The domestic Angel invests now the entrepreneur should ascertain the angel individuality

More money, not necessarily good for the industry.　　Macan, founder of the Pioneer Workshop, argues that it would waste resources and repeat investments, especially in the TMT sector, and that capital would exacerbate competition among start-ups. Since this year, a number of investment institutions set up early investment funds.　　Plus the previous individual angel's active, the domestic has appeared a "Angel" tide, the people even have "do not venture to do an Angel" said. However, more money is not necessarily good for the industry.　　Macan, founder of the Pioneer Workshop, argues that it would waste resources and repeat investments, especially in the TMT sector, and that capital would exacerbate competition among start-ups. The investment of Angels in the angel period is a phenomenon of "swarm". Industry in the popular "PEVC, VC Angel, Angel incubator" This argument, equity investment industry chain presents the characteristics of the forward movement.　　The recent case is: with the creation of Albert Early venture capital fund, Zhejiang business venture to set up a "Zhejiang Merchants Angel will." In addition, some individuals or institutions in the name of Angel investment are rapidly scaled up. The typical representative is Su Yulie, born in 1985, starting with less than $10 times a year. As Qingyang Angel Investment founding partner, he told the China Business newspaper Reporter: "Like Xiaoping, Zhou Zhe Such angel investors are also my LP, this year the fund scale will be billions." "The institutional operation of the angel investment reflects the way the funds are looking for a way out." Angel investment is thought to make a lot of money, and capital inflows are very fast. Angel investor Zhou Zhe believes that angel investment is the focus of investment, which is the first priority to obtain returns. "Some people who are rich, free or ignorant will consider handing over money to people who have no money or leisure to manage." "Angel Investment organization has its inevitability." Taishan Angel Investment director Kelly that the organization of the way to aggregate can lead more people to do angels, which is a big benefit for entrepreneurs. There are many cases in the angel period, which can breed good seedling.　　Compared to the individual "sow" the way, the organization can brainstorm, can cast more projects, the probability of casting a good project also increased. There are not a few angel investors who hold this view.　　In the long run, however, the success and persistence of an institutional angel has yet to be validated. Macan that many angels are currently operating in an incubator mode. According to his experience, the probability of success is not very good, we are too optimistic about pure Internet projects. "Relative to the angel of institutional, I have an angel of the concept of retail, that is now doing too many people, and occasionally cast one or two items of people, not real angel, and real Angel investment is a minority behavior."　　"Macan said. The investment of Angels, especially in TMT and mobile Internet, can lead to highly competitive projects for entrepreneurs.　　Industry insiders believe that to solve this irrational competition, angel investors should be more exchanges and more cooperation, found that good projects to share, joint investment, this cooperation is Shire known as "loose type" organization. Entrepreneurs should make the angel "personality" asEarly investment, angel investors choose a lot, but because many of the early projects still stay in the business plan stage, so the test is the angel Investor's vision, whether from a pile of sand to find glowing gold. Reporter interview found that angel investors have their own unique skills, personalized should be angel investment survival is the rule.　　So it also inspires entrepreneurs to "amenable" when looking for an angel.　　For example, Shire prefer to have entrepreneurial experience of entrepreneurs, the industry to make money; Charlie like hands-on and novice entrepreneurs to create new projects; Macan like "mouse + cement" such as the use of technical transformation of the traditional industry projects; Zhou Zhe like the Internet or mobile Internet project with products.　　As a representative of the Organization, Taishan Angel takes focus and boutique strategy, focusing on internet consumption and mobile Internet, winning in quality, 5 to 7 projects a year, and spending a lot of time to help startups grow after investing.　　Su Yulie to take the "people Have I turn" differentiation strategy, not only to be angels, but also to their own business, there will be coffee such incubators, focus on the lifestyle-related areas.　　Although these famous "angels" have their own preferences, they agree with the same tastes: entrepreneurs who like to speak good faith, experience, passion and EQ business, and require the entrepreneur to have the judgment, learning and execution. Charlie preference for entrepreneurial novice as an experienced angel investors, he created the industry, but also met the entrepreneurial team differences, and follow-up investors, such as different styles are enough "fatal" problems. "Entrepreneurs inevitably make mistakes, but they must be prevented from making fatal mistakes."　　"This is the famous angel investor Charlie, who summed up a series of experiences. Many people can put "Himalaya bear" and Charlie on the number, is in his "give you a billion, what can you do?" After the book came out.　　Prior to his "Himalaya Bear" under the pseudonym published a lot of blogs, talk about entrepreneurship, innovation, VC aspects of the views, a huge response.　　Charlie is the starting Venture investment fund and the founding partner of the Dry Dragon Venture Capital Partnership Fund, but also a successful venture after the transformation into an angel investor. Charlie said, do VC must pay tuition first. Before he managed the two funds, he had a wealth of angel investment experience and paid a lot of tuition fees. "We've been doing early investment, seed investing, understanding early investment and entrepreneurs, and working out a more effective approach," he said. "In the angel investment phase, the selection of the entrepreneurial team is very important," Charlie said. Because the early equity investment, is to cast people.　　