[科技業的護城河]

這篇是講矽谷投資人, 是如何在一堆的新秀中, 挑選可以投資的創新公司.

裡面有提到護城河.不過有些跟"尋找投資護城河"一書提的不太一樣.

我也認為, 研究個股, 尤其是科技相關類股, 除了要看它有沒有先行者優勢(first mover advantage), 也需要注意公司有沒有自己的生態系統, 以及它在更大的生態圈/供應鏈中扮演了甚麼角色.

********
(中文譯稿見此:https://36kr.com/p/5141901)

常見的護城河至少有以上六種：

技術。更好的基礎技術當然是一種護城河。在極端情況下，能夠為客戶帶來利益的新技術可以演化為一種行業標準，你也可以把它理解為一種壟斷，就像英特爾一樣。

生態系統。 YouTube 從內容生產者、分發渠道到內容的託管、保存，建立起了一整套生態系統。類似的，蘋果的 App Store 也有自己的生態。

網絡效應。社交網絡現在已經很好理解了。此外，如果某種按需服務具備了一定的流動性，並且與消費者建立了親密關係，或者是基本控制了需求或供應方其中一方，也可以算作網絡效應。

產品領導者。像 Salesforce，Workday 和 ServiceNow 這樣的雲服務提供商，搭建了一套完整的解決方案，而且創新速度夠快，產品功能完善，成為其細分行業的領導者，當然也算是一種護城河。

渠道。尤其是對於 to B 產品來說，能不能在一個企業內部流通，既是一個挑戰，也是一種優勢
********

原文寫的比較仔細, 轉貼在下方: https://news.greylock.com/what-do-i-look-for-in-a-pitch-866355bddb3

We love to talk about “network effects” in Silicon Valley, but many believe that starts and end with the social, viral growth of Facebook. But network effects can build many kinds of moats that defend them against copycats and price erosion.

I don’t describe every kind of moat here (e.g., regulatory) and many great companies will have new types of moats — ones yet to be invented. No moat is absolute or permanent or I’d be out of a job! Still, having a thesis on your defensibility is essential, even at the Series A.

--Tech. We continue to believe in new and better fundamental technology as a moat — not so much patents or legal protection, but products that are hard to build well or take advantage of a fundamentally new approach. In extreme cases, a technology advantage that translates into a customer benefit can turn into a standard — an effective monopoly — as in the case of Intel. In most cases, even a great technology moat only gets you far enough to become a market leader, buying you the right to work closely with customers and enabling you to define the market.

--Ecosystem moats come in many flavors — from becoming the default hosting site for user-generated video content (YouTube), to the rapid, developer-driven free adoption of container technologies and growth of associated tooling (Docker), to the developers that now make >$20B a year through the Apple app store.

--Networks. Social networks are now pretty well-understood. Marketplaces and on-demand businesses reach a liquidity point (even a local one) and build mindshare with consumers that becomes hard to displace. Often, marketplaces have some advantaged acquisition strategy for at least one side (demand or supply) — they’ve built a community, offered a compelling new service, have organic or viral spread.

--Product leaders. In the enterprise, cloud pioneers like Salesforce, Workday and ServiceNow built complete, core workflow solutions with a new architecture. Their faster-innovating products, (at that time novel) SaaS consumption model, and dominant go-to-market machines have made them category leaders. Each is now expanding their initial moats to become platforms for other applications and workflows.

--Distribution represents a new generation of user-adopted SaaS products. End-user engagement within organizations is often a weak spot for enterprise software incumbents. Deploying software is a challenge for most organizations, and consumers who are using more software in their own lives expect better choice and usability. Simplicity and quality of design has become a moat, especially when coupled with product features that encourage adoption within an organization, or new layers of value for incremental users within an organization. Is it better for me if my team also uses a tool? What about my manager?

Capturing a unique dataset is also emerging as a moat in the age of AI-powered products. If your workflow product or MVP is useful on its own, and you can use it to collect unique data, you can then learn from that data to build a better and smarter product, improving the user experience — driving a new virtuous cycle.

