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  • Hi.

    你好。

  • Hello.

    你好

  • How are you?

    你好嗎?

  • Great to see you.

    很高興見到你。

  • Good to see you.

    很高興見到你

  • I hear this is a special coffee shop.

    聽說這家咖啡店很特別。

  • Yeah.

    是啊

  • This is just where so much stuff happened, especially for YC, over really 10 years.

    這裡發生了很多事情,尤其是 YC 在過去 10 年裡發生的事情。

  • YC, short for Y Combinator, is one of the most storied startup accelerators in Silicon Valley, where Airbnb, Coinbase, and Red Hat are all based.

    YC 是 Y Combinator 的縮寫,是硅谷最富傳奇色彩的初創企業加速器之一,Airbnb、Coinbase 和 Red Hat 等公司的總部都設在這裡。

  • YC and Reddit all got their start.

    YC 和 Reddit 都是這樣起步的。

  • It's like an elite club for chosen founders to get access to top-shelf mentors and, if they're lucky, raise top dollars.

    這就像一個精英俱樂部,被選中的創始人可以接觸到一流的導師,如果幸運的話,還能籌集到頂級資金。

  • Gary Tan is the new leader of Y Combinator, succeeding a short line of big names, including Sam Altman and Paul Graham, which makes Tan now perhaps the ultimate startup kingmaker.

    加里-譚(Gary Tan)是 Y Combinator 的新任領導人,他接替了薩姆-奧特曼(Sam Altman)和保羅-格雷厄姆(Paul Graham)等一眾大佬,這使得譚可能成為創業公司的終極締造者。

  • Ever done a deal here or anything like that?

    在這裡做過交易或類似的事情嗎?

  • You know, YC is interesting because the deal is pretty straightforward.

    要知道,YC 很有意思,因為交易非常直接。

  • We just meet them for 10 minutes and then decide yes or no. Yeah.

    我們只見他們 10 分鐘,然後決定要還是不要。 好吧

  • That's right. 10 minutes and then yes or no?

    沒錯。10分鐘後是還是不是?

  • Yeah.

    是啊

  • That's right.

    這就對了。

  • Wow.

  • How do you know in 10 minutes?

    10 分鐘後你怎麼知道?

  • Well, I think you can look at what the founders are capable of, their skills.

    我認為你可以看看創始人的能力和技能。

  • I think we're up to 40,000 applications.

    我想我們已經收到了 4 萬份申請。

  • Ever?

    從來沒有?

  • Every year.

    每年都有

  • Every year?

    每年?

  • Yeah.

    是啊

  • And you pick a few hundred.

    你挑幾百個。

  • That's right.

    這就對了。

  • It's a veryIt's the lowest acceptance rate of, you know, more selective than, you know, pretty much any selective school in the world.

    這是一個非常......這是最低的錄取率,你知道,比,你知道,幾乎所有的選擇性學校在世界上。

  • I feel like a lot of this stuff all started here, you know, back in really 2005.

    我覺得很多事情都是從這裡開始的,你知道,就在 2005 年。

  • This idea that you could give very small amounts of money to just a few teams and have those teams go on to become sort of the Reddits and the Airbnbs of the world.

    這種想法是,你可以只給少數幾個團隊提供極少量的資金,然後讓這些團隊成為世界上的 Reddits 和 Airbnbs。

  • All right.

    好吧

  • Awesome.

    棒極了

  • Thank you.

    謝謝。

  • Here we go.

    開始了

  • You got a chai and a latte.

    你有一杯茶和一杯拿鐵。

  • Oh, thank you.

    哦,謝謝。

  • Thank you very much.

    非常感謝。

  • It's warm. Yeah.

    很暖和 是啊

  • Let's go.

    我們走吧

  • This is where people meet their first investors, this is where they meet their co-founder for the first time.

    在這裡,人們認識了他們的第一位投資者,在這裡,他們第一次見到了他們的聯合創始人。

  • Sometimes this is a really important part of Silicon Valley.

    有時,這是硅谷非常重要的一部分。

  • And you actually were in YC yourself.

    而你自己其實也在 YC。

  • Oh, yeah.

    哦,是的

  • I lived five blocks down that way and YC is about five blocks down this way.

    我住在那邊的五個街區,YC 在這邊的五個街區。

  • And when were you accepted to YC?

    你是什麼時候被 YC 錄取的?

  • 2008. 2008.

    2008.2008.

  • So, just at the start of the financial crisis.

    所以,就在金融危機爆發之初。

  • Yeah, for sure.

    是的,當然。

  • We raised our angel around for posterous the day Lehman died and nobody else in our batch managed to raise any money.

    雷曼死的那天,我們為 posterous 籌集了天使資金,而我們那批人中沒有人成功籌到錢。

  • And you're a Bay Area guy, right?

    你是灣區人,對吧?

  • That's right.

    這就對了。

  • You were born and raised here.

    你在這裡出生,在這裡長大。

  • Yeah.

    是啊

  • I grew up right here in Fremont, right across the bay.

    我在弗裡蒙特長大,就在海灣對面。

  • And tech gave me everything I have, honestly.

    老實說,技術給了我一切。

  • You know, child of Chinese immigrants, you know, we were sometimes food insecure.

    你知道,我們是中國移民的孩子,有時會感到食物不安全。

  • But I just remember tech was here.

