{"id":1015,"date":"2024-01-29T12:39:00","date_gmt":"2024-01-29T12:39:00","guid":{"rendered":"https:\/\/conductive.vc\/why-do-we-value-capital-efficiency\/"},"modified":"2025-04-22T05:51:45","modified_gmt":"2025-04-22T05:51:45","slug":"why-do-we-value-capital-efficiency","status":"publish","type":"post","link":"https:\/\/conductive.vc\/ja\/why-do-we-value-capital-efficiency\/","title":{"rendered":"Why do we value Capital Efficiency?"},"content":{"rendered":"
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Conductive Blog |<\/span> 2024\u5e7401\u670829\u65e5<\/p>\n <\/div>\n

\u306a\u305cConductive Ventures\u306f\u8cc7\u672c\u52b9\u7387\u3092\u91cd\u8996\u3059\u308b\u306e\u304b?<\/h1>\n
\n \"linked\"<\/a>\n \"linked\"<\/a>\n \"linked\"<\/a>\n <\/div>\n <\/div>\n\n
\n \"Why\n <\/div>\n \n
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\u975e\u5e38\u306b\u9ad8\u3044\u4fa1\u683c\u3067\u5927\u91cf\u306e\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u3068\u3001\u6f5c\u5728\u7684\u306a\u8cb7\u53ce\u306e\u53ef\u80fd\u6027\u306f\u6e1b\u5c11\u3059\u308b\u3002\u8cc7\u91d1\u8abf\u9054\u306e\u898f\u6a21\u304c\u5927\u304d\u304f\u306a\u308c\u3070\u306a\u308b\u307b\u3069\u3001\u6f5c\u5728\u7684\u306a\u8cb7\u53ce\u306e\u53ef\u80fd\u6027\u306f\u3069\u3093\u3069\u3093\u6e1b\u5c11\u3057\u3066\u3044\u304f\u3002\u540c\u6642\u306b\u3001\u512a\u5148\u5206\u914d\u6a29<\/a>\u3082\u5897\u3048\u7d9a\u3051\u3001\u6700\u7d42\u7684\u306b\u8d77\u696d\u5bb6\u3068\u5f93\u696d\u54e1\u306e\u53d6\u308a\u5206\u304c\u30bc\u30ed\u306b\u306a\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b\u3002
\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3092\u5c02\u9580\u306b\u3059\u308b\u6559\u6388\u304c\u304b\u3064\u3066\u8a00\u3063\u3066\u3044\u305f\u3088\u3046\u306b\u3001\u8ca0\u50b5\u3084\u682a\u5f0f\u3092\u5897\u3084\u3059\u3053\u3068\u306f\u3001\u5915\u98df\u3068\u4e00\u7dd2\u306b\u30ef\u30a4\u30f3\u3092\u98f2\u3080\u3088\u3046\u306a\u3082\u306e\u3067\u3042\u308b\u3002\u5915\u98df\u6642\u306b1~2\u676f\u98f2\u3080\u3053\u3068\u306b\u306f\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u30011~2\u672c\u98f2\u307f\u59cb\u3081\u308b\u3068\u554f\u984c\u304c\u51fa\u3066\u304f\u308b\u3002\u591a\u3051\u308c\u3070\u591a\u3044\u307b\u3069\u697d\u3057\u304f\u306a\u308b\u3068\u306f\u9650\u3089\u306a\u3044\u306e\u3067\u3042\u308b\u3002
<\/p>\n\n\n\n

\u6700\u5f8c\u306b\u3001\u4e00\u5ea6\u306b\u591a\u304f\u306e\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u3068\u4e00\u822c\u7684\u306b\u6b21\u306e2\u3064\u306e\u3053\u3068\u304c\u8d77\u3053\u308b\u3002<\/p>\n\n\n\n

