"Entrepreneur": the Black Horse List of the six major discoveries

In the economically developed areas, the thirst for capital, the core technical capacity, good growth, earning ability, "double high" entrepreneurship is the common characteristics of this group of Black Horse Enterprises/"entrepreneur" research department Shomin found that an economically developed areas with a better survival of the dark Horse in the Black Horse enterprise selection especially value innovation, so this time Most of the 170 companies come from economically developed areas such as Beijing, Shanghai, Jiangsu, Zhejiang and Guangdong (see Figure 1). Among them, a total of 72 enterprises from Beijing, accounted for 42.4% of the total number of enterprises from Shanghai, 24, accounted for 14.1% of the total number of enterprises from Jiangsu and Zhejiang, a total of 39, accounting for 22.9% of the total, including from Wuxi, Hangzhou, Suzhou, Changzhou, Jiangyin, Nanjing, Shaoxing and Zhenjiang and other cities of enterprises.　　These areas are also facing the economic restructuring and industrial upgrading of the test, the traditional manufacturing enterprises have a foothold, do not take the road of innovation, enterprises also do not have the support of local government.　　From the final award list, we can also see that 9 of the 30 listed companies from Beijing, the largest proportion of the total, reached 30%, from Shanghai's enterprises accounted for 20%, Shenzhen accounted for 16.7% (see Figure 2).　　Found in the early two black horse, capital to nurture this selection, we set the conditions for the registration of enterprises in 1-5 years, taking into account the biomedical industries such as the early accumulation of the need for a long time, so for individual enterprises, we relaxed the time limit on its establishment.　　We can see from the information of the registration company that 90% of the enterprises in this contest have been established under 6 years.　　In the final winner of the Top 30 list, in addition to Hangzhou Tiger Pharmaceutical Technology Co., Ltd., the rest of the establishment of the company within 6 years, more in line with our early expectations of the Dark Horse enterprises. Of the 30 companies that have won, 22 have announced their financing, with only 10 of them receiving angel or a-round investments, and the other 12 companies rolling on their own.　　But they also make clear that there is a strong demand for financing in the future to meet the need for rapid growth (see chart 3).　　Found that three companies with core technology patents more competitive advantage in the 170 companies registered, TMT industry accounted for the largest number of enterprises, a total of 80, accounting for 47.1% of the total, followed by modern services and consumer goods industry, the proportion reached 15.9% and 10% respectively (see Figure 4).　　But in the final list of judges ' selection, we can see that the share of TMT is significantly reduced (only 36.7%), while the overall proportion of biomedicine and advanced manufacturing has risen from 6.5% to 16.7%, from 5.9% to 13.3%. Through the information provided by enterprises and field investigation, we found that the bio-medicine and advanced manufacturing industry enterprises have more core technology and patents, which is their source of competitiveness, it is clearly the judges to evaluate the "dark horse" when the most valuedOne. Found that four size is unimportant, grow more important we first look at the business income situation. of the 170 registered enterprises, 130 companies provide us with 2009 years of operating income.　　As can be seen from Figure 5, the average of 2009 years operating income of all companies is 31.774 million yuan, of which the company with revenue below 50 million accounted for 84.6%, the revenue in 50 million ~ billion of the company accounted for 10%, only 7 companies revenue exceeded 100 million yuan. Of the 30 last winners, 14 have provided revenue data for the past 3 years. Of the 14 companies, the combined growth rate of revenues over the past two years averaged 303.7%. In addition, for future development, these enterprises are also full of hope. Of the 30 winners, 19 companies have made clear their expectations for business development over the next 3 years, compared with the company's operating income in 2009, the 19 companies are expected to have an average of 23 times times their revenues in 2012,　　One company in Shanghai and Shenzhen expects its revenue for the next 3 years to grow 100 times-fold on 2009 basis.　　Found that the five high gross margin reflects the ability of enterprises to make money, although different industry gross profit margin will be relatively large, but the gross profit margin of 115 registered companies (38.2%) we can be sure that the gross margin of the black horse companies is relatively high and reflects their earning power (see Figure 6). Of the 30 companies that eventually won, 19 companies provided the gross profit margin data for 2009, with an average gross profit margin of 46.7%. Among them, 12 companies provide the last 3 years complete gross margin data, we can see from these data, in the past 3 years, the gross margin of 5 companies are basically flat, the other 7 company's gross profit margin rapidly increased.　　As we all know, the overall economic environment has fluctuated a lot over the past 3 years, and these companies have maintained good growth momentum, which is strongly correlated with the firm's own pricing ability. Found that six "high education, senior management experience" is the common characteristics of the founder of the Dark Horse Enterprises in the 30 listed companies, 23 major founders fill out their education background, as can be seen from Figure 7, the proportion of PhD graduates accounted for 30 of the main founder 1/ 3, among them, 8 have doctoral education experience in overseas study.　　Its graduating schools are mostly well-known institutions, including Yale University, the University of California, the United Kingdom Oxford University, and so on, a good education background is the distinctive characteristics of these entrepreneurs. In addition, from the founder data of the 30 companies, we can also see that the main founders have a very rich working experience, 50% of them have senior executives from well-known big companies and have a solid technical background, 1/6 have experience in starting their own company, and 1/6 of them are researchers. Institute of work background or ph. D., with its own patent or technology,The body has a good technical foundation.　　We also note that among the 30 listed companies, there are 9 companies are team entrepreneurship, professional and ability to complement each other is the largest characteristics of these enterprises, good teamwork is an important way to improve the efficiency of enterprise management, and these qualifications, background and complementary entrepreneurial team, to a certain extent, for the development of enterprises to contribute more power. In short, a good education background and work experience for the Dark Horse enterprises to lay a solid foundation for the rapid growth, and the founder of this distinctive characteristics, but also we value the most important one of the dark horse business.