    但我只記得技術就在這裡。

  • And we grew up in the shadow of all this greatness, all this technology being built from nothing.

    我們在這一切偉大的陰影下長大,所有這些技術都是白手起家的。

  • I knew that I wanted to learn to code and, you know, I cold called the internet section until I got a job.

    我知道我想學習編程,所以在找到工作之前,我一直在互聯網部門打冷電話。

  • And we were living in one or two bedroom apartments.

    我們住在一間或兩間臥室的公寓裡。

  • And for my parents to, you know, sometimes struggle with English, the cultural barrier, you know, my dad was a foreman in a machine shop.

    對於我的父母來說,你知道,他們有時會因為英語和文化障礙而掙扎,你知道,我的父親是一家機械廠的領班。

  • My mom was a nurse assistant at a convalescent home.

    我媽媽是一家療養院的護士助理。

  • For dinner, we would sort of have the expired bread that someone would drop off to sort out my mom, who was, you know, working sometimes two shifts just to keep the family going.

    晚飯時,我們會吃別人送來的過期麵包,以解決我媽媽的問題,你知道,她有時要兩班倒才能維持一家人的生活。

  • And so I think that's one of the really important things to me, that I realized, like, tech is this thing that can bring people out of whatever situation they're in and often into prosperity.

    是以,我認為這對我來說是非常重要的事情之一,我意識到,科技這東西可以讓人們擺脫他們所處的任何境況,往往還能帶來繁榮。

  • And that's what I want for everyone.

    這也是我對每個人的期望。

  • You were sort of like an engineered designer by background.

    你的背景有點像工程設計師。

  • How does that inform your perspective?

    這對你的觀點有何啟發?

  • This is why YC really attracted me in 2008, was that here was the one place that wasn't about the flash.

    這也是 2008 年 YC 真正吸引我的原因,因為這裡是唯一一個與閃光燈無關的地方。

  • It wasn't about, you know, whether you had an MBA or, you know, you went to some school or whatever.

    這與你是否擁有工商管理碩士學位,或者你上過什麼學校之類的無關。

  • It was just purely, hey, can you build something great?

    這只是純粹的,嘿,你能造出點偉大的東西嗎?

  • You have this picture.

    你有這張照片。

  • It's 2008, I believe.

    我記得是 2008 年。

  • Oh, yeah.

    哦,是的

  • You're sitting on the ground and you can see Paul Graham in the background and Mark Zuckerberg.

    你坐在地上,可以看到背景中的保羅-格雷厄姆和馬克-扎克伯格。

  • What's going on in that moment?

    那一刻發生了什麼?

  • At that point, I knew I wanted to start a company.

    那時,我就知道我想創辦一家公司。

  • And YC threw this event that was a free event called Startup School.

    YC 舉辦了一場名為 "創業學校 "的免費活動。

  • And it was all sort of like the luminaries.

    這一切就像發光體一樣。

  • You know, I believe that year Jeff Bezos came and he actually launched AWS at that startup school in 2008 at the auditorium at Stanford.

    你知道,我相信那一年傑夫-貝索斯來了,他實際上是在 2008 年斯坦福大學禮堂的那所創業學校裡推出 AWS 的。

  • I was sitting on the ground.

    我坐在地上。

  • Photography was one of my loves.

    攝影是我的愛好之一。

  • And I was actually thinking about, you know, either starting a company or becoming a hip That's a very different proposition.

    實際上,我在考慮,你知道,要麼開一家公司,要麼成為一個時髦的人 這是個非常不同的命題。

  • You went on to become a partner at YC yourself.

    你自己也成為了 YC 的合夥人。

  • How did you make the transition from entrepreneur to investor?

    您是如何實現從創業者到投資者的轉變的?

  • You know, we were doing dead simple blogs by email, posterous.

    要知道,我們以前都是通過電子郵件、Posterous 寫一些簡單的博客。

  • And then didn't you sell that to Twitter?

    然後你不是把它賣給了 Twitter 嗎?

  • Much later, actually.

    實際上,要晚得多。

  • I mean, Instagram came out and that flatlined our growth.

    我的意思是,Instagram 的出現讓我們的增長變得平緩。

  • And this is one of the interesting things about being an investor.

    這就是投資者的有趣之處。

  • You know, I think we were very much in the running to be sort of one of the major social networks.

    你知道,我認為我們很有希望成為主要社交網絡之一。

  • But that was because there were no really great iPhone apps yet for uploading photos until Instagram.

    但那是因為在 Instagram 之前,還沒有真正出色的 iPhone 應用程序來上傳照片。

  • And now I realize it's actually the role of the investor.

    現在我意識到,這其實是投資者的角色。

  • We need to be helping them understand the historical context, like what, you know, what is actually happening in the market and what are the brass rings that are going to be enduring meaningful businesses that could be worth billions of dollars.

    我們需要幫助他們瞭解歷史背景,比如,你知道的,市場上實際發生了什麼,哪些是有價值的業務,哪些是能夠經久不衰的銅環,這些業務可能價值數十億美元。

  • So obviously you worked at YC for a bit.

    很明顯,你在 YC 工作過一段時間。

  • You went on to start your own fund.

    你後來創辦了自己的基金。

  • Yep.

    是的。

  • Initialized. You made some pretty smart bets early on.

    初始化。 你一開始就下了很明智的賭注。

  • You invested in Coinbase, for example.