\u00a0\uff11\uff09\u5b9f\u969b\u306b\u306f\u88fd\u54c1\u3068\u5e02\u5834\u306e\u9069\u5408\u6027\u3092\u9054\u6210\u3057\u3066\u3044\u306a\u304f\u3066\u3082\u3001\u3088\u308a\u9ad8\u3044\u6210\u9577\u671f\u5f85\u3092\u9054\u6210\u3059\u308b\u305f\u3081\u306b\u8cc7\u672c\u3092\u6295\u5165\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304c\u9ad8\u307e\u308b\u3068\u3044\u3046\u3053\u3068\u3002<\/p>\n\n\n\n

\u00a0\uff12\uff09\u8cc7\u91d1\u3082\u3042\u308b\uff08\u3084\u308c\u3066\u3057\u307e\u3046\uff09\u3057\u3001\u81ea\u5206\u304c\u958b\u59cb\u3059\u308b\u3059\u3079\u3066\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u6210\u529f\u3059\u308b\u3068\u601d\u3044\u8fbc\u3093\u3067\u3057\u307e\u3046\u3002<\/p>\n\n\n\n

\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u5927\u4f01\u696d\u306b\u52dd\u308b\u6700\u5927\u306e\u6b66\u5668\u306f\u3001\u300c\u30b9\u30d4\u30fc\u30c9\u300d\u3068\u300c\u96c6\u4e2d\u300d\u3060\u3002\u5927\u304d\u306a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u6301\u3064\u5927\u4f01\u696d\u306f\u3001\u8cc7\u672c\u3092\u793e\u5185\u306b\u5206\u6563\u3055\u305b\u308b\u306e\u304c\u5f97\u610f\u3067\u3001\u3069\u3093\u306a\u5947\u629c\u306a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u3082\u8cc7\u91d1\u3092\u63d0\u4f9b\u3059\u308b\u304c\u3001\u305d\u306e\u4e2d\u306b\u306f\u6210\u529f\u3059\u308b\u3082\u306e\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u3002\u305d\u308c\u3067\u3082\u826f\u3044\u3002\u81f4\u547d\u50b7\u306b\u306f\u306a\u3089\u306a\u3044\u3002\u3057\u304b\u3057\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306b\u306f\u305d\u306e\u3088\u3046\u306a\u4f59\u88d5\u306f\u306a\u3044\u3002\u4e00\u822c\u7684\u306b\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u52dd\u3064\u306e\u306f\u30011\u3064\u306e\u3053\u3068\u3092\u4ed6\u306e\u8ab0\u3088\u308a\u3082\u4e0a\u624b\u306b\u3067\u304d\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n

\uff08\uff12\uff09T2D3\u306e\u843d\u3068\u3057\u7a74<\/strong>
\u00a0
\u6700\u521d\u306b\u3001T2D3\u3068\u306f\u4f55\u304b\uff1fSaaS\u4f01\u696d\u306e\u6210\u9577\u6307\u6a19\u3067\u3001\u30c8\u30ea\u30d7\u30eb\u3001\u30c8\u30ea\u30d7\u30eb\u3001\u30c0\u30d6\u30eb\u3001\u30c0\u30d6\u30eb\u3001\u30c0\u30d6\u30eb\u3092\u610f\u5473\u3059\u308b\u3002
\u4f8b\u3048\u3070\u3001200\u4e07\u30c9\u30eb\u306eARR<\/a>\uff08Annual Recurring Revenue\uff09[\u57fa\u4f501]<\/a>\u00a0[1]<\/a>\u3067\u3042\u308c\u3070\u3001\u6765\u5e74\u306b\u306f3\u500d\u306e600\u4e07\u30c9\u30eb\u3001\u6b21\u306e\u5e74\u306f\u3055\u3089\u306b3\u500d\u306e1800\u4e07\u30c9\u30eb\u3001\u305d\u306e\u6b21\u306e\u5e74\u306f\u500d\u306e3600\u4e07\u30c9\u30eb\u3001\u305d\u306e\u307e\u305f\u6b21\u306e\u5e74\u3082\u500d\u306e7200\u4e07\u30c9\u30eb\u3001\u305d\u3057\u30665\u5e74\u5f8c\u306b\u306f1\u51044400\u4e07\u30c9\u30eb\u3078\u3068\u6210\u9577\u3059\u308b\u3001\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002
\u8a55\u4fa1\u500d\u7387\u309210\u500d\u3068\u3059\u308b\u3068\u300110\u5104\u30c9\u30eb\u4ee5\u4e0a\u306e\u4f01\u696d\u4fa1\u5024\u304c\u3042\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u79c1\u306f\u3053\u306e\u6307\u6a19\u304c\u5168\u304f\u3082\u3063\u3066\u597d\u304d\u3067\u306f\u306a\u3044\u3001\u3080\u3057\u308d\u5927\u5acc\u3044\u3067\u3042\u308b\u3002\u306a\u305c\u304b\uff1f<\/p>\n\n\n\n

