And the wind cast Wang Wei walked into the entrepreneur

The relationship between entrepreneurs and the limelight is just like fish and water. Below we follow the famous Wang Wei to enter the entrepreneur together, into their entrepreneurial road.

How much do you offer? "and" The Real secret is ... "these seemingly bland words are behind the thrilling game between venture capitalists and entrepreneurs. You might also want to know: How did the vcs spend their day? How do they communicate with entrepreneurs? What specific issues they will focus on ...

Then, please put aside those expressionless textbooks and anecdotal anecdotes, and the network leader of the reporter in person to venture with entrepreneurs to communicate the real scene!

Without bystanders, journalists are no exception. In the interview process of the "China Internet Venture capital series", the reporter tried to penetrate into the respondents ' heart, on the basis of face-to-face interview, experienced the first scene of communication between VCs and entrepreneurs, and put aside the unknown side for readers, especially entrepreneurs.

The origin of the interview • First impressions

"Truth is the first step."

"You see, we have a very dull relationship with others." Most of the communication is to speed up the understanding of the enterprise, let the real things emerge. See the problem will be quietly. ”

Sitting in Chaoyang Gate a company's president's office, while waiting for the gap, Wang Weisian and reporters chatted up.

This Mr Wang Wei, not the incarnation of the poet Wang Wei, has no special preference for poetry. He is the managing director of the Shenzhen Venture Capital Co., Ltd., in charge of the work of Albert in Beijing, who had been in several large companies and had started his own business. However, the reporter later felt that this Wang Wei and Piewenwie is really quite a bit alike.

The day is May 9, 2012. The weather is fine and suitable for visitors. In order to wait for this opportunity, the reporter and Wang Wei have been contacted for half a month. Because the reporter made a nearly extravagant interview request: Hope to record his day's work. You know, usually interviewed guests are very busy, arrangements for two hours has been good, and VCs often involved in trade secrets ...

Wang Wei agreed, and arranged more thoughtful than imagined. On this day, we will visit three companies: a software company, on the eve of the listing; an energy management company that expects VC to patronize; an e-commerce website that aspires to be "angel".

Originally, May 7 afternoon Wang Wei from Fujian business trip back, told reporters that the next day a company to do a VC before the Project Roadshow. However, this day there is no other activity, slightly monotonous.

Obviously, we are satisfied with this arrangement of May 9.

"When I first entered the company, I didn't know what you were noticing ... None of the employees in the office are busy, they are doing well, and the boss can manage. ”

"The boss is very energetic, he is very smart and very busy." We waited a while before he came, indicating that he had contacted some VCs and did not particularly care about contacting every new investment company. Either his desire to go public is not strong, or his business is strong. ”

Wang Wei continued: "His office is clean and tidy." Notice the flowerpot on the windowsill? The outer edges are wiped clean. He loves clean. What else does it reflect? Maybe the company is very well packaged ... This is the instant impression I just walked in. Of course, these are just guesses and need further confirmation. ”

"By communicating, you have a basic judgment. The core point is to really understand the enterprise. Truth is the first step. The second step is to discover the value of the enterprise. There will be a lot of problems in the middle, see if you can accept that. ”

Mr. D • Depth of understanding

· "How much do you price?"

The president of the company, Mr. D, is here.

When Wang Wei explained to him the identity of the journalist, he welcomed him.

After a greeting, the two people turned to the subject. Mr. D let Wang Weisian introduce the situation of Albert.

"We were founded in June 2000, is China's first batch of professional venture capital company, its already set up 7 funds, management funds scale of 5.5 billion yuan, is one of the most active private ventures ..."

Wang Wei talked about, will be the overall appearance of Albert, industry status, investment performance and so did some introduction, concise but without losing focus. When it comes to the highlights, it occasionally improves the tone. Because the other side is a software company, Wang Wei in the conversation process, naturally interspersed his own in the software company's investment situation.

Froing, the communication between the two gradually deepened, the introduction of a large section of the words less, interactive communication more, the frequency is also more and more quickly. The topic is big to China and India software industry comparison, small to a software to use what language programming, almost is no talk. Seemingly miscellaneous and no chapter, in fact both are testing the other side of the industry's understanding of depth and insight.