    例如,你投資了 Coinbase。

  • What did you learn from that experience that gave you sort of the bona fides to be an investor?

    你從那段經歷中學到了什麼,讓你有資格成為一名投資者?

  • This is actually a business that requires you to see enough.

    這其實是一個需要你看得足夠多的行業。

  • And YC was just such a concentrated form of all of tech happening.

    而 YC 就是所有技術的集中體現。

  • And it remains that, that I think you just end up learning way more about what's doable, what's possible.

    我認為你最終會學到更多關於什麼是可行的,什麼是可能的。

  • So coming back to YC, as CEO, is that like a dream job?

    回到 YC,擔任首席執行官,這是不是你夢寐以求的工作?

  • Yeah.

    是啊

  • I mean, the ability to help people basically achieve their dreams, you know, that's what YC did for me.

    我的意思是,幫助人們實現夢想的能力,你知道,這就是 YC 對我的幫助。

  • And I'm, you know, a steward here.

    你知道,我是這裡的管家。

  • I'm trying to figure out what can we do to help more innovation happen in the world.

    我想知道我們能做些什麼來幫助世界實現更多創新。

  • Ooh.

  • I love the wall of photos.

    我喜歡這面照片牆。

  • Oh, yeah.

    哦,是的

  • So this was very, very early days.

    所以,那是非常非常早期的事情。

  • Alexis Ohanian, Steve.

    亞歷克西斯-奧哈尼安,史蒂夫

  • There's Sam Altman on the left.

    左邊是薩姆-奧特曼。

  • Oh, there's Sam!

    哦,山姆來了

  • Yep.

    是的。

  • That's Emmett Shear of Twitch.

    這是 Twitch 的埃米特-謝爾。

  • Oh, my gosh.

    哦,我的天哪。

  • Justin Khan, Steve Huffman, and Alexis of Reddit.

    Justin Khan、Steve Huffman 和 Reddit 的 Alexis。

  • There's a lot of lore in this one photo.

    這張照片蘊含了很多傳說。

  • That's right.

    這就對了。

  • My gosh, everyone looks like babies.

    天哪,每個人看起來都像嬰兒。

  • Yeah.

    是啊

  • I mean, they really are, though, too, like just out of college.

    我的意思是,他們也真的是這樣,就像剛從大學畢業一樣。

  • And that's the thing to emphasize here is there's sort of the next Brian Chesky out there, maybe watching this right now.

    這裡要強調的是,下一個布萊恩-切斯基可能就在外面,也許正在看著這一切。

  • I walked right by this.

    我正好路過這裡。

  • Oh, yeah.

    哦,是的

  • What do we have here?

    這裡有什麼?

  • Well, this is sort of the experience of every startup, right?

    每個初創企業都會有這樣的經歷,對吧?

  • You know, you launch, and then things sort of fall out, and then you have a crash.

    你知道,你啟動了,然後事情就有點不對頭,然後你就崩潰了。

  • Trough of sorrow.

    悲傷的谷底

  • Yep.

    是的。

  • Everything's horrible.

    一切都太可怕了

  • Yep.

    是的。

  • Obviously, you always hear about this story, but we're here to sort of try to lift people up right at that moment.

    顯然,你總是能聽到這樣的故事,但我們在這裡就是要在那一刻讓人們振作起來。

  • Right at the crash of ineptitude.

    就在無能的崩潰之際。

  • Yeah, that's right.

    是的,沒錯。

  • Ups and downs are always a part of it.

    起起伏伏總是其中的一部分。

  • This is actually the photo from my YC interview, actually.

    實際上,這是我接受 YC 採訪時的照片。

  • This is the Stripe office right in Palo Alto.

    這是 Stripe 位於帕洛阿爾託的辦公室。

  • I think that's Greg Brockman of OpenAI right there.

    我想那是 OpenAI 的格雷格-布羅克曼(Greg Brockman)。

  • Yeah, so this is from 2009.

    這是 2009 年的照片。

  • That's me over here.

    這是我在這裡。

  • And Sam's right there.

    山姆就在那兒

  • Oh, my goodness.

    我的天啊

  • James Lindenbaum from Heroku.

    來自 Heroku 的 James Lindenbaum。

  • So this looks like The Last Supper.

    所以,這看起來就像《最後的晚餐》。

  • Yeah.

    是啊

  • Airbnb, Stripe, Instacart, Dropbox, Coinbase, Cruise.

    Airbnb、Stripe、Instacart、Dropbox、Coinbase、Cruise。

  • So many.

    太多了

  • Who am I forgetting?

    我忘了誰?

  • Oh, gosh.

    哦,天哪

  • I mean, there are so many, right?

    我的意思是,有這麼多,對嗎?

  • The most crazy thing to me is that the next ones are still coming.

    最讓我抓狂的是,下一批還在繼續。

  • This is a community that is refreshing itself with the next billion-dollar startups, literally right now.

    現在,這個社區正不斷湧現出下一個價值十億美元的創業公司。

  • So I have to call you out about something here.

    所以,我必須在這裡提醒你一件事。

  • Sure, of course.

    當然可以。

  • There are a lot of dudes in these pictures.

    這些照片裡有很多帥哥。

  • Absolutely.

    當然。

  • Where are all the women?

    女人都去哪兒了?

  • Yeah.

    是啊

  • I mean, that's something that we're going to continue to work on.

    我的意思是,這是我們將繼續努力的方向。

  • I mean, there's not a single woman in this picture.

