Entrepreneurship Please remover it looks beautiful. Where is the "degree" of commercialization?

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[Guide] just like "Everyone is in the stock market, is the most dangerous time", everyone to start a business, is not a good signal.

There seems to be a bubble in the entrepreneurial boom.

A variety of entrepreneurial shows appear, entrepreneurship seems to become a performance.

The emergence of many entrepreneurial training programs and institutions has spawned a problem: entrepreneurship can be training, entrepreneurs can replicate it?

Just like "Everyone is in the stock market, it is the most dangerous time for stocks".

Entrepreneurship and business between should and can have intersection, but in the present, there seems to be "birth", "quick", "myth" of suspicion.

It's like two sides of a coin.

Around the entrepreneurial business opportunities are also booming, to entrepreneurship as the core of the industrial chain has been early embryonic.

What are these new business opportunities? What is the camera of the people who are interested in the entrepreneurial industry chain?

How to move from passion to rationality in entrepreneurship and entrepreneurship service?

It looks beautiful. Where is the "degree" of commercialization?

More and more market-oriented forces are involved in the entrepreneurial ecosystem, creating "hydro-coal" for entrepreneurs and entrepreneurs, how to be timely and appropriate, not Zeize, "degree" is a problem.

Suntaujan recently very tangled, often invited to take a number of business competition judges, he is considering whether should be rejected.

See some entrepreneurs to participate in the contest selection, a busy is half a year, starting a third-party payment company Lakara, now also do the angel investment Suntaujan is worried, such an entrepreneur will eventually become a talent.

"Anyway, I will not choose this kind of entrepreneurial camp." Which successful entrepreneur is selected by the draft, Hatch hatched. ”

He was convinced that the greenhouse would not grow into towering trees.

In the passionate Blood, Sun ran a deep worry: entrepreneurship is being obscured by a lot of flashy things, entrepreneurs are being carried away by some kind of restless enthusiasm, the power of venture has been virtually deified.

Around entrepreneurship, is releasing the atmosphere of being overly packaged.

Overly packaged

Where is the commercial "degree"?

"The most respectable place for every entrepreneur is to devote himself to his business and be down-to-earth." "Beijing Lakara Network Technology Co., Ltd. chairman and President Suntaujan said this, is in an entrepreneurial selection of the scene."

He already has a clear sense that entrepreneurship is very hot, but it seems to be a bit more and more distant from entrepreneurship.

When Wang (Weibo) did "win in China", it is not expected to anticipate that this business reality show to provoke a lot of people's entrepreneurial passion, is called to create a domestic entrepreneurial talent show the precedent.

But after the event, the criticism was almost certain. Sino-Lee International Holdings Limited chairman Wang Tide has been very blunt to evaluate it, "a good enterprise is created, not selected by the draft!" before the "win in China" scene so big, in addition to fire a few judges, did not come out a decent company. VC is not the entertainment industry!

2008 "Win in China" curtain call, but did not expect in the next three or four years, a boom around entrepreneurship swept.

To Kai-Fu Lee (micro-BO) 2009 founded Innovative workshop as the beginning, "Incubation entrepreneurship", "angel investment" concept quickly in China's general popularity, incubating entrepreneurial folk forces began to assemble into groups;

Various names of the entrepreneurial competition in the director of entrepreneurship "Super Male", "Super Girl" of the draft feast, but also in the transmission of "entrepreneurship before everyone equal" new concept;

Liu's initiative even insisted that the original intention of positioning in the public good "Lenovo Star" project, in Lenovo, put a lot of manpower, financial resources, silently adhere to four or five years later, have inadvertently inserted the commercial harvest of Liu, through the star of Lenovo-June Lian Capital (formerly "Lenovo Investment")--Hong Yi investment in this involves investment early, middle, The late industrial chain, has become a lot of entrepreneurial services in the field of the envy of the "have a Watch" business model;

Entrepreneurial SNS, entrepreneurial cafes, entrepreneurship training and education, entrepreneurship training camp ... In addition to the "venture capital" around the business model of entrepreneurship, is now derived from a series of supporting and ancillary service forms, entrepreneurial business opportunities are booming, entrepreneurial as the core of the industrial chain is the beginning of the embryonic.

More and more market power, trying to find opportunities in the construction of the entrepreneurial ecosystem, objectively, but also for entrepreneurs and entrepreneurs to provide more and more cheap "hydropower coal."

But the problem comes with it.

Is it enlightening, or misleading, that everyone is an entrepreneur and encourages college students to start a business? Can entrepreneurs produce in batches? Does a variety of commercial development around entrepreneurship lead to a premature "harvesting" of new things in the growing season?

In Suntaujan's view, the emergence of a wide range of entrepreneurial services in the country is absolutely helpful to entrepreneurs, but "excessive service may stifle the entrepreneurial sense of market or creativity."

For example, Kai-Fu Lee's innovative workshop will be entrepreneurs divided into three different stages, respectively, "accelerated", "run-up", "entrepreneur" three different ways of hatching, Liu's initiative of "Lenovo Star" for the CEO of the actual combat courses training, etc., in Suntaujan seems to be a good attempt.

But for entrepreneurs who offer services such as registration, business, taxation, and so on, he says, "This is the first thing you can do to start a business, and there's no need to skip it." ”

Suntaujan is also pondering, if in six months after the appearance of a similar entrepreneurial competition, he would like to call for "entrepreneurship to return to the essence", "entrepreneurship is their own business, it is just about you and your users." Just like practice, you need to calm down and do it attentively. ”

Fertilizing the Long

The ecological circle that was quietly changed

Suntaujan himself as a "serial entrepreneur" who had been involved in the creation of several companies.

He has worked in six different industries in more than 20 years, creating three businesses, and today's Lakara are on the way.

"When we started our business more than 10 20 years ago, there was no investment, no financing, just thinking about how to do this thing." So is there a large number of companies in China? Sun ran some regrets.

Indeed, China's entrepreneurial environment has changed a lot: now not only entrepreneurs to start a business, all kinds of angel investment, venture capital is also involved in entrepreneurship, "if 20 years ago, we are some of their savings or their own friends borrowed money to start a business, Now all of the entrepreneurial has a wide range of capital depth involved, at the same time, everyone's desire for entrepreneurial success, the hope for success rate than before greatly improved, "more than 10 years ago, we think of the possibility that I use 5 years, 10, 15 time to do a certain scale of business, Now the entrepreneur is able to use 3 years, 5 years of time to do the listing of enterprises. ”

20 years before the achievement of a big company, now according to Lei said, only need 9 years.

Sun ran some worry about the entrepreneurial boom has emerged in the impetuous atmosphere, "entrepreneurs are anxious to prepare for the 1th year, 2nd-year Roadshow, the first 3-year listing, investors hope to get dozens of times times the return of 3 years." In his view, to go public for the purpose of entrepreneurship, inevitably in business will tend to impetuous.

Exposure to the rapid development of the environment, any new things will inevitably not catch the "quick success" of the disease. This is also true of entrepreneurship and the growth of the industrial chain surrounding entrepreneurship.

What makes Sun-Ran's impression is that last year and the years before, especially when buying the craziest, a company was just set up to be able to value hundreds of millions of of dollars, really let such as his early internet entrepreneurs some "love why."

Is it good or bad for the entrepreneur to intervene in the capital and help the outside? For entrepreneurs, the most important thing is not money. The ability to start a business depends on your product, depending on whether your business can be done. Many entrepreneurs spend too much time looking for investment, and in fact some put the cart before the horse. "Suntaujan believes that the impact of investment on entrepreneurship has been deified.

And a large number of wind investment into the entrepreneurial phase of the enterprise, the way of its fertilization, is quietly changing the ecological environment of entrepreneurship: the influx of capital, quickly cultivate the leader, the market left to the survival of the start-up company less and less time.

In 2004, the average survival time for Chinese startups was 3.7 years, and in 2011 years, that figure fell to 2.9 years. In China, less than 10% of companies can live to more than 3 years.

has been an angel investment in 78, Yang, a member of the Northern Aurora Venture Group, is now in charge of the China-US incubator project, led by the Northern Lights venture. "It's hard to make an angel investment, it's hard to be an incubator, you have to be very patient," he says, "and startups often face a life-or-death moment, like" a Tightrope in the dark ", and accompany them to" endure loneliness ".

"If it is not in the current point, but in the 10, 20 years or even longer time axis, this is the entrepreneurial industry chain to mature path." "Sequoia Capital China fund partner Ji Yue said.

From the grassroots entrepreneurs to provide services to the entrepreneurs into different stages of "teaching according to their aptitude"; from the government-led business incubator, to more civil power to participate in it, from the 12th generation of entrepreneurs, these pure business forces, spontaneous "nurturing" to join the entrepreneurial services, to the academic power of "war" ... In fact, this has been a spiral of evolution.

Shanyou, executive director of China-EU Entrepreneurship Center and Professor of entrepreneurship, is optimistic that the entrepreneurial industry chain from the "chaos" is bound to "zhi", there are Problem (problems), but nice Problem (good question). #p # subtitle #e#

Entrepreneurial "Super Girl fast Male" into the draft, the defeat also draft?

Is it true that everyone is fit to start a business? The entrepreneurial draft in the start of people's entrepreneurial passion, but also should teach people to know how to rationally recognize themselves, and self transcendence.

60 seconds, can change a person's fate?

Flying Horse Brigade CEO Yue believe 60 seconds of wonderful power. During this time, he is preparing to participate in a preparatory business talent show. Pegasus Brigade is a service business start-up Project Professional management support organization, by 0 Point Research Advisory Group chairman Yue and other people to launch the establishment, the goal is for the entrepreneur "icing on the cake". Yue told us that Pegasus is looking forward to passing every 60 seconds to young people to dare to realize their ideas to start the idea of entrepreneurship. 60 seconds, for some people the fate will be different.

The design concept of the program is similar to the one-minute elevator we saw in 2009. "Elevator One Minute" is the Amber Education Group and Oriental TV jointly built another entrepreneurial talent show "I for the entrepreneurial crazy" in a link. Gang, vice president of education, told us that in the elevator a minute, the entrepreneur met an investor, if can introduce the project of their own business, and get the investor's attention and favor, perhaps the fate will be reversed.

These years, since "win in China" opened the domestic entrepreneurial talent show the precedent, "creators of Wisdom Winners", "I for the entrepreneurial", "give you a Billion", "entrepreneurial base" and other types of entrepreneurial talent shows, competitions emerge, entrepreneurial "super Girls fast men" are bustling, entrepreneurial upsurge. TV shows, all kinds of shows, cafes, Soho office space, "everywhere smell entrepreneurial sound."

Is it true that everyone is fit to start a business? When starting a draft, we should think about how to teach the entrepreneur how to hold the passion and reason, to know oneself and surpass oneself. Becoming a "Super Girl Fast Man" is just a form of entrepreneurship, a possible way to help entrepreneurs to accelerate successfully, but far from absolute outlet.

From bonus points, equally divided to negative points

"Show" and "real" find a balance.

Weekend morning at eight, the scene of a pioneering competition, the venue is almost packed, the atmosphere is hot, the contest has been carried out to one o'clock in the afternoon more, only to the intermission. In the rest of the mouth, the reporter met an entrepreneur, he is very frankly, the main purpose of their participation is to find investment.

In fact, active in various entrepreneurial competition venues, haunt all kinds of entrepreneurial cafes entrepreneurs, there are many are holding an urgent heart, hoping to meet their "bole" investors.

Entrepreneurial draft, to some extent, has become the only way for some people to rely on fate.

But who else remembers the heat of winning in China? Who can count the number of entrepreneurs who have successfully come to this day by counting the real-time reality shows that have opened the country's pioneering talent show?

Is the year, by the United States to eliminate the selection of commercial talent TV reality show "Apprentice" influence, Wang in CCTV's first transformation planning of this entrepreneurial talent show, creating a miracle. In today's view, "win in China" has really aroused a lot of people's entrepreneurial enthusiasm.

But when "passion" returns to "rationality", one can retrieve from memory the very few successful founders who came out of the "win in China". Mission Treasure NET CEO as Spring Thunder is from the "win in China" out of one of the representative entrepreneurs, but Lakara chairman and President Suntaujan to us bluntly, "Any Spring Thunder calculate success?"

As Spring Thunder in 2006 won the first "win in China" Global Entrepreneurship Award fourth, won 5 million of the venture capital, and then fell into a group buying storm. Since the beginning of this year, about the group treasure net arrears wages, let the Spring Thunder escape negative news constantly, peat peat. Through the entrepreneurial selection of people in the face of the capital favored also to bear more, opportunities and challenges are almost equal.

"Winning in China" really changed the fortunes of many entrepreneurs. But in Suntaujan's view, the real good enterprise is not the incubator's greenhouse culture, not the entrepreneurial contest picks out. Moreover, in more people's view, "win in China" that year, the red is Ma Yun (micro-bo), Shong (micro-bo) and other judges, shaping is their brilliance.

