Every entrepreneur may need a key investor like Sun-righteous investment.

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I dark Horse: Tonight, Ali Group will be listed on the NYSE, the issue price of 68 U.S. dollars per share price of the market value as high as 174.8 billion U.S. dollars. Foreign media said that Ali listed the biggest winner is not Ma Yun, SoftBank Group is the founder of son. Son Ali listed as one of Japan's richest man (and the media said it may be the world's richest man), Alibaba listed on the soft silver contributed more than 58 billion dollars in return.

In fact, Sun's justice in Ma Yun is a key investor, and Tencent, 360, millet and other cattle x companies have key investors. For a start-up, it's half the business to find a key investor.

Japanese Sun's righteousness to Ma Yun

According to public reports, in 1999, son presided over a secret project assessment meeting, Zhidong, Zhang, Ding Lei and other domestic internet elites all arrived. Ma Yun's business to explain the first half, son from the chair jumped up, very seriously said: "I decided to invest in you, how much do you want money?" Ma Yun startled, but let son unexpectedly is, Ma Yun said he is not lack of money, son asked: "Then you come to me what?" Ma Yun replied: "I am not looking for you, is someone else asked me to see you." ”

Ma Yun's reaction stimulated son, Ma Yun was invited to Japan, son proposal for 30 million dollars for 30% shares, MA agreed, but after returning home immediately regretted. In countless entrepreneurs coveted funds, Ma Yun was too much money, this let sun justice aides angry, but after several reconcile, the two sides finally set the amount of investment 20 million dollars--more money means more companies to contribute to the shares.

Four years later, in February 2004, SoftBank joined hands with Fidelity Investment, Granite Global Ventures and other investment institutions, GGV to Alibaba to invest $82 million, of which a single SoftBank will invest 60 million U.S. dollars.

It is the source of the above to let Sun-justice set Alibaba takeover Yahoo China, Yahoo American Holdings Alibaba laid the foreshadowing.

It can be said that son is Ali early important investors, but also affect the entire layout of Ali later investment key people.

South Africans JP to Tencent

When Sina, Sohu, NetEase and other companies have become scale, and through the listing to obtain capital support, Tencent is a small company with only 18 people, QQ registered users have reached 200 million, but the lack of ready-made channels for charging. The number of users soared, server hosting costs climbed let Ma Hua, the company appeared funds tight, QQ will charge or stop the news rumors of service. Ma had tried to sell QQ for 600,000 yuan, but nobody wanted it. At the beginning of 2000, Tencent managed to win a total of $2.2 million trillion investment from IDG and Hong Kong, which sold up to 40% of its shares.

In June 2001, Hong Kong PCCW sold its 20% per cent stake in Tencent Holdings to MIH Milad International Holdings Group at a price of $12.6 million. Ma also received the first return from MIH (USD millions of). Of course, the South Africans now hold Tencent shares of Tencent as much as 150 billion U.S. dollars in market capitalisation, but also nearly 50 billion U.S. dollars.

Thor to Zhou 祎

Guo's illness (one of Google's Chinese founders) recalls the Zhou of investment by Thor and Dannove (one of the Highland Capital Partners), according to the China Entrepreneur Network: Remember 2006, Rogue Plug-ins rampant, Qihoo is still doing community search, in the odd tiger canteen and hung 祎 lunch, do not know where the inspiration, I asked him: you so understand plug-ins, did not want to do a rogue plug-in? Then Jerry Yang blocked Qihoo financing, I was also pulled to the plateau capital to Thor and Dannova for Qihoo endorsement. At the end of Shangri-La Dan asked me if it was your own money, would you vote? I said I would vote. ”

Another background was that Thor had just joined Highland Capital, and before that, another fund Thor had invested in Zhou's 3721. This time, Thor and Zhou 祎 want to be an old friend reunion. "This is one of the 4, 5 top teams in China that really know the internet," Thor said in an investment report. This has also become the Highland capital investment Qihoo's basic reason.

It was not easy, when Zhou was notorious at home, and the Qihoo did not show any strong product or technology.

"Then someone told me," You fool, why do you want to vote Zhou 祎? That's a liar. Thor recalls, "but my character is, if there are a lot of people to invest in the project, I will not the herd." I'm a rebel, I don't want to do the things that other people do. My point is that first you believe you know. Second, you have to refer to the outside voice, but if you really understand the team, this is an opportunity. ”

Thor is purely directed at Zhou's team.

