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各位同學，大家好，歡迎和Kevin老師一起精讀外刊，學英語，漲見識。
【最新外刊精讀團】每週精讀5篇外刊文章。從課前預習，到精讀學習，再到課後的複習檢測，我們一步一個腳印地學透一篇外刊文章。
今天是【最新外刊精讀團】的第13節外刊精讀直播課，要學習的是3月4日《經濟學人》商業版塊的一篇文章，講的是
對於企業而言，大肆炒作宣傳帶來的利弊
。
今天晚上八點半，Kevin老師會在影片號直播間帶大家一起精細化學習這篇外刊。
下面是該外刊文章的閱讀標記版，大家可以試著閱讀下，看看這些加粗部分的單詞或短語是否都認識。
Bartleby
The uses and abuses of hype
How excitement can help and hinder entrepreneurs
Mar
2nd 2023 |
2nd 2023 |
HYPE AND absurdity go together. As excitement about the next big thing builds, people fall over
themselves to get on board. A year and a half ago, the metaverse was
the future. Companies appointed chief metaverse officers, and futurologists burbled about web 3.0. The idea has not gone away. Colombia held its first court
case in the metaverse last month (imagine a video game called Wii Justice and
you get the picture). But the excitement has evaporated, at least for
now. Microsoft disbanded its industrial metaverse team last month; the
career prospects of chief metaverse officers are more virtual than even
they would like.
themselves to get on board. A year and a half ago, the metaverse was
the future. Companies appointed chief metaverse officers, and futurologists burbled about web 3.0. The idea has not gone away. Colombia held its first court
case in the metaverse last month (imagine a video game called Wii Justice and
you get the picture). But the excitement has evaporated, at least for
now. Microsoft disbanded its industrial metaverse team last month; the
career prospects of chief metaverse officers are more virtual than even
they would like.
Other technologies have suffered the same reversal.
There was a point when it was deeply fashionable to rave about the
blockchain, crypto and non-fungible tokens. Now the attention of users,
investors and managers is firmly fixed on artificial intelligence (AI). Since ChatGPT, anAI chatbot,
was made available to the public at the end of November, it has generated
another wave of hype. Over 100m people have asked it to rewrite IKEA furniture instructions in iambic
pentameter or something equally vital; venture-capital funds are pouring
money into AI startups;
established firms are rushing to explain how they will use the technology to do
everything from customer service to coding.
There was a point when it was deeply fashionable to rave about the
blockchain, crypto and non-fungible tokens. Now the attention of users,
investors and managers is firmly fixed on artificial intelligence (AI). Since ChatGPT, anAI chatbot,
was made available to the public at the end of November, it has generated
another wave of hype. Over 100m people have asked it to rewrite IKEA furniture instructions in iambic
pentameter or something equally vital; venture-capital funds are pouring
money into AI startups;
established firms are rushing to explain how they will use the technology to do
everything from customer service to coding.
Hype need not end in disappointment. Some technologies
are less speculative than others; the metaverse is still largely notional,
for example, whereasAI is
an established field. Even when bubbles burst, they can leave world-changing
companies behind. The hype cycle, popularised by Gartner, a consultancy,
is real. In essence, it describes a period of uncontrolled enthusiasm for a new
idea followed by a backlash.
are less speculative than others; the metaverse is still largely notional,
for example, whereasAI is
an established field. Even when bubbles burst, they can leave world-changing
companies behind. The hype cycle, popularised by Gartner, a consultancy,
is real. In essence, it describes a period of uncontrolled enthusiasm for a new
idea followed by a backlash.
That makes hype bittersweet for entrepreneurs.
Excitement can help unlock funding and attract users. Some think of hype as a
public good, vital in enabling new technologies to get going. But it can also
lead to problems. The question is how to manage hype for the best.
Excitement can help unlock funding and attract users. Some think of hype as a
public good, vital in enabling new technologies to get going. But it can also
lead to problems. The question is how to manage hype for the best.
