l\u1ebd kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb g\u00ec v\u00e0, v\u00e0 b\u1ea1n kh\u00f4ng c\u00f3 th\u1ecb ph\u1ea7n, v\u00e0 n\u1ebfu b\u1ea1n c\u00f3 hai c\u00e1i \u0111ang chi\u1ebfn \u0111\u1ea5u cho n\u00f3, h\u1ecd c\u00f3 th\u1ec3 chi\u1ebfn \u0111\u1ea5u \u0111\u1ebfn ch\u1ebft v\u00ec \u0111\u1ee9ng th\u1ee9 hai kh\u00f4ng c\u00f3 gi\u00e1 tr\u1ecb g\u00ec. V\u00e0 v\u00ec v\u1eady b\u1ea1n t\u1ed1t h\u01a1n l\u00e0 h\u1ee3p nh\u1ea5t theo m\u1ed9t c\u00e1ch n\u00e0o \u0111\u00f3, h\u00ecnh th\u1ee9c ho\u1eb7c h\u00ecnh d\u1ea1ng. \n V\u00e0 v\u1ea5n \u0111\u1ec1 g\u00e0 v\u00e0 tr\u1ee9ng c\u1ea7n \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft, c\u00f3 \u0111\u1ed9ng l\u1ef1c th\u00fa v\u1ecb \u0111\u00e1ng kinh ng\u1ea1c c\u1ee7a ri\u00eang n\u00f3. \u0110\u00f3 l\u00e0 m\u1ed9t \u0111i\u1ec1u m\u00e0 t\u00f4i th\u1ef1c s\u1ef1 r\u1ea5t ph\u00f9 h\u1ee3p \u0111\u1ec3 s\u1eeda ch\u1eefa v\u00e0 gi\u00fap c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp t\u00ecm ra nh\u1eefng g\u00ec h\u1ecd n\u00ean l\u00e0m, c\u00e1ch h\u1ecd n\u00ean x\u00e2y d\u1ef1ng thanh kho\u1ea3n, th\u1ecb tr\u01b0\u1eddng n\u00e0o n\u00ean theo \u0111u\u1ed5i, c\u00e1ch h\u1ecd m\u1edf r\u1ed9ng quy m\u00f4, v\u00ec th\u1ef1c s\u1ef1 c\u00f3.  \n Nh\u1eefng sai l\u1ea7m r\u00f5 r\u00e0ng m\u00e0 c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp m\u1eafc ph\u1ea3i nh\u01b0 h\u1ecd c\u00f3 qu\u00e1 nhi\u1ec1u ngu\u1ed3n cung, kh\u00f4ng c\u00f3 nhu c\u1ea7u. V\u00ec v\u1eady, s\u1ef1 c\u00e2n b\u1eb1ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng kh\u00f4ng c\u00e2n b\u1eb1ng v\u00ec d\u1ec5 d\u00e0ng c\u00f3 \u0111\u01b0\u1ee3c ngu\u1ed3n cung h\u01a1n l\u00e0 nhu c\u1ea7u. Nh\u01b0ng h\u1ecd l\u00e0 nh\u1eefng doanh nghi\u1ec7p \u0111\u1eb9p. H\u1ecd nh\u1eb9 t\u00e0i s\u1ea3n, h\u1ecd chi\u1ebfn th\u1eafng h\u1ea7u h\u1ebft. N\u1ebfu b\u1ea1n th\u1eafng l\u1edbn. V\u00e0 h\u1ecd k\u1ebft th\u00fac l\u1edbn h\u01a1n b\u1ea1n ngh\u0129 trong t\u1ea5t c\u1ea3 c\u00e1c ng\u00e1ch kh\u00e1c nhau n\u00e0y.     \n B\u00e2y gi\u1edd c\u00e1ch n\u00f3 ph\u00e1t tri\u1ec3n v\u00ec nhi\u1ec1u ng\u01b0\u1eddi nh\u01b0, ch\u1edd \u0111\u00e3, t\u1ea1i sao c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u1ea1i c\u00f3 li\u00ean quan v\u00e0o n\u0103m 2025? V\u00e0 \u0111\u00f3 l\u00e0 v\u00ec b\u1ea1n \u0111ang ngh\u0129 v\u1ec1 n\u00f3 t\u1eeb g\u00f3c \u0111\u1ed9 ng\u01b0\u1eddi ti\u00eau d\u00f9ng c\u1ee7a b\u1ea1n nh\u01b0 m\u1ed9t ng\u01b0\u1eddi ti\u00eau d\u00f9ng. N\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o nhu c\u1ea7u c\u1ee7a m\u00ecnh, ch\u00fang \u0111ang \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng b\u1edfi c\u00e1c th\u1ecb tr\u01b0\u1eddng. Amazon, nh\u00e2n ti\u1ec7n, ch\u1ee7 y\u1ebfu l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng.   \n B\u1ea1n c\u00f3 th\u1ec3 nh\u1eadn b\u1ea5t k\u1ef3 m\u1eb7t h\u00e0ng n\u00e0o b\u1ea1n mu\u1ed1n trong hai ng\u00e0y. Uber Eats, DoorDash, Uber t\u1ef1 n\u00f3, Airbnb booking.com, t\u1ea5t c\u1ea3 nh\u1eefng th\u1ee9 n\u00e0y l\u00e0 th\u1ecb tr\u01b0\u1eddng v\u00e0 ch\u00fang \u0111\u00e1p \u1ee9ng t\u1ea5t c\u1ea3 nhu c\u1ea7u c\u1ee7a b\u1ea1n v\u1edbi m\u1ee9c th\u00e2m nh\u1eadp 25%. V\u00e0 v\u00e2ng, t\u1ea1i m\u1ed9t s\u1ed1 \u0111i\u1ec3m, n\u00f3 s\u1ebd l\u00e0 75% th\u00e2m nh\u1eadp, nh\u01b0ng \u0111\u00f3 l\u00e0 ba l\u1ea7n t\u1eeb n\u01a1i ch\u00fang ta \u0111ang \u1edf.  \n V\u00ec v\u1eady, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng nh\u1ea5t thi\u1ebft l\u00e0 r\u1ea5t h\u1ea5p d\u1eabn. V\u1eabn c\u00f2n nh\u1eefng \u0111i\u1ec1u m\u1edbi \u0111ang xu\u1ea5t hi\u1ec7n, nh\u01b0 mua s\u1eafm tr\u1ef1c ti\u1ebfp \u0111ang tr\u1edf th\u00e0nh m\u1ed9t xu h\u01b0\u1edbng l\u1edbn h\u01a1n. Nh\u01b0ng t\u00f4i ngh\u0129 \u0111i\u1ec1u h\u1ea5p d\u1eabn h\u01a1n nhi\u1ec1u l\u00e0 th\u1ef1c t\u1ebf l\u00e0 n\u1ebfu b\u1ea1n ngh\u0129 v\u1ec1 th\u1ebf gi\u1edbi B2B, v\u00e0 th\u1eb3ng th\u1eafn l\u00e0 th\u1ebf gi\u1edbi ch\u00ednh ph\u1ee7, th\u1ebf gi\u1edbi d\u1ecbch v\u1ee5 c\u00f4ng c\u1ed9ng. N\u00f3 ho\u00e0n to\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c s\u1ed1 h\u00f3a, \u0111\u00fang kh\u00f4ng?   \n H\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng b\u1ea1n mu\u1ed1n mua h\u00f3a d\u1ea7u. Th\u1eadm ch\u00ed kh\u00f4ng c\u00f3 m\u1ed9t danh m\u1ee5c v\u1ec1 nh\u1eefng g\u00ec c\u00f3 s\u1eb5n, ch\u01b0a n\u00f3i \u0111\u1ebfn m\u1ed9t h\u1ec7 th\u1ed1ng ho\u1eb7c m\u1ed9t n\u01a1i n\u00e0o \u0111\u00f3 \u0111\u01b0\u1ee3c k\u1ebft n\u1ed1i v\u1edbi c\u00e1c h\u1ec7 th\u1ed1ng ERP c\u1ee7a c\u00e1c nh\u00e0 m\u00e1y \u0111\u1ec3 hi\u1ec3u s\u1ef1 ch\u1eadm tr\u1ec5 s\u1ea3n xu\u1ea5t v\u00e0 n\u0103ng l\u1ef1c. Kh\u00f4ng c\u00f3 \u0111\u1eb7t h\u00e0ng tr\u1ef1c tuy\u1ebfn, kh\u00f4ng c\u00f3 thanh to\u00e1n tr\u1ef1c tuy\u1ebfn, kh\u00f4ng c\u00f3 theo d\u00f5i, kh\u00f4ng c\u00f3 t\u00e0i tr\u1ee3 m\u1ecdi th\u1ee9 c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n.  \n V\u00e0 \u0111i\u1ec1u n\u00e0y c\u1ea7n x\u1ea3y ra trong m\u1ecdi ng\u00e0nh c\u00f4ng nghi\u1ec7p, \u1edf m\u1ecdi \u0111\u1ecba l\u00fd cho m\u1ecdi lo\u1ea1i \u0111\u1ea7u v\u00e0o. V\u00e0 c\u1ea3 h\u00e0ng h\u00f3a ho\u00e0n ch\u1ec9nh v\u00e0 \u0111\u1ea7u v\u00e0o trung gian, b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec, nguy\u00ean li\u1ec7u th\u00f4 nh\u01b0 xi m\u0103ng ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec. Ngo\u00e0i ra, h\u00e3y ngh\u0129 v\u1ec1 c\u00e1c doanh nghi\u1ec7p nh\u1ecf. H\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p nh\u1ecf v\u00e0 th\u1eb3ng th\u1eafn, h\u1ea7u h\u1ebft, nhi\u1ec1u c\u00f4ng ty l\u1edbn v\u1eabn ho\u1ea1t \u0111\u1ed9ng nh\u01b0 b\u00fat v\u00e0 gi\u1ea5y ho\u1eb7c excel l\u00e0 t\u1ed1t nh\u1ea5t.   \n V\u00e0 v\u00ec v\u1eady s\u1ed1 h\u00f3a trong h\u1ea7u h\u1ebft c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p v\u00e0 h\u1ea7u h\u1ebft c\u00e1c doanh nghi\u1ec7p nh\u1ecf, n\u00f3 l\u00e0 t\u1ed1i thi\u1ec3u. Ch\u00fang t\u00f4i d\u01b0\u1edbi 5%. Th\u01b0\u1eddng d\u01b0\u1edbi 1% v\u00e0 n\u00f3 c\u1ea7n ph\u1ea3i x\u1ea3y ra. V\u00e0 c\u00e1ch t\u1ed1t nh\u1ea5t \u0111\u1ec3 l\u00e0m \u0111i\u1ec1u \u0111\u00f3 th\u1ef1c s\u1ef1 l\u00e0 th\u00f4ng qua c\u00e1c th\u1ecb tr\u01b0\u1eddng. V\u00e0 v\u00ec v\u1eady lu\u1eadn \u0111i\u1ec3m hi\u1ec7n t\u1ea1i c\u1ee7a t\u00f4i, v\u00e0 ch\u00fang t\u00f4i c\u00f3 s\u00e1u lu\u1eadn \u0111i\u1ec3m ph\u1ee5 trong \u0111\u00f3, l\u00e0 t\u1ea5t c\u1ea3 v\u1ec1 s\u1ed1 h\u00f3a chu\u1ed7i cung \u1ee9ng B2B b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 m\u1edf r\u1ed9ng.    \n V\u00e0 n\u00f3 kh\u00f4ng h\u1ea5p d\u1eabn, nh\u01b0ng \u0111\u00e2y l\u00e0 nh\u1eefng \u0111i\u1ec1u l\u1edbn. H\u1ea7u h\u1ebft c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p, h\u1ea7u h\u1ebft GDP c\u1ee7a h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a d\u1ecbch v\u1ee5 c\u00f4ng c\u1ed9ng v\u00e0 doanh nghi\u1ec7p. \n Andrew Romans: V\u00e2ng. V\u00e2ng. V\u00e0 b\u1ea1n c\u00f3 th\u1ec3 nh\u00ecn v\u00e0o m\u1ed9t qu\u1ed1c gia v\u00e0 t\u00ecm ra nh\u1eefng ng\u00e0nh c\u00f4ng nghi\u1ec7p h\u00e0ng \u0111\u1ea7u \u0111\u00f3 l\u00e0 g\u00ec v\u00e0 theo \u0111u\u1ed5i ch\u00fang. V\u1eady b\u1ea1n c\u00f3 th\u1ec3 chia s\u1ebb m\u1ed9t s\u1ed1 v\u00ed d\u1ee5 \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 th\u1ecb tr\u01b0\u1eddng v\u00e0o n\u0103m 2025 khi ch\u00fang ta \u0111ang \u0111\u1ebfn cu\u1ed1i n\u0103m \u1edf \u0111\u00e2y. \n Ho\u1eb7c ch\u1ec9 l\u00e0 th\u1eddi gian g\u1ea7n \u0111\u00e2y. M\u1ed9t s\u1ed1 th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y c\u00f3 \u00fd ngh\u0129a l\u00e0 g\u00ec? \n Fabrice Grinda: T\u00f4i s\u1ebd cho b\u1ea1n m\u1ed9t v\u00e0i c\u00e1i \u0111\u00e3 m\u1edf r\u1ed9ng \u0111\u00e3 l\u1edbn. C\u00e1c th\u1ecb tr\u01b0\u1eddng B2B l\u1edbn h\u01a1n. V\u00ec v\u1eady, t\u00f4i s\u1ebd n\u00f3i v\u1ec1 vi\u1ec7c k\u00edch ho\u1ea1t SMB v\u00e0 sau \u0111\u00f3 t\u00f4i s\u1ebd n\u00f3i v\u1ec1 ng\u00e0nh c\u00f4ng nghi\u1ec7p r\u1ed9ng l\u1edbn, l\u1edbn v\u00e0 k\u00edch ho\u1ea1t SMB.  \n C\u00f3 m\u1ed9t c\u00f4ng ty t\u00ean l\u00e0 Slice. V\u00e0 Slice v\u1ec1 c\u01a1 b\u1ea3n th\u1ef1c hi\u1ec7n c\u00e1c ho\u1ea1t \u0111\u1ed9ng v\u0103n ph\u00f2ng cho c\u00e1c ti\u1ec7m b\u00e1nh pizza. V\u00ec v\u1eady, h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng b\u1ea1n l\u00e0 Luigi v\u00e0 b\u1ea1n mu\u1ed1n n\u1ea5u pizza nh\u1ecf c\u1ee7a m\u00ecnh. \u0110\u00f3 l\u00e0 nh\u1eefng g\u00ec b\u1ea1n \u0111\u00e3 t\u1ea1o ra c\u00e1c ti\u1ec7m b\u00e1nh pizza v\u00ec b\u1ea1n th\u00edch n\u00f3i chuy\u1ec7n v\u1edbi kh\u00e1ch h\u00e0ng c\u1ee7a m\u00ecnh, n\u1ea5u pizza. V\u00e0 sau \u0111\u00f3 \u0111\u1ed9t nhi\u00ean, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 ch\u1ee7 s\u1edf h\u1eefu SMB, b\u1ea1n k\u1ebft th\u00fac vi\u1ec7c nh\u1ea5c \u0111i\u1ec7n tho\u1ea1i, qu\u1ea3n l\u00fd m\u1ed9t \u0111\u1ed9i giao h\u00e0ng, nh\u1eadn ngu\u1ed3n cung c\u1ea5p, l\u00e0m k\u1ebf to\u00e1n, \u0111\u00e0m ph\u00e1n v\u1edbi toast, \u0111\u00e0m ph\u00e1n v\u1edbi Uber Eats v\u00e0 DoorDash.    \n \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 cu\u1ed9c s\u1ed1ng b\u1ea1n \u0111\u00e3 \u0111\u0103ng k\u00fd. V\u00e0 Slice s\u1ebd l\u00e0m \u0111i\u1ec1u \u0111\u00f3. Nh\u1ea5c \u0111i\u1ec7n tho\u1ea1i l\u00ean, t\u1ea1o trang web c\u1ee7a b\u1ea1n, qu\u1ea3n l\u00fd \u0111\u1ed9i ng\u0169 giao h\u00e0ng, t\u1ed5 ch\u1ee9c \u0111\u1eb7t h\u00e0ng tr\u1ef1c tuy\u1ebfn v\u00e0 th\u1ef1c hi\u1ec7n h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng vi\u1ec7c h\u1eadu tr\u01b0\u1eddng v\u00e0 cung c\u1ea5p m\u1ed9t h\u1ec7 th\u1ed1ng POS. V\u00e0 hi\u1ec7n t\u1ea1i h\u1ecd c\u00f3 20.000 ti\u1ec7m pizza tr\u00ean n\u1ec1n t\u1ea3ng. H\u1ecd \u0111ang th\u1ef1c hi\u1ec7n h\u01a1n m\u1ed9t t\u1ef7 GMV. V\u00e0 \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 \u0111ang x\u1ea3y ra \u1edf c\u00e1c l\u0129nh v\u1ef1c kh\u00e1c.     \n V\u00ec v\u1eady, ch\u00fang t\u00f4i \u0111ang \u1edf Chowbus, m\u1ed9t h\u1ec7 th\u1ed1ng POS cho c\u00e1c nh\u00e0 h\u00e0ng Trung Qu\u1ed1c. Ch\u00fang t\u00f4i \u0111ang \u1edf Fresha, n\u01a1i c\u00f3 h\u01a1n 70.000 th\u1ee3 l\u00e0m t\u00f3c qu\u1ea3n l\u00fd ch\u1ed7 ng\u1ed3i cho ch\u1ee7 ti\u1ec7m t\u00f3c, v\u00e0 sau \u0111\u00f3 l\u00e0 cho c\u00e1c th\u1ee3 l\u00e0m t\u00f3c, t\u1ea5t c\u1ea3 kh\u00e1ch h\u00e0ng c\u1ee7a h\u1ecd. V\u00e0 h\u1ecd cung c\u1ea5p m\u1ed9t h\u1ec7 th\u1ed1ng POS ho\u1eb7c \u00edt nh\u1ea5t \u0111\u00f3 l\u00e0 m\u00f4 h\u00ecnh kinh doanh c\u1ee7a n\u00f3, m\u1eb7c d\u00f9 n\u00f3 l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u1eefa kh\u00e1ch h\u00e0ng v\u00e0 th\u1ee3 l\u00e0m t\u00f3c v\u00e0 ti\u1ec7m c\u1eaft t\u00f3c.  \n Cents, C-E-N-T-S, l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00fap c\u00e1c ti\u1ec7m gi\u1eb7t l\u00e0 ho\u1eb7c ti\u1ec7m gi\u1eb7t kh\u00f4 qu\u1ea3n l\u00fd \u0111\u1ed9i ng\u0169 giao h\u00e0ng, nh\u1eadn ngu\u1ed3n cung c\u1ea5p, cung c\u1ea5p h\u1ec7 th\u1ed1ng POS. Ch\u00fang t\u00f4i \u0111\u00e3 \u1edf Momence l\u00e0m \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 cho nh\u1eefng ng\u01b0\u1eddi t\u1ed5 ch\u1ee9c, qu\u1ea3n l\u00fd studio yoga. V\u00ec v\u1eady, \u0111i\u1ec1u n\u00e0y \u0111ang x\u1ea3y ra t\u1eebng l\u0129nh v\u1ef1c m\u1ed9t. V\u00e0 nhi\u1ec1u trong s\u1ed1 n\u00e0y l\u00e0 l\u1edbn.   \n Fresha trong h\u00e0ng t\u1ef7 GMV, th\u00f4ng qua n\u1ec1n t\u1ea3ng. B\u00e2y gi\u1edd v\u1ec1 vi\u1ec7c s\u1ed1 h\u00f3a \u0111\u1ea7u v\u00e0o, c\u00e1c c\u00f4ng ty l\u1edbn nh\u01b0 Knowde \u0111ang l\u00e0m \u0111i\u1ec1u \u0111\u00f3 cho h\u00f3a d\u1ea7u, n\u01a1i \u1edf Schuttflix, \u1edf \u0110\u1ee9c, l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng ba b\u00ean gi\u1eefa c\u00e1c m\u1ecf cung c\u1ea5p s\u1ecfi, c\u00e1c c\u00f4ng tr\u01b0\u1eddng x\u00e2y d\u1ef1ng v\u00e0 c\u00e1c t\u00e0i x\u1ebf xe t\u1ea3i giao h\u00e0ng \u0111\u1ebfn c\u00f4ng tr\u01b0\u1eddng x\u00e2y d\u1ef1ng. \n Nh\u01b0ng ngay c\u1ea3 nh\u1eefng th\u1ee9 nh\u01b0 ShipBob, m\u1ed9t th\u1ecb tr\u01b0\u1eddng ch\u1ecdn v\u00e0 \u0111\u00f3ng g\u00f3i cu\u1ed1i c\u00f9ng gi\u00fap c\u00e1c c\u00f4ng ty kh\u00f4ng mu\u1ed1n x\u00e2y d\u1ef1ng m\u1ea1ng l\u01b0\u1edbi ph\u00e2n ph\u1ed1i ri\u00eang c\u1ee7a m\u00ecnh ra kh\u1ecfi Amazon, l\u00e0m vi\u1ec7c v\u00e0 c\u00f3 giao h\u00e0ng trong ng\u00e0y ho\u1eb7c giao h\u00e0ng trong hai ng\u00e0y. V\u00ec v\u1eady, v\u1ec1 c\u01a1 b\u1ea3n to\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng \u0111ang ch\u1ee9ng ki\u1ebfn c\u00e1c c\u00f4ng ty r\u1ea5t l\u1edbn v\u00e0 ShipBob, c\u0169ng t\u01b0\u01a1ng t\u1ef1, l\u00e0 m\u1ed9t c\u00f4ng ty tr\u1ecb gi\u00e1 h\u00e0ng t\u1ef7 \u0111\u00f4 la. \n Flexport c\u0169ng thu\u1ed9c lo\u1ea1i th\u1ecb tr\u01b0\u1eddng B2B nh\u01b0 m\u1ed9t nh\u00e0 giao nh\u1eadn v\u1eadn t\u1ea3i k\u1ef9 thu\u1eadt s\u1ed1. V\u00ec v\u1eady, c\u00f3 r\u1ea5t nhi\u1ec1u c\u00f4ng ty th\u1ef1c s\u1ef1 th\u00fa v\u1ecb \u0111ang \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o Formic, m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u00fap \u0111\u1ee1 v\u00e0 t\u00f4i ngh\u0129 ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 n\u0103m nay, gi\u00fap c\u00e1c c\u00f4ng ty t\u1ef1 \u0111\u1ed9ng h\u00f3a d\u00e2y chuy\u1ec1n s\u1ea3n xu\u1ea5t c\u1ee7a h\u1ecd. \n H\u1ecd v\u00e0o, h\u1ecd g\u1eedi ng\u01b0\u1eddi, t\u00ecm ra nh\u1eefng robot n\u00e0o b\u1ea1n n\u00ean mua. H\u1ecd gi\u00fap b\u1ea1n, h\u1ecd cho b\u1ea1n thu\u00ea ch\u00fang. H\u1ecd th\u1ef1c hi\u1ec7n vi\u1ec7c l\u1eafp \u0111\u1eb7t t\u1ea5t c\u1ea3 trong m\u00f4 h\u00ecnh th\u1ecb tr\u01b0\u1eddng.  \n Andrew Romans: \u0110\u01b0\u1ee3c r\u1ed3i. V\u00e0 t\u00f4i c\u00f3 th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng \u0111i\u1ec1u \u0111\u00f3 v\u00e0 nh\u1eefng t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn n\u00e0o l\u00e0 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c trong c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u00e0 b\u1ea1n \u0111\u00e3 th\u1ea5y qua nhi\u1ec1u n\u0103m? \n B\u1edfi v\u00ec m\u1ed9t s\u1ed1 B2B n\u00e0y c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n r\u1ea5t nhanh n\u1ebfu b\u1ea1n, nh\u01b0, n\u1ebfu b\u1ea1n \u0111ang s\u1ed1 h\u00f3a gi\u00e0n khoan d\u1ea7u kh\u00ed v\u00e0 b\u1ea1n \u0111ang l\u1ea5y n\u00f3 ra kh\u1ecfi Excel v\u00e0 ghi ch\u00fa d\u00e1n.