填鸭效应 / Foie Gras Effect

「释义」

填鸭效应指初创公司被强制灌输资本，在高速增长的重压下崩溃。

风投是强大的工具，可以帮助初创公司在关键时刻加速发展。但是帮助太多会扭曲市场。

「应用场景」

当然，一些公司没有条件选择平衡增长的方式，而被迫关注顶线和底线。例如，远离创新集群的企业家缺乏获得大量风险资本的机会，也没有任何投资方能长期忍受没有盈利的成长。但越来越多的证据显示出平衡的优势。如《纽约时报》文章所言，硅谷一系列失败的IPO和丑闻，让娇生惯养的创始人和CEO们成为“填鸭效应”的焦点。初创公司被强制灌输资本，在高速增长的重压下崩溃。

Of course, some firms don’t have the luxury of choosing a balanced approach to growth and instead are forced to keep an eye on the top and the bottom lines. For example, entrepreneurs far from innovation clusters lack access to large amounts of venture capital, nor is there an investment class that will put up with growth without profitability for long periods. But evidence is beginning to show that balance holds own advantages. A slew of aborted IPOs and scandals in Silicon Valley involving coddled founder-CEOs has shone a spotlight on the “foie gras effect,” as an article in the New York Times put it, in which start-ups are force-fed capital only to collapse under the weight of hypergrowth.

风投是强大的工具，可以帮助初创公司在关键时刻加速发展。但是，帮助太多，会扭曲市场。PitchBook的一项研究发现，美国中西部的风投回报率居美国之首，部分因为那里的公司吸收外部投资较少。由哈佛商学院教授迈克尔·波特共同创立的AllWorld Network研究表明，新兴市场企业家比美国企业家的生存率更高。

Venture capital can be a powerful tool that helps start-ups accelerate at critical moments. But too much of a good thing can distort the market. A study by PitchBook found that venture capital returns in the Midwest are among the best in the country, in part because companies there ingest less capital. Research from the AllWorld Network, an organization cofounded by Harvard Business School professor Michael Porter, determined that entrepreneurs in emerging markets have a better survival rate than those in the United States.

《硅谷之外：初创公司如何另辟蹊径？》

埃里克斯·拉扎罗

2020年3月刊

“Beyond Silicon Valley”

by Alex Lazarow

编辑：马冰仑