Many people bet on the entrepreneurial draft, entrepreneurial competition, that will change their fate of the glorious moment, is not. Remove the "show" of the coat, entrepreneurial competition is just a TV station, organizers, entrepreneurs three "bonus points" stage.

Over the years, with the entrepreneurial stage on a set of people come and go, different people in the draft, around the external environment is also hot, entrepreneurial draft is experiencing from "bonus points" to "split" process. Yue that, if not grasp the wrong, the future of entrepreneurs misleading, "negative points" may also.

"I for the entrepreneurial crazy" to strive for the three-party "bonus points." In the early days, the amber Education sponsored the entrepreneurial talent show to a large extent to open campuses around the world to find potential "headmaster"-level entrepreneurial talent, and the TV and the producers want this scene to have "million" level real gold and silver investment reality show can detonate the ratings, Entrepreneurs and investors want to use the platform to "discover each other".

The results of the broadcast far exceeded the expectations of the parties. Even so, they hope that the judges will repeatedly convey the idea that not everyone is fit to start a business.

"Not only stimulate enthusiasm, but also to educate people how to choose employment, entrepreneurship." "Gang told us. They try to avoid reducing the composition of the show, asking real entrepreneurs to attend, not to make entrepreneurs, and in each episode, let the winners really get the investment, "almost 1 million a day." Gang said, "I for the Entrepreneurial mania," a continuous broadcast of a holiday. "There are a lot of players out there."

Nevertheless, the entrepreneurial talent show there is always a contradiction, that is, the actual effect and ratings of the contradictions, too solid is not good-looking, but like the show and difficult to achieve its own effect. Now, regardless of the love and marriage programs, or job-hunting programs. It's important to find a good balance.

Now, with the richness of such programs, and more platforms, criticism has followed. Gang felt, "the draft is much more, there is no high quality of the players at that time." ”

Entrepreneurship is a grassroots action

Not to make stars, to "sweep the street" in the Way of Soma

The real business people's concern should not be in the draft, the competition. Lakara Chairman and President Suntaujan is a direct opponent.

In his view, entrepreneurship is a special need to calm down to do things, entrepreneurial people to participate in these draft, and occasionally to an eye-opening also may not, but must not become a draft.

Some entrepreneurs have been to the reporter regrets, because to participate in a number of entrepreneurial competitions, but delayed a lot of time, and finally he stopped in the final, think or the real good to consider the other.

In fact, many of the competition's judges, the Observer's focus itself is not in the draft and competition.

Yue is a typical representative. In Yue view, now the entrepreneurial world is divided into two factions, one is "the whole lively" people, to do entrepreneurial programs, entrepreneurship College, entrepreneurship training, everywhere to participate in the entrepreneurial competition, and so on.

The other is "quiet", not good at performance of their entrepreneurs, silently found potential project investors. Yue prefers to see doorways in entrepreneurial talent shows. In his view, there are a class of entrepreneurs will only do practical work, all the overtime, will not earn Word-of-mouth and do a brilliant "face project." "Do not know on the program, do not know how to show themselves, but in fact, is actually doing a business, do something meaningful," Yue to us, "it doesn't matter, will make money on the line." ”

In his view, entrepreneurship is a grassroots action, and their flying Horse Brigade is to use the closest to the grassroots to find real entrepreneurs. Entrepreneurial draft, competition to some extent, provoked is a lot of grassroots with entrepreneurial dream, Yue hope that the Pegasus Brigade can encourage them to go out to practice.

In the "horse racing" way of the Pegasus Brigade, Yue and other founders preferred to "sweep the streets" to discover entrepreneurs who did not understand the show. Today, the Pegasus Brigade's "horse racing" activities are being carried out and "swept" to a number of good entrepreneurs.

Coincidentally, a planned entrepreneurial competition, itself is a friend of investors to reporters frankly, entrepreneurial draft, entrepreneurial competition is just to build a platform, in order to "dazzle", attract more people to come. Their real intention is to really see the project, the project is not necessarily good and not to win in the contest.

In fact, the goal of "I'm a startup" is not just to get the winners to invest every day, they're more focused on the value behind them, and more good judges and entrepreneurs are involved in focusing on the founders, and sometimes the entrepreneurs who are favored by the investors aren't necessarily the winners.

