由創投業者與新創團隊視角剖析創業失敗與成功要素

Abstract

創業投資是一種高風險、高報酬的投資產業，創業更是富有冒險性、挑戰性且有「不成功便成仁」的特性，創業家是創業活動的核心，募資市場則為創投業者與創業家兩種人之間的金融操作賽局，然降低錯誤機率、形成雙贏賽局才是彼此的共同目標。 鑒於現在的新創企業大多是藉由新的創新商業模式來創造新的價值，由於其本身具有科技、產業結構及市場需求不確定性等因素，故傳統的評估已無法全然適用，故本研究從創業失敗的前20大原因面向切入，同時訪談資深的創投業者與有多次創業經驗的新興企業家，透過兩種不同面向的異同點分析，企圖從避免失敗導入成功法門，提供傳統決策評估模型以外的觀點。 將創業失敗前20大原因分為主要原因、次要原因、較次要原因三大層級，進行雙方觀點差異分析、得知在創業失敗主要原因層級中，雙方觀點非常接近，「產品、團隊」是雙方最重視的，「資金面」則是雙方最大的分歧，顯示此次訪談大綱的設計與現實十分貼近，此次受訪者一致認為要降低創業失敗機率，首先要有卓越的領導人決定團隊方向，組織專業且分工完整的團隊，確定目標市場及產品定位，找到快速獲利的商業模式，在考慮使用者需求下把技術門檻提高，務實的把產品或服務做出來，並在對的時間對的地方賣給對的人。 創投業者最重要的核心能力就是發現價值並創造價值，故應該要改變傳統的決策思維，擴大視野提升高度，培養能商業預測能力，在快速變遷的投資環境中掌握變化，預見趨勢看見未來，記取創業失敗原因，縮短投資評估時間，早日覓得在創業市場中奔馳的千里馬。

Venture capital is by default a high risk high return investment. Entrepreneurship is equally risky but with equally high reward and most entrepreneurs have a swim-or-sink mentality. Entrepreneurs and venture capitalists may be seen as playing against each other in a capital game. But they are also united by a common goal: lowering the risk of the venture whilst maximizing the profit. Those new ventures, however, predicted on new technology, new markets and new business models whose matrix and dynamics the established appraisal failed to catch. Thus new appraisal models are needed. This study is a preliminary attempt to address this issue.This study has identified 20 major factors responsible for new business venture failure. These factors are divided into three categories, according to their impact and in descending order: most critical, critical, less critical. For this study, a questionnaire structured around those 20 failure factors are put to a carefully selected respondents of seasoned entrepreneurs and venture capitalists. The results are collected and analyzed. Both entrepreneurs and venture capitalists are fairly consistent in their views of the most critical factors for business success. They both emphasize products and management teams. Capital is the biggest difference between the two sides. An entrepreneur leader is considered the single most critical factor. A leader provides vision and drive. A leader identifies new market with matching new products or services. With proper execution, it will ensure the new venture success. It is hoped that this study will contribute in a small and preliminary way in identifying alternatives to the received models of new venture appraisal.