😍😘😋 會幸福吧，看到的人（？）😋😘😍

單身狗必備情人節醫學解剖知識的浪漫（附贈經典對話教學）（手比愛心）不分享人家會以為你看不懂喔（誤）
　

今天農曆情人節，我們特別邀請到荷蘭朋友當特別來賓（？）在這個特別的日子做 model 來幫你預習今天晚上的表面解剖學 >///< （認真）不管今晚是跟你的戀人，還是你的右手共度，都要好好認識一下自己的身體喔！

為了考慮單身狗的心情，所有解剖介紹都在正面，一定摸得到。隨時可以自己預（ㄏㄨㄢˋ）習（ㄒㄧㄤˇ）一下。連對話參考都幫你準備好了呢！（請搭配底下解剖說明才看得懂喔～）
　

❤️ 胸鎖乳突肌：從耳後顳骨的乳突部，沿著頸部下滑，撫摸你的胸鎖乳突肌，直到鎖骨頭的位置。短短十幾公分，是我轉頭望向你的距離。
　
❤️ 心尖搏動觸診區：輕輕地把你的手放在這。你知道摸這個位置，最能感受到我強烈的心跳嗎？
　
❤️ McBurney’s Point：你隨時可以從背後摟上我，緊緊環繞我的腰腹，在耳邊對我呢喃，直到我闌尾發炎的那天。
　
❤️ 肱三頭肌和肱二頭肌：只有在你的三頭肌和二頭肌之間選擇時，我才曾經對你三心二意。
　
❤️ 肱骨的尺神經溝：今晚你可以抽打我身上的每個部位，讓我臣服於你。但這裡不要。因為會麻。（對不起好像口味太重orz… ）
　

以上對話僅供參考，萬一分手概不負責！祝大家有沒有情人都情人節快樂！！！💪💪💪
　

今天為了敦親睦鄰，放上荷蘭標槍選手的肌肉，東西方同慶祝農曆的情人節，但別忘記我們家鄭兆村擲出 91 公尺 36 破亞洲紀錄，才是本屆正港的標槍王者喔！
　

#表面解剖學
#鄭成功我恨你
#醫學的浪漫你不懂啦
#不懂要先分享不然人家以為你不懂
　

表面解剖複習，請回看翻翻這篇：https://goo.gl/ckjgu7
情人節更多害羞文章，請見：https://goo.gl/4NzODU
　

■ 解剖說明
　
○ 胸鎖乳突肌 Sternocleidomastoid muscle：轉頭時會用到的肌肉。 Muscle that rotates your head laterally.
　
○ 心尖搏動觸診區 Plpation area for apex beat：正常位於第五肋間與鎖骨中線交界處。但若有心臟肥大等異常狀況，則可能偏離該處。It is located at 5th intercostal space within midclavicular line in normal individuals. Might be displace if there conditions such as cardiomegaly.
　
○ McBurney’s Point：肚臍與右側前上髂棘連線，下三分之一處。為闌尾炎患者肚子常出現壓痛的部位。It is located at one-third of the distance from the anterior superior iliac spine to the umbilicus.
　
○ 肱三頭肌和肱二頭肌 Biceps brachii muscle and triceps brachii muscle：使關節彎曲與伸直。Flex and extend the elbow joint.
　
○ 肱骨的尺神經溝 Groove for ulnar nerve：位在肱骨遠端靠內側處。尺神經通過此處，因此不小心撞到時，常常會覺得手掌小指側又痛又麻。 Located at the medial side of the distal humerus. Accidentally bumping that location would cause numbness and pain over the medial side of the palm, since ulnar nerve is impacted.
　

圖為荷蘭田徑選手 Lars Timmerman（標槍）
圖片來源：https://goo.gl/WQowa2
　

--

沒有即時看到 MedPartner 推出的新知破解嗎？
把 MedPartner 設定搶先看！最新資訊不漏接！

--

一天不到 5 元，為台灣拼出全球第一的中文醫療保健新媒體！

美的好朋友 #訂閱集資計畫 ▶︎ https://backme.tw/ref/GsHuB/
現在就動手，讓我們成為彼此的夥伴吧！

更多實用的資訊：
http://www.medpartner.club
立即醫師線上提問（每天回覆但不即時喔）：
http://line.me/ti/p/%40wyt3898a

In this tutorial we'll show you how to add a realistic tattoos or bodypainting to your(or anyone's) body.
Just like Photoshop, Affinity photo has many tools can done this job,
in this case,
we mainly using "bland options('Blend if...' if you use photoshop)" to apply and adjust tattoos in model's body.
Hope you can enjoy this little tutorial video ;)

More Info:
https://km.nicetypo.com/doc/f436c02cacce8a99af685d9329ff3885

http://km.nicetypo.com

FB Page：
https://www.facebook.com/sweet.dumpling.studio/