“成功有许多父亲，但失败却是一个孤儿。”我从未意识到这句话的分量，直到我看到那些极其成功的风险投资家为了争夺...
“Success has many fathers, but failure is an orphan.” I never realized the gravity of this quote till I saw extremely successful VCs fight for attri...
Nikunj KothariAI2026-09-11
“成功有许多父亲，但失败却是孤儿。”我直到看到那些极其成功的风险投资家为热门交易的归属权而争斗时，才真正意识到这句话的分量。你之所以能深刻地感受到这一点，是因为大规模的退出（或增值）确实是罕见的，而这些正是你筹集下一轮融资（无论是个人还是公司的一部分）的基础。这就是为什么在接下来的几年里，你会看到许多名字被抹去（或者方便地被省略），每个人都想要修订历史，以声称对最终成功的那部分有所贡献。许多新兴的普通合伙人正明确地面临这个问题，因为他们能带给未来有限合伙人的唯一东西就是他们的业绩记录。看到他们没有得到应有的认可，真是令人难过。正如@AnjneyMidha所说，最终新的一代会发光，因为他们会找到出路。但在短期内，要紧握你的创始人，因为他们将是真正的参考检查！（这绝对不是对任何公司的子推文，只是我在帮助新兴经理时所观察到的市场现象）
原文
“Success has many fathers, but failure is an orphan.”I never realized the gravity of this quote till I saw extremely successful VCs fight for attribution of the hot deals. And you realize this viscerally because the large exits (or markups) are genuinely rare and those are the ones you raise the next fund on (your own or part of the firm). This is why in the next couple of years you’ll see many names scrubbed (or conveniently omitted) and everyone wanting to revise history to claim some credit for the ones that eventually succeed. So many emerging GPs are facing this explicitly as the only thing they can take to their future LPs is their track record. And it’s been sad to see them not get the credit they actually deserve. As @AnjneyMidha said, eventually the new guard will shine as they will figure a way out. But in the short term, hold your founders close since they’ll be the real reference checks! (this is genuinely NOT a subtweet at any firm, just what I have been noticing across the market as I’m helping emerging managers)