【正文】 particular entrepreneur es from a failed venture. Since most ventures do fail, the investor gives the entrepreneur credit for having gained valuable experience even if the previous venture failed. This tolerance for failure is crucial in encouraging entrepreneurs to take risks and start panies. The importance cannot be over emphasized. In Silicon Valley, “it is OK to fail.” No other place has quite the same openminded attitude. With the success of high tech industries and the growth of venture capital in Silicon Valley, the economic infrastructure also expanded and became part of the environment. Infrastructure needed to support high tech panies include law firms and accounting firms to help them form proper legal structure and organized to meet Securities Exchange regulations with proper stock ownership incentive programs for not just 16 the founders but also for employees joining the high tech enterprise. The legal and accounting firms also help the venture capital firms structure their investments and keep track of their gains and losses. Other parts of the total infrastructure include public relations and advertising firms that serve the marketing and munication needs of high tech panies. Investment banks help the panies with initial public offering and followon secondary offerings in the equity market and propose mergers. Specialized mercial banks and leasing firms were established just to serve the high tech panies that more traditional banks dare not touch because the latter did not understand the nature of high tech panies and were frightened by its high mortality rate. An entire profession emerged that called themselves “free lance technical writers.” These writers contract their services to high tech panies to help them write user’s manuals, technical brochures and a host of documents to help the panies convey what they have developed to the public. Human capital firms helped high tech panies set employee hiring policies and help locate and recruit people with the needed skill sets. Successful entrepreneurs often retired from active management and became consultants and advisors to venture capital firms and to other startups. Arguably the trend to outsourcing gained impetus from Silicon Valley because young startups have limited resources and most in need of outside assistance. Most models of Apple Computer, for instance, were designed by independent product design services and made by contract manufacturers. Frequently overlooked but a vital part of the Silicon Valley infrastructure is the widespread presence of professional associations. These associations organized along industries or mon interests meet 17 regularly. Ostensibly, these meetings feature speakers and topics of general interest to its membership. Equally important, these gatherings offer opportunities for professionals to meet regularly with each other and form friendships, to work and exchange ideas and resumes and to assess the potential of each as a future cofounder of the next new startup enterprise. The Churchill Club meets frequently hosting panel discussions on high tech development and regularly draws an audience of 4500. AAMA, the oldest Asian American organization in Silicon Valley, draws 1200 in their monthly dinner meeting. AAMA used to be known as Asian American Manufacturers Association but since not much was being made in Silicon Valley nowadays, the name was recently changed to Asian American MultiTechnology Association. Younger organizations such as Hua Yuan Science amp?！