李开复(资料图) Kai-fu lee(Material figure)

　　什么情况？创新工场CEO李开复今天发微博炮轰了一些价值观不同的创业孵化器：“最近有些孵化器称不把上市当作目标，只专注把创业公司卖掉。我的看法：1）为了对股东负责，创业者必须随时考虑并购的选项。但是，从创业就把并购当唯一或主要目标太功利浮躁。2）最好的创业者会对这样的＂卖身＂目标嗤之以鼻。3）这样的‘巨鳄军火商’也不会帮助创新创业生态环境。”

what？Innovation CEO today FaWei bo workshop kai-fu lee shoots some values of different business incubator：“Recent some not listed as an incubator called goal，Focus the entrepreneurial sell the company。I am of the opinion：1）In order to shareholders，Entrepreneurs must always consider the option of mergers and acquisitions。but，From the business mergers and acquisitions when the only major goal or too utility blundering。2）The best entrepreneurs will to such "she" at target。3）this‘Croc arms dealers’Also won't help innovation ecological environment。”

　　从创建创新工场以来，李开复也确实是在实践这一观点：截至2011年底，创新工场已经孵化了47个项目和公司，其中包括点心、豌豆荚、友盟、应用汇等公司陆续获得了A轮或B轮融资。但创新工场几乎没有过退出。

From create since workshop，Kai-fu lee also really is in practice this view：By the end of 2011，Innovation has the workshop hatch 47 project and company，Including snacks、peas、Friend au、Applications such as in the company for which A wheel or B rounds of financing。But innovation almost no exit workshop。

　　这次李开复炮轰的是谁？虽然没点名，但广州创新谷孵化加速器创始合伙人朱波的回应看上去有些硝烟味：

The li kaifu who is work？Although not roll call，But guangzhou innovation incubation accelerator founding partner of zhu bo response seem smoke flavour：

　　“我不赞成创业者在创业初期就把上市作为创业目标，很多优秀的创业者因梦想上市而死在上市的沙滩上，硅谷之所以创新环境好，就是因为并购起了极大的作用，我们要鼓励创业者以被并购为荣，上市是可遇不可求的。创新谷就要把创业者提高创业成功率，尤其对草根！”

“I don't approve of entrepreneurs in the startup is listed as the business goals，A lot of good for the market and dream entrepreneurs in listed on the beach of death，Silicon valley is innovation environment is good，It is because the great role of the merger，We want to encourage entrepreneurs to be proud of mergers and acquisitions，Listed is uncommon。Innovation to improve business entrepreneurs valley success rate，Especially for grass roots！”

　　朱波何出此言？

Zhu bo emphasised how out？

　　虎嗅发现，朱波7月20日在接受凤凰网科技采访时谈到：“中国创业者要转变思想，创业企业不一定非要上市，卖掉创业公司并不可耻。创业过了A轮估值过高，很难卖掉，如果自己没有盈利能力，又不能上市，到了B轮以后基本上就死掉了，因为没人接盘。所以一定要在A轮前有80%的公司能够被并购掉。”

Tiger smell found，Zhu bo July 20, accept the phoenix network technology in an interview said：“Chinese entrepreneurs to change minds，Business enterprise must not listed，Sell a startup company is no shame。Venture A round the valuations，Hard to sell，If they did not profit ability，And can't listed，The B round died after basically，Because no one JiePan。So be sure to in A round of 80% of the company to before the merged off。”

　　他还在某场合说过：我现在想做一件事，就是可能在创新谷中80%的公司都不进A轮，在A轮前把它卖给大公司了。因为往往进了A轮和B轮以后，公司的估值就非常高了，这样的话会影响天使投资人和创业者的退出。同时，通过从孵化到出售，周期大约为一年到一年半，可以获得的回报高达20-50倍。

He is still in a certain occasions said：Now, I want to do a thing，In the valley of innovation is possible in 80% of the company are not into A wheel，In A round of former sold it to big companies。Because often into A round after round and B，The company valuations is very high，So will affect angel investors and entrepreneurs to exit。At the same time，Through the hatch from the sale，Cycle for a year to about a year and a half，Can the rewards as high as 20 to 50 times。

　　朱波认为，卖掉公司其实是成功的表现之一，对于创业团队，上市并不是衡量成功的唯一指标，因为可能一无所有。“有人就愿意做上市公司，其实你看很多上市公司的创始人虽然身价不错，但是他要套现很难的。我自己创立的第一个上市公司就是到了后来钱烧都烧没了，但是我们几个创始人离开以后，把这个产权交给美国给关了，一无所有。”

Zhu bo think，Sell the company is actually one of the successful performance，For entrepreneurial teams，The stock market and is not the only index measure success，Because may have nothing。“Someone will do the listed company，In fact you see a lot of the listed company founder is good though，But he is taking very difficult。I created the first listed company in later money burns is burned didn't，But we several founders had departed，Put the property to the U.S. to shut，nothing。”

　　是李开复更有道理，还是朱波更有道理呢？

Kai-fu lee is more reasonable，Or zhu bo is more reasonable？

　　一位投资人在接受虎嗅采访时表示：在国内的大环境中，如果天使能在A轮套现并获利20-50倍，的确是非常有诱惑力的。但作为A轮投资人会对天使的退出行为有所顾虑，因为投资项目估值升高数十倍通常证明该公司已经有了明确的商业模式和盈利能力，如此优质的企业天使依然要求退出，是否证明了公司背后存在较大风险？到时VC、PE就会对注资非常谨慎，甚至拒绝跟进。

An investor in an interview with tiger smell said：In domestic environment of，If the angel to cash in A round and profitable 20 and 50 times，Indeed is very tempting。But as A round of angel investors out to worry behavior，Because investment project valuations rise dozens of times usually prove that the company has a clear business model and profitability，So quality enterprise and an angel still required to withdraw from，Whether the company that are behind larger risk？Then VC、PE of capital will be very carefully，Even refused to follow up。

　　“他就是扯淡！”另一位投资人的开场白则更加直接：“即使不考虑项目生存率，一个正常存活并可以融到A轮的企业，一般也就只有5-8倍的回报空间，10倍更是算是非常优质，而且如果一项投资能够在A轮就已经溢价超过20倍，又有谁会去卖呢？”

“He is like hell！”Another investor prologue is more direct：“Even if not consider project survival rate，A normal live and harmony to A wheel can enterprise，General also only 5-8 times the return of space，10 times is very high quality is，And if an investment in A round to have more than 20 times the premium，Who will go to sell？”

　　当然世界上总有一些例外，2011年11月，创新工场曾将旗下的魔图精灵团队以千万美元出售给了百度。不知该如何解释？

Of course the world always there are some exceptions，November 2011，Innovation has its workshop's figure elves to the $team sold baidu。Don't know how to explain？