\u6f54\u3044\u3067\u3059\u3088\u306d\u30fc\u3002\u8001\u8217\u306a\u308a\u306e\u4f59\u88d5\u3068\u3044\u3046\u304b\u7c8b\u3068\u3044\u3046\u304b\u3002\u300c\u3053\u306e\u3088\u3046\u306a\u5931\u6557\u4f8b\u3092\u8a8d\u8b58\u3059\u308b\u3053\u3068\u3067\u4eca\u5f8c\u3055\u3089\u306b\u5f53\u793e\u3092\u3088\u308a\u826f\u3044\u4f1a\u793e\u306b\u6210\u9577\u3055\u305b\u3066\u3044\u3053\u3046\u3068\u3044\u3046\u52b1\u307f\u306b\u306a\u308b\u3002\u307e\u3042\u3001\u3082\u3057\u3053\u308c\u3089\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u306b\u6295\u8cc7\u3057\u3066\u305f\u3089\u3001100\u5e74\u8fd1\u304f\u3082\u4f1d\u7d71\u3042\u308b\u4e8b\u696d\u3092\u7d99\u7d9a\u3057\u306a\u3044\u3067\u3068\u3063\u3068\u3068\u3084\u3081\u3066\u305f\u304b\u3082\u3057\u308c\u306a\u3044\u3051\u3069\u306d\u300d\u3068\u306e\u3053\u3068\u3002<\/p>\n
\u3067\u306f\u305d\u306e\u4f8b\u306e\u3046\u3061\u5e7e\u3064\u304b\u3092\u5f15\u7528\u3057\u307e\u3059\u3002<\/p>\n
Apple Computer<\/strong>
\nBVP had the opportunity to invest in pre-IPO secondary stock in Apple at a $60M valuation. BVP\u2019s Neill Brownstein called it \u201coutrageously expensive.\u201d
\n\uff08\u300c\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3$60M? \u3070\u304b\u9ad8\u3059\u304e\u300d\uff09<\/p><\/blockquote>\n Check Point<\/strong>
\nIn 1994, Gil Schwed pitched his idea to BVP\u2019s David Cowan, who said that Gil would never get distribution in the US. The next year, Check Point got a huge Sun OEM deal and sold $25M of firewall software.
\n(\u300c\u7d76\u5bfeUS\u3067\u5c55\u958b\u3067\u304d\u306a\u3044\u306d\u3002\u300d\u3000\u3057\u304b\u3057\u7fcc\u5e74\u306b\u306fSun\u3068OEM\u5951\u7d04\u3057$25M\u306e\u58f2\u4e0a\u3052\u304c\uff09<\/p><\/blockquote>\n eBay<\/strong>
\n\u201cStamps? Coins? Comic books? You\u2019ve GOT to be kidding,\u201d thought Cowan. \u201cNo-brainer pass.\u201d
\n\uff08\u300c\u5207\u624b\u3068\u304b\u30b3\u30a4\u30f3\u3068\u304b\u30de\u30f3\u30ac\u672c\uff1f\u5197\u8ac7\u3067\u3057\u3087\u3001\u9593\u9055\u3044\u306a\u304f\u30d1\u30b9\u3060\u306d\u300d\uff09<\/p><\/blockquote>\n Federal Express<\/strong>
\nIncredibly, BVP passed on Federal Express seven times.
\n\uff08\u4fe1\u3058\u96e3\u3044\u3053\u3068\u306b\u6211\u3005\u306f7\u56de\u3082\u30d5\u30a7\u30c7\u30c3\u30af\u30b9\u6848\u4ef6\u3092\u65ad\u3063\u305f\u2026\uff09<\/p><\/blockquote>\n Google<\/strong>
\nCowan\u2019s college friend rented her garage to Sergey and Larry for their first year. In 1999 and 2000 she tried to introduce Cowan to \u201cthese two really smart Stanford students writing a search engine\u201d. Students? A new search engine? In the most important moment ever for Bessemer\u2019s anti-portfolio, Cowan asked her, \u201cHow can I get out of this house without going anywhere near your garage?\u201d
\n\uff08\u300c\u5b66\u751f\uff1f\u65b0\u305f\u306a\u30b5\u30fc\u30c1\u30a8\u30f3\u30b8\u30f3\uff1f\u300d\u3068\u8a1d\u3057\u304c\u3063\u3066\u3042\u306e\u30ac\u30ec\u30fc\u30b8\u306b\u8fd1\u5bc4\u3089\u306a\u304b\u3063\u305f\uff09<\/p><\/blockquote>\n Intel<\/strong>
\nBVP\u2019s Pete Bancroft never quite settled on terms with Bob Noyce, who instead took venture financing from a guy named Arthur Rock.
\n\uff08\u30bf\u30fc\u30e0\u3092\u8a70\u3081\u306a\u3044\u3046\u3061\u306b\u4ed6\u306b\u3044\u3063\u3066\u3057\u307e\u3063\u305f\uff09<\/p><\/blockquote>\n Intuit<\/strong>
\nAlong with every venture capitalist on Sand Hill Road, Neill Brownstein turned down Intuit founder Scott Cook. Scott managed to scrape together only $225K from friends, including HBS classmate and Sierra Ventures founder Peter Wendell, who personally invested $25K to get Scott off his back.
