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📢【新聞標題】
Why investing in growth-stage AI startups is getting riskier and more complicated
為什麼投資於成長階段的人工智慧新創公司變得越來越有風險和複雜性
📰【摘要】
Investing in AI startups is exciting but risky due to competition from incumbents and rapid growth of new companies. Defining "growth stage" is challenging as companies quickly reach high valuations without necessary infrastructure. Investors need to assess founders' adaptability and the startup's ability to maintain its edge in a rapidly evolving AI landscape.
由於來自現有企業的競爭以及新公司的快速成長，投資人工智慧新創公司既令人興奮又充滿風險。「成長階段」的定義具有挑戰性，因為公司在沒有必要基礎設施的情況下迅速達到高估值。投資者需要評估創始人的適應能力以及新創公司在快速發展的人工智慧環境中保持優勢的能力。
🗝️【關鍵詞彙表】
📝 Incumbent (n.)
- 現任者、在位者
- 例句: Incumbents like OpenAI, Microsoft, and Google are scaling their capabilities.
- 翻譯: 像 OpenAI、Microsoft 和 Google 這樣的現任者正在擴大他們的能力。
📝 Annual Recurring Revenue (ARR) (n.)
- 年度經常性收入
- 例句: Companies that are only a year old, yet have already reached tens of millions in annual recurring revenue.
- 翻譯: 成立僅一年的公司，但已經實現了數千萬美元的年度經常性收入。
📝 Valuation (n.)
- 估值
- 例句: More than $1 billion in valuation.
- 翻譯: 超過 10 億美元的估值。
📝 Infrastructure (n.)
- 基礎設施
- 例句: They often lack much of the necessary safety, hiring, and executive infrastructure.
- 翻譯: 他們通常缺乏必要的安全、招聘和行政基礎設施。
📝 Adapt (v.)
- 適應、調整
- 例句: Ability of the founder to very quickly adapt and see around corners.
- 翻譯: 創始人快速適應並預見未來的能力。
📝 Relevant (adj.)
- 相關的、有意義的
- 例句: What Cursor has today is going to be a little less relevant.
- 翻譯: Cursor 今天擁有的東西將變得不太相關。
📝 Incumbent (adj.)
- 義不容辭的、有責任的
- 例句: It is incumbent on the Cursor team to see that future.
- 翻譯: Cursor 團隊有責任看到那個未來。
✍️【文法與句型】
📝 X is getting riskier and more complicated
- 說明: Used to describe a trend of increasing risk and complexity.
- 翻譯: 用來描述風險和複雜性增加的趨勢。
- 例句: Investing in growth-stage AI startups is getting riskier and more complicated.
- 翻譯: 投資於成長階段的人工智慧新創公司變得越來越有風險和複雜性。
📝 It is incumbent on [someone] to [do something]
- 說明: Used to express that someone has a duty or responsibility to do something.
- 翻譯: 用來表達某人有義務或責任做某事。
- 例句: It is incumbent on the Cursor team to see that future.
- 翻譯: Cursor 團隊有責任看到那個未來。
📖【全文與翻譯】
Making a bet on AI startups has never been so exciting — or more risky.
押注人工智慧新創公司從未如此令人興奮——也從未如此危險。
Incumbents like OpenAI, Microsoft, and Google are scaling their capabilities fast to swallow many of the offerings of smaller companies.
像 OpenAI、Microsoft 和 Google 這樣的現任者正在快速擴大他們的能力，以吞併許多小型公司的產品。
At the same time, new startups are reaching the growth stage much faster than they historically have.
同時，新的新創公司達到成長階段的速度比歷史上快得多。
But defining “growth stage” in AI startups is not so cut-and-dried today.
但今天定義人工智慧新創公司中的「成長階段」並非那麼容易。
Jill Chase, partner at CapitalG, said on stage at TechCrunch AI Sessions that she’s seeing more companies that are only a year old, yet have already reached tens of millions in annual recurring revenue and more than $1 billion in valuation.
CapitalG 的合夥人 Jill Chase 在 TechCrunch AI 會議上表示，她看到越來越多的公司只有一年的歷史，但已經實現了數千萬美元的年度經常性收入和超過 10 億美元的估值。
While those companies might be defined as mature due to their valuation and revenue generation, they often lack much of the necessary safety, hiring, and executive infrastructure.
雖然這些公司可能由於其估值和收入產生而被定義為成熟公司，但它們通常缺乏必要的安全、招聘和行政基礎設施。
“On one hand, that’s really exciting. It represents this brand new trend of extremely fast growth, which is awesome,” Chase said.
「一方面，這真的很令人興奮。它代表了極快成長的全新趨勢，這太棒了，」蔡斯說。
“On the other hand, it’s a little bit scary because I’m gonna pay at an $X billion valuation for this company that didn’t exist 12 months ago, and things are changing so quickly.”
「另一方面，這有點可怕，因為我將以 X 億美元的估值為這家 12 個月前還不存在的公司付費，而且事情變化如此之快。」
“Who knows who is in a garage somewhere, maybe in this audience somewhere, starting a company that in 12 months will be a lot better than this one I’m investing in that’s at $50 million ARR today,” Chase continued.
「誰知道在某個地方的車庫裡，也許就在這個觀眾席的某個地方，有人創辦了一家公司，這家公司在 12 個月後會比我現在投資的這家 ARR 為 5000 萬美元的公司好得多，」蔡斯繼續說道。
“So it’s made growth investing a little confusing.”
「所以這使得成長投資有點令人困惑。」
To cut through the noise, Chase said it’s important for investors to feel good about the category and the “ability of the founder to very quickly adapt and see around corners.”
為了消除噪音，蔡斯表示，對於投資者來說，對這個行業和「創始人非常快速地適應並預見未來的能力」感到滿意非常重要。
She noted that AI coding startup Cursor is a great example of a company that “jumped on the exact right use case of AI code generation that was available and possible given the technology at the time.”
她指出，人工智慧編碼新創公司 Cursor 是一個很好的例子，它「抓住了當時可用的、基於技術可行的人工智慧程式碼產生的確切正確的用例」。
However, Cursor will need to work to maintain its edge.
然而，Cursor 將需要努力維持其優勢。
“There will be, by the end of this year, AI software engineers,” Chase said.
「到今年年底，將會有人工智慧軟體工程師，」蔡斯說。
“In that scenario, what Cursor has today is going to be a little less relevant.
「在這種情況下，Cursor 今天擁有的東西將變得不太相關。
It is incumbent on the Cursor team to see that future and to think, okay, how do I start building my product so that when those models come out and are much more powerful, the product surface represents those and I can very quickly plug those in and switch into that state of code generation?”
Cursor 團隊有責任看到那個未來，並思考，好吧，我如何開始構建我的產品，以便當這些模型出現並且更加強大時，產品表面可以代表這些模型，我可以非常快速地將這些模型插入並切換到程式碼產生狀態？」
🔗【資料來源】
文章連結：<https://techcrunch.com/2024/06/06/why-investing-in-growth-stage-ai-startups-is-getting-riskier-and-more-complicated/>