Hundred group War bubble emerged venture into the "Warring States era"

Song Xi illustration H185 "Cast 10 companies, as long as there is a listing, you have a chance to get rich overnight, because the yield is dozens of times times or even more than a hundredfold." An investment expert in a simple way to the reporter summed up the venture capital of the way to make money. 2009 SME "Gem" after the listing in Shenzhen, many enterprises do not have to rush to the United States "Nasdaq" and go, in the domestic can realize the listing arbitrage, so the venture capital influx of hot money, forming another wave of wind climax, some people describe the current domestic entrepreneurial environment is "surging, in full swing." However, behind this prosperity, there is chaos, and bubbles emerge. "At present, there are thousands of tradition investment companies, tens of millions of funds are looking for good projects, some entrepreneurs have become more and more impetuous mentality."　　"In the mouth of some VC experts, the alarm bells are ringing again. Three waves of wind climax "corpse" in the middle of the 90 's, U.S. capital into the Chinese entrepreneurial market, is now the third wave of entrepreneurship, more than 10 years, the achievement of a number of entrepreneurial heroes, but a will work millions bone withered, those losers use ' corpses ' to describe not too much. Shi Yonggang, deputy general manager of Beijing Bo Xing Investment Management company, has been involved in this industry for nearly 10 years. He thinks, now has entered the venture capital "Warring States Period", "these two years suddenly emerged thousands of tradition investment companies, gathered tens of billions of dollars, but good projects are very difficult to find, the success rate of venture capital is not high." "From that year's first wave of wind, Sina, Sohu's rise, people know the" venture capital ", but also the birth of the word" burning money. " At that time, the industry popular a joke: "The site will have to take money to smash, reluctant to children can not cover the wolf ah ..." What does the website depend on? Depends on the click rate Ah! The click Rate went up, the following children followed. How much money do you throw in, add 10 son to sell directly to the door son ... Shi Yonggang said that this is the truth, with the founder of the Chinaren, for example, in 1999-2000, Zhou Yun-Fan founder of the Chinaren website is China's fastest-burning web site, in most of the year burned about 120 million yuan ( 15 million dollars), eventually no money can be burned Chinaren sold to Sohu. Zhou Yun fan joke himself "25 years old once a day spent 40 million". Shi Yonggang said, "in the Internet business is the most fire, a lot of young entrepreneurs instantly get billions of dollars, do not know how to spend, so desperately burning, the failure of a lot of cases, the hype of the Tsinghua University to drop out a group of young people in the final success. "The first wave of the climax ended in 2002 years of silence after the bursting of the bubble." Shi Yonggang said: "Its significance is to introduce the concept of venture capital in China, but also to train the first group of internet people, many people in the first wave of failure, but they did not give up, and then go on, and finally achieved success." "Or Zhou Yun fan, in the first venture failure, found that the mobile phone industry business opportunities, founded the" Air Network ", a comeback, one at a time to become China's" MMS King. " RightIn this group of entrepreneurs, failure becomes a treasure. Around 2005, with a group of Chinese internet companies listed in the "Nasdaq", the venture into the second wave of climax, the overseas capital gathered in the online games industry, Shi Yuzhu and other entrepreneurial heroes appear, a temporary scenery unlimited. "In fact, this is the hardest time for a domestic VC company, starting from 2000 began to brew the gem long-awaited not come out, until 2009 only listed, VCs have been poured out of ten, adhere to the final finally made a generous return, this really started the domestic venture capital boom. "Since 2009, the third wave of VCs has converged on E-commerce, video websites and other industries, and it is a great way to recreate the boom of the year," some U.S. investment agencies have begun to warn that China's risky investment is too frothy, but not enough. "Entrepreneurial talent Waves Amoy Team for the King if said in the three wave venture, the failure of the enterprise" corpses ", then the entrepreneur experienced the" tide scouring the sand, "the identity of the founder of the composition is also constantly changing.　　