Charlie to invest in the Internet after two degrees of entrepreneurship

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Moderator: Let's talk to Mr. Charlie about his personal experience, in this respect can give us want to enter this industry some people or entrepreneurial people, to the dry Dragon Venture, Mr. Charlie have a deeper understanding, so that we contact, or find them to invest. We know that Mr. Charlie went abroad to study in the 80 's, but it was still quite early. Why make such a choice?

Charlie: I was earlier, at that time not like there is the Internet, travel abroad and so on, you have a certain understanding of foreign countries, and then there are a lot of people are not admitted to the university and then go to foreign-financed university, and finally become a returnee, we did not know how overseas is going

Moderator: Just want to have a look?

Charlie: I was very, very interested to know what the outside world was like, so I just had a chance to go out.

Moderator: And then when we got there, we knew you were managing two foreign companies and a media company, a company called Saathi & Sattchi, and one was ziffdavis, what kind of company are these two companies?

Charlie: Saathi & Sattchi is a large advertising company, advertising company called the Great Wall, it was one of the world's top five internet companies, Ziffdavis was one of the world's largest PC magazine what are they out of, I personally think of foreign studies, of course, reading experience, Foreign teaching conditions, the environment will be more advanced, but in the process of working abroad can learn a lot of things that schools do not.

Moderator: What was the major when I was studying abroad?

Charlie: I am the media, all my work experience is related to the media, from traditional media to digital media.

Moderator: Mainly media management?

Charlie: Yes, in fact I media production, management, do a lot of different aspects have done a lot.

Moderator: In fact, in the media management, then how to engage in venture capital?

Charlie: I am in the school is very special, so to the company inside will be very special, do a better job, once you do a good job will not be willing to stay in the company, in fact, I have worked a lot of places, every place I think is a good learning opportunity, but to a certain extent feel the development of limited, Finally came out of the business, so I started in the United States to start a business.

Moderator: It is from these media companies, and then start a business. What kind of project did you start?

Charlie: My first venture was an advertising company, because foreign advertising companies and the concept of the domestic advertising company is a little different, so I started a business is also looking for opportunities, and found that the United States this country outside of the United States to know less about things, like the United States now in Iraq, playing the platform, Because he is not familiar with many things outside the United States, but also in the United States, there are many large enterprises, multinational companies he went out, but he has not enough experience abroad. So I was the first company that was mainly helping big multinationals enter the Asian and Eastern European markets, because Asia like mainland China, Hong Kong, Taiwan, including India, Pakistan, many places, the United States, large enterprises are not very familiar with, so we have a lot of resources to help him in these countries to do the market, mainly to do the strategy, the market, There are some ads and so on.

Moderator: This entrepreneurial time also did not touch the venture capital?

Charlie: This is not yet, I was slowly and slowly came into contact, my initial venture is a few partners to pay, and then began to involve some technical things, because the technology is required a relatively large upfront investment, so I also started looking for VC, as many people look for me, so I feel very sympathetic to their current mood.

Moderator: More understanding of their founders at that time some mood, some expectations.

Charlie: Yes.

Moderator: Then decided to change careers in real venture capital, when the entry into this industry when?

Charlie: This is probably the second half of 1999.

Moderator: is also our domestic Internet at the time of the first wave?

Charlie: Yes, because I was doing well abroad, entrepreneurship, the company sold, and entrepreneurship, the company sold, how much money, very lucky, we and SoftBank China now CEO, we have long been friends, said to Shanghai, he was in the creation of soft silver, I was trying to do an incubator, Hope to be able to bring some good ideas abroad to China, so I and soft silver together to invest a call ideafactory, incubation institutions, and then to cultivate a lot of domestic companies, this is actually our current dry dragon predecessor.

Compere: is from ideafactory This company grows up?

Charlie: Yes.

Moderator: Later on to include the second phase of the fund?

Charlie: No, our first fund is also in the name of Dry Dragon venture.

Moderator: Then SoftBank is equivalent to one of your limited partners (LP)?

Charlie: Yes. Then because the internet has been a very low for some time, so a lot of people have left, but we still feel that this opportunity in China is very good, so we set up a dry dragon investment.

Moderator: The dry Dragon Venture was established in 2004?

Charlie: Yes.

User: Generally how long will it take to exit when investing in a project?

Charlie: We want to be out for three years, but we don't have to quit, and if this company is very, very good we can go on.

Moderator: Later become a shareholder, can also become one of his financial investment from the perspective of income generation, including dividends in all aspects.

Charlie: Usually we VC not through dividend recycling, we are looking to be listed or be acquired, mergers and acquisitions, so the usual year-end we do not dividends, we are the same as the team, continue to keep the money inside the company to make big.

Moderator: There is one last question, I would like to ask Mr. Charlie to talk about the whole domestic venture capital environment. Because we know the situation of the whole domestic venture capital is still relatively hot, but you do less early, how do you think China is now the whole venture capital industry to do early investment in these companies, will not more and more? What trends will the environment of the whole industry evolve towards?

Charlie: I think there will be less early, because it is hard to do early, coupled with the current domestic so-called risk funds are mostly overseas funds, so these funds because of the degree of understanding of China, they have a certain degree of flexibility in China, so it depends on a lot of funds can not do very early. Although we are a US fund, our fund has been very flexible from its initial setting, so many other big funds can't do things we can do, do not do is not tantamount to illegal things, so the big environment I think the more money the better, China's economy needs more money, now this money is not enough.

In the early days, I thought there was an environment for investment, so we're doing this right now, we've been investing in a company brand, we've seen good teams and good projects in the last three months, some of us are ready to vote, some we're considering, we'll invite them to our office , and then we will invite a large number of VC with us to invest, usually they are the expansion of the VC, to see the entrepreneurial team together. We hope that through this kind of activity can let these early projects with the relatively late VC very early registration, because you want to melt money, you say knock today, say give me money, the possibility is very small, need to have a certain time to understand you, understand this team, understand your process, understand your development, So you do not want to start your first venture tomorrow I will knock on the door of investors can get money, is not, you have to do things, and then constantly put your development, some of your progress to communicate with investors, and then to a certain extent to achieve your financing purposes.

Moderator: So really get the favor of VC, get their money, bigger their own projects.

Charlie: Yes.

Moderator: Can be seen as early venture capital is relatively hard, there has to be a lot of malt, and we've just listened to Mr. Charlie about some of their dragon ventures, including some of their investment areas and their activities, and we hope that more entrepreneurs will be able to have a touch with the Dragon venture, I also hope that the Dragon venture will be able to drive your activities to Beijing and share some value with a wider range of investors. Of course, there are still a few that can be favored by the Dragon venture, and if you can get investment you are a step closer to success.

Well, we thank Mr. Charlie to attend our interview today, and thank you for your participation, today's chat is here, thank you, and thank Mr. Charlie.

Charlie: Thank you.