In some people's opinion, entrepreneurial draft, entrepreneurial competition out of some "super girls fast men", sometimes just more telling stories, and not necessarily the real "strength". Of course, for the entrepreneur, how to better express their entrepreneurial ideas is really important, but entrepreneurship is the real need to endure hardship to do things, all to "dazzle" for the purpose of entrepreneurship is not a good business.

In fact, entrepreneurship to return to the essence.

There are opportunities, no shortcuts.

incubating entrepreneurship requires "positive energy"

One night to see 40 Business plan book, first see vomit, then directly to see cry, most entrepreneurs are "fantasy Emperor", did not start to look forward to the listing. Moreover, many people love to do the company structure chart, put himself into the chairman of the box, the following on the fantasy, too impetuous ...

CCTV "give you a billion" of a section of the director of the Micro-blog so sigh with regret.

Faced with a variety of entrepreneurial passion of excessive and "abuse", which, if you hold the "opportunity" of the draft, absorbing positive energy is very important.

Compared to the entertainment show, entrepreneurial draft more significance is to stimulate entrepreneurial enthusiasm, encourage entrepreneurial action, rather than star-building, rely on entrepreneurial draft to become entrepreneurs. Internet media observers, network leader of the President Zheng National support entrepreneurs to participate in entrepreneurial draft, entrepreneurial competition, he believes that the entrepreneurial draft, competition for the impact of the entrepreneur to be dialectical to see.

At Lenovo Star Venture Capital, vice president of investment, liangqing, entrepreneurship competition teaches some entrepreneurs how to write business plan, to think deeply about the business model. An entrepreneur who has participated in several entrepreneurial competitions and has scored small successes has told reporters that the first step in each game is "sending a business plan", so he has developed the habit of updating his business plan every month.

And in fact, many entrepreneurial draft, entrepreneurial competition, it is true that there are some entrepreneurs through the funds to make a lot of attempts, and then the success of the venture closer. Some entrepreneurs even did not get the investment, but also borrow the talent show to the enterprise to do the publicity, so that small companies with almost 0 have a certain reputation.

Poly Mei Excellent product CEO Chen Au is "I for the entrepreneurial crazy" in the player. It was just that his entrepreneurial project was a game. Today, his entrepreneurial career is increasingly touching the doorway. This new entrepreneurial upstart in the endorsement of the United States excellent products, has also been a number of interviews to tell the story of entrepreneurship and experience.

There are also some winners of the entrepreneurial draft, which continue to be rooted in the traditional industry, simply because it has nothing to do with the current explosive themes of mobile interconnection, and few opportunities to be exposed to the spotlight lights of the media. Gang, the vice president of Amber Education, believes that the domestic and foreign investment community has made much progress in support of Chinese entrepreneurs over the past few years. However, the current entrepreneurial competition, entrepreneurial incubation, whether from the breadth, depth is not enough, too focused on the internet and other new economic explosive themes, and in agriculture, manufacturing and other traditional areas of betting less attention.

For entrepreneurs, it also needs to be from passion to rationality.

"Entrepreneurship is a process, there are opportunities without shortcuts, the way to take a step also can not save, entrepreneurs should understand this truth, the draft as an opportunity rather than shortcut." So, the entrepreneurial draft is very meaningful. "Cheng said.

In gang view, do business must be rational. "Passion is just blooming in an entrepreneurial instant, really starting to do, in fact, the rest is to cope with difficulties." "It is also a challenge for entrepreneurs to think rationally and absorb the positive energy of the entrepreneurial draft and competition correctly," he said.

Entrepreneurship is a chore, to endure loneliness. A vigorous show, the death of a venture to go, there is no relationship, even if the draft failed or entrepreneurial failure does not matter.

Yang, managing director of the Arctic Light venture, pointed out to us that in Silicon Valley or the United States, even failure to start a business is a great thing to be appreciated in the public eye, as it has gained valuable experience and even successive failures. In his view, this is also the greatest degree of protection and stimulate the enthusiasm and continuity of entrepreneurship, so that entrepreneurs do not fear failure.

But at home, entrepreneurial failure is a less acceptable thing, at least not a worthwhile thing to say, often only success is in the story. Yang said, "This situation also needs to change, or long time will be very hard to discourage the enthusiasm of entrepreneurs." ”

In this sense, China's entrepreneurial talent shows the significance of the load is even more far-reaching. #p # subtitle #e#

Chuang Cast faded passion coat refuses to batch manufacture entrepreneur

In the minds of many VCs, YC mode has become a myth that they are fanatical about. It should be more important to build the entrepreneurial ecological chain and help the seed-stage start-up companies to start and grow quickly than the myth of reproduction.