Shi Yonggang told reporters that from the initial student entrepreneurship, returnee entrepreneurship, to the present different talent with the entrepreneurial team gradually formed, the price is quite large. "We have invested in an IT enterprise, the Boss is the scientific and technological personnel origin, what things are pro-Pro, from product design to development, and even write programs are their own, and later the company to do the smaller, the last venture to end in failure." "Such a situation is quite common, in the 90 's when VCs first entered the Chinese market, the first to join the entrepreneurial tide of the group of people basically have a technical background, but also technology, failure also technology." Generally speaking, technology-oriented enterprise technology is the core, but the investor's understanding of technology is different. "We often encounter a number of technology-oriented enterprises, the technology is very persistent, and even the trend of perfectionism, product testing and improvement, technology continuous improvement, not to feel perfect, do not put into the market." Others are fascinated by patents, and patents are kept, but rarely applied. For investors, "technology ≠ patent ≠ market ≠ profit". Therefore, look at this kind of technical team, not only look at its technical background, but also look at its market judgment and understanding, look at its market resources, to see its team balance. Only the technical team is not comprehensive, only the combination of technology and market, in order to adapt to the market, leading the market team will be more easily successful. "Shi Yonggang that the more than 10 years of entrepreneurial practice has proved that student entrepreneurship is simply not reliable, the industry, including the media to encourage this now appears to be irresponsible." They do not have any experience and resilience, the failure rate is very high, and the initial trend of returnee entrepreneurship has gradually been replaced by the current grassroots entrepreneurship, localized management than foreign experience on the development of enterprises more meaningful. "For rigorously investment companies, we are now more optimistic about the entrepreneurs are generally from the successful enterprise executives, they come out on their own, have technology, have experience, the industry's understanding of the comparisonDeep, the success rate is relatively higher. "He believes that the success of the enterprise in the Team a common feature, that is, technical personnel and marketing personnel with the matching, indispensable."　　Now, more and more enterprises have realized this, the team building gradually towards mature. "Hundred Regiment War" behind the bubble Shi Yonggang think, the current domestic entrepreneur's impetuous table now, get venture capital, to exactly what business model is not sure, just blindly follow the imitation, vicious competition, burning the money of posture repeat the same time mistakes.　　The most representative example is from last year's group buying site, "hundred Group War" reflects the entrepreneurial bubble and chaos. In the November 2008, Groupon's website detonated the new Internet capital myth in a "daily buy" business model. Groupon is now estimated to have reached $1 billion trillion in value, at a rate faster than the current peak of Facebook and Twitter, twice times faster than Twitter. The concept of "group buying" has made Chinese Internet entrepreneurs rediscover a gold mine. January 2010, the domestic first group purchase website "Full Network" on-line, opened the domestic group buying prologue. Subsequently, only a year time group purchase site, such as springing up, from scratch, the development of the first thousands, venture capital has poured into the industry, set off a new round of the network Gold Rush. Many group buying sites have gained the favor of venture capital, such as "Handle Net" has received two rounds of nearly 60 million U.S. dollars in financing, the company's valuation from the start-up of 1 million U.S. dollars to the current 500 million U.S. dollars. Cool group Network in the online before the Zhejiang Business venture invested 10 million yuan.　　Investment expert Shi Yonggang told reporters that no less than dozens of group buy sites have been to 5 million yuan for the start of the venture capital. Data show that the current Chinese group purchase site has reached more than 2,600, an average of 10.5 new group buy site. Group buying site Rapid rise, but was soon criticized, it brought only a false prosperity of the scene, consumers because of the purchase of unpaid goods, difficult to refund, goods not version, personal privacy information leaked and so on. And the vicious competition between group buying sites is also very fierce, the emergence of "Hundred Regiment War", in order to snatch high-quality customer resources, improve user viscosity, the site has to increase operating costs, when hundreds of of sites at the same time to scramble for a customer, will at all costs or even put the money to rob.　　Industry insiders said that for the site competition, with "crazy" and "blood spell" to describe also very appropriate, because it is crazy to unlimited birth, blood fight to the negative profit survival. Shi Yonggang believes that the group buying site in China has gone a "rapid development, quickly pour off" road, and the misuse of venture capital is not unrelated. As far as he knows, many companies get the money, used to rent luxury office space, buy Hao car, heavily into the management team, but to determine their core business model of the business the most need to solve the problem is not attached. The idea of many entrepreneurs is "to run out of money quickly, to get publicity, to attract more people to invest." "But in fact, can raise to the second round thirdThe number of companies that have invested in the round is very small, and most have died in the bubble. "Only early access to funds, clear their own business model, keep the ' bullets ', adhere to the demise of the enemy enterprises can survive, this is the entrepreneurial road," the remainder of the King "theory. This reporter Zhang Peng shares to: