Different angel investor: Zeng Liqing

Zeng Liqing Profile:

Date of birth: 1970

University: University (Bachelor of Computer Communications)

Work experience:

From 1993 to 1999, he worked in Shenzhen telecommunication office

From 1999 to 2007, Tencent senior executive vice President and COO (Chief Operating Officer)

May 2007-present executive Director and general manager of Ninder Investment Co., Ltd.

Main investment projects: Rice, Seventh Avenue, day tour, too beautiful, fast sowing, amalgamation, Amoy Lok, Chengdu Cloud Innovation and Technology

My "Favorites" and "Least Love":

Only two types of investment: former Tencent employees + acquaintances recommended;

In my experience, there are many situations in which you cannot invest: 1. Two entrepreneurs of the wealthy; 2. College students start their own business without a job; 3. Husband and wife companies; 4. The single shareholder is too big, the ability of the entrepreneurial team is covered with obvious defects; 5. Entrepreneurs are conceited and think they are stronger than horses.

The logic of the shot:

Only in my familiar, subdivision of the industry to do (such as online games), no experience will not vote;

My investment scale is bigger, generally from 2 million ~1000 million have;

More than half of our projects are jointly initiated, of which a considerable number of the largest shareholders of the company is me, a bit like I take them to entrepreneurship;

We usually only cast the first round, and will not be followed by the vote;

If you take someone else's money, don't take my money. And we only have enough money for you to do one thing, if not successful will close the door, the first thing will be successful after the discussion to do the second thing;

Do not vote single, only cast team portfolio: "Product + technology + Market" classic three groups;

For entrepreneurs to provide a full range of services: Money + training + life help;

Investing in projects from online gaming to on-line video, from mobile internet to virtual community.

is usually the first major shareholder, the first investment in the share ratio in 25%~35%, not holding.

Advice to brothers:

Is the world martial arts only fast not broken, with the fastest speed quietly quickly occupy the market.

is to build a strategy that the Giants cannot lay out like us, to do small, strong, small, and skillful things.

is to do some big companies do not pay attention to the market segments, they can live well.

We also have a request, called "two-tier venture shareholder": The first floor is the core founder, the second layer is a number of founder employees, although they are not core executives, but the original founder of the staff also if the second tier of small shareholders, enterprises to attract and retain talent, there must be a mechanism of interest

Brother Company:

Lateran, fast sowing, rice net, days tour, Beval, Sheng Network, cloud Innovation technology, Guangdong Excellent education.

Report：

Rice net 2007 Investment, 2011 listing, the Seventh Avenue cast 2 million, 2011 sold to Sohu Swim to get 100 million.

Angels Look at Angels:

Angel Investment has a very early, high-risk, high return characteristics, must have in-depth knowledge of the industry and experience to do a good job investment.

Angel investment enriches the way of enterprise financing, increases the opportunity for young people to realize their entrepreneurial dream, makes the development of the whole industry healthier and more active, and is an effective incentive for the industry.

American Angel Investment covers a broader range of capital gathering and dispersion faster, a new batch of companies in more than 10 years. China's angel investment is mostly in the TMT field, the industry competition is very fierce, the giant enters fast, the innovation Enterprise's production speed is slow.

The key to the success of Angel investment is whether to cultivate excellent enterprises and entrepreneurs, and secondly, whether they are happy and happy, and finally can get the society to their own respect and recognition.

Just start to do angel investment time to pay tens of millions of yuan tuition preparation, once a good return can also be very high.

Angel Investment One-third is doing charitable undertakings.

Angel Investment, the process is more important than the result, no matter in any process, always maintain inner peace and happiness is the most important.

The former Tencent co-founder of the investment principle is that both sides must be mutually recognized, you do not recognize me, you can find someone else.

Wen/Fanghao Photography/Wang Lei

Two consecutive years in the "Entrepreneurial State" "under 30 years old entrepreneurial upstart," The U.S. advertising founder Shuyi, amateur time is also an angel investor. A few years ago, in Wuhan, he found two college-born university entrepreneurs, who thought people and projects were good, and invested a sum of money in it. Last year, Zeng Liqing Investment Co., Ltd. invested a large amount of money in, the two "children" soon by two Chinese internet field often fight well-known companies at the same time, have come up with several times the purchase price.

Zeng Liqing unmoved. These two famous companies and he has had different types of "intersection": they are Tencent and 360, Zeng Liqing is Tencent's co-founder, and 360 is Tencent's famous "Comrade-in-arms." Zeng Liqing said, "I have rejected them, but the attitude of rejection is obviously different, and Tencent good co-ordination between the people." ”

Obviously, these two 1988 years of entrepreneurs are not from the Tencent department, Zeng Liqing gave the explanation is that Tencent employees are certainly the first choice, but also do not rule out an acquaintance recommended individual projects. Zeng Liqing's daring to gamble on two fledgling young entrepreneurs is largely a fancy for their technical skills. "But the product is generally, management is a problem," said, "so, since the acceptance of my investment, it is necessary to make a thorough adjustment." "The first is to make a big change in product direction, followed by Zeng Liqing Airborne a professional executive."

This conforms to Zeng Liqing always simple, "rough" the investment style, he sees the entrepreneur, first will remind each other, if accepts my investment, must have the mentality which completes the professional manager. "I pay, I am the boss, you can not agree to find someone else to get the money well." In fact, Zeng Liqing's interview requirements for the media are similar in style.

Fortunately, most of the people who come to him are his employees in Tencent, who have a good understanding of the boss's personality. Beval founder Yang was once Tencent market operations department in charge, just Zeng Liqing the same year directly under the department. "I started a few angels in there, and then I was always chatting after the decision to vote, too familiar with each other to judge each other does not need time." "said Yang.

The complex of Tencent

Zeng Liqing only to recognize Tencent's employees, and the Internet as the main, is to pay the tuition after the forced to make the choice. In the 2007, after the title of Tencent's "lifelong honorary advisor", he began a new life with huge sums of money. In the first few months, he spent all day at home, not watching movies, playing games, and after a complete release, he played an investment.

"At first I do not want to do with Tencent's business conflict, so the first two years of investment in the non-Internet sector, what agriculture, consumption and so on, the results of a muddled loss of tens of millions of," said excitedly, "then someone always asked me, why play the internet again?" I said I passed the blood of the lesson ah, other we really do not understand, or honest to do back to the bank. ”

Back to the bank will face two problems: first with whom, and second how to face Tencent. After the initial unsuccessful investment experience, Zeng Liqing still think Tencent's people are the most reliable. "It has been said that Hewlett-Packard employees are all the same, Tencent's actually the same." "Zeng Liqing said.

"Take a meeting, for example, with entrepreneurs from non-Tencent, I sometimes feel to step on the point, opened a half-day do not know what to solve the problem," Zeng Liqing said, "but Tencent out of the staff is not the same, when a said 1, B will think of 3,c will mention 5, this is the culture of Tencent, it is not irrelevant, That's a real brainstorming. ”

Therefore, those from Tencent out of the brothers gathered over, became a Zeng Liqing unique advantage. "But I will not take the initiative to dig, they have the idea of starting a business, after leaving to find me." "At the beginning, Zeng Liqing also a bit embarrassed to face their own first-hand to participate in the founder of the old club, but later to understand: if I do not vote for them, people will vote for them, if so, why I can not vote? This is called the flow of fertilizer and not outsiders field.

One of the countless conversations in the Chinese Internet creation Circle is that investors see the first words of entrepreneurs always ask: How to face Tencent's competition in the future? This question is also Zeng Liqing and his brothers to face.

"First of all, I said that more than the product of the horse to feel the cattle, I resolutely do not vote, this is nonsense," Zeng Liqing said, "Secondly, I do not cast too ideal platform-type project, this is suicide." "In Zeng Liqing's view, at least from the trunk level to bypass Tencent."

But the reality is that Tencent will also focus on the branches and leaves. Zeng Liqing now has three identity cards: Shenzhen Investment Co., Ltd. chairman, Tencent Technology holding company co-founder, the remaining one, is the Shanghai Rice Network Technology Co., Ltd. chairman. Rice founder Wang Haibing is Zeng Liqing as the most representative investment: Wang Hust graduated, and then entered Tencent as product manager, and was quickly upgraded. After the venture to get Zeng Liqing investment and rapid listing.

Zeng Liqing "Secret investment Secrets" can be condensed into three words: fast, small and strong, market segments. Especially in the initial stage, it will be like the devil into the village, quietly, fast.

For fast, Zeng Liqing understanding is, the world martial arts only fast not broken, with the fastest speed quietly quickly occupy the market. The first year of washing rice business, Zeng Liqing asked Wanghai soldiers than "fast", outside do not know what he is doing, even Zeng Liqing their own people do not know. "The most terrible enemy is the dark with a sharp weapon and a sharp sword, so it is very fast and quiet to enter the market." I think the rice is in the field of competition is very fierce, the Giants also want to enter the field, but the rice has been listed, the initial establishment of their own position. ”

The best way to avoid a giant's attention is to find small, small, and strong things, because there are things that big companies can't follow you on the whole. "Or to Rice for example, the most start around the brand construction of rice, the offline film layout, and for Tencent, Children's gaming community is only a line of its scale business, if the line is to be expanded, its organizational capacity and organizational structure will be huge and complex." So, startups have to do small and clever things. "had said.

Light small and skillful not yet, still have to survive, after all, for small companies, survival is the first. "Why did I cast a lot of games for the company, it is this kind of company, even if not on the market, operating well can be profitable, shareholders can also dividends, so I do not worry about not listing this issue," Zeng Liqing said, "even if not to make money, as Lei said, only as a charity, why not? ”

Moreover, Zeng Liqing's "philanthropy" was built on the basis of his old colleagues and subordinates, which made him sometimes do things "out of the ordinary". Like most angels, failure is the eternal theme, Zeng Liqing is no exception, he can meet Wang Haibing such a lucky star, will also face the unfortunate "unlucky egg", with Zeng Liqing own words, entrepreneurial success, need the weather, geography, people and, indispensable. So, when Tencent came out of the entrepreneurial brother insist on, he sometimes friendship funding, Zeng Liqing approach is "transfer": Come, buddy, that has a good business, you go first to help me take care of, also change mood. Once there is a good chance, Zeng Liqing will put it into the new battlefield.

"Tencent is a tie, and it should be done." "Zeng Liqing said.

Half Angel, half boss.

Last year there was a business that had to be split up on the spot because of internal contradictions. Zeng Liqing's German investment in the company before the 9 million yuan, closed the time there are 4 million accounts, which means that 5 million dozen water drift. The reason, but also in people.

Earlier with the team negotiations, there would have been a boss, but signed the agreement, the boss did not come, eventually led to a team leader, infighting constantly. "The lesson to me is that after signing the agreement, if it is not the original team to do, then I have the power to tear up the agreement, this issue in advance we have to make clear." "Zeng Liqing said.

It is said that Zeng Li had given himself the principle that several people could not vote in most cases: 1. Two entrepreneurs of the wealthy; 2. College students start their own business without a job; 3. Husband and wife companies; 4. The single shareholder is too big, the ability of the entrepreneurial team is covered with obvious defects; 5. Entrepreneurs are conceited and think they are stronger than horses. Of course, there are exceptions, such as the previous two 1988-born undergraduate entrepreneurs, but the specificity of these two people is that they have done things, with a basis for judgment.

"We have only enough money to do one thing for the company, and if we don't succeed, we'll have to close the door and the first thing will be possible to discuss the second thing." Therefore, we only give entrepreneurs a chance, entrepreneurs to this matter the most professional to do, do not succeed in the transition is not better than directly close the door. "Zeng Liqing said.

But, Zeng Liqing this "inbreeding" investment way, the most easy to encounter problem is Tencent's brother entrepreneurship if failed, as investors and leader Zeng Liqing how to face. "This does not need me to remind, they are very clear in the heart, if take my money, rely on my help can not be done, it is more difficult to take other people's money to succeed." Zeng Liqing said so because he not only paid, but also contributed.

His full service to the entrepreneur is: give money + training + life help.