憋L(fēng)險(xiǎn)投資家是要插手的投資者。 結(jié)束語(yǔ) 通過(guò)最終的分析可以看出，高科技的發(fā)展取決于有技術(shù)和有活力的人才和可以自由交流思想的開放環(huán)境。換言之，商業(yè)的潛力要比發(fā)明的新穎性更重要。在硅谷，盡職調(diào)查過(guò)程是十分嚴(yán)格的。從總體上講，風(fēng)險(xiǎn)投資家從來(lái)沒(méi)有把自己看作是被動(dòng)的投資者，而都是聲稱以主動(dòng)投資者的身份使自己投資獲得成功。 我們可以簡(jiǎn)單歸納一下政府的 作用。 聯(lián)邦政府還可以發(fā)揮的另一個(gè)重要作用是為不在風(fēng)險(xiǎn)投資家考慮范圍之內(nèi)的研究與開發(fā)工作提供資金。除了確定規(guī)則和規(guī)定適用于所有的公司之外，政府就不要再干預(yù)。美國(guó)證券交易委員會(huì)想強(qiáng)迫所有的公司把股票期權(quán)都算作實(shí)際支出。在硅谷還有其他許多網(wǎng)絡(luò)性組織和協(xié)議，由于篇幅所 7 限，在此就不一一列舉了。從表面上看，這類會(huì)議都是演講者就共同關(guān)注的主題向會(huì)員發(fā)表演講。 另外還出現(xiàn)了一個(gè)自稱為“技術(shù)自由作家”的行當(dāng)。其他任 何地方都沒(méi)有這么開明的態(tài)度。在如今的硅谷， 30%以上的公司是由來(lái)自中國(guó)、臺(tái)灣和印度的移民創(chuàng)建 或管理的。要搞清這一問(wèn)題，還必須分析硅谷的文化及其他特點(diǎn)。然而，成功的風(fēng)險(xiǎn)投資家至少能使一筆投資獲得的回報(bào)超過(guò)其他損失的總和。 要想知道如何在其他地方利用風(fēng)險(xiǎn)資本來(lái)取得同樣的結(jié)果，首先就要了解硅谷的情況。正是因?yàn)榘雽?dǎo)體創(chuàng)業(yè)公司在此迅速發(fā)展成為大公司和設(shè)備與材料供應(yīng)商通過(guò)支持這一產(chǎn)業(yè)而在此不斷發(fā)展，人們才創(chuàng)造出了“硅谷”這一詞語(yǔ)。他是亞美制造商協(xié)會(huì)（ Asian American Manufacturers Association）的前任主席并擔(dān)任由該協(xié)會(huì)主辦在硅谷舉行的幾屆關(guān)于亞洲金融和聯(lián)盟研討會(huì)的主席。 1 顧屏山 總經(jīng)理 德勤會(huì)計(jì)師 事務(wù)所華商服務(wù)集團(tuán) 在過(guò)去的 20 年中，顧屏山先生協(xié)助許多亞洲的技術(shù)公司與當(dāng)?shù)氐墓窘⒙?lián)盟，同時(shí)幫助亞洲的公司在美國(guó)尋求合作伙伴。顧博士多次在各個(gè)公眾論壇上發(fā)表關(guān)于美國(guó)企業(yè)怎樣在亞洲成功的演講。 如果沒(méi)有風(fēng)險(xiǎn)資本，硅谷就不可能作為全球高科技資本出現(xiàn)。 4 風(fēng)險(xiǎn)資本是如何運(yùn)作的？ 對(duì)私營(yíng)公司進(jìn)行前期投資以獲得高額回報(bào)這一想法，并非源自加利福尼亞州，而是源自紐約和波士頓等傳統(tǒng)的東海岸金融中心。由于這類投資具有風(fēng)險(xiǎn)性，因此風(fēng)險(xiǎn)投資家很少對(duì)雖然盈利但發(fā)展緩慢的企業(yè)投資。 硅谷的文化與基礎(chǔ)結(jié)構(gòu) 5 即使在美國(guó)，硅谷在許多方面也是獨(dú)一無(wú)二 的。 最出色和最聰明的人才之所以被硅谷，不僅僅是因?yàn)檫@個(gè)地方具有包容性 —— 當(dāng)然已基本上不存在因膚色和其他差異的明顯歧視。 隨著硅谷高科技企業(yè)的成功和風(fēng)險(xiǎn)資本的發(fā)展，其經(jīng)濟(jì)基本結(jié)構(gòu)也在發(fā)展并成為環(huán)境的組成部分。這類作家與高科技公司簽訂服務(wù)合同，幫助公司撰寫用戶手冊(cè)、技術(shù)說(shuō)明書和大量文件，幫助公司向公眾宣傳它們研究出來(lái)的成果。而重要的是，這類聚會(huì)為專業(yè)人士定期見面、結(jié)成友誼提供了機(jī)會(huì)，同時(shí)也為結(jié)成網(wǎng)絡(luò)、交流思想及看法、分析能否在未來(lái)共同創(chuàng)建新的創(chuàng)業(yè) 公司提供了機(jī)會(huì)。很重要的一點(diǎn)是，硅谷的成功取決于人們可以融合在一起并能進(jìn)行思想交流的環(huán)境。硅谷的公司則認(rèn)為，股票期權(quán)對(duì)在新公司工作的員工來(lái)說(shuō)是重要的激勵(lì)手段，在公司能否成功仍有疑問(wèn)的情況下股票期權(quán)是難以準(zhǔn)確定值的。一家公司是否能在股票市場(chǎng)公開上市發(fā)行只由市場(chǎng)行情來(lái)決定。這些研發(fā)工作往往是基礎(chǔ)性的研究，不一定能出成果，而且短期內(nèi)也不能在實(shí)際上應(yīng)用。政府的主要責(zé)任是為股票市場(chǎng)營(yíng)造一個(gè)公平、公開和受監(jiān)管的環(huán)境，而這對(duì)維持投資者的信心和確保讓風(fēng)險(xiǎn)投資家變現(xiàn)的暢通渠道是至關(guān)重要的。 他們使公司增值的做法是：擔(dān)任所投資公司董事會(huì)的董事，出任何管理團(tuán)隊(duì)的顧問(wèn)，幫助招聘所需的經(jīng)理人，向其他公司介紹所投資的公司以組成聯(lián)盟，并向金融界（華爾街）介紹該公司。在通常情況下，風(fēng)險(xiǎn)投資家在進(jìn)行了廣泛的調(diào)查并確定有意投資某公司，將提出一份列出交易條件的條款說(shuō)明書。他們愛說(shuō)的一句話是：如果他們必須選擇“ A”和“ B”，那么他們會(huì)先選擇做市場(chǎng)銷的 A 團(tuán)隊(duì)，然后再選擇進(jìn)行研 發(fā)的 B 團(tuán)隊(duì)，而不會(huì)倒過(guò)來(lái)。有絕妙想法的創(chuàng)業(yè)者吸引專項(xiàng)投資的可能性比較大。它們要靠近所投資的公司，要能幫助所投資的公司取得成功。 Technology Association and China Information Networks Association tend to organize their events on weekends and can draw over 1000 young Chinese professional to their events. The Indus Entrepreneurs was organized as work for immigrant professionals from South Asia and widely recognized for not just their conferences but as a breeding ground for many successful high tech enterprises founded by Indians and Pakistanis. There are many