20VC × SaaStr：Anthropic 的 S-1 文件泄露、Instinct 33 天内估值达 100 亿美元、AMD 收购 World Labs，以及 Meta 挖角 MongoDB 首席执行官
杰森的一般性观点是：收购方购买的是时间，而不仅是收入或客户。这对风投生态至关重要，因为这是A类偏下（A-minus）和B类偏上（B-plus）资产得以被收购的唯一途径。罗里指出董事会存在分歧：创始人已退居幕后，一位外聘CEO成功扭转公司局面，随后董事长将其解职，而投资者表示反对。英国式的非执行董事长模式适用于成熟的上市公司，却不适用于风险投资支持的企业。当企业面临剧烈动荡，且有买方提出收购要约时，卖方往往选择接受报价。
原始摘录
Jason’s general point: acquirers buy time, not just revenue or customers. That’s essential for venture to work, because it’s the only way A-minus and B-plus assets get bought. Rory flagged the board drama: the founder had stepped back, a hired CEO turned the business around, then the chairman replaced him and investors pushed back. The UK-style non-exec chairman model makes sense for mature public companies and none for venture-backed ones. When you have that much instability and someone offers to buy you, you hit the bid.