He likes the newly-graduated or new start-up, because to create miracles, we must have the courage to break the conventional, investing in young people, the so-called ignorant people fearless. "Beginners like a piece of white paper can be carefully drawn." "By Charlie and directing them, early entrepreneurs can quickly get to the right path," he said. He cited a negative example: a company they invested in, after more than a year of product polishing, to get a tens of millions of dollars of follow-up investment. And this VC entered, it disrupted the enterprise's operating mode and rhythm, allowing entrepreneurs free development, the result of more than two years later, the company developed a pile of new technologies, sales are not with further, so that the company's value is not substantially improved. "The founder was technically born, and the original plan was to introduce the money into the market, but the new investors completely let the founders go blind."　　"In this case, Charlie said, only hope for the awakening of entrepreneurs, so that the company adjust the strategy to make the right decision." Pre-regulation is a pleasure to be an entrepreneur coach, he said. Early venture capitalists must establish flesh-and-blood links with the entrepreneurial team and trust each other.　　He does not like to be an investor, and prefers to position himself as part of the entrepreneurial team. Charlie always believes in working with entrepreneurs to find solutions to problems that may arise with the entrepreneurial team.　　For example, some couples startups, because of the founder of the divorce incident caused by the fatal crisis, for such problems, investors should be in the early due diligence in the discovery of potential risks and to guard against. "Open communication can effectively solve a lot of problems, and the principle is that everything is beneficial to the company, the company's interests first." Charlie concludes. He also encountered a recent case in which the two founders, who had fallen sharply after a year of entrepreneurship, had a deep suspicion of the project's prospects. In response, Charlie gave the founder three options on the board: first, to stay in the company as a founder, but to be sure to adjust his condition; second, stay in the company, go to the department to be an ordinary employee; third, choose to leave.　　The founder finally chose to leave. Of course, his options leave a large part of the executive in the back. "Although he was a bit upset, the problem was solved smoothly, because we put all the questions on the table, there was nothing to hide, and we had an agreement on the founder's responsibility beforehand," Shuming said.　　"Charlie said. To beware of bad "angel" market there are some investors under the banner of fraud, but other companies to defraud the false angel also see.　　Although there are countless people in the audience, a company that has invested in it has also experienced such a thing. Charlie told reporters: "There is a senior in the industry, by the ' due diligence ' in the name of the company I invested in the customer situation and the details of the offer, when they get the information they want, finally decided not to vote." But then they set up a company to do the same business, and suddenly recruit two hundred or three hundred of employees, and directly to rob the company's customers.　　"This kind of vicious event is a big blow to entrepreneurial morale, but good companies will continue to be at the forefront of the market through innovation, without fear of Shanzhai and copy."　　For entrepreneurs, how to judge the true and False angel, in fact, there is no program can be applied, and ultimately need entrepreneurs have a high EQ to make the right judgments. Shire: not to invest in newly graduated entrepreneur as a famous angelInvestor, Shire is very happy to share. In his view, only by allowing entrepreneurs to know more about angel investment, can more people participate in angel investment to cultivate more "seed" enterprises.　　To this end, he and Xiaoping and other angel investors under the impetus of the establishment of the Angel will play a platform to do some popular science work, promote innovation and entrepreneurship.　　In the context of Angel Tide, on how to select entrepreneurs and other related issues, Shire accepted the "China Business newspaper," an interview. "China Business Daily": People like you have been doing angel investment for years in the last two years, and the trend of angel investment is obvious.　　What impact will this have on Chinese angel investment and entrepreneurship? Shire: More and more people as angels are certainly good things for entrepreneurs. In fact, in the past a large amount of capital into PE, spelling is the relationship between the bridge.　　Now some people are turning to the broader angelic stage, which is more sensible. As for the question of Angel's organization, it depends on how you look at it. In Silicon Valley, executives from a number of listed companies also get together every month to share, a mechanism that is generally virtual. Angel from the original meaning or personal behavior, the industry has "4F"? The main founder (founder), accessibility (family), Friends (Friend), jesters (fool)?　　In fact, the fund more embodies the Xiaoping of personal behavior, institutional to a certain extent, is the behavior of the group.　　"China Business Daily": At present, innovative workshops such incubators have increased markedly, what do you think of this kind of angel investment?　　Shire: Kai-fu Lee Teacher-led innovation Workshop has a unique resource, he is familiar with the global Internet trends, and in these areas of networking resources, and research on the industry, can find some abroad and have not domestic projects, and can gather a group of young people, his success is not everyone can copy.　　