"I do not know when the Angels have become vulgar, noble and holy Angel also stained with the smell of copper." Today is the so-called angel investors everywhere, investment is investment, it is the merchant profit-driven means, and the sanctity of the Angels have nothing to do. I was wrong, and I will henceforth not defile the sanctity of angels, but also call upon my peers to switch to early or seed investors, because we are not angels, but businessmen. July 2, the founder partner of Guangzhou Innovation Valley Incubator Accelerator, Zhu Bo, an angel investor, quickly fermented in angel investment circle.

Wang Yu, founder of the nine-year venture, forwarded the microblog at the first time. "Angels have some kind of positive color, and early investors are more neutral." ' Angel investment ' also carries some kind of inducement, as if the investment especially does not seek the return, is apt to mislead by the investor, thinks you should give me the money not to seek the return. "As an angel investor, Wang Yu has been puzzled by the term" angel investment ", which is originally a commercial activity, why add a layer of packaging to it.

A tweet stirs the circle. The next day, Zhu Bo updated Weibo: "Early investors in the investment and help of entrepreneurs is very important, I did not ridicule the" angel "investors, but in the surging around the name of the Angels of the Organization and individuals feel uneasy. I am a businessman and investor, although I have a heart to help others, but I can not become an angel. He even made a request to Weibo managers to change his certified "angel investor" to "early investors".

"The birth of innovative factories, the popularization of the incubator, Angel investment concept, but also aroused the enthusiasm of the angel investment, this is very positive." "In the opinion of Yang, managing director of Northern Aurora, such channels and carriers the more the better," our country is facing economic restructuring, so for the early innovation of enterprise training and support is particularly critical, I hope that there are more ' source ', there are more incubators, Angel funds appear, These can promote the early establishment and growth of these enterprises. "In April this year, the North Aurora Venture and the Tsinghua Science Park, Shui on group, and the Silicon Valley Bank jointly established incubator" source "officially open to the outside world, the incubator is committed to nurturing the Sino-American technology-based start-ups, to achieve cross-border development.

But can not ignore the point is that the angel is also a "technical work", on the one hand is hot but still scarce "angel" resources, on the other hand, "angel" also to undergo the baptism of industry development.

"Angel investors have to pay tuition, he needs to fail, suffering, can become a good angel investors." "Yang said, do not rule out some angel investors are because of investment fever blindly into this field, but things have a from passion to rational development process. He believes that 35 years later, China or will form a better angel investment environment, the birth of a group of good angel investors.

An angel or a business?

An aura of excessive anticipation

"I've invested more than 20 projects for the longest 1.5. Angel Investment Cycle is very long, some projects may enter the B round, some may be merged, some may die or transformation. "Meeting with Wang Yu is in a Thursday afternoon, almost every Thursday he will be in 3W coffee bubble one day, and entrepreneurial projects meet."

Angel investment from the point of view, he has been very active in recent years, currently looking at the development of a good project, has been a number of projects have been the follow-up financing. How to make those projects have a bright future? The only way is to soak in the industry to experience learning and exploration.

At this time, Liangqing is also busy, as Lenovo Star Investment Vice president of his, and colleagues have just completed the Lenovo star fifth phase of enrollment, from the 700 copies registration form to screen out more than 80 trainees can participate in training. If there are no surprises, there will still be a few more than 80 students who can get the Lenovo star investment funds. Unlike Wang's squealing, Liangqing's control of investment projects can be aided by the power of Lenovo's star "think tank".

is called "Angel" should have the public service color, do not ask for in return?

In the early days of Lenovo's inception, there was a debate about similar issues, "we started to talk about whether Lenovo star wanted to be an investor or just a public good." "Lenovo Star is starting from the public good, Lenovo Group founder Liu initially with the Chinese Academy of Sciences to create Lenovo star is to achieve the industrialization of science and technology, so Lenovo star has always been a strong public service color."

Lenovo Star Chairman and general manager Tang Xudong so summed up the development phase of Lenovo Star training, the first phase of all for the Academy of Sciences, Pure public welfare, is to help the scientific and technological personnel to take the first step of science and technology entrepreneurship; In the second phase, there is a small amount of money to enter the student's project, because there is no money, the good projects do not come out, At this time the main purpose is still to help them grow, when Lenovo star began to systematically make angel investment, it is no longer a simple public welfare project, it has a strong commonweal, but also is a major part of the company's business, is an important component of the company's strategy.

