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我上十年级的时候，Instagram 上的人付给我 5 美元设计一个 logo。我甚至还没有银行账户。这笔钱打到了我父亲的账户上。几天后，我为一个简单的网站收取了大约 70 美元。那是我第一次接触到资本。不是风险投资——只是意识到想法和努力可以变成钱。在接下来的几年里，我与金钱的关系遵循了一种奇怪的模式： • 赚一些钱 • 花掉大部分钱去试验 • 几乎破产 • 然后构建更大的东西这个循环重复了多次。自由职业 → 一无所有机构 → 一无所有营收达数十万的独立项目 → 崩溃然后新的实验 → 新的项目 → 拨款 → 孵化回首往事，我学到的最大的东西是，资本并不能创造纪律。它只是暴露了你已经拥有的纪律。我注意到的另一件事是：当有人投资你时，通常会发生微妙的心理转变。即使他们只拥有股权，有时他们也会开始表现得好像他们拥有这家公司。建议慢慢变成了指示。如果创始人没有及早认识到这一点，这种动态是危险的。我还意识到另一件事：投资者不一定会为最好的想法提供资金。他们为最有可能成功的项目提供资金。可能性通常来自以下因素： • 机构（顶尖大学等） • 人脉 • 之前的成功 • 模式识别这并非完全是精英主义。现在正在发生的另一个重大转变是技术本身。随着人工智能工具无处不在，生成原型变得微不足道。许多人（包括投资者）认为这意味着构建软件很容易。但原型不是系统。与此同时，创始人也需要接受一个现实：仅仅依靠技术，已经很难再形成护城河了。分发、洞察力和迭代速度更为重要。我现在想给年轻创始人的一条建议是：让现实在投资者之前验证你的公司。现实意味着用户、吸引力、使用情况，理想情况下是收入。如今，构建和快速交付比以往任何时候都更容易。首先利用这一优势。让资本成为构建真实事物的后果。我写了一篇更长的文章，反思了我作为年轻创始人对金钱、实验和资本的经验。

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When I was in class 10, someone from Instagram paid me $5 to design a logo.I didn’t even have a bank account. The money went to my father’s account.A few days later I charged around $70 for a simple website. That was my first encounter with capital.Not venture capital — just the realization that ideas and effort could turn into money.Over the next few years, my relationship with money followed a strange pattern: • make some money • spend most of it experimenting • almost go broke • then build something biggerThis cycle repeated multiple times.Freelance work → nothing Agency → nothingSolo project that made tens of lakhs in revenue → collapse Then new experiments → new projects → grants → incubation Looking back, the biggest thing I learned is that capital doesn’t create discipline.It exposes the discipline you already have. Another thing I noticed: when someone invests in you, a subtle psychological shift often happens. Even if they only own equity, they sometimes start behaving as if they own the company.Advice slowly becomes instruction. This dynamic is dangerous if founders don’t recognize it early.Something else I’ve realized: investors don’t necessarily fund the best ideas.They fund the most probable winners. Probability often comes from things like: • institutions (top universities etc.) • networks • previous wins • pattern recognitionIt’s not purely meritocratic.The other big shift happening now is technology itself. With AI tools everywhere, generating prototypes has become trivial. Many people (including investors) believe this means building software is easy.But prototypes aren’t systems. At the same time, founders also need to accept a reality: technology alone is rarely a moat anymore. Distribution, insight, and iteration speed matter much more.One rule I would give younger founders now: Let reality validate your company before investors do. Reality means users, traction, usage, ideally revenue. Today it’s easier than ever to build and ship quickly. Use that advantage first.Let capital come as a consequence of building something real.I wrote a longer essay reflecting on my experiences with money, experiments, and capital as a young founder.

我从高中就开始在网上赚钱——一些关于资本的经验教训