\n Fabrice Grinda: V\u00ec v\u1eady, \u0111\u00e2y l\u00e0 m\u1ed9t trong nh\u1eefng \u0111i\u1ec1u b\u1ea1n c\u1ea7n r\u1ea5t c\u1ea9n th\u1eadn trong c\u00e1c th\u1ecb tr\u01b0\u1eddng B2B l\u00e0 m\u1ed9t s\u1ed1 b\u1ea1n c\u1ea7n ngu\u1ed3n cung v\u00e0 c\u1ea7u ph\u00e2n m\u1ea3nh. V\u00e0 n\u1ebfu b\u1ea1n c\u00f3 qu\u00e1 nhi\u1ec1u h\u1ee3p nh\u1ea5t \u1edf m\u1ed9t b\u00ean, b\u1ea1n c\u00f3 th\u1ec3 kh\u00f4ng th\u1ec3 l\u1ea5y m\u1ed9t t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn n\u00e0o c\u1ea3, \u0111\u00f3 l\u00e0 l\u00fd do t\u1ea1i sao c\u00e1c c\u00f4ng ty \u0111ang c\u1ed1 g\u1eafng l\u00e0m \u0111\u1eb7t h\u00e0ng th\u1ef1c ph\u1ea9m cho c\u00e1c nh\u00e0 h\u00e0ng, \u0111\u1eb7t h\u00e0ng t\u1eeb c\u00e1c nh\u00e0 cung c\u1ea5p, n\u00f3 kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng \u1edf M\u1ef9 v\u00ec b\u1ea1n c\u00f3 m\u1ed9t c\u00f4ng ty g\u1ecdi l\u00e0 Cisco, chi\u1ebfm 50% th\u1ecb tr\u01b0\u1eddng. \n H\u1ecd kh\u00f4ng, b\u1ea1n s\u1ebd l\u00e0 m\u1ed9t nh\u00e0 ph\u00e2n ph\u1ed1i, b\u1ea1n s\u1ebd kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng. \u1ed2. N\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o \u0111\u1ed9 co gi\u00e3n c\u1ee7a cung v\u00e0 c\u1ea7u. B\u1ea1n c\u1ed1 g\u1eafng c\u00f3 3%, gi\u1ea3 s\u1eed, nh\u01b0ng c\u00f3 nhi\u1ec1u danh m\u1ee5c m\u00e0 b\u1ea1n kh\u00f4ng th\u1ec3 l\u1ea5y m\u1ed9t t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn, trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3 b\u1ea1n ph\u1ea3i, m\u1eb7c d\u00f9 b\u1ea1n l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng, m\u00f4 h\u00ecnh kinh doanh c\u1ee7a b\u1ea1n s\u1ebd l\u00e0 h\u1ec7 th\u1ed1ng POS ho\u1eb7c t\u00e0i tr\u1ee3 ho\u1eb7c d\u1ecbch v\u1ee5 gi\u00e1 tr\u1ecb gia t\u0103ng ho\u1eb7c b\u1ea3o hi\u1ec3m, v.v.   \n V\u00ec v\u1eady, n\u00f3 th\u1ef1c s\u1ef1 ph\u1ee5 thu\u1ed9c. Ho\u1eb7c ph\u00ed SAS \u0111\u1ec3 cung c\u1ea5p m\u1ed9t c\u00f4ng c\u1ee5 cho, cho m\u1ed9t b\u00ean ho\u1eb7c b\u00ean kia c\u1ee7a th\u1ecb tr\u01b0\u1eddng. T\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn thay \u0111\u1ed5i, b\u1ea1n c\u1ed1 g\u1eafng c\u00f3 3 \u0111\u1ebfn 5%, \u0111\u00f4i khi b\u1ea1n c\u00f3 th\u1ec3 \u0111i, m\u1ed9t s\u1ed1 danh m\u1ee5c kh\u00f4ng b\u1ecb h\u00e0ng h\u00f3a h\u00f3a, b\u1ea1n c\u00f3 th\u1ec3 \u0111i \u0111\u1ebfn 15%. Nh\u01b0ng t\u00f4i n\u00f3i s\u1ef1 kh\u00e1c bi\u1ec7t v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u00ean ti\u00eau d\u00f9ng l\u00e0 trung b\u00ecnh, c\u00e1c th\u1ecb tr\u01b0\u1eddng ti\u00eau d\u00f9ng c\u00f3 l\u1ebd \u1edf m\u1ee9c 15% v\u00e0 c\u00f3 l\u1ebd trung b\u00ecnh, c\u00e1c th\u1ecb tr\u01b0\u1eddng B2B l\u00e0 kho\u1ea3ng 4%.   \n Nh\u01b0ng sau \u0111\u00f3 b\u1ea1n th\u00eam r\u1ea5t nhi\u1ec1u th\u1ee9 kh\u00e1c, nh\u01b0 b\u1ea1n b\u00e1n qu\u1ea3ng c\u00e1o, b\u1ea1n c\u00f3 m\u1ed9t c\u00f4ng c\u1ee5 SaaS B2B, v.v., v.v.\n Andrew Romans: V\u00e2ng. Khi ch\u00fang t\u00f4i \u0111\u00e3 \u1edf trong m\u1ed9t s\u1ed1 \u0111\u00f3, n\u00f3 \u0111\u00e3. T\u00f4i c\u1ea3m th\u1ea5y, c\u1ea3m \u01a1n Ch\u00faa khi th\u1ea5y nh\u1eefng d\u1ecbch v\u1ee5 kh\u00e1c \u0111\u01b0\u1ee3c x\u1ebfp ch\u1ed3ng l\u00ean nhau, v\u00ec v\u1eady t\u1ef7 l\u1ec7 ch\u1ea5p nh\u1eadn t\u01b0\u01a1ng \u0111\u1ed1i nh\u1ecf c\u1ee7a m\u1ed9t tr\u0103m \u0111\u00f4 la doanh thu mang l\u1ea1i ba \u0111\u1ebfn n\u0103m kh\u00f4ng c\u1ea3m th\u1ea5y tuy\u1ec7t v\u1eddi, nh\u01b0ng th\u1ea5y n\u00f3 t\u0103ng l\u00ean v\u1edbi m\u1ed9t s\u1ed1 kh\u00e1c l\u00e0 t\u1ed1t.  \n M\u1eb7t kh\u00e1c, FinTech tr\u00f4ng th\u1ef1c s\u1ef1 th\u00fa v\u1ecb cho \u0111\u1ebfn khi b\u1ea1n \u0111\u00e3 \u0111\u1ea7u t\u01b0 r\u1ea5t nhi\u1ec1u v\u00e0o FinTech v\u00e0 nh\u1eadn ra. T\u00f4i \u0111\u00e3 kh\u00f4ng mang, m\u1ed9t v\u0169 kh\u00ed h\u1ea1t nh\u00e2n \u0111\u1ebfn cu\u1ed9c chi\u1ebfn n\u00e0y. Gi\u1ed1ng nh\u01b0 t\u00f4i c\u1ea7n m\u1ed9t qu\u1ef9 l\u1edbn h\u01a1n \u0111\u1ec3 h\u1ed7 tr\u1ee3 s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a m\u1ed9t trong nh\u1eefng c\u00f4ng ty n\u00e0y.  \n Fabrice Grinda: Ch\u1eafc ch\u1eafn r\u1ed3i.\n Andrew Romans: \u0110\u1ec3 c\u00f3 th\u1ec3 nh\u01b0 ng\u00e2n h\u00e0ng quy \u0111\u1ecbnh. Nh\u1eefng th\u1ee9 \u0111i\u00ean r\u1ed3. N\u00f3 gi\u1ed1ng nh\u01b0 s\u1ef1 chi\u1ebfm \u0111o\u1ea1t quy \u0111\u1ecbnh. B\u1ea1n \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u0111i\u1ec1u g\u00ec t\u1ed1t v\u00e0 x\u1ea5u khi th\u1ea5y c\u00e1c c\u00f4ng ty th\u1ecb tr\u01b0\u1eddng c\u1ee7a b\u1ea1n qua nhi\u1ec1u th\u1eadp k\u1ef7? Tham gia v\u00e0o t\u00e0i tr\u1ee3, v\u00ec v\u1eady th\u00fac \u0111\u1ea9y d\u00f2ng ti\u1ec1n ho\u1eb7c cung c\u1ea5p b\u1ea3o hi\u1ec3m t\u00e0i ch\u00ednh? V\u00e2ng, nh\u01b0 t\u00f4i ngh\u0129 b\u1ea3o hi\u1ec3m c\u00f3 th\u1ec3 t\u1ed1t. Trong, trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p n\u00e0y.      \n Fabrice Grinda: N\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o danh m\u1ee5c.\n N\u00f3i chung, theo quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n, FinTech, v\u1ea5n \u0111\u1ec1 v\u1edbi vi\u1ec7c c\u1ea7n t\u00e0i tr\u1ee3 l\u00e0 b\u1ea1n th\u01b0\u1eddng c\u00f3 m\u1ed9t ng\u00e2n h\u00e0ng, ho\u1eb7c, b\u1eaft \u0111\u1ea7u v\u1edbi m\u1ed9t qu\u1ef9 \u0111\u1ea7u c\u01a1 ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec, v\u0103n ph\u00f2ng gia \u0111\u00ecnh. Cu\u1ed1i c\u00f9ng l\u00e0 m\u1ed9t ng\u00e2n h\u00e0ng. V\u1ea5n \u0111\u1ec1 l\u00e0 c\u00e0ng nhi\u1ec1u h\u1ecd mu\u1ed1n b\u1ea1n \u0111\u1eb7t t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p. V\u00e0 v\u00ec v\u1eady khi h\u1ecd m\u1edf r\u1ed9ng s\u1ed1 ti\u1ec1n h\u1ecd cho vay, b\u1ea1n c\u1ea7n c\u00f3 nhi\u1ec1u v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu h\u01a1n.   \n V\u00e0 v\u00ec v\u1eady n\u1ebfu b\u1ea1n kh\u00f4ng c\u00f3 quy m\u00f4 qu\u1ef9 \u0111\u1ec3 h\u1ed7 tr\u1ee3 vi\u1ec7c \u0111\u1eb7t nhi\u1ec1u ti\u1ec1n h\u01a1n khi h\u1ecd m\u1edf r\u1ed9ng th\u00ec r\u1ea5t kh\u00f3 kh\u0103n. V\u00e0 c\u0169ng ngay b\u00e2y gi\u1edd n\u00f3 kh\u00e1 kh\u00f4ng \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng.  KH\u00d4NG. C\u00e1c doanh nghi\u1ec7p m\u00e0, c\u00e1c m\u00f4 h\u00ecnh kinh doanh m\u00e0 t\u00f4i ngh\u0129 \u0111\u00e3 h\u1ea5p d\u1eabn h\u01a1n so v\u1edbi t\u00e0i tr\u1ee3 trong B2B l\u00e0 nh\u1eefng th\u1ee9 nh\u01b0, nh\u01b0 th\u1ef1c s\u1ef1 b\u00e1n qu\u1ea3ng c\u00e1o cho, nh\u01b0 qu\u1ea3ng c\u00e1o t\u1ef1 ph\u1ee5c v\u1ee5. V\u00ec v\u1eady, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c s\u1ef1 trong m\u1ed9t c\u00f4ng ty g\u1ecdi l\u00e0 TopSort. TopSort gi\u00fap c\u00e1c th\u1ecb tr\u01b0\u1eddng b\u00e1n qu\u1ea3ng c\u00e1o cho ch\u00ednh ng\u01b0\u1eddi b\u00e1n c\u1ee7a h\u1ecd, nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n qu\u1ea3ng b\u00e1 b\u1ea3n th\u00e2n \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng. V\u00e0 \u0111i\u1ec1u n\u00e0y th\u1eadt \u0111\u1eb9p v\u00ec qu\u1ea3ng c\u00e1o c\u00f3 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn 95%. V\u00e0 v\u00ec v\u1eady n\u1ebfu b\u1ea1n c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c ba, b\u1ed1n, 5% c\u1ee7a GMV c\u1ee7a b\u1ea1n hi\u1ec7u qu\u1ea3 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng trong qu\u1ea3ng c\u00e1o, \u0111\u00f3 l\u00e0 m\u1ed9t n\u1ed7 l\u1ef1c si\u00eau l\u1ee3i nhu\u1eadn. V\u00e0 nh\u00e2n ti\u1ec7n, Instacart ki\u1ebfm ph\u1ea7n l\u1edbn ti\u1ec1n c\u1ee7a h\u1ecd th\u00f4ng qua qu\u1ea3ng c\u00e1o t\u1ef1 ph\u1ee5c v\u1ee5 n\u01a1i c\u00e1c th\u01b0\u01a1ng hi\u1ec7u \u0111ang mua qu\u1ea3ng c\u00e1o. Amazon b\u00e2y gi\u1edd. V\u00e2ng,       \n Andrew Romans: T\u00f4i \u0111\u1ecbnh n\u00f3i Amazon. T\u00f4i nh\u1edb l\u1ea7n \u0111\u1ea7u ti\u00ean Amazon l\u00e0m \u0111i\u1ec1u n\u00e0y, m\u1ecdi ng\u01b0\u1eddi \u0111\u00e3 nh\u01b0, t\u1ea1i sao b\u1ea1n l\u1ea1i qu\u1ea3ng b\u00e1 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh c\u1ee7a m\u00ecnh tr\u00ean trang web c\u1ee7a b\u1ea1n? \n V\u00e0 t\u00f4i nh\u01b0 kh\u00f4ng, \u0111i\u1ec1u n\u00e0y th\u1eadt thi\u00ean t\u00e0i. H\u1ecd hi\u1ec7n \u0111ang \u0111\u01b0\u1ee3c tr\u1ea3 ti\u1ec1n m\u00e0 kh\u00f4ng c\u1ea7n ph\u1ea3i l\u00e0m vi\u1ec7c. So v\u1edbi nh\u1eefng g\u00ec h\u1ecd ph\u1ea3i l\u00e0m \u0111\u1ec3 mua s\u00e1ch. B\u00e1n s\u00e1ch.   \n Fabrice Grinda: V\u00e2ng.\n Andrew Romans: L\u01b0u tr\u1eef s\u00e1ch, giao s\u00e1ch.\n Fabrice Grinda: V\u00e0 nh\u00e2n ti\u1ec7n h\u1ecd th\u1ef1c s\u1ef1 \u0111ang b\u00e1n qu\u1ea3ng c\u00e1o, kh\u00f4ng ph\u1ea3i \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh. H\u1ecd \u0111ang b\u00e1n qu\u1ea3ng c\u00e1o cho nh\u1eefng ng\u01b0\u1eddi trong t\u00f4i \u0111o\u00e1n b\u1ea1n coi c\u00e1c nh\u00e0 cung c\u1ea5p kh\u00e1c l\u00e0 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh, ph\u1ea3i kh\u00f4ng? H\u1ecd \u0111ang b\u00e1n qu\u1ea3ng c\u00e1o cho ng\u01b0\u1eddi b\u00e1n tr\u00ean n\u1ec1n t\u1ea3ng c\u1ee7a h\u1ecd.  \n Andrew Romans: B\u1ea1n nh\u1edb trong nh\u1eefng ng\u00e0y \u0111\u1ea7u ti\u00ean khi Amazon l\u1ea7n \u0111\u1ea7u ti\u00ean l\u00e0m \u0111i\u1ec1u n\u00e0y, m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u g\u00e3i \u0111\u1ea7u v\u00e0 sau \u0111\u00f3 n\u00f3i, th\u1ef1c ra. M\u1eb7c d\u00f9 \u0111i\u1ec1u n\u00e0y tr\u00e1i ng\u01b0\u1ee3c v\u1edbi tr\u1ef1c gi\u00e1c, nh\u01b0ng \u0111i\u1ec1u n\u00e0y th\u1ef1c s\u1ef1 l\u00e0 thi\u00ean t\u00e0i. \n Fabrice Grinda: V\u00e0 v\u00e2ng, b\u1edfi v\u00ec h\u1ecd l\u00e0 b\u00ean th\u1ee9 nh\u1ea5t. M\u1ecdi ng\u01b0\u1eddi kh\u00f4ng nh\u1eadn ra Amazon th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t n\u1ec1n t\u1ea3ng b\u00ean th\u1ee9 ba. H\u1ecd th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng.  \n Andrew Romans: V\u00e2ng. V\u00e2ng.  V\u00e2ng. \u0110\u01b0\u1ee3c r\u1ed3i. V\u00ec v\u1eady, c\u00f3 th\u1ec3 g\u1ea7n k\u1ebft th\u00fac cu\u1ed9c g\u1ecdi n\u00e0y, phi\u00ean n\u00e0y h\u00f4m nay &#8211; tho\u00e1t. V\u00ec v\u1eady, b\u1ea1n \u0111\u00e3 th\u1ea5y r\u1ea5t nhi\u1ec1u tho\u00e1t \u1edf th\u1eddi \u0111i\u1ec3m n\u00e0y. B\u1ea1n c\u00f3 th\u1ec3, n\u1ebfu b\u1ea1n \u0111ang vi\u1ebft m\u1ed9t cu\u1ed1n s\u00e1ch v\u1ec1, \u0111\u00e2y l\u00e0 b\u1ed1n lo\u1ea1i tho\u00e1t kh\u00e1c nhau m\u00e0 b\u1ea1n c\u00f3 \u0111\u01b0\u1ee3c.  \n C\u00e1c danh m\u1ee5c tho\u00e1t kh\u00e1c nhau m\u00e0 b\u1ea1n \u0111\u00e3 th\u1ea5y l\u00e0 g\u00ec v\u00e0 m\u1ed9t ch\u00fat v\u1ec1 \u0111i\u1ec1u g\u00ec l\u00e0 t\u1ed1t, x\u1ea5u v\u00e0 x\u1ea5u x\u00ed c\u1ee7a vi\u1ec7c t\u00ecm ki\u1ebfm s\u1ef1 th\u1eadt th\u00f4ng qua c\u00e1c s\u1ef1 ki\u1ec7n m\u00e0 b\u1ea1n \u0111\u00e3 th\u1ea5y r\u1ea5t nhi\u1ec1u d\u1eef li\u1ec7u cho ch\u00ednh m\u00ecnh?\n Fabrice Grinda: V\u00ec v\u1eady, t\u00f4i n\u00f3i c\u00f3 ba lo\u1ea1i tho\u00e1t, t\u00f4i \u0111o\u00e1n l\u00e0 b\u1ed1n. Lo\u1ea1i x\u1ea5u. B\u1ea1n c\u00f3 M&amp;A, b\u1ea1n c\u00f3 IPO. B\u1ea1n c\u00f3 th\u1ee9 c\u1ea5p v\u00e0 b\u1ea1n c\u00f3 c\u00f4ng ty \u0111\u00f3ng c\u1eeda.   \n \u0110i\u1ec1u th\u00fa v\u1ecb l\u00e0 nh\u1eefng \u0111i\u1ec1u n\u00e0y thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 d\u1ef1a tr\u00ean s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a chu k\u1ef3 kinh t\u1ebf v\u0129 m\u00f4 chung v\u00e0 th\u1ef1c s\u1ef1 l\u00e0 chu k\u1ef3 \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, ph\u1ea3i kh\u00f4ng? V\u00ec v\u1eady, v\u00e0o n\u0103m 2021, c\u00f3 s\u1ed1 l\u01b0\u1ee3ng IPO \u0111i\u00ean r\u1ed3, s\u1ed1 l\u01b0\u1ee3ng M&amp;A \u0111i\u00ean r\u1ed3, v\u00e0 \u0111i\u1ec1u \u0111\u00f3 ho\u00e0n to\u00e0n b\u1ecb b\u1ecf qua, t\u1eeb 22 \u0111\u1ebfn 25 v\u1ec1 c\u01a1 b\u1ea3n. V\u00e0 v\u00ec v\u1eady t\u1eeb 22 \u0111\u1ebfn 25, ph\u1ea7n l\u1edbn c\u00e1c l\u1ed1i tho\u00e1t m\u00e0 ch\u00fang t\u00f4i c\u00f3 \u0111\u01b0\u1ee3c l\u00e0 th\u1ee9 c\u1ea5p v\u00e0 nh\u1eefng th\u1ee9 c\u1ea5p n\u00e0y r\u00f5 r\u00e0ng ch\u1ec9 c\u00f3 th\u1ec3 x\u1ea3y ra v\u1edbi c\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t.  \n Ho\u1eb7c trong v\u00f2ng t\u0103ng gi\u00e1 ho\u1eb7c h\u1ecd \u0111\u00e3 tr\u1edf n\u00ean l\u1edbn \u0111\u1ebfn m\u1ee9c c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c t\u1ea1o ra tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Forge, n\u01a1i b\u1ea1n c\u00f3 c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi th\u1ee9 c\u1ea5p \u0111\u1ebfn v\u00e0 ti\u1ebfp c\u1eadn b\u1ea1n \u0111\u1ec3 mua v\u00e0 b\u00e1n c\u00e1c c\u00f4ng ty. V\u00e0 v\u00ec v\u1eady, t\u00f4i n\u00f3i th\u1ee9 c\u1ea5p \u0111\u00e3 l\u00e0 danh m\u1ee5c ph\u00e1t tri\u1ec3n m\u1ea1nh nh\u1ea5t v\u00e0 n\u01a1i ch\u00fang t\u00f4i \u0111\u00e3 th\u1ef1c hi\u1ec7n h\u1ea7u h\u1ebft c\u00e1c l\u1ed1i tho\u00e1t trong hai \u0111\u1ebfn ba n\u0103m qua trong s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c v\u00f2ng t\u0103ng gi\u00e1 v\u00e0 c\u00e1c c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t, nh\u01b0ng ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, h\u1ea7u h\u1ebft c\u00e1c VC s\u1ebd kh\u00f4ng b\u00e1n tr\u00ean \u0111\u01b0\u1eddng \u0111i l\u00ean, nh\u01b0ng ch\u00fang t\u00f4i, v\u00ec ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ea1t gi\u1ed1ng v\u00e0 c\u00e1c c\u00f4ng ty \u0111ang \u1edf l\u1ea1i t\u01b0 nh\u00e2n l\u00e2u h\u01a1n v\u00e0 l\u00e2u h\u01a1n, n\u1ebfu ch\u00fang t\u00f4i c\u1ea3m th\u1ea5y r\u1eb1ng m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 c\u00f3 gi\u00e1 qu\u00e1 cao \u0111\u1ebfn m\u1ee9c ch\u00fang t\u00f4i s\u1ebd kh\u00f4ng \u0111\u00e1nh gi\u00e1 m\u1ed9t 10 x v\u00ec \u0111i\u1ec3m b\u1ea1n \u0111\u00e3 n\u00f3i tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 ch\u00fang t\u00f4i th\u1ef1c s\u1ef1 c\u1ea7n m\u1ed9t 10 x tr\u00ean c\u01a1 s\u1edf ti\u1ebfp t\u1ee5c \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c ti\u1ebfp t\u1ee5c \u0111\u1ea7u t\u01b0. Ch\u00fang t\u00f4i c\u1ed1 g\u1eafng b\u00e1n 50% tr\u00ean \u0111\u01b0\u1eddng \u0111i l\u00ean, v\u00e0 50% l\u00e0 quy t\u1eafc ng\u00f3n tay c\u00e1i c\u1ee7a ch\u00fang t\u00f4i v\u00ec \u0111\u00f3 l\u00e0 tri\u1ebft l\u00fd kh\u00f4ng h\u1ed1i ti\u1ebfc. Ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1eb7t n\u00f3 \u1edf m\u1ee9c b\u1ea5t k\u1ef3, 10 x v\u00e0 ch\u00fang t\u00f4i, n\u1ebfu n\u00f3 \u0111i \u0111\u1ebfn m\u1eb7t tr\u0103ng, ch\u00fang t\u00f4i v\u1eabn c\u00f3 50%. Ch\u00fang t\u00f4i h\u1ea1nh ph\u00fac. N\u1ebfu n\u00f3 v\u1ec1 kh\u00f4ng, ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 10 x, ch\u00fang t\u00f4i h\u1ea1nh ph\u00fac. V\u00e0 v\u00ec v\u1eady 50% l\u00e0 nh\u1eefng g\u00ec ch\u00fang t\u00f4i l\u00e0m trong h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p.       \n Th\u00eam v\u00e0o \u0111\u00f3, n\u00f3 kh\u00f4ng th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi nhi\u1ec1u l\u1ea7n.