    我是說,這張照片裡一個女人都沒有。

  • Yep.

    是的。

  • I mean, 2009 was a time that it was easily a problem, and that's something that we're continuing to work on.

    我的意思是,2009 年的時候,這很容易成為一個問題,這也是我們一直在努力解決的問題。

  • Is there something about the orange?

    橙色是不是有什麼特別之處?

  • This room is very orange.

    這個房間是橙色的。

  • It's very orange.

    非常橙色。

  • I think it was the hex code for the color was FF6600.

    我記得顏色的十六進制代碼是 FF6600。

  • So it was a very simple color that you could write in code, and it turned out to be a very bright one.

    是以,這是一種非常簡單的顏色,你可以用代碼寫出來,結果發現它非常明亮。

  • We read online that orange also can symbolize optimism and energy, so I thought maybe that was the reason.

    我們在網上看到,橙色也象徵著樂觀和活力,所以我想也許這就是原因。

  • But of course, it's probably more wonky than that.

    當然,事情可能比這更復雜。

  • The name Y Combinator is actually an algorithm that writes other algorithms.

    Y Combinator 這個名字實際上是一種寫入其他算法的算法。

  • So YC was meant to be a startup that helps start other startups.

    是以,YC 旨在成為一家幫助其他創業公司起步的創業公司。

  • Oh, I never knew that.

    哦,我還真不知道。

  • So many companies have come through these doors.

    許多公司都曾來過這裡。

  • Talk to me a little bit about the process.

    跟我說說過程吧。

  • For those who don't understand, what exactly does a startup accelerator do?

    對於不瞭解的人來說,初創企業加速器究竟是做什麼的?

  • Well, YC works kind of as a 10, 12-week program.

    嗯,YC 是一個為期 10 或 12 周的項目。

  • Anyone can apply online.

    任何人都可以在線申請。

  • All they have to do is, you know, ideally have an idea and have a demo sometimes.

    他們所要做的就是,你知道,最好有一個想法,有時還要做一個演示。

  • And what we do is we try to figure out who are the smartest, best people who are capable.

    我們要做的就是找出最聰明、最有能力的人。

  • What are the things that they're trying to do, and are those things viable?

    他們想做什麼,這些事情可行嗎?

  • And we whittle it down to about 250 to give half a million dollars to.

    然後,我們再篩選出大約 250 人,向他們捐贈 50 萬美元。

  • Which is great, because when I first started, I think YC only gave me $12,000.

    這很好,因為我剛開始創業時,YC 只給了我 12000 美元。

  • What does the newest class of founders look like?

    最新一批創始人是什麼樣的?

  • What problems are they trying to solve?

    他們想要解決什麼問題?

  • A good deal of them are focused on AI, bringing in large language models.

    其中很多都專注於人工智能,引入了大型語言模型。

  • That's a really exciting time for just software period.

    對於軟件行業來說,這是一個非常激動人心的時刻。

  • Demo day is sort of like a rite of passage.

    演示日就像是一種儀式。

  • Oh, definitely.

    哦,當然。

  • Right?

    對不對?

  • What happens on demo day?

    演示日會發生什麼?

  • It's 1,000 investors, VCs, angel investors, people who have been there.

    這裡有 1000 名投資者、風險投資人、天使投資人和過來人。

  • And they often raise millions of dollars.

    它們往往能籌集到數百萬美元。

  • And so that's a really powerful moment, because that big bump at the top of that graph that we saw, that's a moment of euphoria.

    是以,這是一個非常有力量的時刻,因為我們看到的圖表頂部的巨大凸起,就是興奮的時刻。

  • And then, hey, guys, it's back to work.

    然後,嘿,夥計們,繼續工作。

  • We're going to be in that trough of sorrow for a while, but we're going to make it to the promised land.

    我們將在悲傷的谷底中度過一段時間,但我們會到達應許之地。

  • What do you say to the folks who are out there thinking, how do I get in?

    對於那些正在考慮 "我如何才能加入 "的人,你有什麼要說的嗎?

  • Well, the big thing is, I think we really like people who are earnest.

    最重要的是,我認為我們真的喜歡認真的人。

  • What we really care about is, are you solving a real problem?

    我們真正關心的是,你們是否解決了真正的問題?

  • Can you show us the quality of your work?

    您能向我們展示一下您的工作品質嗎?

  • Can you access a market that nobody else can actually access?

    你能進入別人無法進入的市場嗎?

  • So in 10 minutes, you decide whether to give someone a golden ticket.

    所以,在 10 分鐘內,你要決定是否給某人一張金獎券。

  • That's right.

    這就對了。

  • Are you making all the right decisions?

    您是否做出了所有正確的決定?

  • Well, we hope so.

    我們希望如此。

  • And that's why demo day exists.

    這就是演示日存在的原因。

  • Those thousand investors come back year after year after year, because you'll never find a congregation of hundreds of startups in which a dozen of them will probably go on to be worth a billion dollars or more.

    這一千名投資者年復一年地回來,因為你永遠也找不到一個由數百家初創企業組成的聚會,其中有十幾家可能會發展到價值 10 億美元或更多。

  • The hard part is, it's not really about what happens in that 10 minutes.

    最難的是,這 10 分鐘發生了什麼並不重要。

  • It's about the 10,000 hours that goes in beforehand.