The evolution of Lenovo Star is also the best footnote to explore Angel investment model. Lenovo star is not to do the public good, but it is the premise that Lenovo Group must continue to operate well, if one day Lenovo is not, Lenovo star again to talk about the public welfare on the "false". "Lenovo Star training, each student's input is probably 100,000 ~20 million, from our investment point of view, is to hope that through our investment to generate returns, let return into our funds, and then continue to invest, so that the fund can continue to cycle, and form a replicable and promotional model. Liangqing introduced, now Lenovo Star formed a "entrepreneurial training + Angel investment + Open Platform" "Trinity" of the development model, this model whether it is for Lenovo's star own sustainable development or the need for entrepreneurs to integrate all the resources are very helpful.

"Scattered financial boy" to the institutional angels unreasonable, personal angel is also not the right path. "Angel Investment does not have any public welfare color, the reason is called the Angel because the enterprise is not any financial data to be able to look at the earliest, the early investment risk is too big, and the enterprise receives the investment in this stage, the investor is ' the Angel '." Li Xiaoning, founder of The Venture Circle, believes that "angel investment is a public good" is a misconception about angel investors. "Investors give you money, is the main purpose of value-added investment, investment and public welfare is two things, can not mix together, mixed together two things are not good." ”

To build a dam when a river is a fine water

Investment is a battle between time and endurance

"Investors let us not consider the issue of profitability for three years. "An entrepreneurial meeting, a start-up company in Suzhou, the head of a word let full uproar." And this "enterprising" investor is Lenovo star.

Tianjin Micro-core is Lenovo star investment projects in a typical case, only from the initial technology landing to the specific project to take over half a year of time. "At first they identified five directions to be able to do, and I told him that you run and see which is the real market opportunity and the more he runs, the more he gets scared." Liangqing recalls. The head of the micro-core thinks that military use, new drug development, quarantine can be the target market of micro-core products, but ran a lap of the market down, he found that the original target market is either small market, or the product requirements are particularly high, until the end of the medical test to find the market.

Like micro-core, Lenovo star of many projects in the company's inception only a technology, the company founded two or three years also only developed products. Lenovo has been doing things on a long-term basis, as do Lenovo stars. Lenovo Star's investment in the project averaged around 8 million, and they positioned the payback period for 8-10 years.

"Some projects, its technical timing and market time are not, talk about project investment return is meaningless, but we have to find a good point of time layout, when the time is ripe, it will erupt directly." "In Liangqing's view, there are many successful examples of industry's" long term "success, such as Windows, which now dominates the desktop market, until Windows 3.0, from software to graphics, chip hardware, the entire chain is mature, so from Windows 3.0, the user experience increased rapidly, In the desktop computer software market, Microsoft is starting to be invincible. Liangqing thought, what things are afraid to continue to do, and constantly accumulate their own advantages, "when the river is very small began to build dams, such as a big river, the water is all it." So we have to have a good mentality, until the river becomes bigger.

Will the long-term layout be profitable? There is no positive answer to this question. Some industries change very quickly, such as the Internet, so the enterprise leaders in the company's development rhythm and industry system to build and so on are very high requirements. Even the traditional project can be laid out early, but "if there is no strength, wait until the water comes (dam) is still so short, also cannot stop a lot of water." ”

For Lenovo Star, the understanding of entrepreneurs is one of the reasons they dare to do the long-term. The general Angel investment is mainly light assets, angel investors have a certain degree of understanding of the project, but how entrepreneurs, can not carry out in-depth understanding. "The success of investment is closely related to the core characters of the invested enterprise." In Lenovo star This class, a year tracking down, just can understand the core people, so, dare to do more heavy investment, this is Lenovo star and other angel investment very different place. "Lenovo Star is allowed to fail, but the chances of failure are much less than the average angel investment," Liu said.

The frenzy of investment and the fast-paced pace of the times have made more and more investors inclined to invest quickly and quickly. This too impatient mentality is not suitable for venture capital. "There may be a period of time, the market will be very hot, will be a rush, but will inevitably experience the trough, the entrepreneurial enterprises in which the setbacks are very many." "In Yang's view, perhaps this mania for entrepreneurship and venture capital can inspire a lot of enthusiasm, but it cannot be the norm."