\n(\u4ed6\u306e\u591a\u304f\u306e\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eVC\u540c\u69d8\u3001\u30d5\u30a1\u30a6\u30f3\u30c0\u30fc\u3092\u5374\u4e0b\u3002\u5f7c\u306f\u81ea\u529b\u3067\u53cb\u9054\u7b49\u304b\u3089\u8cc7\u91d1\u3092\u96c6\u3081\u305f\uff09<\/p><\/blockquote>\n Lotus and Compaq<\/strong> (\u5f53\u6642Gateway Computer)
\nBen Rosen, one of the founders of Sevin Rosen, offered Felda Hardymon the chance to invest in both Lotus and Gateway Computer on the same day. Says Hardymon: \u201cLotus had just missed a payroll, and I was worried about the situation there. As for Gateway, I told him there was no real future in transportable computers since IBM could do it.\u201d
\n(\u300cLotus\u306f\u7d66\u6599\u51fa\u305b\u306a\u304b\u3063\u305f\u3057\u3001Gateway\u306b\u95a2\u3057\u3066\u306f\u5c06\u6765\u306f\u7121\u3044\u306a\u3002IBM\u304c\u3044\u308b\u304b\u3089\u306d\u3002\u300d\uff09<\/p><\/blockquote>\n Paypal<\/strong>
\nDavid Cowan passed on the Series A round. Rookie team, regulatory nightmare, and, 4 years later, a $1.5 billion acquisition by eBay.
\n\uff08\u300c\u7d4c\u9a13\u306e\u4e4f\u3057\u3044\u30c1\u30fc\u30e0\u3060\u3057\u3001\u898f\u5236\u304c\u3042\u308b\u5206\u91ce\u306a\u306e\u3067\u5927\u5909\u300d\uff09<\/p><\/blockquote>\n\u5982\u4f55\u3067\u3057\u3087\u3046\u3002\u4eca\u3060\u304b\u3089\u3053\u305d\u7b11\u3048\u308b\u3082\u306e\u3067\u3059\u3088\u306d\u3002\u3053\u3046\u3057\u3066\u898b\u308b\u3068\u3001Bessemer\u306f\u5168\u304f\u898b\u308b\u76ee\u304c\u306a\u3044\u306e\u3067\u306f\uff1f\u3068\u601d\u3063\u3066\u3057\u307e\u308f\u306a\u304f\u3082\u7121\u3044\u3067\u3059\u304c\u3001\u6050\u3089\u304f\u6771\u6d77\u5cb8\u767a\u306e\u8001\u8217\u3086\u3048\u306b\u3001\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u7279\u306b\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u898b\u6975\u3081\u308b\u306e\u306b\u9069\u5207\u306a\u3082\u306e\u3092\u6709\u3057\u3066\u3044\u306a\u304b\u3063\u305f\u306e\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u3053\u308c\u307e\u3067\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u898b\u308b\u3068\u30ea\u30c6\u30fc\u30eb\u304b\u3089\u4f55\u304b\u3089\u69d8\u3005\u306a\u696d\u754c\u306b\u6295\u8cc7\u3057\u3066\u3044\u307e\u3059\u3002\u4e88\u6e2c\u306e\u3064\u304f\u5927\u304d\u306a\u30de\u30fc\u30b1\u30c3\u30c8\u3067\u4f1d\u7d71\u7684\u306a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30ab\u30fc\u30d6\u3092\u63cf\u3051\u308b\u3088\u3046\u306a\u30d9\u30f3\u30c1\u30e3\u30fc\u306b\u6295\u8cc7\u3059\u3079\u304d\u3060\u3068\u3044\u3046\u767a\u60f3\u304c\u6839\u5f37\u304b\u3063\u305f\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u8fd1\u5e74\u306f\u304a\u305d\u3089\u304f\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u30aa\u30d5\u30a3\u30b9\u3067\u306f\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306b\u5f37\u3044\u4eba\u6750\u3092\u6709\u3057\u3066\u5909\u5316\u306b\u9069\u5fdc\u3057\u3066\u3044\u308b\u3068\u306f\u601d\u3044\u307e\u3059\u3002\u500b\u4eba\u7684\u306b\u304a\u4f1a\u3044\u3057\u305f\u3053\u3068\u304c\u306a\u3044\u306e\u3067\u5206\u304b\u308a\u307e\u305b\u3093\u304c\u3002<\/p>\n
\u3068\u3044\u3046\u308f\u3051\u3067\u3001\u8cc7\u91d1\u8abf\u9054\u306b\u82e6\u52b4\u3057\u3066\u3044\u308b\u65b9\u3005\u306f\u3053\u308c\u3092\u307f\u3066\u7b11\u3044\u98db\u3070\u3057\u3066\u5143\u6c17\u3092\u3060\u3057\u3066\u304f\u3060\u3055\u3044\u306a\u3002
\n\u4eca\u65e5\u306f\u3053\u3093\u306a\u3068\u3053\u3067\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
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