Mr. D began to introduce himself. They started out as internet banking, and the first case was the development of online banking software for the New York branch of a state-owned bank, which was only just starting online banking transactions. "Since then, we have focused on the development of Internet electronic banking software, which has been going on for 66 years now and never stopped." "said Mr. D.

The two then discussed the subject of electronic banking. About 40 minutes, Wang Wei began to Han: "Before the IPO, there is no venture capital agencies to intervene is not the same, the effect of the choice of different investors is not the same, the issue price is not the same." It is a good opportunity to expand the scale of the business by financing, and to occupy the market, even though some shares are to be sold ...

Mr D said: "Few companies have no PE before they go public." And the enterprise develops to this stage, prepares a big step, the fund can say is the first place. ”

Originally, in terms of technology platform, Mr. D founded the company in the country are ding famous. Taking advantage of two years ago, the online banking system of examination and approval system for the opportunity to record, his company ushered in a real opportunity for development, Happy Rodeo busy, has been and the country more than 100 banks signed. "Before we were more like a technology development company, all the revenue came from software marketing. "But now, the situation is not the same, should seize the opportunity to force."

Mr. D also emphasized the advantages of the company's professional, continuous research and development capabilities.

Wang Wei listens very carefully.

Mr. D said: "Our idea is to determine the approximate intention and possible time." ”

Wang Wei nodded. Mr. D asked again, "Now is the price problem ... Similar items, how much do you price? ”

The reporter pricked up his ears!

Wang Weigang wanted to answer, Mr. D suddenly asked Wang Wei this side of the operation process and progress. May feel the great sincerity of Wang Wei, Mr. D further disclosed that he has contacted a number of investment companies, but did not make a final decision, but will advance quickly, "may be the end of May to make a preliminary decision."

Wang Wei nodded his smile again. Mr. D pondered for a moment and said, "Come with me to the CFO!" ”

The chief financial officer, Ms. H, received US warmly.

Unlike before, Wang Wei asked some very detailed financial questions, such as costing and research and development costs, accounts receivable, aging, after-tax profits, this year's expected profits, orders, and so on. Of course, also asked about the company's personnel, branch offices and personnel management.

When they talked, the reporter suddenly remembered Wang Wei's pioneering experience and his feeling: "Entrepreneurial lei do very well, no entrepreneurial experience of the Citis also very successful." However, when you and the entrepreneur have a common experience, the communication will be depth, you can really understand what they are doing, the understanding of enterprise value is also more profound. ”

On the homogeneity of team and detailed explanation

· "The real secret."

After the first meeting, Wang Wei took a reporter to simply eat a little thing, then drove to Zhongguancun, to visit the second company.

It's 14:00 when the time is right. Although it is the first time to visit the company, but Wang Wei has already known a lot of information, and his colleagues are already there, Wang Wei a little help her to do the meaning of reference. It can be seen that Wang Wei is very relaxed. Obviously, this is the best time to consult with him.

In the details of the "do not invest" behind the logic, manslaughter and wrong vote, investment phase before the topic (see this newspaper May 22 reported "VC ECG: When the capital button"), Wang Wei talked about the entrepreneurial team's luxury lineup and founder style, business model homogeneity and so on.

"The luxury lineup is good, but also to have a leader, we all have the same ability to face a problem, especially in the early stages of entrepreneurship." Wang Wei said, because this time the judgment of many problems is still more ambiguous, in the end is to go left or go to the right to take time to verify that the team's differences will result in inefficient decision-making and then bungled the opportunity. "So there has to be a ' leader ' as the core of the team, whether it's determined from the beginning or the development process. Try to avoid a situation where several people speak at the same time. "However, in the Internet Entrepreneurship team, the development of the industry characteristics of creativity more need decision-makers" and other members of the cooperation, rather than command and implementation.