Wang Yu also often participate in a number of entrepreneurial competitions to do the judges, but he invested more projects from the following three paths: Friends recommend, entrepreneurs find their own door, investors adhere to a direction to dig projects. Moreover, he believes that the last path can best reflect the characteristics and charm of angel investment. "We look at the direction of research, look at the new trends in the industry, as long as this direction I feel good, in the most basic stage to start looking for the right company." Keep looking at this trend and look for the best startup company. "This is not easy to be around others, of course, he also admits," the trend of this thing a stir, finally can not go into it is difficult to say.

In fact, Angel investment and entrepreneur Some like walking on the tightrope in the dark, very dangerous, difficult to find balance, vision is important, courage is important, patience is equally important.

Can China have its own YC?

It is more important to construct investment ecological chain than to copy "myth"

"To attend a meeting, met a beautiful salesman, I thought is to promote health care products, the result is to sell the angel to raise money, I took a look, the keywords inside are ' assembly line ', ' packaging ', ' bulk ', this is how the Chinese angels!" The encounter of Wu Feng, vice president of the Arctic Light venture, is also a source of confusion in many entrepreneurial services sectors.

An endless stream of entrepreneurial training, entrepreneurial incubation ... Can entrepreneurs really replicate in batches? 0 The chairman of the research Consulting Group, the first CEO of Pegasus Brigade, Yue that it is impossible. "The entrepreneur must have made it himself. "For investors, the only thing that can be done is to tap into potential entrepreneurs and keep improving the entrepreneurial environment."

Because of this, the Pegasus Brigade will be personalized entrepreneurial services as their core value. Pegasus Brigade "Waiter" Wanling introduced, the Pegasus Brigade contains including consulting, strategic development planning carding, key talent solutions, key resource interaction and capital docking, including nine service modules. According to the individual needs of different enterprises to provide services, and taking into account the entrepreneurial capital of the characteristics of financial constraints, the Pegasus Brigade's services to the 2%~5% of the company's micro-shares. Last year, the Flying Horse Brigade has successfully contracted 24 companies.

Unlike the Pegasus Brigade, the dream of creating a circle is to build an online digital platform for early investment. "Before the Angels can only find projects around, entrepreneurs can only find their own around the angel, social resources are not fully excavated out." "Li Xiaoning's original intention is to provide a digital platform to break through the geographical restrictions and truly realize the docking between investors and entrepreneurs." Recently, the creation Circle has also launched a "find" function for start-ups, allowing more startups to find the talent and entrepreneurial partners they need here.

Pegasus Brigade or venture, or even the recent rise of entrepreneurial coffee, entrepreneurial hotel, in different forms seem to be doing the same thing-to build a network of venture capital, and then to enlarge a step, they want to build a venture investment ecological chain.

In the minds of many VCs, YC mode has become a myth that they are fanatical about. American Paul Graham founded the Y Combinator company, in a few years time has helped more than 200 internet entrepreneurs realize their dreams, molded out of 200 big and small start-up companies. Through the YC Demo Day event, entrepreneurs and venture capitalists are docking to push entrepreneurs to quickly enter the long-term from the seed stage.

Can YC mode land in China? Wang Yu thinks it's hard to replicate the YC model completely to China for now. "The investor team is too demanding. And the ability of China and the US to innovate, the protection of intellectual property, the attitude of big companies to small companies is very different. ”

Liangqing also believes that there are still many key problems in the YC model landing in China. "We have no systematic exploration and research on the Law of entrepreneurship." "Take a business as an example, from the beginning of the selected direction to research and development products, to product sales, as well as large-scale sales, each stage should have different types of people to consider these issues." YC can be in different stages of enterprise equipped with different talents to intervene, the current China's entrepreneurial core talent system, mechanism has not been well established. ”

Although YC mode is difficult to replicate directly, similar groping has already begun, whether it is angel investors, institutional angels, incubators or service platforms ... every attempt is a constant exploration of the ecological chain of venture capital. "Innovative workshops have been effective over the past two years by helping seed start-ups start and grow rapidly through a package of services such as capital, technology, markets and law for early entrepreneurs." The media dream factory of Zhejiang Newspaper group, the first Chinese media business incubator focusing on new media entrepreneurship, is also helping the early entrepreneurs of new media grow rapidly. Internet media watchers, network leader Cheng, said that with more angel investment maturing, China can birth its own y Combinator.