T2D3\u304c2021\u5e74\u306b\u300c\u30b4\u30fc\u30eb\u30c9\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u300d\u3001\u3064\u307e\u308aSaaS\u4f01\u696d\u306b\u6295\u8cc7\u3059\u308bVC\u5168\u54e1\u304c\u6c42\u3081\u308b\u3082\u306e\u3067\u3042\u308b\u3001\u3068\u8d77\u696d\u5bb6\u305f\u3061\u304c\u8003\u3048\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u4ee5\u6765\u3001\u4f55\u304c\u8d77\u3053\u3063\u305f\u304b\u304a\u308f\u304b\u308a\u3060\u308d\u3046\u304b\uff1f\u3054\u60f3\u50cf\u306e\u901a\u308a\u3001Conductive Ventures\u306b\u30d4\u30c3\u30c1\u3092\u884c\u3063\u305fSaaS\u4f01\u696d\u304c\u5168\u3066\u304c\u3001\u9b54\u6cd5\u3092\u304b\u3051\u3089\u308c\u305f\u3088\u3046\u306b\u3001100\u4e07\u30c9\u30eb\u304b\u3089300\u4e07\u30c9\u30eb\u3001900\u4e07\u30c9\u30eb…\u3042\u308b\u3044\u306f500\u4e07\u30c9\u30eb\u304b\u30891500\u4e07\u30c9\u30eb\u30014500\u4e07\u30c9\u30eb…\u3068\u3044\u3046\u58f2\u4e0a\u3092\u63b2\u3052\u3066\u3044\u305f\u306e\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u3088\u3046\u306a\u6210\u9577\u3092\u9054\u6210\u3067\u304d\u308b\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u4f01\u696d\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u3002\u79d1\u5b66\u7684\u3067\u306a\u3044\u304c\u79c1\u306e\u808c\u611f\u899a\u3068\u3057\u3066\u306f\u3001\u3053\u306e\u3088\u3046\u306a\u6210\u9577\u3092\u9054\u6210\u3067\u304d\u308b\u4f01\u696d\u306f1%\u306b\u3082\u6e80\u305f\u306a\u3044\u3068\u601d\u3046\u3002\u3053\u306e\u6307\u6a19\u306fExcel\u30b9\u30d7\u30ec\u30c3\u30c9\u30b7\u30fc\u30c8\u4e0a\u3067\u306f\u975e\u5e38\u306b\u9b45\u529b\u7684\u3060\u3068\u601d\u3046\u304c\u3001\u305d\u308c\u306b\u4f34\u3046\u8ab2\u984c\u3092\u5b8c\u5168\u306b\u7121\u8996\u3057\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3002T2D3\u3092\u9054\u6210\u3057\u3001\u6700\u7d42\u7684\u306bIPO\u3057\u305f\u4f1a\u793e\u306b\u6295\u8cc7\u3057\u305f\u7d4c\u9a13\u304c\u3042\u308b\u3053\u3068\u304b\u3089\u3053\u3046\u8a00\u3048\u308b\u3002
\u00a0
\u3053\u306e\u30e2\u30c7\u30eb\u306e\u6700\u5927\u306e\u554f\u984c\u70b9\u306e1\u3064\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u304c\u660e\u78ba\u306aProduct-Market Fit (PMF) <\/a>[\u57fa\u4f501]<\/a>\u00a0[1]<\/a>\u3092\u65e2\u306b\u53d6\u5f97\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u524d\u63d0\u3068\u3057\u3066\u3044\u308b\u3053\u3068\u3060\u3002\u3053\u306e\u30e2\u30c7\u30eb\u306b\u5247\u3057\u305f\u6210\u9577\u304c\u3067\u304d\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u591a\u304f\u306e\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u4f01\u696d\u3067\u306f\u3001\u6700\u521d\u306b\u7406\u60f3\u7684\u306a\u9867\u5ba2\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb (Ideal Customer Pofile: ICP) \u3092\u5b9a\u7fa9\u3057\u306a\u3044\u307e\u307e\u3001\u30bb\u30fc\u30eb\u30b9\u7d44\u7e54\u69cb\u7bc9\u306e\u305f\u3081\u306b\u591a\u984d\u306e\u8cbb\u7528\u3092\u304b\u3051\u59cb\u3081\u308b\u3002