    這與之前的一萬小時有關。

  • The best CEOs in the world are sort of jack of all trades, but master of one or two.

    世界上最出色的首席執行官都是萬事通,但卻精通一兩個行業。

  • And that isn't something that is in that 10 minutes or in those 12 questions.

    這不是那 10 分鐘或 12 個問題的內容。

  • That's something in someone's life.

    那是某人生命中的一部分。

  • Are you really looking for people from around the world?

    你真的在尋找來自世界各地的人嗎?

  • Or do people who are here have an advantage?

    還是在這裡的人有優勢?

  • Lots of people come here just for the batch.

    很多人到這裡來,就是為了這批貨。

  • They raise money, they build their community, and then they go back and become the best company in Mumbai, the best company in London.

    他們籌集資金,建立社區,然後回去成為孟買最好的公司,倫敦最好的公司。

  • So I think that this is a story that is San Francisco Bay Area based, but also one that radiates out into the entire world.

    是以,我認為這是一個基於舊金山灣區的故事,同時也是一個輻射到整個世界的故事。

  • We talked about the pictures on the wall, and you said, hey, you got me.

    我們談到了牆上的照片,你說,嘿,你抓到我了。

  • We don't have enough women.

    我們沒有足夠的女性。

  • We haven't had enough women for a couple of decades now.

    我們已經有幾十年沒有足夠的女性了。

  • What are you seeing in the numbers now?

    你現在看到的數字是多少?

  • I think representation matters a lot.

    我認為代表權非常重要。

  • At the end of the day, the types of problems that people solve kind of come out of their own stories.

    歸根結底,人們所解決的問題類型都來自於他們自己的故事。

  • It is important to us.

    這對我們很重要。

  • It's important to me.

    這對我很重要。

  • You know, at YC, we have more than 850 women founders who have gone through the program.

    要知道,在 YC,我們有超過 850 名女創始人参加過該計劃。

  • And you're right.

    你說得對。

  • That's not enough.

    這還不夠。

  • What are you doing to make, to change the ratio?

    你在做什麼來改變比例?

  • I mean, I think I look at the process, and we want the process to be something that is as open and inclusive as possible.

    我的意思是,我認為我關注的是程序,我們希望程序儘可能開放和包容。

  • There's a lot to be done, and we're not done.

    還有很多事情要做,我們還沒有完成。

  • We're seeing tens of thousands of people getting laid off from tech companies.

    我們看到數以萬計的人被科技公司解僱。

  • How does this play out?

    結果如何?

  • I think a lot of large companies started treating their employee base almost as a place to park resources and almost as a competitive moat versus the other giants.

    我認為,很多大公司開始把員工基地當作停放資源的地方,幾乎成了與其他巨頭競爭的護城河。

  • And when I think about the amount of talent that was sort of locked up in cushy jobs that, you know, could have been actually out there in the market making new technology, pushing things forward, I'm hoping a lot of them actually come over to startups and they realize, oh, this is what it's like to run fast again.

    我希望他們中的很多人都能加入初創企業,他們會意識到,哦,這就是再次快速發展的感覺。

  • What's your advice for these workers who are getting laid off?

    對於這些即將失業的工人,您有什麼建議?

  • It does sound a little trite to just say, it's time to build.

    只說 "是時候建設了",聽起來確實有點老套。

  • Right.

  • It sure does.

    確實如此。

  • I mean, I think some of it is like, take stock, right?

    我的意思是,我認為有些事情就像,盤點一下,對嗎?

  • Like getting much more connected to the problems out there, I think will lead to just a lot more direct access to, I mean, building equity, building businesses that really matter.

    我認為,如果能更多地接觸到現實中的問題,就能更直接地建立股權,建立真正重要的企業。

  • Well, speaking of equity, for years, tech workers have been paid in stock.

    好吧,說到股權,多年來,科技工作者的工資都是以股票形式支付的。

  • And that was sort of, you know, the ticket.

    你知道,這就是入場券。

  • You're taking a risk on this company.

    你在這家公司身上承擔了風險。

  • It could be worth zero or it could, you know, be worth millions, right? We're seeing kind of the dark side of RSUs are getting paid in stock now.

    它可能價值為零,也可能價值數百萬,對吧? 我們現在看到了 RSUs 以股票支付的陰暗面。

  • Do you think that's still the way it should work in Silicon Valley?

    你認為硅谷還應該這樣嗎?

  • I mean, that's some of the magic of startups.

    我的意思是,這就是初創企業的魅力所在。

  • I think this is about labor being able to access, you know, actual capital.

    我認為這與勞動力能否獲得實際資本有關。

  • And this is like one of the most direct and most awesome versions of it.

    而這就像是最直接、最棒的版本之一。

  • Some of the bad behavior we saw from startup founders was trying to reach for that billion-dollar valuation, because they wanted the headline out there saying that they're a unicorn now, but that comes at a cost, right?

    我們從初創企業創始人身上看到的一些不良行為,就是試圖達到十億美元的估值,因為他們想在頭條新聞上說他們現在是獨角獸了,但這是要付出代價的,對嗎?

  • The focus on valuation and getting that next notch of valuation above all else, that comes at both a great personal cost to the founders themselves, but also to the employees.

    對估值的關注以及獲得高於一切的估值,不僅會讓創始人付出巨大的個人代價,也會讓員工付出巨大的個人代價。

  • So what do you think needs to change?

    那麼,您認為需要改變什麼呢?