Thor said the team refers to Zhou do 3721 when the team, in Zhou after the runaway Yahoo, it is said that nearly half of the members followed Zhou 祎 out to start a business. Among them is Xiangdong (now odd Tigers president), Jue (Odd Tiger CFO) and others.

360 listed, Thor as the largest investor in Qihoo, single investment return has exceeded 500 million U.S. dollars (in accordance with the first day of the IPO, the return on investment has exceeded 600 million US dollars).

Liu to Lei

Morning Hing Venture founder partner Liu once with "entrepreneur" &i Dark Horse said, why to throw millet and lei:

To me, lei whether do millet or do another thing, will achieve success, of course, this success will be like millet today I am not sure.

Now the entrepreneurial environment and Ma Yun, Ding Lei, horse, Charles Zhang that era has been completely different. China in the 2000, the development of the whole capital market is still in a very primitive state, venture capital is also in the early stage of exploration, the total capital is still scarce. On the other hand, that stage of the entrepreneur is not very experienced, the capital market, entrepreneurial process of understanding is also in a very chaotic period, entrepreneurship is not so many people are in pursuit of things. But that era has the advantage of being in a wild place, but as long as startups can "grow", they can basically "grow" big. In other words, although the company's survival rate is very low, but after survival if you want to big, relatively small resistance.

Lei when the small rice, although the opportunity to invest a lot, but Baidu, Tencent, Alibaba and other large companies in the Internet has taken a very strong position, entrepreneurs want to bring up very easily, to grow a towering tree than before the difficult many times.

So in the entrepreneurial environment has changed dramatically, the requirements of entrepreneurs have the same quality. Entrepreneurs first have to weigh their own to do not stand in the giant's core business direction, such as Tencent's IM, Baidu search. The closer the core business direction is to a large company, the greater the risk factor. Second, now you want to start a business, you have to have enough innovation, not enough innovation means that you can make the giant very comfortable into your field, and then beat you. Third, the speed must be fast, so that others can not react. If you're not good enough, you're not innovative, you don't run fast enough, you don't have enough executive power, you can't live.

For example, such as millet practices, both hardware and software, as well as ecosystems, this kind of play many giants do not adapt, which means that it has subversion, innovation, so that the giant can not comfortably cut into the direction of millet to do. In turn, we do rice chat, from Tencent's core business too close.

And the most important point, I invest in millet is mainly optimistic about lei. What we've been looking for is a particularly big trend business opportunity at the right time, while choosing the best entrepreneurs possible, millet and lei are more in line. The most scarce resource in the Internet industry is not other things, but people.

I know Lei is 2003, Millet Entrepreneurship is 2010, the middle has more than 7 years, I can feel he has been looking for a new trend of the big opportunity, at the same time he has a very deep reflection on entrepreneurship. Everyone thought that millet seems to be overnight success, in fact, ignore this is a good entrepreneur through the transformation of their mentality two times entrepreneurial process.

In Jinshan, lei through the way of self hematopoietic, with the support of a small amount of capital, the company brought to the market. He talked to me how to pass the "8 years of resistance" to the Golden Hill to do the story of the listing, this is not the average person can experience. And after that, he had a four or five-year sober-thinking period, and was very focused on what it means to be a capital market or entrepreneurial process by being an angel himself.

Smart entrepreneurs should pursue big business opportunities, give up short-term earnings pressures, focus on several success factors, and then let the value of the company be recognised through each round of financing. This is a new entrepreneurial method, and the 1.1 points of Jinshan by their own accumulation of growth in a completely different way.

Lei, for example, chose to enter the Android Market in 2010 because of his own judgment and confidence in the market, and he believes the next era of mobile internet. He chose 7 co-founder, and chose to find VC to support the business, rather than a person holding all the shares. He is not lack of early money, but he realized that today's entrepreneurship is not a person can be made, to the best possible aggregation of outstanding human resources, capital resources, industry resources. Finally, he chose to do the acme of millet, the user word of mouth to the first place, the product evolution and the speed of the iteration to see more important than anything.

This is a kind of company growth path that he chose after summing up a lot of things, not accidental impromptu. We do not think of millet very romantic, entrepreneurial is not so simple. ”

Now that Millet has valued more than 40 billion dollars, it has become one of Liu's most successful investments.