\n N\u00f3 nhi\u1ec1u h\u01a1n l\u00e0 ch\u00fang t\u00f4i ngh\u0129 \u0111i\u1ec1u n\u00e0y c\u00f3 gi\u00e1 qu\u00e1 cao nh\u01b0 th\u1ebf n\u00e0o. \u0110\u1ed1i v\u1edbi ch\u00fang t\u00f4i \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t c\u00f4ng ty t\u1ea1i b\u1ea5t k\u1ef3 th\u1eddi \u0111i\u1ec3m n\u00e0o, n\u1ebfu \u0111\u00f3 l\u00e0 giai \u0111o\u1ea1n sau nh\u01b0 Series B ho\u1eb7c C ho\u1eb7c D, l\u00e0 nh\u1eefng c\u00f4ng ty th\u01b0\u1eddng nh\u1eadn \u0111\u01b0\u1ee3c th\u1ee9 c\u1ea5p, ch\u00fang t\u00f4i v\u1eabn c\u1ea7n th\u1ea5y ti\u1ec1m n\u0103ng 10 x v\u00ec n\u00f3 gi\u1ed1ng nh\u01b0 ch\u00fang t\u00f4i \u0111ang \u0111\u1ea7u t\u01b0 v\u00e0o v\u00f2ng n\u00e0y. \n V\u00e0 n\u1ebfu ch\u00fang t\u00f4i kh\u00f4ng th\u1ea5y \u0111i\u1ec1u \u0111\u00f3, \u00edt nh\u1ea5t ch\u00fang t\u00f4i c\u1ea7n n\u00f3i, \u0111\u01b0\u1ee3c r\u1ed3i, c\u00f3 70%, 60% x\u00e1c su\u1ea5t c\u1ee7a m\u1ed9t hai ba x m\u00e0 v\u1edbi x\u00e1c su\u1ea5t cao, nh\u01b0 ni\u1ec1m tin cao, ch\u00fang t\u00f4i \u0111\u00e3 nh\u1eadn l\u1ea1i. X\u00e1c su\u1ea5t l\u1edbn c\u1ee7a ba x v\u00e0 \u00edt nh\u1ea5t 20% x\u00e1c su\u1ea5t c\u1ee7a m\u1ed9t 10 x. N\u1ebfu ch\u00fang t\u00f4i kh\u00f4ng th\u1ea5y \u0111i\u1ec1u \u0111\u00f3, ch\u00fang t\u00f4i th\u01b0\u1eddng s\u1ebd b\u00e1n. N\u1ebfu ch\u1ec9 l\u00e0 m\u1ed9t hai, 3 X, ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng ng\u01b0\u1eddi ki\u1ec3u P, ph\u1ea3i kh\u00f4ng?   \n Ch\u00fang t\u00f4i kh\u00f4ng c\u1ed1 g\u1eafng \u0111\u1ea1t \u0111\u01b0\u1ee3c 15, 20% IRR ho\u1eb7c b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec.\n Andrew Romans: V\u00e0 nh\u1eefng sai l\u1ea7m n\u00e0o b\u1ea1n s\u1ebd n\u00f3i b\u1ea1n \u0111\u00e3 m\u1eafc ph\u1ea3i trong th\u1ee9 c\u1ea5p? V\u00ec v\u1eady, nh\u00ecn l\u1ea1i r\u1ea5t nhi\u1ec1u ho\u1ea1t \u0111\u1ed9ng, b\u1ea1n ph\u1ea3i h\u1ecdc h\u1ecfi t\u1eeb m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 kh\u00f4ng \u0111i theo c\u00e1ch b\u1ea1n ngh\u0129 ho\u1eb7c gi\u00f3 \u0111\u00e3 thay \u0111\u1ed5i tr\u00ean b\u1ea1n \u1edf gi\u1eefa n\u00f3. \n Fabrice Grinda: V\u00e2ng, h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi ngh\u0129 r\u1eb1ng b\u1ea1n n\u00ean gi\u1eef m\u00e3i m\u00e3i v\u00e0 b\u1ea1n n\u00ean tr\u1edf th\u00e0nh qu\u1ef9 crossover, v.v.\n T\u00f4i ngh\u0129, v\u00e0 \u0111\u00f3 ch\u1eafc ch\u1eafn l\u00e0 nh\u1eefng g\u00ec c\u00e1c qu\u1ef9 l\u1edbn h\u01a1n \u0111ang l\u00e0m, nh\u01b0ng t\u00f4i ngh\u0129 \u0111i\u1ec1u \u0111\u00f3 s\u1ebd l\u00e0m gi\u1ea3m IRR c\u1ee7a b\u1ea1n. H\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty \u0111\u00e3 c\u00f4ng khai v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng d\u01b0\u1edbi 20 t\u1ef7, t\u00f4i s\u1ebd n\u00f3i, \u0111\u00e3 kh\u00f4ng l\u00e0m \u0111\u1eb7c bi\u1ec7t t\u1ed1t tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng. V\u00e0 v\u00ec v\u1eady n\u1ebfu ch\u00fang t\u00f4i c\u00f3 th\u1ec3 \u0111\u00e3 b\u00e1n trong IPO, th\u01b0\u1eddng ch\u00fang t\u00f4i kh\u00f4ng th\u1ec3, ch\u00fang t\u00f4i \u0111\u00e3 b\u1ecb kh\u00f3a l\u1ea1i.  \n Ch\u00fang t\u00f4i th\u1ef1c s\u1ef1, ch\u00fang t\u00f4i \u0111\u00e3 t\u1ed1t h\u01a1n nhi\u1ec1u khi b\u00e1n trong IPO, ch\u00fang t\u00f4i c\u00f3 th\u1ec3, ho\u1eb7c ngay tr\u01b0\u1edbc \u0111\u00f3 trong m\u1ed9t th\u1ee9 c\u1ea5p sau \u0111\u00f3 gi\u1eef qua kh\u00f3a. Ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu \u0111\u00e3 m\u1ea5t ti\u1ec1n trong s\u00e1u th\u00e1ng trong th\u1eddi gian kh\u00f3a cho h\u1ea7u h\u1ebft c\u00e1c c\u00f4ng ty. V\u00e0 sau \u0111\u00f3 n\u1ebfu b\u1ea1n nh\u00ecn v\u00e0o, ch\u00fang t\u00f4i c\u00f3 n\u00ean gi\u1eef m\u1ed9t c\u1ed5 phi\u1ebfu m\u00e3i m\u00e3i, c\u00e2u tr\u1ea3 l\u1eddi th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t s\u1ef1 ph\u00e2n \u0111\u00f4i.  \n N\u1ebfu c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng ty chi\u1ebfn th\u1eafng trong m\u1ed9t danh m\u1ee5c l\u1edbn. C\u00e2u tr\u1ea3 l\u1eddi c\u00f3 th\u1ec3 l\u00e0, nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 l\u00e0, ch\u1ec9 c\u00f3 r\u1ea5t \u00edt trong s\u1ed1 n\u00e0y, ph\u1ea3i kh\u00f4ng? N\u00f3 gi\u1ed1ng nh\u01b0 Google v\u00e0 Microsoft, v.v. 99% c\u00e1c c\u00f4ng ty ch\u00fang t\u00f4i t\u1ed1t h\u01a1n l\u00e0 b\u00e1n c\u00e0ng s\u1edbm c\u00e0ng t\u1ed1t khi, m\u1ed9t khi c\u00f4ng ty c\u00f3 t\u00ednh thanh kho\u1ea3n v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 v\u00ec n\u00f3 t\u0103ng tr\u01b0\u1edfng v\u1edbi t\u1ed1c \u0111\u1ed9 th\u1ea5p h\u01a1n khi c\u00f4ng khai h\u01a1n tr\u01b0\u1edbc.   \n V\u00e0 c\u0169ng ch\u00fang t\u00f4i kh\u00f4ng ph\u1ea3i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng, ph\u1ea3i kh\u00f4ng? \u0110\u1ed9t nhi\u00ean khi c\u00f4ng ty c\u00f4ng khai, t\u00f4i m\u1ea5t quy\u1ec1n truy c\u1eadp \u0111\u1eb7c quy\u1ec1n v\u00e0o ng\u01b0\u1eddi s\u00e1ng l\u1eadp, ph\u1ea3i kh\u00f4ng? Gi\u1ed1ng nh\u01b0 tr\u01b0\u1edbc khi h\u1ecd c\u00f4ng khai, ch\u00fang t\u00f4i c\u00f3 c\u00e1c cu\u1ed9c g\u1ecdi c\u1eadp nh\u1eadt v\u00e0 t\u00f4i nh\u1eadn \u0111\u01b0\u1ee3c t\u1ea5t c\u1ea3 chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh v\u00e0 m\u1ecdi th\u1ee9. Gi\u1ed1ng nh\u01b0 ph\u00fat h\u1ecd c\u00f4ng khai, \u0111i\u1ec1u \u0111\u00f3 ho\u00e0n to\u00e0n bi\u1ebfn m\u1ea5t, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u00ec t\u00f4i \u0111\u00e3 c\u00f3 \u0111i\u1ec3m \u0111\u00f3, \u1ed3, 0,1% c\u1ee7a c\u00f4ng ty.   \n V\u00e0 v\u00ec v\u1eady, \u0111\u1ed1i v\u1edbi ch\u00fang t\u00f4i, b\u00e1n t\u1ea1i IPO ho\u1eb7c sau khi h\u1ebft th\u1eddi gian kh\u00f3a l\u00e0 quy\u1ebft \u0111\u1ecbnh t\u1ed1t nh\u1ea5t m\u1ed7i l\u1ea7n, v\u1ec1 c\u01a1 b\u1ea3n. Ngo\u00e0i ra, ch\u00fang t\u00f4i kh\u00f4ng n\u1eb1m trong c\u00e1c c\u00f4ng ty m\u00e0 khi c\u00f4ng khai l\u1ea1i l\u00e0 nh\u1eefng c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng v\u00f4 h\u1ea1n. Khi c\u00f3 c\u01a1 h\u1ed9i b\u00e1n m\u1ed9t c\u00f4ng ty b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao, l\u00e0m \u0111i\u1ec1u \u0111\u00f3 g\u1ea7n nh\u01b0 lu\u00f4n l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u00fang \u0111\u1eafn, ph\u1ea3i kh\u00f4ng?  \n H\u1ea7u nh\u01b0 kh\u00f4ng bao gi\u1edd c\u00f3 l\u00fac t\u00f4i h\u1ed1i ti\u1ebfc khi b\u00e1n 50% ngay c\u1ea3 khi c\u00f4ng ty ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n t\u1ed1t. Tr\u00ean c\u01a1 s\u1edf ti\u1ebfp t\u1ee5c. V\u00ec v\u1eady, h\u00e3y l\u1ea5y thanh kho\u1ea3n khi c\u00f3 th\u1ec3, khi b\u1ea1n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 giai \u0111o\u1ea1n \u0111\u1ea7u, v\u00ec DPI \u0111\u01b0\u1ee3c c\u00e1c LP c\u1ee7a b\u1ea1n \u0111\u00e1nh gi\u00e1 cao. N\u00f3 gi\u00fap h\u1ecd t\u00e1i \u0111\u1ea7u t\u01b0 v\u00e0o qu\u1ef9. V\u00e0 v\u00ec ch\u00fang t\u00f4i \u0111ang t\u0103ng tr\u01b0\u1edfng v\u1edbi IRR 30% nhanh h\u01a1n so v\u1edbi th\u1ecb tr\u01b0\u1eddng c\u00f4ng khai, n\u00ean b\u1ea1n s\u1ebd t\u1ed1t h\u01a1n khi t\u00e1i \u0111\u1ea7u t\u01b0.     \n Andrew Romans: Hi\u1ec3u r\u1ed3i. Hi\u1ec3u r\u1ed3i. V\u00e0 c\u00e1c b\u1ea1n c\u00f3 bao gi\u1edd b\u00e1n 10% ho\u1eb7c 25% hay th\u1ef1c s\u1ef1 l\u00e0 50% ho\u1eb7c kh\u00f4ng g\u00ec c\u1ea3?\n Fabrice Grinda: \u0110\u00f3 l\u00e0 50% trong 90% c\u00e1c tr\u01b0\u1eddng h\u1ee3p. \u0110\u00f3 l\u00e0 25%, c\u00f3 th\u1ec3 trong 5% c\u00e1c tr\u01b0\u1eddng h\u1ee3p, v\u00e0 \u0111\u00f3 l\u00e0 80% v\u00e0 75%. 25% trong 5% c\u00e1c tr\u01b0\u1eddng h\u1ee3p v\u00ec trong hai tr\u01b0\u1eddng h\u1ee3p n\u00e0y, 25% l\u00e0 nh\u01b0 c\u00f4ng ty \u0111ang l\u00e0m r\u1ea5t t\u1ed1t.  \n Gi\u00e1 th\u1ef1c s\u1ef1 cao nh\u01b0ng ch\u00fang t\u00f4i hi\u1ec3u c\u00e2u chuy\u1ec7n. Ch\u00fang t\u00f4i th\u1ea5y l\u00fd do t\u1ea1i sao n\u00f3 c\u00f3 th\u1ec3 ph\u00e1t tri\u1ec3n. Ch\u00fang t\u00f4i th\u1ea5y \u0111\u1ee7, n\u00f3 \u0111\u1ee7 h\u1ea5p d\u1eabn. V\u00e0 c\u00f3 th\u1ec3 h\u1ec7 s\u1ed1 nh\u00e2n ch\u1ec9 l\u00e0 qu\u00e1 th\u1ea5p. Ch\u1ec9 c\u00f3 ba ho\u1eb7c b\u1ed1n l\u1ea7n m\u00e0 ch\u00fang t\u00f4i mu\u1ed1n gi\u1eef 75%. B\u00e2y gi\u1edd, n\u1ebfu n\u00f3 l\u00e0 h\u01a1n 100 l\u1ea7n, gi\u00e1 ho\u00e0n h\u1ea3o \u0111\u1ebfn m\u1ee9c ch\u00fang t\u00f4i c\u1ed1 g\u1eafng b\u00e1n 75%.      \n Nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3, m\u1ed9t l\u1ea7n n\u1eefa, ch\u1ec9 x\u1ea3y ra \u1edf r\u1ea5t \u00edt c\u00f4ng ty. N\u00f3 ch\u1ec9 x\u1ea3y ra \u1edf nh\u1eefng c\u00f4ng ty n\u00f3ng nh\u1ea5t. V\u00e0 \u0111\u00f3 l\u00e0 nh\u1eefng tr\u01b0\u1eddng h\u1ee3p ch\u00fang t\u00f4i c\u1ed1 g\u1eafng b\u00e1n 75%. V\u00ec v\u1eady, ngay b\u00e2y gi\u1edd ch\u00fang t\u00f4i \u0111ang c\u1ed1 g\u1eafng b\u00e1n 75% c\u00e1c c\u00f4ng ty AI c\u1ee7a m\u00ecnh.   \n Andrew Romans: V\u00ec v\u1eady, \u0111\u00f4i khi ch\u00fang t\u00f4i xem x\u00e9t ch\u00fang t\u00f4i \u0111ang \u1edf \u0111\u00e2u trong qu\u1ef9 n\u00e0y? Ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 t\u1eeb qu\u1ef9 m\u1ed9t, qu\u1ef9 hai, qu\u1ef9 ba, qu\u1ef9 b\u1ed1n, v\u00e0 ch\u00fang t\u00f4i c\u00f3 \u0111\u1ea1t m\u1ed9t l\u1ea7n DPI kh\u00f4ng? \n N\u1ebfu kh\u00f4ng, c\u00f3 th\u1ec3 ch\u00fang t\u00f4i s\u1ebd b\u00e1n 75% v\u00e0 sau \u0111\u00f3 h\u00e3y gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 \u0111\u00f3. Kh\u00f4ng ai ph\u00e0n n\u00e0n, t\u1ea5t c\u1ea3 c\u00e1c b\u1ea1n \u0111\u00e3 l\u1ea5y l\u1ea1i ti\u1ec1n c\u1ee7a m\u00ecnh. V\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 th\u00fac \u0111\u1ea9y ch\u00fang t\u00f4i l\u00e0m nhi\u1ec1u h\u01a1n, n\u00f3i 25. \u0110\u00f3 c\u0169ng l\u00e0 m\u1ed9t c\u00e2n nh\u1eafc t\u1eeb ph\u00eda ch\u00fang t\u00f4i.   \n Fabrice Grinda: V\u00e2ng. \u0110\u00fang v\u1eady. V\u00e0 bao l\u00e2u n\u1eefa c\u0169ng nh\u01b0 t\u00f4i c\u0169ng c\u00f3 th\u1ec3 th\u1ea5y tr\u01b0\u1eddng h\u1ee3p ng\u01b0\u1ee3c l\u1ea1i. \n Gi\u1ed1ng nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m m\u1ed9t l\u1ea7n DPI. V\u00e0 c\u00e1ch duy nh\u1ea5t \u0111\u1ec3 \u0111i\u1ec1u n\u00e0y tr\u1edf th\u00e0nh qu\u1ef9 ba l\u1ea7n l\u00e0 c\u00f4ng ty n\u00e0y ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng v\u00e0 c\u00f3 l\u1ebd ch\u00fang t\u00f4i t\u1ed1t h\u01a1n khi gi\u1eef l\u1ea1i v\u00e0 \u0111\u00f3 l\u00e0 c\u00f4ng ty duy nh\u1ea5t t\u0103ng tr\u01b0\u1edfng v\u00e0 c\u00f3 l\u1ebd ch\u00fang t\u00f4i t\u1ed1t h\u01a1n khi gi\u1eef l\u1ea1i ho\u1eb7c b\u00e1n l\u1ed7. \n Andrew Romans: Ch\u00ednh x\u00e1c. V\u00e0 t\u00f4i c\u1ea3m th\u1ea5y nh\u01b0 n\u1ebfu b\u1ea5t k\u1ef3 LP n\u00e0o ph\u00e0n n\u00e0n, t\u00f4i s\u1ebd n\u00f3i, N\u00e0y b\u1ea1n, b\u1ea1n \u0111\u00e3 l\u1ea5y l\u1ea1i ti\u1ec1n c\u1ee7a m\u00ecnh, v\u00ec v\u1eady \u0111\u1eebng ph\u00e0n n\u00e0n. \n Fabrice Grinda: Ch\u00ednh x\u00e1c.\n Andrew Romans: N\u1ebfu t\u00f4i ch\u01b0a tr\u1ea3 l\u1ea1i ti\u1ec1n cho b\u1ea1n, t\u00f4i s\u1eb5n s\u00e0ng nghe th\u00eam v\u1ec1 \u0111i\u1ec1u n\u00e0y. Nh\u01b0ng t\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y, h\u00e3y \u0111\u1ec3 ch\u00fang t\u00f4i l\u00e0m nh\u1eefng g\u00ec ch\u00fang t\u00f4i \u0111ang l\u00e0m. Ch\u00fang t\u00f4i c\u1ea7n \u0111i\u1ec1u \u0111\u00f3 \u0111\u1ec3 mang l\u1ea1i k\u1ebft qu\u1ea3 v\u00e0o th\u1eddi \u0111i\u1ec3m n\u00e0y. V\u00e0 nh\u1eefng ng\u01b0\u1eddi n\u00e0y r\u1ea5t h\u00e0o h\u1ee9ng v\u1edbi 4 l\u1ea7n tr\u00ean \u0111\u1ecbnh gi\u00e1 l\u1edbn n\u00e0y, \u0111ang nh\u00ecn v\u00e0o s\u1ef1 t\u1ef1 tin cao 4 l\u1ea7n t\u1eeb \u0111\u00e2y.   \n V\u00e0 v\u00ec v\u1eady khi k\u1ebft th\u00fac ngo\u00e0i c\u00e1c th\u1ecb tr\u01b0\u1eddng, b\u1ea1n c\u00f3 th\u1ec3 chia s\u1ebb b\u1ea5t k\u1ef3 ch\u1ee7 \u0111\u1ec1 \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i n\u00e0o kh\u00e1c m\u00e0 b\u1ea1n \u0111ang h\u00e0o h\u1ee9ng kh\u00f4ng?\n Fabrice Grinda: V\u00ec v\u1eady, h\u00e3y nh\u00ecn, t\u00f4i s\u1ebd n\u00f3i tr\u01b0\u1edbc h\u1ebft. \u00c1p d\u1ee5ng AI v\u00e0o t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y l\u00e0 ch\u00eca kh\u00f3a nh\u01b0ng kh\u00f4ng ph\u1ea3i theo c\u00e1ch m\u00e0 m\u1ecdi ng\u01b0\u1eddi mong \u0111\u1ee3i. V\u00ed d\u1ee5, m\u1ed9t trong nh\u1eefng th\u1ecb tr\u01b0\u1eddng c\u1ee7a ch\u00fang t\u00f4i \u0111ang ph\u00e1t tri\u1ec3n m\u1ea1nh nh\u1ea5t l\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1eddi trang c\u00f3 t\u00ean l\u00e0 Vinted.  \n V\u00e0 nh\u1eefng g\u00ec h\u1ecd \u0111\u00e3 l\u00e0m l\u00e0 h\u1ecd s\u1eed d\u1ee5ng AI \u0111\u1ec3 d\u1ecbch c\u00e1c danh s\u00e1ch gi\u1eefa c\u00e1c qu\u1ed1c gia v\u00e0 \u0111\u1ec3 d\u1ecbch c\u00e1c cu\u1ed9c tr\u00f2 chuy\u1ec7n gi\u1eefa ng\u01b0\u1eddi d\u00f9ng sao cho l\u1ea7n \u0111\u1ea7u ti\u00ean b\u1ea1n c\u00f3 m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ef1c s\u1ef1 to\u00e0n ch\u00e2u \u00c2u, H\u1ee3p ch\u1ee7ng qu\u1ed1c ch\u00e2u \u00c2u, n\u01a1i ng\u01b0\u1eddi mua c\u00f3 th\u1ec3 \u1edf Ph\u00e1p v\u00e0 ng\u01b0\u1eddi b\u00e1n \u1edf Lithuania, v\u00e0 kh\u00f4ng b\u00ean n\u00e0o nh\u1eadn ra \u0111i\u1ec1u \u0111\u00f3, v\u00e0 n\u00f3 \u0111\u00e3 t\u1ea1o ra thanh kho\u1ea3n l\u1edbn, cho ph\u00e9p h\u1ecd chi\u1ebfn th\u1eafng \u1edf r\u1ea5t nhi\u1ec1u qu\u1ed1c gia kh\u00e1c nhau.\n H\u1ecd \u0111\u1ea1t 10 t\u1ef7 GMV. V\u00ec v\u1eady, m\u1ed9t l\u00e0 l\u00e0m vi\u1ec7c xuy\u00ean bi\u00ean gi\u1edbi v\u1edbi AI. Hai l\u00e0 \u0111\u01a1n gi\u1ea3n h\u00f3a danh s\u00e1ch n\u01a1i b\u1ea1n ch\u1ee5p \u1ea3nh v\u00e0 b\u00f9m, b\u1ea1n c\u00f3 ti\u00eau \u0111\u1ec1, gi\u00e1, m\u00f4 t\u1ea3, danh m\u1ee5c, t\u1ea5t c\u1ea3 \u0111\u1ec1u t\u1ef1 \u0111\u1ed9ng cho b\u1ea1n. V\u00e0 ba l\u00e0 ho\u00e0n to\u00e0n \u0111\u01a1n gi\u1ea3n h\u00f3a ch\u0103m s\u00f3c kh\u00e1ch h\u00e0ng. B\u00e2y gi\u1edd, nh\u1eefng \u0111i\u1ec1u kh\u00e1c m\u00e0 t\u00f4i th\u00edch, ngo\u00e0i vi\u1ec7c s\u1eed d\u1ee5ng AI \u0111\u1ec3 l\u00e0m cho t\u1ea5t c\u1ea3 nh\u1eefng \u0111i\u1ec1u n\u00e0y hi\u1ec7u qu\u1ea3 h\u01a1n nhi\u1ec1u, m\u00e0 t\u00f4i ngh\u0129 l\u00e0 c\u00e1ch th\u00f4ng minh \u0111\u1ec3 ch\u01a1i AI l\u00e0 t\u1ea5t c\u1ea3 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng xung quanh vi\u1ec7c x\u00e2y d\u1ef1ng c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y. Nh\u01b0 robot h\u00ecnh ng\u01b0\u1eddi, c\u00e1c c\u00f4ng ty \u0111\u01b0\u1eddng ray thanh to\u00e1n. V\u00e0 c\u0169ng nh\u1eefng \u0111i\u1ec1u ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c thay \u0111\u1ed5i \u0111\u1ecba ch\u00ednh tr\u1ecb kh\u00e1c nhau, ph\u1ea3i kh\u00f4ng? V\u00ec v\u1eady, ngay b\u00e2y gi\u1edd ch\u00fang ta \u0111ang \u1edf trong Chi\u1ebfn tranh L\u1ea1nh II gi\u1eefa Trung Qu\u1ed1c, Nga, Iran, Tri\u1ec1u Ti\u00ean, v\u00e0 m\u1ed9t b\u00ean, ph\u01b0\u01a1ng T\u00e2y v\u00e0 b\u00ean kia, v\u00e0 c\u00f3 th\u1ec3 \u1ea4n \u0110\u1ed9 \u1edf gi\u1eefa.       \n T\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty tr\u00ean th\u1ebf gi\u1edbi \u0111ang c\u1ed1 g\u1eafng di chuy\u1ec3n chu\u1ed7i cung \u1ee9ng c\u1ee7a h\u1ecd ra kh\u1ecfi Trung Qu\u1ed1c. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng B2B \u1edf \u1ea4n \u0110\u1ed9 \u0111ang gi\u00fap c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t \u1ea4n \u0110\u1ed9 b\u00e1n v\u00e0o c\u00e1c c\u00f4ng ty \u1edf ph\u01b0\u01a1ng T\u00e2y. V\u00ec v\u1eady, ch\u00fang t\u00f4i l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty nh\u01b0 Ziod, \u0111ang gi\u00fap c\u00e1c th\u01b0\u01a1ng hi\u1ec7u l\u1edbn \u1edf ch\u00e2u \u00c2u v\u00e0 M\u1ef9 mua t\u1eeb c\u00e1c c\u00f4ng ty nh\u1ecf l\u1ebb \u1edf \u1ea4n \u0110\u1ed9 nh\u01b0 may m\u1eb7c.  \n V\u00e0 v\u1ea5n \u0111\u1ec1 l\u00e0, b\u1ea5t k\u1ef3 nh\u00e0 s\u1ea3n xu\u1ea5t n\u00e0o trong s\u1ed1 n\u00e0y t\u1ef1 m\u00ecnh, h\u1ecd kh\u00f4ng th\u1ec3 tr\u1ea3 l\u1eddi RFP, h\u1ecd kh\u00f4ng th\u1ec3 x\u1eed l\u00fd h\u1ea3i quan, h\u1ecd kh\u00f4ng th\u1ec3 l\u00e0m m\u1eabu. V\u00ec v\u1eady, th\u1ecb tr\u01b0\u1eddng l\u00e0m \u0111i\u1ec1u \u0111\u00f3 v\u00e0 sau \u0111\u00f3 b\u00e1n cho b\u1ea5t k\u1ef3 ai, H&amp;M v\u00e0 Zara. V\u00e0 v\u00ec v\u1eady ch\u00fang t\u00f4i \u0111ang l\u00e0m r\u1ea5t nhi\u1ec1u \u0111i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c xu h\u01b0\u1edbng c\u1ee7a th\u1eddi \u0111\u1ea1i ch\u00fang ta.  \n V\u00ec v\u1eady, h\u1ed7 tr\u1ee3 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng cho s\u1ed1 h\u00f3a B2B, m\u00e0 t\u00f4i ngh\u0129 ch\u00fang ta \u0111ang \u1edf ng\u00e0y \u0111\u1ea7u ti\u00ean. V\u00e0 v\u00ec v\u1eady \u0111\u00e2y l\u00e0 10 n\u0103m tr\u01b0\u1edbc v\u00e0 n\u0103ng su\u1ea5t. C\u00f3 r\u1ea5t nhi\u1ec1u c\u1ea3i ti\u1ebfn n\u0103ng su\u1ea5t nh\u1edd AI trong t\u1ea5t c\u1ea3 c\u00e1c danh m\u1ee5c n\u00e0y. \u0110\u1ed1i v\u1edbi t\u00f4i, \u0111\u00e2y l\u00e0 \u0111i\u1ec1u th\u00fa v\u1ecb nh\u1ea5t. V\u00ec v\u1eady, v\u00ed d\u1ee5, t\u00f4i s\u1ebd x\u00e2y d\u1ef1ng m\u1ed9t AI thay v\u00ec x\u00e2y d\u1ef1ng m\u1ed9t LLM, m\u1ed9t LLM kh\u00e1c cho m\u00e3 h\u00f3a.    \n Nh\u01b0 l\u00e0m th\u1ebf n\u00e0o t\u00f4i c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng AI \u0111\u1ec3 \u0111\u01a1n gi\u1ea3n h\u00f3a x\u00e2y d\u1ef1ng? Xin t\u1ea5t c\u1ea3 c\u00e1c gi\u1ea5y ph\u00e9p v\u00e0 qu\u1ea3n l\u00fd c\u00e1c cu\u1ed9c tr\u00f2 chuy\u1ec7n gi\u1eefa c\u00e1c nh\u00e0 th\u1ea7u ch\u00ednh v\u00e0 c\u00e1c nh\u00e0 th\u1ea7u ph\u1ee5 v\u00e0 ki\u1ebfn tr\u00fac s\u01b0 v\u00e0 kh\u00e1ch h\u00e0ng, v.v. C\u00f3 r\u1ea5t nhi\u1ec1u c\u00e1ch s\u1eed d\u1ee5ng m\u00e0 b\u1ea1n c\u00f3 th\u1ec3 l\u00e0m \u0111\u1ec3 l\u00e0m cho c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y, v\u1ed1n r\u1ea5t l\u1edbn, hi\u1ec7u qu\u1ea3 h\u01a1n. T\u00f4i r\u1ea5t h\u00e0o h\u1ee9ng v\u1edbi t\u1ea5t c\u1ea3 \u0111i\u1ec1u \u0111\u00f3.   \n Andrew Romans: V\u00e0 t\u1ea5t c\u1ea3 \u0111i\u1ec1u n\u00e0y ch\u1ec9 l\u00e0 m\u1ed9t s\u1ef1 ti\u1ebfn tri\u1ec3n t\u1ef1 nhi\u00ean c\u1ee7a s\u1ed1 h\u00f3a nh\u1eefng g\u00ec \u0111ang x\u1ea3y ra. T\u1ef1 \u0111\u1ed9ng h\u00f3a quy tr\u00ecnh l\u00e0m vi\u1ec7c c\u1ee7a con ng\u01b0\u1eddi, khai th\u00e1c c\u00e1c t\u1eadp d\u1eef li\u1ec7u, \u0111\u01b0a d\u1eef li\u1ec7u v\u00e0o quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean d\u1eef li\u1ec7u. \u0110\u00f3 l\u00e0 ph\u1ea7n m\u1ec1m t\u1ef1 \u0111\u1ed9ng h\u00f3a v\u00e0 t\u00e1i t\u01b0\u1edfng t\u01b0\u1ee3ng to\u00e0n b\u1ed9 \u0111i\u1ec1u \u0111\u00f3.  \n Fabrice Grinda: Ch\u00ednh x\u00e1c.\n Andrew Romans: Nh\u1eefng ng\u01b0\u1eddi nh\u01b0 anh em nh\u00e0 Samwer v\u00e0 b\u1ea1n, t\u00f4i s\u1ebd n\u00f3i, \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t trong vi\u1ec7c th\u1ef1c hi\u1ec7n qu\u1ed1c t\u1ebf.\n V\u1ec1 nh\u1eefng g\u00ec \u0111ang x\u1ea3y ra ch\u1ec9 \u1edf M\u1ef9. B\u1ea1n c\u1ea3m th\u1ea5y th\u1ebf n\u00e0o v\u1ec1 kinh nghi\u1ec7m \u0111\u1ea7u t\u01b0 b\u00ean ngo\u00e0i Hoa K\u1ef3? V\u00e0 b\u1ea1n g\u1ed1c t\u1eeb Nice, t\u00f4i ngh\u0129 v\u1eady, \u0111\u00fang kh\u00f4ng? V\u1eady quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 vi\u1ec7c b\u1ecb \u0111\u00e1nh b\u1ea1i \u1edf \u1ea4n \u0110\u1ed9 ho\u1eb7c b\u1ea1n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty \u1ea4n \u0110\u1ed9 v\u00e0 sau \u0111\u00f3 b\u1ea1n kh\u00f4ng bao gi\u1edd nghe l\u1ea1i t\u1eeb h\u1ecd?   \n Ho\u1eb7c kinh nghi\u1ec7m c\u1ee7a b\u1ea1n v\u1ec1 \u0111i\u1ec1u t\u1ed1t, \u0111i\u1ec1u x\u1ea5u v\u00e0 \u0111i\u1ec1u x\u1ea5u c\u1ee7a qu\u1ed1c t\u1ebf so v\u1edbi M\u1ef9 l\u00e0 g\u00ec?\n Fabrice Grinda: V\u00ec v\u1eady, tr\u01b0\u1edbc h\u1ebft, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i \u1edf M\u1ef9 nh\u01b0 ph\u1ea7n l\u1edbn l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u1eb7c, v\u00ec v\u1eady ch\u00fang t\u00f4i ch\u1ee7 y\u1ebfu \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c m\u00f4 h\u00ecnh kinh doanh \u0111\u1ed9t ph\u00e1 m\u1edbi trong c\u00e1c danh m\u1ee5c hi\u1ec7n c\u00f3. ID arbitrage c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ph\u1ea7n l\u1edbn h\u01a1n c\u1ee7a ch\u1ee7 \u0111\u1ec1 c\u1ee7a ch\u00fang t\u00f4i trong nh\u1eefng n\u0103m 2000 v\u00e0 \u0111\u1ea7u nh\u1eefng n\u0103m 2010 so v\u1edbi b\u00e2y gi\u1edd. \n  V\u00ec v\u1eady, n\u00f3i chung, t\u00f4i s\u1ebd n\u00f3i r\u1eb1ng M\u1ef9 l\u00e0 th\u1ecb tr\u01b0\u1eddng t\u1ed1t nh\u1ea5t c\u00f3 th\u1ec3. N\u00f3 c\u00f3 350 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng gi\u00e0u c\u00f3 l\u00e0 nh\u1eefng ng\u01b0\u1eddi ti\u00ean phong. Kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 c\u1ea3. L\u00e0 m\u1ed9t ng\u01b0\u1eddi s\u00e1ng l\u1eadp, b\u1ea1n \u0111ang ch\u01a1i tr\u00f2 ch\u01a1i kh\u1edfi nghi\u1ec7p c\u1ee7a h\u1ecd \u1edf ch\u1ebf \u0111\u1ed9 d\u1ec5 d\u00e0ng. M\u1ecdi th\u1ee9 d\u1ec5 d\u00e0ng h\u01a1n, x\u00e2y d\u1ef1ng c\u00f4ng ty, tuy\u1ec3n d\u1ee5ng ng\u01b0\u1eddi, sa th\u1ea3i ng\u01b0\u1eddi, huy \u0111\u1ed9ng v\u1ed1n, tho\u00e1t ra, v.v.    \n \u0110i\u1ec1u \u0111\u00f3 n\u00f3i r\u1eb1ng, c\u00f3 nh\u1eefng c\u01a1 h\u1ed9i th\u00fa v\u1ecb, \u0111\u1ed9c \u0111\u00e1o \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u00e1c, nh\u01b0ng t\u00f4i s\u1ebd t\u1eadp trung v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u1edbn. V\u00ec v\u1eady, t\u00f4i ch\u1ec9 l\u00e0m nh\u01b0 Brazil v\u00e0 \u1ea4n \u0110\u1ed9 ho\u1eb7c b\u1ea5t k\u1ef3 ch\u00e2u \u00c2u n\u00e0o. V\u00e0 t\u00f4i s\u1ebd tr\u00e1nh c\u00e1c th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p. Ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t \u1edf \u1ea4n \u0110\u1ed9. Ch\u00fang t\u00f4i \u0111\u00e3 l\u00e0m r\u1ea5t t\u1ed1t \u1edf Brazil.    \n Nh\u01b0ng n\u1ebfu b\u1ea1n \u0111i \u0111\u1ebfn Kenya, n\u00f3 nguy hi\u1ec3m h\u01a1n nhi\u1ec1u v\u00ec b\u1ea1n ngh\u0129 r\u1eb1ng nh\u1eefng \u0111i\u1ec1u b\u1ea1n coi l\u00e0 \u0111\u01b0\u01a1ng nhi\u00ean v\u1ec1 nh\u1eefng g\u00ec ho\u1ea1t \u0111\u1ed9ng v\u00e0 nh\u1eefng g\u00ec kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng, kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng ho\u1ea1t \u0111\u1ed9ng. V\u00e0 \u0111\u00f4i khi c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp bi\u1ebfn m\u1ea5t v\u00e0 c\u00f3 th\u1ec3 c\u00e1c con s\u1ed1 l\u00e0 gi\u1ea3 m\u1ea1o, v.v. V\u00ec v\u1eady, t\u00f4i s\u1ebd c\u1ea9n th\u1eadn h\u01a1n nhi\u1ec1u v\u1ec1 vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c th\u1ecb tr\u01b0\u1eddng bi\u00ean gi\u1edbi v\u00e0 c\u0169ng l\u00e0 h\u1ec7 th\u1ed1ng thay \u0111\u1ed5i ch\u00ednh s\u00e1ch \u0111\u1ecba l\u00fd, ph\u1ea3i kh\u00f4ng?  \n Gi\u1ed1ng nh\u01b0 ch\u00fang t\u00f4i \u0111\u00e3 t\u1eebng \u0111\u1ea7u t\u01b0 r\u1ea5t nhi\u1ec1u v\u00e0o nh\u1eefng n\u0103m 2000 \u1edf Trung Qu\u1ed1c v\u00e0 Nga. Nh\u01b0ng sau \u0111\u00f3 c\u1ea3 hai qu\u1ed1c gia n\u00e0y \u0111\u00e3 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ecba ch\u00ednh tr\u1ecb khi\u1ebfn ch\u00fang t\u00f4i r\u00fat kh\u1ecfi c\u00e1c qu\u1ed1c gia ho\u00e0n to\u00e0n. T\u00f4i \u0111\u00e3 l\u00e0 m\u1ed9t \u0111\u1ea1i s\u1ee9 s\u1edbm \u1edf Alibaba v\u00e0 b\u00e2y gi\u1edd ch\u00fang t\u00f4i kh\u00f4ng c\u00f2n c\u00f3 ch\u00fang t\u00f4i \u0111\u1ebfn Trung Qu\u1ed1c n\u1eefa.  \n Andrew Romans: C\u00e2u h\u1ecfi cu\u1ed1i c\u00f9ng khi k\u1ebft th\u00fac. V\u1eady Fabrice, t\u00f4i bi\u1ebft b\u1ea1n c\u00f3 xu h\u01b0\u1edbng di chuy\u1ec3n kh\u1eafp th\u1ebf gi\u1edbi m\u1ed9t ch\u00fat. Gi\u1ed1ng nh\u01b0 b\u1ea1n, b\u1ea1n ho\u1ea1t \u0111\u1ed9ng v\u00e0i th\u00e1ng trong n\u0103m \u1edf c\u00e1c ph\u1ea7n kh\u00e1c nhau c\u1ee7a th\u1ebf gi\u1edbi. H\u00e3y cho ch\u00fang t\u00f4i bi\u1ebft \u0111i\u1ec1u \u0111\u00f3 l\u00e0 g\u00ec. \u0110i\u1ec1u \u0111\u00f3 lu\u00f4n th\u00fa v\u1ecb \u0111\u1ec3 nghe.    \n Fabrice Grinda: V\u00e2ng, t\u00f4i \u0111ang c\u1ed1 g\u1eafng t\u1ed1i \u01b0u h\u00f3a cu\u1ed9c s\u1ed1ng \u0111\u1ec3 c\u00f3 cu\u1ed9c s\u1ed1ng t\u1ed1t nh\u1ea5t c\u00f3 th\u1ec3 v\u00e0 t\u00f4i th\u1ea5y r\u1eb1ng m\u1ed7i \u0111\u1ecba \u0111i\u1ec3m ph\u1ee5c v\u1ee5 m\u1ed9t m\u1ee5c \u0111\u00edch nh\u1ea5t \u0111\u1ecbnh trong cu\u1ed9c s\u1ed1ng c\u1ee7a t\u00f4i v\u00e0 l\u00e0 th\u1eddi \u0111i\u1ec3m t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u1edf \u0111\u00f3.\n V\u00ed d\u1ee5, New York, n\u01a1i t\u00f4i \u0111ang s\u1ed1ng, l\u00e0 m\u1ed9t thi\u00ean \u0111\u01b0\u1eddng c\u1ee7a c\u00e1c ho\u1ea1t \u0111\u1ed9ng tr\u00ed tu\u1ec7, x\u00e3 h\u1ed9i, ngh\u1ec7 thu\u1eadt, chuy\u00ean nghi\u1ec7p. V\u00e0 n\u00f3 th\u1eadt tuy\u1ec7t v\u1eddi. Nh\u01b0 b\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec b\u1ea1n quan t\u00e2m, b\u1ea1n s\u1ebd t\u00ecm th\u1ea5y n\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ea9y \u0111\u1ebfn gi\u1edbi h\u1ea1n t\u1ed1i \u0111a \u1edf New York, v\u00e0 c\u00f3 nh\u1eefng ng\u01b0\u1eddi th\u00f4ng minh nh\u1ea5t, tham v\u1ecdng nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi.  \n V\u1ea5n \u0111\u1ec1 l\u00e0, sau hai th\u00e1ng \u1edf New York, t\u00f4i th\u1ef1c s\u1ef1 ki\u1ec7t s\u1ee9c v\u00ec b\u1ea1n \u0111ang l\u00e0m qu\u00e1 nhi\u1ec1u v\u00e0 m\u1ed7i cu\u1ed9c h\u1ecdp x\u00e3 h\u1ed9i c\u0169ng l\u00e0 cu\u1ed9c h\u1ecdp chuy\u00ean nghi\u1ec7p. V\u00e0 v\u00ec v\u1eady t\u00f4i v\u00e0 c\u0169ng c\u00f3 m\u1ed9t kho\u1ea3ng th\u1eddi gian m\u00e0 New York th\u1eadt tuy\u1ec7t v\u1eddi. T\u00f4i th\u00edch \u1edf New York v\u00e0o th\u00e1ng 9 v\u00e0 th\u00e1ng 10 v\u00e0 th\u00e1ng 4, th\u00e1ng 5, th\u00e1ng 6, nh\u01b0ng New York kh\u00f4ng h\u1ea5p d\u1eabn v\u00e0o th\u00e1ng 7, th\u00e1ng 8; kh\u00f4ng h\u1ea5p d\u1eabn t\u1eeb th\u00e1ng 11 \u0111\u1ebfn th\u00e1ng 3. V\u00e0 t\u00f4i c\u00e2n b\u1eb1ng cu\u1ed9c s\u1ed1ng \u0111\u00f4 th\u1ecb New York c\u1ee7a m\u00ecnh t\u1eeb g\u00f3c \u0111\u1ed9 c\u00e2n b\u1eb1ng c\u00f4ng vi\u1ec7c-cu\u1ed9c s\u1ed1ng v\u1edbi vi\u1ec7c \u0111i \u0111\u1ebfn b\u00e3i bi\u1ec3n, hi\u1ec7n t\u1ea1i l\u00e0 Turks v\u00e0 Caicos, n\u01a1i t\u00f4i \u0111ang \u1edf ngay b\u00e2y gi\u1edd. Th\u1ef1c ra, t\u00f4i \u1edf \u0111\u00f3 v\u00e0o th\u00e1ng 11, th\u00e1ng 12 v\u00e0 th\u01b0\u1eddng l\u00e0 th\u00e1ng 3, n\u01a1i t\u00f4i th\u1ef1c hi\u1ec7n c\u00e1c cu\u1ed9c g\u1ecdi Zoom trong ng\u00e0y.    \n V\u00e0 \u0111\u00f3 l\u00e0 \u0111\u1eb7c quy\u1ec1n c\u1ee7a vi\u1ec7c kinh doanh m\u00e0 t\u00f4i c\u00f3 th\u1ec3 l\u00e0m vi\u1ec7c t\u1eeb xa. Nh\u01b0ng sau \u0111\u00f3 gi\u1eefa c\u00e1c cu\u1ed9c h\u1ecdp, t\u00f4i \u0111i l\u01b0\u1edbt v\u00e1n di\u1ec1u. V\u00e0o bu\u1ed5i t\u1ed1i, t\u00f4i \u0111i ch\u01a1i paddle t\u1ea1i c\u1ed5ng, t\u00f4i ch\u01a1i tennis, v\u00e0 t\u00f4i c\u1ed1 g\u1eafng s\u1ed1ng th\u1eadt kh\u1ecfe m\u1ea1nh. V\u00e0 n\u00f3 cung c\u1ea5p cho t\u00f4i n\u01a1i ngh\u1ec9 ng\u01a1i th\u01b0 gi\u00e3n tr\u00ean b\u00e3i bi\u1ec3n c\u1ee7a s\u1ef1 thanh th\u1ea3n t\u1ea1i \u0111i\u1ec3m \u0111\u1ebfn. V\u00e0 sau \u0111\u00f3 t\u00f4i c\u00e2n b\u1eb1ng \u0111i\u1ec1u \u0111\u00f3 v\u1edbi n\u00fai n\u01a1i t\u00f4i \u0111i tr\u01b0\u1ee3t tuy\u1ebft \u1edf v\u00f9ng h\u1ebbo l\u00e1nh v\u00e0o th\u00e1ng 1, th\u00e1ng 2, v\u00e0 t\u00f4i \u0111i leo n\u00fai v\u00e0 c\u1eafm tr\u1ea1i v\u00e0o th\u00e1ng 8.   \n V\u00e0 v\u00ec v\u1eady t\u00f4i \u0111i \u0111\u1ebfn Revelstoke \u1edf British Columbia, n\u01a1i n\u1eb1m gi\u1eefa h\u01b0 kh\u00f4ng, Canada. V\u00e0 m\u1ed9t l\u1ea7n n\u1eefa, c\u00f9ng m\u1ed9t \u0111i\u1ec1u trong tu\u1ea7n t\u00f4i l\u00e0m vi\u1ec7c v\u00e0 sau \u0111\u00f3 m\u1ed7i cu\u1ed1i tu\u1ea7n t\u00f4i \u0111i tr\u01b0\u1ee3t tuy\u1ebft ho\u1eb7c tr\u01b0\u1ee3t tuy\u1ebft b\u1eb1ng tr\u1ef1c th\u0103ng v\u00e0o th\u00e1ng 1, th\u00e1ng 2. \u0110i leo n\u00fai, c\u1eafm tr\u1ea1i v\u00e0o m\u00f9a h\u00e8 v\u00e0 sau \u0111\u00f3 t\u00f4i \u0111i th\u0103m gia \u0111\u00ecnh \u1edf Nice \u1edf Saint Tropez v\u00e0o th\u00e1ng 7 trong v\u00e0i tu\u1ea7n.  \n V\u00e0 sau \u0111\u00f3 t\u00f4i \u0111i \u0111\u1ebfn Burning Man m\u1ed7i n\u0103m. V\u00e0 ngo\u00e0i ra, t\u00f4i c\u1ed1 g\u1eafng th\u00eam m\u1ed9t cu\u1ed9c phi\u00eau l\u01b0u hai tu\u1ea7n \u0111i\u00ean r\u1ed3 ngo\u00e0i l\u01b0\u1edbi, nh\u01b0 \u0111i b\u1ed9 \u0111\u1ebfn Nam C\u1ef1c, k\u00e9o xe tr\u01b0\u1ee3t tuy\u1ebft c\u1ee7a t\u00f4i, nh\u01b0 b\u0103ng qua Costa Rica v\u00e0 \u0111i xe \u0111\u1ea1p leo n\u00fai t\u1eeb \u0110\u1ea1i T\u00e2y D\u01b0\u01a1ng \u0111\u1ebfn Th\u00e1i B\u00ecnh D\u01b0\u01a1ng, n\u01a1i t\u00f4i ho\u00e0n to\u00e0n ng\u1eaft k\u1ebft n\u1ed1i v\u1edbi th\u1ebf gi\u1edbi trong hai tu\u1ea7n \u0111\u1ec3 n\u1ea1p l\u1ea1i n\u0103ng l\u01b0\u1ee3ng. \n \u0110\u00f3 l\u00e0 m\u1ed9t b\u00e0i t\u1eadp v\u1ec1 l\u00f2ng bi\u1ebft \u01a1n khi nh\u1eadn ra r\u1eb1ng sinh t\u1ed3n t\u1eebng l\u00e0 m\u1ed9t c\u00f4ng vi\u1ec7c to\u00e0n th\u1eddi gian. Khi b\u1ea1n s\u1ed1ng ngo\u00e0i l\u01b0\u1edbi kh\u00f4ng c\u00f3 nh\u00e0 v\u1ec7 sinh, kh\u00f4ng c\u00f3 \u0111i\u1ec7n, kh\u00f4ng c\u00f3 n\u01b0\u1edbc, v.v., v\u00e0 b\u1ea1n tr\u1edf l\u1ea1i, b\u1ea1n r\u1ea5t bi\u1ebft \u01a1n nh\u1eefng \u0111i\u1ec1u \u0111\u01a1n gi\u1ea3n nh\u1ecf b\u00e9 c\u1ee7a cu\u1ed9c s\u1ed1ng nh\u01b0 m\u1ed9t nh\u00e0 v\u1ec7 sinh ho\u1eb7c n\u01b0\u1edbc ch\u1ea3y, ho\u1eb7c m\u1ed9t v\u00f2i hoa sen n\u00f3ng ho\u1eb7c m\u1ed9t chi\u1ebfc pizza. \n Ch\u00fang ta th\u1eadt may m\u1eafn v\u00e0 ch\u00fang ta coi \u0111\u00f3 l\u00e0 \u0111i\u1ec1u hi\u1ec3n nhi\u00ean. Ch\u00fang ta kh\u00f4ng nh\u1eadn ra m\u00ecnh may m\u1eafn nh\u01b0 th\u1ebf n\u00e0o. \n Andrew Romans: \u0110\u00fang v\u1eady. T\u00f4i th\u00edch \u0111i\u1ec1u \u0111\u00f3. \u0110\u01b0\u1ee3c r\u1ed3i, Fabrice, r\u1ea5t vui \u0111\u01b0\u1ee3c g\u1eb7p b\u1ea1n. C\u1ea3m \u01a1n r\u1ea5t nhi\u1ec1u v\u00e0 hy v\u1ecdng s\u1edbm g\u1eb7p l\u1ea1i b\u1ea1n.   \n Fabrice Grinda: Ho\u00e0n h\u1ea3o. C\u1ea3m \u01a1n.\n Andrew Romans: T\u1ea1m bi\u1ec7t.\n ","Category":["Ph\u1ecfng v\u1ea5n &amp; Tr\u00f2 chuy\u1ec7n b\u00ean l\u00f2 s\u01b0\u1edfi"],"_links":{"self":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/65387","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/comments?post=65387"}],"version-history":[{"count":1,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/65387\/revisions"}],"predecessor-version":[{"id":65388,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/posts\/65387\/revisions\/65388"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media\/65310"}],"wp:attachment":[{"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/media?parent=65387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/categories?post=65387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grinda.org\/vi\/wp-json\/wp\/v2\/tags?post=65387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}