China Business Daily: As a well-known angel investor in China, what are your areas of concern? Shire: There are no restrictions on the industry, and there are opportunities in some of China's traditional industries, such as mining, oil, solar, education, healthcare, it and the Internet. Of course, some of the areas that are not very good will also find an expert to help see, or a few friends put some money together.　　The key is that the industry is my favorite, such as for Apple and Android training companies, both have voted.　　"China Business newspaper": Some angel investors like to occupy large stocks, each investment is also different, how do you value it? Shire: I have no verdict, from hundreds of thousands of yuan to millions of yuan have cast. But there is a principle is not holding, generally only accounted for 10%~30% shares. To make the entrepreneur make a lot of money, investors make a penny. I saw a case where the industry angel came in and accounted for 51%, then drove the entrepreneur off in the second year, and finally the 9-chain-store company closed after a year. The mode of operation of this kind of control does have some problems, do not trust do not vote. In fact, Angel investment is the most importantNot just money, but connections, endorsements, business planning and strategic help.　　"China business newspaper": Angel investment is cast, how do you find a trusted entrepreneur? Shire: Instead of talking about concepts and patterns, look at teams. There are several key words, such as integrity, IQ, EQ and experience.　　If you do not have the ability to be honest and will not vote, IQ is the judgment, have the judgment to be able to listen to other people's opinion, EQ is to be able to understand market demand, manage the staff and deal with good interpersonal relationship; like experienced entrepreneurs, just graduated entrepreneurs will not vote. "China Business Daily": heard some cases, the entrepreneur and angel investor relationship is very stiff, finally the entrepreneur is out.　　How to guard against such risks? Do you have any failure cases? Shire: The failure case certainly has, but is not the entrepreneur dishonest question, but the profession and the direction question. It is important to trust entrepreneurs and not blindly trust them. For example, the entrepreneur has the quality problem, takes the angel the money to do other things and so on should leave.　　When it comes to prevention, it is difficult, the contract is also to prevent the gentleman from the villain, the key is mutual communication. The different face of "Angel" in China, any new industry to enter a smooth development before, always experienced a storm, angel investment is no exception. And now, the Angel investment field is in the mountain rain to come state. Kai-Fu Lee's innovation workshop was founded nearly three years, angel investment into the public, incubators, personal angels, institutional angels have emerged.　　Senior angel investors say the angel investment industry is entering an irrational phase. Of course, the prosperity of angel investment, the beneficiary side is the entrepreneur.　　In fact, so much money rushed to the angel stage to spread the money, which was not in the past.　　It's a challenge for investors and entrepreneurs. Angel Investment, the impact on the start-up companies or positive or negative, it depends on the choice of what kind of angel person. In this respect, it is not uncommon for angel investors to be in trouble with entrepreneurs or to have negative effects on startups.　　Senior angel investor Charlie that entrepreneurs themselves can handle the money, there is no need to take the money of angel investors. It is especially important to distinguish the type of angel investment if you must find an angel.　　From the impact of entrepreneurs, there are four categories of angels: Personal amateurs nature Angel Investment, industry leader Personal Angel, Institutional angel and Control Angel. The impact of these four categories on entrepreneurs is different. Angel investment of amateurs nature can often be met with no request, this type of investor is not too concerned about whether the investment can be harvested, but as an attempt, this kind of angel investors to the company's contribution is mainly money, in other aspects may not have any achievements, often can well play the entrepreneurial initiative.　　The key to success or failure in the entrepreneur individual, this kind of suitable for only lack of money, but technology, team, resources more complete entrepreneurs. Industry leader of Personal Angel, they are real angel investors, to get the favor of such angels, entrepreneurs must be a little "recruit", or technology or innovation or personal quality. Such investorsUnique vision, countless people, they often only in their familiar circle of investment, will give entrepreneurs a lot of resources and guidance, and the entrepreneur quickly open the industry circle will be very helpful.　　However, such angels are few and far between in China. The third category is the institutional angel, because this kind of institutional operation Angel cast out is not their own money, they demand the willingness to return more strongly. Especially in the present, more likely to make one or two "fast" project hit the visibility. They will be very selective about the project and will also "dictate". They also offer a lot of help to entrepreneurs and even help introduce a-round investors.　　But for entrepreneurs, the risk of introducing such angels is that they may be enthusiasm, sometimes disrupting the pace at which startups develop and finance. And the control of the angel, not only refers to the ownership of the dominant, but also included in the role of the dominant.　　They demand dominance of start-ups, which, after being invested, will be reduced to professional managers and even forced to leave after the company's turnaround, which is the angel investor who should be shunned by the entrepreneur. No matter what kind of angel you choose, the entrepreneur is in a weak position. However, some principles must be adhered to. For example, the company's control can not be passed, angel investment accounted for the shares can not exceed 30%. At the same time, also want to prevent some false angel flicker, in the name of investment to cheat creative or trade secrets.