V+ 在每月與被投團隊的例行交流，以及對外的商務拜訪中，常聽創辦人介紹自己的產品。技術背景的團隊多半從做了什麼講起，這個模組能處理哪些事，那個功能剛上線，再試著把功能連到客戶身上。業務出身的創辦人則常反過來，先談客戶卡在哪裡，產品放在後段帶過。 兩種介紹方式差在思考的起點。一種從手上已有的東西出發，一種從客戶想要的東西出發，公司推進的節奏與承擔的風險也跟著不同。

Over the past few months in our monthly meetings with startups, we've noticed something interesting: demos are getting faster. A feature that used to take a quarter now shows up finished by the next monthly meeting — AI has made "building things" easier than ever. But another number hasn't kept up: orders aren't closing any faster. More things get built. Not more things get sold. That gap is worth every founder's pause.

Judge with the right numbers to decide which goals to keep, then concentrate the best resources on them. At VENTURE+ we meet each portfolio company once a month, and between those meetings we are out on business visits. Across a year, a fair number of companies turn out to be stuck in the same place. Goals appear one at a time. This quarter a major account has to be won, a new feature has to ship, a new market is worth testing, and a custom-build line is already running.

The CVF (Customer Value Fund) now drawing intense discussion across the venture community has made non-dilutive financing easier than ever before. So long as customer acquisition cost (CAC) and lifetime value (LTV) can be calculated, there is capital willing to pay for it. Yet the moment the money lands is the moment a founder's hardest test truly begins: money has a formula; resources don't.

Why doesn't the team with the best technology always win the market? After years of looking at deals, I've become increasingly certain of one thing: the most expensive misunderstanding founders have is treating market entry as a product problem. We're conditioned to believe that "if the product is good enough, it will sell itself." It sounds right, and it matches the engineer's instinct — build the best thing, and the market will respond.

For the past 30 years, software companies could "sell and walk away"—whether the customer used it well was their problem. In the AI era, you and your customer are no longer seller and buyer—you are two gears on the same flywheel. When one stops, the other can't keep turning either. Over the past few months, as VENTURE+ has been observing vertical AI, we noticed a clear dividing line: some companies start to "fly," others stay in place.