As for the homogeneity of the business model, Wang Wei made a very careful clarification. He said that domestic homogenization is worse than in the west, which does not rule out "a direct copy of the US model by some of the weaker investment institutions", "if they can judge, there will be a question mark." Because many American models can't live in China, all of them are successful, adding a lot of local elements. ”

But there are two key factors that should be noticed. Wang Wei said, macro speaking is the domestic economy, technology development level to fall behind a lot, "innovation is in a relatively low platform to follow the main innovation, to the higher level across and beyond, the time has not yet arrived." "Micro-speaking, the domestic intellectual property protection, regulatory status, etc. are not in place, directly lead to" the cost of plagiarism is very low, the loss of plagiarism is very large, so it is difficult to form an effective market. "

Therefore, Wang Wei believes that micro-innovation, iterative innovation at least to the entrepreneur has a revolutionary significance, because on the original basis of every adjustment and change, will play the role of the follower is difficult to keep up with the players. "Micro-innovation determines how fast you react, and obviously it's an important indicator of the team's ability to perform." ”

As an investor, Wang Wei's main task is to discover the business opportunities that are worth investing in, to find a trustworthy entrepreneurial team, and the entrepreneur wants to find the right investor to support him. Everyone is looking for each other. However, there are a lot of excellent entrepreneurial team, and scattered very wide, it is difficult to see the full picture. ”

......

Unknowingly, to the destination, unfortunately, the parking lot three times to find. More unfortunately, seeing Wang Wei's colleague, she said, because "involves a lot of confidential", the other party does not want reporters on the scene. So Wang Wei went in alone.

One hours later, Wang Wei came out.

"It seems so speculative, so long." ”

Wang Wei smiled.

"May pass away," Wang Wei began to talk to reporters about the situation just now. The company is an energy management project, still at an early stage, but "not enough market vision, the core profit model is not very reliable."

"Market vision is not enough?" ”

"We prefer a more market-oriented enterprise, so the risk is relatively small, no matter what the situation can survive." Of course, we also respect the domestic situation, but if the management can't keep up, give up the essence of the market, still very troublesome. This may be his real ' secret '. ”

Wang Wei made a contrast to the morning: "Mr D is quite familiar with the industry, but on the contrary, he knows a lot of government officials, but not even the technology of a few years ago." Managers do not necessarily require technical experts, but proper understanding is necessary. By listening, you can tell how weak he is. ”

Laughing entrepreneur • Business model

· "Little Tangle."

On the way to the first three companies, Wang Wei briefed the reporter on the company. This is a young team, they are operating a smart network to explore the local service products in the field of E-commerce to expand a way.

16:20, when the reporter with Wang Wei came to clever Gu network is located in Zhongguancun Business Building office, present in front of the entrepreneurs are a high-spirited scene. Less than 100 square meters of room full of computers, dozens of employees inside the office, four or five fans are bursting out of summer passion.

The reporter thought of this series of reports of the grassroots entrepreneurs interviewed, Peng, Yu Yu, Xu Yufang ... If they come here, they will be chujingshengqing, right?

Wangyun met, she is the co-founder of the Qiao Gu network. This Xiang sister is particularly fond of laughing.

After chatting a few words, Wangyun and several other founders decided to take us to the café in the first floor hall to discuss the details. This young entrepreneurial team is extraordinary in strength, mostly from several well-known domestic O2O websites. According to Wangyun, "we all recognize this direction and come together naturally".

The crowd laughed. Wang Wei also revealed a long-lost smile. It was the most joyous moment of his entire day's journey.

Since the main customers of the smart network are those who have or are buying the consumer, the topic naturally from this aspect. They talked about the public comments network, full network, rice network, poly-Mei excellent products, such as the practice and transformation of the site ... Also talked about sales cheating, small and medium-sized businesses more difficult to serve, social media how to combine with the electric quotient, Exchange integral mode How to survive, telephone ordering meal to the online meal mode transformation and so on. Insights and anecdotes mixed, meditation and laughter coexist.

Finally talked about the clever gu net itself. Wangyun, several other co-founders duly added their views. Wang Wei also inquires separately according to their specific division of business. Apparently, Wang Wei recognized their approach to the "luxury lineup" and the "decider" relationship, which was consistent with the idea he had previously talked about.

