DFJ Zhang: Investing in entrepreneurial spirit 13 World Cool 6

In the eyes of the work partner Yang Xi, Zhang is a talkative, cheerful, highly approachable person, "her decision-making power and judgment are often the key to the success of many of our projects."　　"As China's chief partner in the DFJ Fund, Zhang manages DFJ's Nineth Global Fund to invest in the Chinese market, up to $600 million trillion," he said. Zhang, who joined DFJ in 2006, became the DFJ of the early Chinese platform.　　Many would wonder why the DFJ, founded in 1985, as the famous venture capitalist in the internet sector in Silicon Valley, chose a person who had not previously been "prominent" to invest in the entire Chinese region. This newspaper reporter only saw Zhang several faces, whether it is to be far from the rostrum, or a close to the meeting table, can feel her gas field.　　This woman, with its wheat-colored skin, not only has a pair of international looks, but also a very international resume. Zhang graduated from Wilsrie College, Harvard Business School MBA, and founded an online electronic payment company called Billpoint in Silicon Valley (which was acquired by ebay in 1999) and previously served as CIO at GE Nuclear and GE Power Bae.　　For DFJ, whether it is the educational cultural background or the professional experience, Zhang can be qualified for the work of combining localization with internationalization. Entrepreneurial love before entering the venture capital industry, Zhang had the experience of being a CIO in a large multinational company, the General Electric (GE), which has nearly 300,000 employees. When he returned to the experience, Zhang that that two years let her get a lot of exercise, "such a large company, can take advantage of the unique corporate culture, so that every employee in it can feel, no matter at the level of the company, they are not neglected, and in front of opportunities, Can fully exert their energy. "Despite being very happy and challenging at GE, one day in 1998, Zhang finally made up his mind to leave GE and start a difficult entrepreneurial journey with her husband," he said. "It's a more interesting twist and a choice in my life to come out and start a company."　　"Zhang said. The day after they left GE, they bought old desk chairs from far away in rented trucks and placed 6 simple workstations in less than 100 square meters of office. After all this, Zhang finally can sit in the new bought back of the old tables and chairs, aftertaste this huge change to life brought to the consternation, "in the heart really very touched, I so good work, why not do?" But there is no regret, but the reality of the disconnect, so that the mentality has not completely converted. "But it's just a little episode of a difficult start." For the internet ten years ago, electronic payment is a new concept, we have no time to enjoy the free information paradise brought about by the freshness, it can not imagine such a charging model of the market. In fact, our own concept was not particularly clear at that time, just that, can create a profit model, the user spends a few cents, can let the on-line music, the image produces the value, at that time our product is called micro payment.　　"But the idea did not get the approval of venture capitalists, after several hits, the whole company also to the" desperate position. The odds are that Zhang's husband saw an opportunity at this time--if combined with this business model and classified ads, it would solve the problem of online payments that could not be realized by classified advertising. "So making electronic payments to classified ads becomes our ' new ' story, which is essentially an electronic payment on the line, but the story goes from one perspective to the next, and to this day, ebay is still the model. "Zhang said. The shift also immediately won them the first investment of Sequoia, which in a very short time was a millions of dollar investment.　　Although the amount is not big, but Zhang from inside saw courage and sharp strength. So when it comes to what kind of entrepreneur attracts her attention, she lists "passion", "perseverance", and "sharp" standards. And this entrepreneurial experience let Zhang's investment style has a different color, has experienced financing hit the wall she is more willing to think from the perspective of entrepreneurs, she has become a willing to change the entrepreneurial plan for entrepreneurs investors. [Page] racer at the end of 2006, a "酷6网 13 days to complete the million financing" news, became a legend at the time, and this thing "trader" is just joined DFJ Zhang, from the beginning to the final contract signed, Zhang only spent 13 days,　　酷6网 CEO Li Shanchang from the most difficult circumstances, "rescued" out. This bold and decisive force has also continued in the subsequent project operations.　　In recent years, DFJ's investment in China has focused on three major areas of TMT, clean energy and consumer spending, and in the past 2009, DFJ has invested 5 projects, three of which are clean energy companies, and the remaining two are TMT and consumer companies, with a cumulative investment of 30 million dollars. It is noteworthy that DFJ, who had received investment in the capital, completed its acquisition of the Canadian VRB Company in early 2009. DFJ Investment Ponnen, it is only a laboratory stage, very early projects, after years of independent research and development, in the cost control has achieved great results, but in the core technology still difficult to achieve breakthroughs. At this time, as Ponnen international competitors, VRB in the financial crisis, the advent of a very serious financial problems.　　It can not obtain funds from the two-tier market, there is no other effective means of financing, had to declare bankruptcy liquidation. The choice of this time to buy VRB, no doubt can be taken at a more reasonable price, the fact that the last 2.51 million dollars in the purchase price is also only less than expected one-tenth, but also means that the next need a lot of investment to complete the acquisitionIntegration, DFJ, China's vice president of investment, Yang Xi said, "throughout the acquisition process, thanks to the Zhang quickly made the decision, and in the final merger after the success of the replacement of the CEO's ' big moves ' to ensure the smooth integration process.　　"Through this merger, PU can get rid of the bottleneck before the embarrassment, overnight, with all the production of vanadium battery core technology, but also in a very short period of time ahead of 4-5 years, quickly become the industry leader." Also in the early August of 2009, DFJ only one months to give up all the betting terms and invested in a fan control system company in Jiangsu Province.　　Among the three institutions participating in the investment, DFJ is the only overseas fund, with the exception of two other government funds.　　RMB funds in 2009 DFJ raised the first 1 billion Yuan fund, and invited the former Sina CTO Li Songpo to join in the management. Zhang that the operation of the two-currency fund can make investment more flexible, "for the fund, there is not much difference in foreign currency or renminbi investment, but for the company, we can be more flexible." "In 2010, Zhang that DFJ would invest in a consistent pace, the investment phase may have a certain delay, and will focus more on the long-term enterprise than the earlier projects," I am more interested in those projects that are not subject to any macroeconomic constraints, and in the past, we have to keep 30% of the projects in the industry. About growth, growing faster than GDP. "In the future, Zhang will continue her investment career with the entrepreneurial heart, as always." As she said, there are two types of investors, one is the professional financial professionals, and the other is that they have been entrepreneurs, after the success of enterprises, have the ability, also have the will to help other entrepreneurs, and she is in the camp of entrepreneurs.