DCM Lin talking about mobile Internet investment: low threshold + combination Boxing

Sina Science and technology news November 18 afternoon, the U.S. venture investment agency DCM managing partner Lin yesterday to Sina technology, mobile Internet is a VC can not miss the revolution.　　He said that while it was unclear where the next big opportunity was, it would invest through DCM plus a-fund and give the entrepreneurial team the knack of avoiding big business competition. Once successfully grasped the opportunity of E-commerce investment venture, how in the tide of mobile internet again layout?　　Obviously the basic rule is the same: invest in the industry when it is cold, and exit before the bubble bursts. Investment strategy: Low threshold + combination boxing last month, the A-fund investment Agency, established by DCM, Japan Mobile Social gaming network Gree, Japan's second-largest telecoms operator KDDI and Tencent, unveiled the first seven Android startups to invest, with domestic papaya moves, music elements, Cool dishes are ranked among them.　　Relative to investment, A-fund's background is more interesting.　　Why create a new fund to focus on Android? About six months ago, in the context of the development of the Android team, DCM wanted to launch a dedicated small fund that would operate in a different way from the DCM main fund.　　"DCM's main funds are relatively large, I hope the project is more mature, that is, the team has products, investment risk is relatively low," Lin Sina Science and Technology said. But Lin and its partners generally agree that Android is a revolution in the future and cannot afford to give up such opportunities.　　So, a-fund in such a background came into being. Lin says A-fund's threshold for foreign investment is low, even if it is only hundreds of thousands of dollars. And it should be noted that now A-fund is not only investing in Android entrepreneurs, but has extended the domain to the entire mobile internet.　　If the entrepreneur can grow up, the DCM main fund will follow up and give more generous investment. VC industry with the development of the Internet has grown, and its investment model is no more than two kinds. One is to follow the hottest areas, fast forward, and the next round of the receiver "Bo silly." The other is specifically looking for a few people to pay attention to, still in the area of value depression, waiting for a new round of bubbles.　　DCM classifies itself in the latter. Bet the entrepreneur recalls the previous DCM's investment list in China's internet industry, which includes: when (micro-bo) NET, only goods will, Lanmiu, wheat bag, green box, also buy wine, fast money and many other E-commerce enterprises. In the past, the forward-looking investment of Dangdang has also made the DCM a lucrative return.　　In contrast, does DCM's investment in mobile internet be late?　　Although many venture capital funds have been shot in the field, Lin believes the industry is still in its infancy. "Frankly, we're still not clear how Android startups make money," Lin said of Sina technology. He says it's hard to see the mobile internet collar.Domain, where the next big opportunity is.　　In such cases, DCM and a-fund need to bet on entrepreneurs if they want to invest successfully. According to the plan, A-fund invests five or six projects in the country each year, and may invest more if you are lucky.　　"One project invests about hundreds of thousands of dollars and the ceiling could be millions of dollars," Lin said. "The main thing is to support these companies, first step forward."　　Do not ask you what price, I hope you do well ", in Lin's description, A-fund will not interfere with the entrepreneurial team after the investment, if the final product is good, the DCM main fund (usually in the first round of millions of dollars) will follow up, and more incubation help will be carried out concurrently.　　For DCM, the criteria for selecting a project are not the same as the market prospect, the other is the team. Avoiding the competition of big companies has the knack of having a great ambition for mobile internet, of course, not just entrepreneurs.　　Facing the competition of big companies, how to evade? Lin has its own standard of judgment: whether it conflicts with the original business model of a large company. He advises entrepreneurs to consider whether a big company that is most likely to go to war with you will do the same thing with the existing main business. If not, then the risk is higher.　　This is also Lin from the field of E-commerce competition, summed up the experience.　　At home, the most threatening company for entrepreneurs is often identified as Tencent. Coincidentally, Tencent is also a member of A-fund. Lin told Sina Technology, even if the A-fund investment, does not mean to be able to avoid competition from Tencent. DCM and Tencent will jointly explore investment opportunities, if Tencent also bullish on the same areas, of course, inevitably there will be conflicts.　　Lin classifies this as a competing relationship. "Once a good opponent will come out," as Lin to the investment Pea Pod team said, one to believe in what they are doing, two always run in front of others. (Menghong)