[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.

食物浪費的不道德之處
（中文往下--非翻譯）

" By 2050 it is estimated that 10 billion people will call planet Earth home. What will they eat? Will everyone have access to a sufficient supply of safe, nutritious food?

This is indeed one of the most critical challenges facing the world over the coming decades. Despite dwindling resources, the erosion of soil, and the impact of climate change amongst other problems, we must be in a position to feed 10 billion people. This makes strengthening food sustainability, food security, and the nutrition potential of our food systems a matter of urgency."
---

一直覺得食物浪費不該只是供給給資源不足的人，當我們所浪費的資源，已經大到欲求不滿的我們再身體力行節源的，且並行再利用的時候，這些再利用的資源我想已經可以成為另一種物資分類，是不同於慣行、公平貿易或是有機的另外一類。

被浪費、耗損的食物，可以當做日常飲食的選擇之一，可以是飲食開發、設計、完藝的原料，不再只是補到貧瘠之處。
因為貧瘠之處需要的不只是被富饒捨棄的那些，就食物而言，每個人需要的不是豐富的食物量、而是豐富的營養成分，而被浪費的食物中，能夠被良好保存其營養價值的，多數只是高油脂、澱粉等容易保存的。

所以有效的再分配並不是把這些高油脂澱粉食物送做堆給授與者，而是直接補進回原料供應鏈中，減少高脂高澱粉原料的過度生產，同時實踐的也是節流，進一步的，我們把節省下的部分拿去保護土壤、海洋，讓環境孕育出更多樣性的營養成份，分享給更多人、分配到每個需要的人。

當營養能夠更均勻分配的同時，我想也能有效的減緩過度肥胖與饑荒的社會問題與不必要的醫療資源。

永續的不再是食物，而是經濟循環、能源循環發展，全面的永續發展。

蜂蜜是最好的警察?

溝通與認知分析 的確很難 ! ( NBC 分析 真的很重要 !! )

阿男說：誠實為上策 ! Honesty is the best policy !!
網友說：還好有打中文，不然黑支會以為：『蜂蜜是最好的警察！警察是蜂蜜…』

Honey is the best police ？
唉 ... 佛度有緣人....那可就...真的越陷越深了...

（網友：還好有打中文,不然黑支看不懂甚麼是"Honesty"跟"Policy"
還以為是蜂蜜跟警察XDD)

*****
人在做 天在看 !
誠實為上策 ! Honesty is the best policy !!

其實，99 % 的糾紛都是可以避免的！

本案例值得分享經驗，原本，要進行第二階段醫療調解(Mediation)，後來取消了！
因為，第一階段醫療調解(Mediation)，就已經成功了！

於是，成功化解一件醫療糾紛，減少一件媒體爆料，法院少了一件訟累！

Q. 爭點 (Issues)是什麼？
A：是【醫病認知問題】，談不上法律實務上之過失與損害！

1. 病患認知是：角膜破裂 (台語：破去！)
2. 醫方認知是：角膜破皮 (輕微)(corneal erosion)

醫療糾紛管理學之爭點分析模式(IPI，Harvard Law School)
病患深層訴求(內在擔心)是：會不會失明？
( 其實 不會 !)

【醫療糾紛案例之NBC認知分析】
白內障手術後案例，病患投訴，眼睛不適，尋求第二醫療意見後，
病患認知是：角膜破裂 (台語：破去！)
一直擔心，會不會失明？開始失眠，經家屬討論，已決定提告！

【第一次跨領域調查分析】(醫療、法律、倫理、社工)
【爭點整理三段論分析】
【第一階段 醫療方調解】
原來，是溝通說明問題，病患的認知不同。

實則，白內障手術後，發生角膜破皮(corneal erosion)，尚屬輕微，
醫學文獻(EBM)上，屬合理併發症，難以避免之風險，特殊體質者表現較明顯。
醫師手術前後都有充份說明了。

後來，恰巧，醫病雙方在社工師前，再度釐清【醫病認知問題】，病方就決定不告了。


（D）、有關病患投訴之苦情分析模式(NBC )，下列何者為真？
(A) 認知(Naming)：認知損害發生。
(B) 追究(Blaming)：追究責任歸屬。
(C) 投訴(Claiming)：不滿抱怨投訴。
(D) 以上皆是。

（D）、有關醫療糾紛管理學之爭點分析模式(IPI，Harvard Law School) ，包含下列哪些要素？

(A) 爭點(Issues)：引發爭議衝突之點。
(B) 立場(Position)：表面之主張或立場。
(C) 利益(Interest)：背後真正利益或需求。
(D) 以上皆是。

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Lyrics:

In and out
人流穿梭 時聚時散
We go in and out
我們不斷來來回回
Keep turning the dial
始終轉動著羅盤
Till you find the right frequency
直到找到了正確的方向

Call me out
快聯繫我吧
Yeah, So call me out
快約我出來吧
And maybe a light will click
說不定 會有一盞燈
On in the vacancy
在空虛中被瞬間點亮

Funny how it all changes with one motion
有意思的是 一個細微的動作足以改變一切
Like a subtle roll in the waves causing erosion
就如同一個微浪的翻滾 亦有侵蝕的力量
And the pieces I hold onto are sliding out of reach
零星碎片從我手心溜走 滑到了遙不可及的地方

Keep running my way
繼續走我的路吧
Yeah, keep fighting for me
是阿 繼續為我奮鬥吧
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

You're my hideaway
當世界變得混亂不堪
When it's all diasrray
你就是我的避風港
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

If dynamite took hold of love
如果愛被易燃的炸藥所掌控
The only flames to light it up
那麼唯一能繼續點燃它的火焰
Surround you (surround you)
就圍繞著你（圍繞著你）


Keep running my way
繼續走我的路吧
Yeah, keep fighting for me
對 繼續為我奮鬥吧
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

Play it out
預演
Yeah, I play it out
是阿 我在預演
A thousand more times in my mind just to guarantee
我在腦海中無數次預演 只為確保
I could not do better
我已無法做到更好了
This life will mess my head up
這種生活終將會把我自己搞得一團糟
And you're the only one who keeps me sane
而你是唯一能讓我保持理智的人

Keep running my way
繼續走我的路吧
Yeah, Keep fighting for me
是阿 繼續為我奮鬥吧
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

You're my hideaway
當世界只剩下狼藉
When it's all diasrray
你就是我的港灣
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

If dynamite took hold of love
如果愛被易燃的炸藥所掌控
The only flames to light it up
那麼唯一能繼續點燃它的火焰
Surround you (surround you)
就圍繞著你（圍繞著你）

Keep running my way
繼續走我的路吧
Yeah, Keep fighting for me
是阿 繼續為我奮鬥吧
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

Nights just get colder
當我身邊沒有你擁抱時
When you're not here holding me
夜晚變得越來越冷
Will you promise to stay when it feels easier to leave?
當離別變得加容易了 你還會保證留下來嗎？

Keep running my way
繼續走我的路吧
Yeah, Keep fighting for me
是阿 繼續為我奮鬥吧
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

You're my hideaway
當世界變得混亂不堪
When it's all diasrray
你就是我的避風港
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有

If dynamite took hold of love
如果愛被易燃的炸藥所掌控
The only flames to light it up
那麼唯一能繼續點燃它的火焰
Surround you (surround you)
就圍繞著你（圍繞著你）

Keep running my way
繼續走我的路吧
Yeah, Keep fighting for me
是阿 繼續為我奮鬥吧
I'm nothing without you, nothing without you
失去你我將一無所有 一無所有
Nothing without you...
一無所有