最有看点的互联网金融门户

最有看点的互联网金融门户
国际资讯

WhatsApp致胜关键——股权众筹的“网络效应”

当马克·扎克伯格宣布Facebook以190亿美元收购WhatsApp之时,网络效应的价值又重回众人视线。这家全球用户高达4.5亿的即时通讯公司(仅55名员工)以这样惊人的价格标签成为网络力量的又一个有力证明。

几乎所有人都开始写关于网络效应的文章,从TechCrunch的“WhatsApp效应”到Cabume的“网络效应 ——为什么WhatsApp值 190亿美元”。

很明显,网络的扩展创造了持续、巨大的价值。其附加值不仅可由利用给定网络的人数决定,也同时受到网络内可获得的数据的驱动。

网络效应指一项服务的每个用户都为其使用的服务网络增加价值,这个概念在我们身边无处不在,在通信领域尤其明显。比如你想要一个手机,因为其他人有手机,那么你得到一个手机会给整个通信网络增值。我们在网上市场和社交网络领域都可以看到同样的现象,如Twitter 、LinkedIn和Facebook。

正如在其他在线市场一样,股权众筹充分利用了网络效应内大量的有益数据。一个股权众筹平台的数据来源有两方面,包括在线募集资金的成长型公司以及从寻求私募股权投资机会的授信投资者。

现在,我们拥有丰富的关于包装消费品和零售公司的收入、增长率和毛利率方面的数据。网络中的参与者都可以获得这些匿名的汇总数据,然后对某个公司的业绩与行业平均水平进行比较。例如,如果一家食品公司想知道鹰嘴豆泥行业的平均毛利率,我们就可以提供相应的数据。因为所有的信息都是匿名汇总的,所以平台上企业的机密性是受到保护的。

随着我们将更多公司加入到平台,这些公司积累的表现数据产生了网络效应。而我们建立的数据库让这些数据变得更有价值。这些数据资产会给用户创造价值,随着网络的规模效应,所有参与者都会从这些数据价值中收益。比如上文中的食品公司就可以在市场估值时节约很多时间,而这对于很多早期消费品公司来说是一个相当困难的任务。(请注意,我们发布的数据是匿名和汇总的)。数据的丰富性为新的用户以及整个平台带来许多好处。

“我们不指望IT服务企业能有强大的专利地位,来阻止其他人进入这个市场。相反,我们寻找的是数据的可防御性,“Union Square风险投资公司的布拉德·伯纳姆说,“随着这些系统不断地积累数据,他们增加了服务价值,并使新的服务更加难以提供等效的体验。 ” (注:USV是CircleUp的投资者。 )

平台上的投资者和成长型企业的数量越多,网络效应就越大。更多的投资者意味着公司可以更快地筹集资金,从而更高效地推动其增长。越多的成长型企业可以给投资者更多的选择,并可以在寻找新的交易方面用时更短,种类更多。随着越来越多的企业和投资者加入这个平台,网络将继续扩大。

网络中行业数据的可用性增强了网络效应。由于平台扩大,网络中的各类参与者都可以实现增值。数据的不断增加可以帮助市场交易的双方做出更好、更快的决策。这将创建一个虚拟的循环,可以提高网络的价值,吸引新的投资者和企业。考虑到所有的这些,同样重要的是要记住尽管更多的数据可以很有帮助,但并不是所有的筹资都会成功,投资者可能会亏钱,并且投资是有风险的,这是一个长期的过程。

When Mark Zuckerberg announced that Facebook was buying WhatsApp for $19 billion, the value of network effects burst back onto center stage. The staggering price tag for an instant messaging company with 450 million worldwide users (but merely 55 employees) was a reminder of the power of networks.

Everyone began writing about network effects, from TechCrunch’s “The WhatsApp Effect” to Cabume’s “Generating a network effect – why WhatsApp is worth $19 billion.”

It’s clear that networks continue to create tremendous value as they scale. Added value can be driven not just by how many people utilize a given network but also by the data available within that network.

Network effects, the idea that each user of a service increases the value of that service to other people who use it, are all around us. Some of the most apparent are in communications. You want a phone because other people have a phone, and getting a phone adds value to that entire communications network. We see the same phenomenon on social networks such as Twitter, Linkedin, and Facebook, and in online marketplaces.

As in other online marketplaces, equity crowdfunding is realizing the benefits of network effects including a large amount of beneficial data. An equity crowdfunding platform receives data from both growth companies on the network that are raising capital and from accredited investors seeking private equity investment opportunities.

We now have a wealth of data on revenue, growth rates, and gross margins for consumer packaged goods and retail companies. This aggregated anonymous data is available to those in the network, allowing participants to compare a company’s performance to sector averages. For example, if a food company wants to know average gross margins in the hummus sector, we can provide that data. All the information is anonymous and aggregated so the confidentiality of businesses on the platform is protected.

As we add companies to the platform, there are network effects through the accumulation of more performance data from those added companies. The data becomes even more valuable as we build the data set. This data asset tends to create value to users and, as the network scales, the value of the data increases for all constituents. The food company in the example above should have an easier time determining a market valuation for the business – a surprisingly difficult task for many early stage consumer companies. (Note that the only data we release is anonymized and aggregated). The richness of the data creates a powerful benefit for new users, and the platform overall.

“We do not expect IT- enabled services businesses to have strong patent positions that would prevent anyone from entering a market. Instead, we look for defensibility in data,” says Brad Burnham of Union Square Ventures. “As these systems accumulate data over time, they increase the value of the service and make it more difficult for newer services to deliver an equivalent experience.” (Disclosure: USV is an investor in CircleUp.)

The greater the number of investors and growth companies on the platform, the greater the network effect. More investors may mean companies can raise capital faster and thereby fuel their growth more efficiently. More growth companies seeking capital can lead to more choices for investors, and potentially additional diversification with less time invested in sourcing new deals. As more companies and investors join the platform and the network will continue to grow.

The availability of sector data on the network enhances these network effects. As the platform scales, all types of participants in the network may realize added value. The growing pool of data can help both sides of the marketplace to make better, quicker decisions. This creates a virtual cycle that can increase the value of the network and attracting new investors and businesses. With all this in mind, it is equally important to remember that while the value of more data can be helpful not all raises are successful, investors can lose their money, and investments are risky and long-term.


用微信扫描可以分享至好友和朋友圈

扫描二维码或搜索微信号“iweiyangx”
关注未央网官方微信公众号,获取互联网金融领域前沿资讯。

发表评论

发表评论

您的评论提交后会进行审核,审核通过的留言会展示在下方留言区域,请耐心等待。

评论

您的个人信息不会被公开,请放心填写! 标记为的是必填项

取消

郑雅洁

13
总文章数

TA还没写个人介绍。。。

ICO代理机构之合法性探讨

陈云峰 | 中伦文德 10-26

未央今日播报:澳洲比特币监管法案获批 马云称阿里绝不能成为因赚钱而存在的公司

未央研究 10-18

互联网股权融资专委会成立 股权众筹进入规范发展新阶段

众筹家 10-18

曾经要颠覆VC的股权众筹平台都去哪了?

GPLP | 钛媒体 09-18

共享领投模式能否为股权众筹提供新路径

张国锋 | 证券时报 09-10

版权所有 © 清华大学五道口金融学院互联网金融实验室 | 京ICP备17044750号-1