  • I think some of it is already happening, right?

    我想有些事情已經發生了,對嗎?

  • You know, the revaluation of startups right now is starting and it will continue.

    要知道,初創企業的價值重估正在開始,並將持續下去。

  • People are going to be a lot more mindful about, you know, do I really need to do that $50 to $200 million raise?

    人們會更多地考慮,我是否真的需要籌集 5000 萬至 2 億美元?

  • So you're a few months into this job as CEO of Y Combinator and Silicon Valley Bank collapses.

    你擔任 Y Combinator 首席執行官幾個月後 硅谷銀行倒閉了

  • What is your level of panic in that moment?

    你當時的恐慌程度如何?

  • Well, I remember, you know, I'm dropping my seven-year-old off Friday morning at 9 a.m. and then immediately I start getting texts and phone calls from founders saying, that was my only bank account, what do I do?

    我記得,週五早上 9 點,我把 7 歲的孩子送回家,然後馬上就收到創始人的簡訊和電話,說那是我唯一的銀行賬戶,我該怎麼辦?

  • Because it wasn't clear to me that people were going to give a bank called Silicon Valley Bank the benefit of any doubt at all simply because of its name.

    因為我不清楚,人們會不會僅僅因為一家名為硅谷銀行的銀行的名字,就對它產生懷疑。

  • This is not big tech getting in an hour of need.

    這不是大科技公司在危難時刻的表現。

  • This is a moment of little tech.

    這是一個技術含量不高的時刻。

  • This whole SVB thing is made clear.

    整個 SVB 的事情已經很清楚了。

  • A lot of people look at Silicon Valley and see elites.

    很多人看到硅谷就會想到精英。

  • Are they wrong?

    他們錯了嗎?

  • Anytime you have power that is accumulated in the hands of the few, that's something we should be worried about.

    任何時候,如果權力積聚在少數人手中,都是我們應該擔心的。

  • Little tech is competition and competition is the way that we have actually vibrant markets that give consumers new choice and that is actually a very important thing to protect.

    小技術就是競爭,而競爭是我們擁有充滿活力的市場、為消費者提供新選擇的途徑,這實際上是需要保護的一個非常重要的方面。

  • How long do you think the downturn lasts?

    您認為經濟下滑會持續多久?

  • How hard does this get?

    這有多難?

  • I guess it's so hard to tell and, you know, I'm not a macroeconomist.

    我想這很難說,你知道,我不是宏觀經濟學家。

  • Some people like to play that on Twitter, though.

    不過,有些人喜歡在推特上玩這種遊戲。

  • So, I underestimated to what degree interest rates rule everything around us.

    所以,我低估了利率在多大程度上主宰著我們周圍的一切。

  • It affects valuations, it affected the SVB crisis.

    它影響估值,影響 SVB 危機。

  • You know, if you work in crypto, you better pay attention.

    要知道,如果你在加密貨幣領域工作,最好多加留意。

  • I mean, all of these things matter because the price of money is sort of shifting radically.

    我的意思是,所有這些事情都很重要,因為貨幣的價格正在發生根本性的變化。

  • YC branched out into a lot of things, like a lot of funds did, to be honest, over the course of the last 10 years.

    老實說,在過去 10 年裡,YC 像許多基金一樣,涉足了許多領域。

  • You're now ending the later stage investing.

    你現在結束了後期投資。

  • Does that make it harder for a lot of the YC companies to then do follow on rounds?

    這是否會使許多 YC 公司更難進行後續融資?

  • Does that sort of clip their wings before they can even fly?

    這是否會讓它們還沒來得及飛就被剪掉翅膀?

  • Well, I don't think so, just because the best thing we can do is take our own advice and especially in times of sort of recentering, you know, a reset in what's happening out there in VC.

    我不這麼認為,因為我們能做的最好的事情就是聽從自己的建議,尤其是在VC重新定位的時候。

  • What are the things that make you truly unique?

    是什麼讓你真正與眾不同?

  • And really focus on those things.

    並真正專注於這些事情。

  • So, that was a painful decision to make, but it was ultimately the right one for YC.

    是以,這是一個痛苦的決定,但最終對 YC 來說是正確的決定。

  • When you look at venture capital culture and the way it operates, do you see things that are broken?

    當你審視風險投資文化及其運作方式時,你是否發現了一些問題?

  • Yeah, I mean, I think the hardest part is often there's not alignment, right?

    是啊,我的意思是,我認為最困難的部分往往是沒有對齊,對嗎?

  • You know, if you're a junior VC, you're coming in, you might only be able to do one or two deals, three or four deals, period.

    要知道,如果你是一個初級風險投資人,你剛進來時,可能只能做一到兩筆交易,三到四筆交易。

  • And in those three or four deals, one better be a unicorn.

    在這三四筆交易中,最好有一筆是獨角獸交易。

  • And we see people bend over backwards, sort of put their own interests ahead of that of the founder.

    我們看到人們不惜一切代價,將自己的利益置於創始人的利益之上。

  • And sometimes that's systemic.

    有時,這是系統性的。

  • Do you think it's going to be harder for startups to raise money for the next 10 years?

    你認為未來十年初創企業融資會更難嗎?

  • It's been a fruitful time.

    這是一段碩果累累的時光。

  • Is this just the new normal?

    這只是新常態嗎?

  • Well, I think today we're in the midst of this large language model explosion.