\u3042\u308b\u3044\u306f\u307e\u3060PMF\u3092\u89e3\u660e\u3057\u3066\u3044\u308b\u6700\u4e2d\u3067\u3042\u308b\u3001\u3068\u3044\u3046\u3053\u3068\u304c\u3088\u304f\u3042\u308b\u3002\u79c1\u304c\u3088\u304f\u76ee\u306b\u3059\u308b\u306e\u306f\u3001\u53ce\u76ca\u3084ARR\u304c\u76f8\u5fdc\u306b\u7acb\u3061\u4e0a\u304c\u308b\u524d\u306b\u3001\u304b\u304b\u308b\u8cbb\u7528\u304c\u660e\u3089\u304b\u306b\u5897\u52a0\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u305d\u306e\u3088\u3046\u306a\u30b7\u30ca\u30ea\u30aa\u306b\u304a\u3044\u3066\u306f\u3001\u5f80\u3005\u306b\u3057\u3066\u91cd\u5927\u306a\u8ab2\u984c\u306b\u76f4\u9762\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002
\u00a0
\u3068\u3053\u308d\u3067\u3001\u6700\u521d\u306bPMF\u3068ICP\u3092\u660e\u78ba\u306b\u3059\u308b\u3053\u3068\u306b\u96c6\u4e2d\u3057\u3064\u3064\u3082\u3001\u8cc7\u91d1\u8abf\u9054\u3092\u307b\u3068\u3093\u3069\u305b\u305a\u3068\u3082\u975e\u5e38\u306b\u3046\u307e\u304f\u4e8b\u696d\u3092\u6210\u308a\u7acb\u305f\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u3066\u3044\u308b\u4f01\u696d\u306e\u4e8b\u4f8b\u304c\u3042\u308b\u3002SaaS\u306b\u304a\u3051\u308b\u512a\u308c\u305f\u6210\u529f\u4f8b\u3068\u3057\u3066\u6319\u3052\u3089\u308c\u308b\u306e\u306fVeeva<\/a>\u3068Qualtrics<\/a>\u306e2\u793e\u3067\u3042\u308b\u3002
\u00a0
Veeva<\/strong>
\u73fe\u5728330\u5104\u30c9\u30eb\u306e\u6642\u4fa1\u7dcf\u984d\u3092\u8a87\u308bVeeva Systems\u306f\u30012013\u5e74\u306b\u4e0a\u5834\u3059\u308b\u307e\u3067\u306e\u5168\u30e9\u30a6\u30f3\u30c9\u3067700\u4e07\u30c9\u30eb\u3057\u304b\u8abf\u9054\u3057\u3066\u3044\u306a\u3044\u3002Veeva\u306f\u3001\u30e9\u30a4\u30d5\u30b5\u30a4\u30a8\u30f3\u30b9\u696d\u754c\u5411\u3051\u306e\u30a8\u30f3\u30bf\u30fc\u30d7\u30e9\u30a4\u30ba\u30af\u30e9\u30a6\u30c9\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u3068\u3057\u3066Peter Gassner\u6c0f\u306b\u3088\u3063\u30662007\u5e74\u306b\u8a2d\u7acb\u3055\u308c\u3001\u5358\u4e00\u696d\u754c\u5411\u3051\u306e\u5358\u4e00CRM<\/a>[\u57fa\u4f502]<\/a>\u00a0[2]<\/a>\u88fd\u54c1\u3068\u3057\u3066\u30b9\u30bf\u30fc\u30c8\u3057\u305f\u3002
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\u51fa\u5178:Ben Hider\/NYSE Euronext<\/em><\/figcaption><\/figure>\n\n\n\n

Qualtrics<\/strong>
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\"\"<\/figure>\n\n\n\n

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\n
\n

Written by<\/h3>\n <\/div>\n\n
\n

Carey Lai<\/h3>\n

\u30de\u30cd\u30fc\u30b8\u30f3\u30b0\u30fb\u30c7\u30a3\u30ec\u30af\u30bf\u30fc
Conductive Ventures <\/h4>\n \n
\n \"#\"<\/a>\n \n <\/div>\n <\/div>\n
\n

Robin Chan<\/h3>\n

\u30a4\u30f3\u30d9\u30b9\u30bf\u30fc <\/h4>\n \n
\n \"#\"<\/a>\n \n <\/div>\n <\/div>\n \n <\/div>\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[49],"type-news":[],"date-news":[],"class_list":["post-1015","post","type-post","status-publish","format-standard","hentry","category-conductive-blog-ja"],"acf":[],"yoast_head":"\nWhy do we value Capital Efficiency? - Conductive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/conductive.vc\/ja\/why-do-we-value-capital-efficiency\/\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why do we value Capital Efficiency? - Conductive\" \/>\n<meta property=\"og:url\" content=\"https:\/\/conductive.vc\/ja\/why-do-we-value-capital-efficiency\/\" \/>\n<meta property=\"og:site_name\" content=\"Conductive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-29T12:39:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-22T05:51:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/conductive.vc\/wp-content\/uploads\/2024\/09\/single-img-2-1024x577.jpg\" \/>\n<meta name=\"author\" content=\"conductivemwd\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"conductivemwd\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1\u5206\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/conductive.vc\\\/ja\\\/why-do-we-value-capital-efficiency\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/conductive.vc\\\/ja\\\/why-do-we-value-capital-efficiency\\\/\"},\"author\":{\"name\":\"conductivemwd\",\"@id\":\"https:\\\/\\\/conductive.vc\\\/ja\\\/#\\\/schema\\\/person\\\/88b462afab70cfdb34830345f46c82c3\"},\"headline\":\"Why do we value Capital Efficiency?\",\"datePublished\":\"2024-01-29T12:39:00+00:00\",\"dateModified\":\"2025-04-22T05:51:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/conductive.vc\\\/ja\\\/why-do-we-value-capital-efficiency\\\/\"},\"wordCount\":130,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/conductive.vc\\\/ja\\\/why-do-we-value-capital-efficiency\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/conductive.vc\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/single-img-2-1024x577.jpg\",\"articleSection\":[\"Conductive Blog\"],\"inLanguage\":\"ja\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/conductive.vc\\\/ja\\\/why-do-we-value-capital-efficiency\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/conductive.vc\\\/ja\\\/why-do-we-value-capital-efficiency\\\/\",\"url\":\"https:\\\/\\\/conductive.vc\\\/ja\\\/why-do-we-value-capital-efficiency\\\/\",\"name\":\"Why do we value Capital Efficiency? 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