Germany Xun to the entrepreneur's help mainly has several aspects: every six months have a meeting, the investment more than 50 company's CEO, the senior executives meet the communication discussion, may exchange the study with each other. Like 2010 Rice Net CEO Wanghai, a lot of people feel the harvest is very big. On the other hand, to facilitate the system within the company close cooperation, especially in the game industry upstream and downstream cooperation. Zeng Liqing will also give them the strategy, product, positioning of the views, but also adhere to one, they are entrepreneurs, Zeng Liqing are just mentors, the fate of entrepreneurs to make decisions, to be responsible for the company's life and death. For small companies, there is a principle: the company's first product is not ready, we do not talk to him about anything.

In addition, Germany has set up a comprehensive training system for startups, which is unique for entrepreneurs to arrange quarterly training, because Zeng Liqing found that many entrepreneurs need some basic training. De Xun has a specialized training room, set up a learning and development center, spend millions of per year in the training system, training content, including leadership, management and business, are free. At the same time, De Xun will also provide life support to the start-up companies, like 2011 years to provide fresh graduates more than 400 beds of collective dormitory, but also arranged a free shuttle, 4 hr team to help the company to recruit people and do human services.

The last is to help entrepreneurs build their own management structure and management capabilities, many founders of startups are not too much management experience, if the team is not strong I will help them find. In addition, follow-up financing, I will help them to talk to VC, like the rice net is I on behalf of entrepreneurs and Qiming venture to talk about specific details.

"But the relationship between us and the entrepreneur has a saying: close communication, keep distance." We are more at the board level, but we need to communicate closely. We want to be more like a teacher, constantly give him advice, and we will regularly ask to see their financial situation. "had said.

But one reality is that Zeng Liqing's entrepreneurs, who are hardly called his teachers, are more often called "bosses." Zeng Liqing often says that entrepreneurs have two mindsets: one is that investors are bosses, they are entrepreneurs, and one is that they are bosses and we are just investors. In fact, we also hope that entrepreneurs have professional managers of this mentality, do not feel that they are the boss every day, because we have a good understanding of the industry, can help them better. Zeng Liqing said, but this does not mean that the entrepreneur is only for Germany Xun, he is also an important shareholder, but in some projects, we cast more money, is the largest shareholder, but does not hold, the general initial investment in the share ratio between 25%~35%.

Compared to the average angel investor, Zeng Liqing Investment Scale is bigger, the general angel investor throws a hundreds of thousands of, 1 million or 2 million at most, De Xun from 2 million ~1000 million all have. And once Li started the moment to invest, often the project co-founder (co-founder).

At present, more than half of the project is jointly initiated, of which a considerable number of companies the largest shareholder is Zeng Liqing, "a bit like I took them to start a business." But can not be called the control Angel, like our online games, money is all I cast, is the largest shareholder. Now that the strength of the capital is strengthening and the entrepreneurial power is weakening, the founding team has less control as long as venture capital enters the project. ”

The amount of the investment in Germany and the Fund is in the order of magnitude, since Zeng Liqing has more cash available. It is said that the money of the German Express investment fund is all Zeng Liqing individual's own funds, also some people have looked for to put a little money in to do, but once did not want to have the pressure, is examined, hoped oneself life is relaxed. "If I'm happy today, I'll put in more points and not be happy." I think angel investment should be in this state is the best, if from the outside raise funds to do, have to have a variety of commitments and returns, it is troublesome, after all, Angel Investment is an art, not science. ”

Zeng Liqing believes that angel investment success or not the standard has three points: whether to cultivate a good enterprise and entrepreneur is the only standard, followed by their own whether happy and happy, and finally can get the society to their own respect and recognition.

"The purpose of my angel investment is not to make money, but to pass the time, just to find a job for myself, and do well to earn some money, have a job to do, and a little contribution to society." "From the present situation, Zeng Liqing did a very successful job: for example, after the online city of Rice, Germany, three years ago, the total investment of 6 million or so, but the total market capitalisation of more than 300 million U.S. dollars, the Seventh Avenue two years ago, Germany Xun voted 2 million, 2011 sold to Sohu Swim, de Xun received 100 million return. "There are 20 million yuan in tax." Zeng Liqing smiled and said.