    我認為,今天我們正處於語言模型大爆炸的時代。

  • And I think that that might be the next platform.

    我認為這可能是下一個平臺。

  • And those platforms will actually give rise to new platforms that we don't even know about yet.

    而這些平臺實際上會催生出我們還不知道的新平臺。

  • So, you know, if you ask on a 10-year time frame, like, will there be more technology or less?

    所以,你知道,如果你問的是 10 年的時間框架,比如,會有更多的技術還是更少的技術?

  • I think there's going to be more.

    我認為還會有更多。

  • And, you know, if it's a one or two-year time frame, like, you know, we've got to ask Uncle Jerome.

    而且,你知道,如果是一兩年的時間,比如,你知道,我們得問問傑羅姆叔叔。

  • Between Microsoft and OpenAI and Google and Facebook and Apple and Amazon, is there enough room for startups to run when it comes to AI?

    在微軟、OpenAI、谷歌、Facebook、蘋果和亞馬遜之間,初創企業在人工智能領域是否有足夠的發展空間?

  • Do they have room to really compete?

    他們有真正的競爭空間嗎?

  • I think so.

    我想是的。

  • And, you know, some of it is like we actually don't even know the physics of this market yet.

    而且,你知道,有些事情就像我們實際上還不知道這個市場的物理原理一樣。

  • It took many years of the search engine world and the search engine war before we figured out that Google and AdWords were going to be the winner.

    經過多年的搜索引擎世界和搜索引擎大戰,我們才發現 Google 和 AdWords 將成為贏家。

  • And I think we're right there right again.

    我認為我們又回到了正確的位置。

  • I would never count out, you know, the little startup who figures out a way to, you know, fight against unbelievable amounts of capital or unbelievable amounts of market power.

    我永遠不會放棄那些想出辦法來對抗難以置信的鉅額資本或難以置信的市場力量的小型初創企業。

  • That's how we combat this idea that big tech is, you know, too powerful.

    這就是我們如何與 "大科技太強大 "這一觀點作鬥爭的方法。

  • Like, guess who's going to fight against them?

    比如,猜猜誰會與他們對抗?

  • It's startups.

    是初創企業。

  • What's going to define the Gary Tan era of YC?

    YC 的 Gary Tan 時代將如何定義?

  • What I hope is that a thousand flowers bloom at the end of the day.

    我希望的是,在一天結束的時候,有無數的花朵綻放。

  • You know, I also experienced this crazy place that gave me prosperity.

    你知道嗎,我也經歷過這個瘋狂的地方,它給了我繁榮。

  • And ultimately, all I care about is that that story continues.

    歸根結底,我只關心這個故事能否繼續下去。

  • How much are you working here versus home in San Francisco?

    與舊金山的家相比,你在這裡工作的時間有多長?

  • Oh, well, we're San Francisco-based, and work-from-home culture means that I'm in San Francisco pretty much all the time.

    哦,好吧,我們的總部在舊金山,而在家工作的文化意味著我幾乎一直都在舊金山。

  • So I hear Mr. Beast schooled you on your content creation.

    我聽說野獸先生教過你內容創作。

  • Yeah, that's right.

    是的,沒錯。

  • This was during the pandemic, and I got in touch with him on Clubhouse, and he gave me advice on thumbnail, title, and, you know, click-through rates and all that good stuff.

    當時正值大流行,我在 Clubhouse 上與他取得了聯繫,他給了我關於縮略圖、標題、點擊率等方面的建議。

  • Welcome to the YouTube studio.

    歡迎來到 YouTube 工作室。

  • I love it.

    我喜歡

  • What do we got going on here?

    這是怎麼回事?

  • Well, you know, the number one thing that I give people advice about is get a really big softbox so you get, like, the really nice cinematic look.

    你知道,我給人的首要建議就是買一個很大的柔光箱,這樣你就能獲得非常漂亮的電影效果。

  • Everyone needs a nice cinematic look.

    每個人都需要一個漂亮的電影造型。

  • That's right.

    這就對了。

  • It's important.

    這很重要。

  • I mean, it's sort of like wearing a suit to a nice meeting.

    我的意思是,這有點像穿著西裝去參加一個不錯的會議。

  • Like, having a good Zoom setup is, I think, you know, increasingly important.

    我認為,擁有一個好的變焦設置越來越重要。

  • What have you found really resonates?

    您發現什麼能引起真正的共鳴?

  • Like, what takes off?

    比如,什麼會起飛?

  • The number one thing for me is just actually talking about the things I messed up.

    對我來說,最重要的事情就是真正談論我搞砸的事情。

  • Like, actually saying, hey, you know, this is why my startup failed, or the time I messed up my pitch to Series A investors, or my co-founder disputes.

    比如說,實際上,嘿,你知道,這就是我的初創公司失敗的原因,或者是我在向 A 輪投資者推介時搞砸了,或者是我的聯合創始人出現了糾紛。

  • Like, those all were real things that became a problem for me, and then being real about that helps people understand, like, hey, this is, again, the long trough of sorrow, and here's how you get through it.

    就像,這些都是真實的事情,成為了我的問題,然後真實地告訴人們,這有助於人們理解,就像,嘿,這又是漫長的悲傷谷底,而你是如何度過的。

  • So it's being human.

    這就是人性。

  • Yeah.

    是啊

  • Being authentic.