Wangyun said that since one months ago and Wang Wei's brief meeting, they "localized mall model remains unchanged, and the team has grown a lot, to occasion exerting force." Wangyun also talked about their mall model and the operation effect of local characteristic mode, "the response is very good, consumer repeat purchase rate is very high." ”

In Wangyun's view, there are several reasons to determine the mall model: one is the mall model to meet the diverse needs of different consumers for the category, can continue to accumulate users; the second is that there is no one to classify the service product demand, but it is an objective consumption; third, consumers buy to the right goods need to take a chance, And the mall does not, and can know beforehand the real price rather than the reference price; four, the mall model also has several stages of evolution, the next stage is the user's customized service ...

Wang Wei asked no less than 20 questions, not only to investigate the depth of their understanding of the industry, but also to see if they can be his heart some "small tangle" untie. Because Wang Wei is very recognition of their general direction, if the local consideration also pass, investment is ripe.

But more often, Wang Wei listens. He knows who's supposed to be in the front, like you know a lot of successful entrepreneurs, but you don't know the VCs behind them.

Journalist Notes

What kind of VCs will China need in the future

(newspaper reporter Airon)

From "Stand in Zhongguancun ding good building nine floor watching surging crowd" began to now, one months have passed, four consecutive period of "China Internet venture capital Series report" is nearing the end.

Let's review a little bit about the wonderful ideas that many guests bring.

At the entrepreneur level, whether it's Peng's "interest is the biggest driving force" of entrepreneurship, or the female entrepreneur Xu Yufang talked about "Looking for Angels not just money"; whether Yu Yu from their own entrepreneurial experience to explain how to build the core competitiveness, or Chen Li Baoxuan "To find the project, investment will soon"; Accidental entrepreneur "Guo Goes to disease and" meaning not roast duck "Xu Chang to Angel Investor's gratitude ... None of this explains the importance of venture capital to entrepreneurs.

And for venture capitalists, in many outstanding entrepreneurial team to find a more outstanding one, in many entrepreneurial projects to determine the broad business prospects of that one, is also very cautious things, need foresight, rationality and profound insight.

"The Angels must restrain themselves", "I express my trust to you in real money." These words are meant to show that, although the ECG of the entrepreneur and the venture capitalist is not identical, the dream is different, but has the extremely subtle correlation. In addition, if entrepreneurship is a team/organization of joint efforts, then, venture capital is undoubtedly a learning and art, can single-handedly, but also from the peers to learn a lot.

In the interview, the reporter is particularly grateful for the deep creation of the Liu Xi "long-term accumulation, ambitious goals, applied knowledge, unique understanding and vision", as well as "my personal mentality and the judgment of the industry development in the same line" mentality. In him, the personal lifeline and the environment of the Times is so fit, he said: "In the Future China also has 10-20 years of equity investment dividend Gold development period, China needs equity investment, economic restructuring needs equity investment, SME development needs equity investment, corporate mergers and acquisitions need equity investment." "In this process, those" resource-oriented, relationship-oriented troupes, a certain professional but very radical aggressive team, as well as a group of improper development strategy of investment institutions, will be eliminated in the industry integration, or pay a painful price.

Liu Xi also hope that entrepreneurs can set up the right entrepreneurial mentality, concentrate on the enterprise to do a good job, "capital is just a take-off wings." Often this is not to be listed as the goal and direction, better and faster listing; not to the goal of making money, but rather to create the myth of wealth over a period of time. ”

And, of course, thanks to the invaluable support of Albert Wang. Before the interview, we did not know each other, but May 9 this day to let the reporter benefited a lot, do not realize that this is not a "venture capital"?

Wang Wei said, to do venture capital for so many years, his biggest experience is: "When all kinds of professional knowledge, industry research retreat, all the investment judgment can actually come down to how to fight the psychological illusion." "He thinks it's important to get rid of greed and fear in human nature and try to stay rational," he said.

With a series of policy adjustments in the venture capital industry and changes in the environment, Wang Wei said he and his peers are now thinking the most questions: "What kind of VCs will China need in the future?"