Paul Graham要么不写，一写又是一大通。不过说的还挺有道理的，而且，这样的情况在国内也很普遍，何况中国人天生就更加保守一点。
如果没有时间读完，那么请看神兜兜小姐摘抄的语录吧。
Of course, the reason startups do better when they turn down acquisition offers is not necessarily that all such offers undervalue startups. More likely the reason is that the kind of founders who have the balls to turn down a big offer also tend to be very successful. That spirit is exactly what you want in a startup.
I used to think of VCs as piratical: bold but unscrupulous. On closer acquaintance they turn out to be more like bureaucrats. They’re more upstanding than I used to think (the good ones, at least), but less bold. Maybe the VC industry has changed. Maybe they used to be bolder. But I suspect it’s the startup world that has changed, not them. The low cost of starting a startup means the average good bet is a riskier one, but most existing VC firms still operate as if they were investing in hardware startups in 1985.
And yet most VCs are driven by consensus, not just within their firms, but within the VC community. The biggest factor determining how a VC will feel about your startup is how other VCs feel about it.
The exciting thing about market economies is that stupidity equals opportunity. And so it is in this case. There is a huge, unexploited opportunity in startup investing. Y Combinator funds startups at the very beginning. VCs will fund them once they’re already starting to succeed. But between the two there is a substantial gap.
There are companies that will give $20k to a startup that has nothing more than the founders, and there are companies that will give $2 million to a startup that’s already taking off, but there aren’t enough investors who will give $200k to a startup that seems very promising but still has some things to figure out.
But there is a big opportunity here, and one way or the other it’s going to get filled. Either VCs will evolve down into this gap or, more likely, new investors will appear to fill it. That will be a good thing when it happens, because these new investors will be compelled by the structure of the investments they make to be ten times bolder than present day VCs.