An obvious temptation for entrepreneurs is to take
advantage of the hype by making wild—even deceitful—promises. A paper from 2021 by Paul Momtaz of UCLA Anderson School of Management
looked at the once-faddish field of initial coin offerings (ICOs), in which new cryptocurrencies are
issued directly to the public. Mr Momtaz found that not only did issuers
systematically overplay their tokens’ prospects
but that investors fell for it. Exaggerated claims raised more money in
less time than accurate ones. ICOs
are far less hyped these days, but the opportunity to trick investors
apparently remains: over 100 new cryptocurrencies have been created that have
ChatGPT in their name.
advantage of the hype by making wild—even deceitful—promises. A paper from 2021 by Paul Momtaz of UCLA Anderson School of Management
looked at the once-faddish field of initial coin offerings (ICOs), in which new cryptocurrencies are
issued directly to the public. Mr Momtaz found that not only did issuers
systematically overplay their tokens’ prospects
but that investors fell for it. Exaggerated claims raised more money in
less time than accurate ones. ICOs
are far less hyped these days, but the opportunity to trick investors
apparently remains: over 100 new cryptocurrencies have been created that have
ChatGPT in their name.
Wilful exaggeration
might be a perfectly logical strategy if entrepreneurs are raising money once.
But if they want to build a business, tap capital in repeated funding
rounds or maintain a close relationship with investors and users, hype might
become a liability. Some dangers are obvious: disappointment and damaged
credibility if things do not turn out as well as promised. Other dangers are
more subtle: being too associated with a specific technology can reduce
the room that startups have to pivot to a new product or business model.
might be a perfectly logical strategy if entrepreneurs are raising money once.
But if they want to build a business, tap capital in repeated funding
rounds or maintain a close relationship with investors and users, hype might
become a liability. Some dangers are obvious: disappointment and damaged
credibility if things do not turn out as well as promised. Other dangers are
more subtle: being too associated with a specific technology can reduce
the room that startups have to pivot to a new product or business model.
So hype calls for care. A recent paper by Danielle
Logue of University of Technology Sydney and Matthew Grimes of Judge Business
School looked at the different paths taken by a number of social-investment
stockmarkets that were set up in 2013 as the buzz over impact investing
grew. The authors contrast the glitzier approach of an exchange in
London, which attracted high-profile endorsements, promised a financial
revolution and subsequently collapsed, with its more successful Canadian peer,
which has relied more on expert advice and incrementalism.
Logue of University of Technology Sydney and Matthew Grimes of Judge Business
School looked at the different paths taken by a number of social-investment
stockmarkets that were set up in 2013 as the buzz over impact investing
grew. The authors contrast the glitzier approach of an exchange in
London, which attracted high-profile endorsements, promised a financial
revolution and subsequently collapsed, with its more successful Canadian peer,
which has relied more on expert advice and incrementalism.
The pros and cons of hype have also been apparent in the
short public life of ChatGPT. Hype
helped make it the fastest-growing consumer technology in history. But the flaws in the technology now attract as much attention. Microsoft, which has
integrated a souped-up version of the chatbot into its Bing search
engine, has restricted access to the new version and set limits on how many
questions users can ask it in a row (an idea well worth adopting in all
meetings). As Mr Grimes points out, entrepreneurs who are pushing entirely new
products are expected to distort reality without overinflating expectations. How they handle hype can help determine whether they can pull
off this difficult balancing act.■
short public life of ChatGPT. Hype
helped make it the fastest-growing consumer technology in history. But the flaws in the technology now attract as much attention. Microsoft, which has
integrated a souped-up version of the chatbot into its Bing search
engine, has restricted access to the new version and set limits on how many
questions users can ask it in a row (an idea well worth adopting in all
meetings). As Mr Grimes points out, entrepreneurs who are pushing entirely new
products are expected to distort reality without overinflating expectations. How they handle hype can help determine whether they can pull
off this difficult balancing act.■