    真實。

  • And actually, I feel like some folks in tech, and I won't name names, have trouble admitting when they're wrong.

    實際上,我覺得科技界的一些人,我就不點名了,很難承認自己錯了。

  • That's fair.

    這很公平。

  • That's one of the salient features of going on Twitter sometimes.

    這就是有時上 Twitter 的一個顯著特點。

  • This is my favorite part.

    這是我最喜歡的部分。

  • Wow.

  • You've got quite a view going on here.

    你的視野真開闊。

  • You walk down the streets of San Francisco, you have to admit it's different post-COVID.

    走在舊金山的街道上,你不得不承認,COVID 之後的舊金山已經不同了。

  • The streets are different, but right down the street is what they call Cerebral Valley, which is sort of turning into the new Silicon Valley.

    這裡的街道各不相同,但街邊就是人們所說的 "大腦谷",這裡正逐漸成為新的硅谷。

  • What is your role in San Francisco politics?

    您在舊金山政治中扮演什麼角色?

  • I know you're doing a lot of tweeting.

    我知道你經常發推特。

  • Oh, yeah.

    哦,是的

  • Somehow Twitter gets me in trouble all the time.

    不知怎麼的,Twitter 總是給我惹麻煩。

  • But my Twitter, in addition to being about startups, has accidentally also become really about what is the future of San Francisco, and how do we make this a place for immigrants and immigrant families to actually come and do their thing?

    但是,我的推特除了關於初創企業之外,意外地還變成了關於舊金山的未來是什麼,以及我們如何讓這裡成為移民和移民家庭真正來做自己事情的地方?

  • For them to find their American dream here.

    讓他們在這裡找到自己的美國夢。

  • I mean, it is expensive.

    我的意思是,它很昂貴。

  • It absolutely is.

    絕對是這樣。

  • There was this huge push to raise payroll taxes in San Francisco.

    舊金山曾大力推動提高工資稅。

  • That was supposed to help the homeless problem.

    這本該有助於解決無家可歸者的問題。

  • A lot of companies left San Francisco as a result.

    許多公司是以離開了舊金山。

  • Stripe, a Y Combinator company, for example.

    例如,Y Combinator 旗下公司 Stripe。

  • So now the city's taking in less taxes because the companies aren't here, and the homeless problem, it doesn't seem like it's been solved.

    所以現在城市的稅收減少了,因為公司不在這裡,而無家可歸者的問題似乎也沒有得到解決。

  • What do you think about that?

    你對此有何看法?

  • I'm never about, hey, we should lower taxes.

    我從來不會說,嘿,我們應該降低稅收。

  • I don't think that's the issue.

    我不認為這是問題所在。

  • When we have prosperity in tech, we should be able to share that, because we want abundance, and we need policies to actually get us there.

    當我們在科技領域取得繁榮時,我們應該能夠分享這種繁榮,因為我們想要富足,而我們需要政策來真正實現富足。

  • I just want things to work.

    我只希望一切順利。

  • Can we meet in the middle?

    我們能在中間見面嗎?

  • Can we find common sense things to do, common sense policies that work?

    我們能找到常識性的事情和常識性的有效政策嗎?

  • Can we find politicians that represent us that are not at the extremes, but finding ways to work together?

    我們能否找到代表我們的政治家,他們不是走極端,而是想方設法與我們合作?

  • And that's what I want.

    這就是我想要的。

  • People look at you like this rich tech bro who wants to turn San Francisco into a utopia.

    在人們眼中,你就像一個想把舊金山變成烏托邦的科技富二代。

  • Is that not the case?

    難道不是這樣嗎?

  • I think a utopia is just another form of extremism.

    我認為烏托邦只是另一種形式的極端主義。

  • We have to look at what's possible.

    我們必須看看什麼是可能的。

  • We have to look at the resources.

    我們必須研究資源。

  • I think that tech probably should pay its fair share.

    我認為,科技界或許應該付出應有的代價。

  • How do you keep the soul of San Francisco, but also make it more attractive to everyone else?

    如何既保留舊金山的靈魂,又讓它對其他人更具吸引力?

  • For the longest time, the status quo was let's prevent people from building.

    長期以來,我們的現狀是阻止人們建造房屋。

  • Let's stop people from coming here.

    讓我們阻止人們來這裡。

  • Let's make it unpalatable for people to move to San Francisco, and maybe that will make it okay.

    讓人們搬到舊金山去,讓他們覺得不方便,也許這樣就會好起來。

  • And I think that that's just the wrong solution.

    我認為這是一個錯誤的解決方案。

  • That's not a solution at all.

    這根本不是解決辦法。

  • That's putting your head in the ground.

    這是把你的頭埋在土裡。

  • We should absolutely be making space for everyone.

    我們絕對應該為每個人留出空間。

  • That's really what America is for me.

    對我來說,這才是真正的美國。

  • That's what America has been for my family, and that's what I want for everyone in the world.

    這就是美國對我家人的意義,也是我對世界上每個人的期望。

  • San Francisco for life?

    舊金山的生活?

  • You know it.

    你知道的

  • This is the shining jewel that I go everywhere in the world, and the number one thing they want to hear about is how do we bring tech to our city?

    這是我走遍世界的璀璨明珠,他們最想聽到的就是我們如何將科技帶到我們的城市?

  • This is a gift, and this is just getting started.

    這是一份禮物,而這才剛剛開始。

Hi.

你好。

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