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GOING GLOBAL · NINE PIECES · VALUE TRANSLATION · NO. 57 · DEPTH, TRANSLATED

Translation Is Not Rendering the Spec Sheet into English

We do not lack capability. What we lack is the conversion of capability into the other side's account.

Zhang Jiakang (JK) · Founding Partner, Glacier Capitalapprox. 640 words · 3 min readArchived 2026-08-16

More than one founder has asked: the materials, the process and the yield are all written out, so why is there still no response from the other side?

Let me put our view up front. They wrote capability. The other side was waiting for an account. Value-language translation means turning a company's real hard-core value into the standard language in which investment institutions and investment committees decide efficiently. That is written into our core business. It is not a figure of speech. Translation is the product.

What Changes Is Not the Words, It Is the Unit

Rendering a spec sheet into English changes words. Translation changes units. The same thing is called capability on our side; on theirs it has to land as three things: money saved, time won, risk held down. If those three are not clear, manufacturing depth is only your own pride.

An example. "From prototype to mass production, counted in weeks, not quarters" is only a process description in an engineer's ears. On the other side's ruler it reads differently: on a quarterly cycle you can try four versions a year; on a weekly cycle, forty, a full ten times more. The same line only shows its value once it is converted into time. (Figures illustrative.)

So why does this gap last? Because both sides are speaking their mother tongue. Engineering language says how it is made. Capital language asks who owns it, what it is worth, how long until it pays back. A gap that does not close turns into a valuation discount, the slice by which the same asset is under-counted. We are fairly sure of this one: nobody covers that discount for you.

Work Out First What the Other Side Actually Wants

One thing matters to us: work out what the other side actually wants before you write. Some want efficiency per unit of time. Some want a step up in valuation. Some only want cash in hand. The same material should grow into three different shapes for those three. In our view, answer the wrong audience and however well it is written, it is a mismatch.

Investors are plainer still. The first task in investing is safety, not odds. So what most needs translating is not the highlights but how the risk is held down. First, what share of procurement the largest supplier takes. Second, how wide the yield swings across a year, three points or ten. Third, how many months of cash it takes to double the line, six or eighteen. Explain those three fully and they are worth ten pages of vision. (Figures illustrative.)

Going global adds one more layer of cost, and this layer is usually underestimated. The language threshold for small talk is very low. The threshold for complex argument is very high. The hardest part to translate is exactly the most valuable part: the wording that leaves room. What a team saves here it mostly pays back in the negotiations that matter. As things stand, there is no shortcut on this one.

So can this work be outsourced to a translation agency? No. It has to be done by someone who has run the numbers. Back to the three words in the Archive: run the numbers, read the situation, place the people. Running the numbers means reducing the technology to a cost curve and a revenue structure. Translation means telling that curve to someone who does not know production lines, without losing a fraction of it.

Are there companies that need no translation? Yes. But you will not meet many of them in a hundred.

This is hard work and we will keep at it for a long time. Hard things get easier the more you do them. Easy things get harder.

In the end, what we hold to is certainty in the age of technological innovation.

The Archive entry for this piece