International VC's Chinese Thinking ZT

Frontier observation: China is becoming the favored "tourist attraction" of VC, talk about the process of the VC to stay in China market, a little "suddenly like the spring breeze, thousand tree million Tree pear blossom" flavor------2000 before and after the international has few mainstream VC patronize the Chinese market. From 2003 onwards, this situation has been significantly improved, GV, 3i, Accel and other well-known VC successively stationed in China, set off a wave of VC fever and create a brilliant performance. 2005, known as the global venture capital of one of the Gemini star of the Shen, and Zhang Fan to create the Sequoia Capital China Fund, marking the international mainstream VC China Sequoia reached a peak.　　　　, and Shen was selected 2006 CCTV annual Economic figures, it can be seen that VC is an independent and powerful force affecting China's economy. International VC into China, in some sense will be similar to such as Microsoft, IBM and other large companies will reach China. December 11 Last year is the five anniversary of China's accession to the WTO, five years with the opening up of China's economy, some international capital poured into China, there are many well-known international VC. With the integration of China and the world and the huge market of China, VC has become an inevitable trend in China, but the Chinese thinking of VC and Microsoft, IBM and other multinational enterprises in China's thinking there is a big difference, VC Chinese thinking, combined with the common enterprise of Chinese process and VC own background and characteristics.　　　　This article will make the following analysis. One, VC self-confidence------Successful role play and Microsoft, Yahoo and other world giants are different, VC Chinese development is much smoother. After Microsoft entered China, because of cultural differences have been unable to find their exact location, after the change of Shuai, Microsoft China into the Chen era has improved. And Yahoo to enter China is "MINGTU", "disaster", so Yang had to put this hot potato to ma. In addition, Google's Chinese also fog heavy, after Zhou Chining resigned, and recently burst Kai-Fu Lee will resign news.　　　　Compared with these international giants, the fate of VC seems to be much better, so far, VC has set a number of legends in China, which also gave them the confidence to calmly face the future. Although the Chinese market is already full of international mainstream VC, but in China such a large and variable market, winner, is still unknown. Even so, most VC is confident of the future, this confidence is not groundless. On the one hand, most of them have the "glorious" experience of investing in a company with iconic significance: Yahoo, Google and other landmark enterprises have been in history, become a VC show off the capital and the object of future copying; On the other hand, the knowledge of the rules of the IPO and capital Operation makes VC more popular with local entrepreneurs, More emboldened to face the challenges of the future. Take Sequoia Capital, as of December 31, 2005, in the already castAmong more than 500 enterprises, Sequoia Capital has successfully pulled out more than 200, of which more than 130 successful listed, there are more than 100 successful exit through mergers and acquisitions cases, can be seen VC role play success. Second, the progress of VC------Localization of the process of the U.S. investors will look at the early stage of the Chinese market, still looking at China's investment projects in its own way, the most likely to get venture capital is those Americans who can understand, conform to the ideas of Americans, and have a successful precedent in the United States.　　　　Therefore, the early returnees occupy the advantages of Tun, such as Sohu's success and Zhang in the United States for several years of study life has a certain connection. However, when some American models start to fail in China, these distant investors, such as Goldman Sachs and Morgan Stanley, have noted that China's market environment and development model are fundamentally different from those of the US, which has left many investments unable to continue or even suffer setbacks, most notably the disagreement between partners and headquarters, To miss out on good investment opportunities. But that has changed a lot. In 2005, the independence of the its, investment decision-making power from the United States and Japan's investment committee gradually transferred to the hands of the 7 partners, which makes Joe and other people feel unprecedented happiness------"the partners for their respective projects have an unshirkable responsibility, and therefore more proactive." "At present, many world-class VC to open up the Chinese market for the second channel, as in the Romans, to build a suitable for China's national conditions of investment platform, this is undoubtedly sensible."　　　　With the gradual development of localization, with the process of internationalization, I believe VC in the Chinese market can also open up a "second spring." Third, the role of VC------not only as investors if only to invest money and funding to describe or define the role of VC, no doubt the Chinese market, many investors can be called VC, in fact, this is not only one-sided, biased, more important is to underestimate the role of VC.　　　　From today's capital market, VC not only as investors to invest money, but also for entrepreneurs to provide constructive advice, visible, not any rich people can become a professional VC, in the market increasingly complex, entrepreneurial projects together today especially. "Internet Weekly" There is a publication of such an article------"Joe Deduction of VC Art", described it has a large and unique style, sharp original vision and the vagaries of the investment direction of the grasp, and this is the Joe to create a grand legend of the key. Take Internet weekly words, not only participate in investment before the design, negotiation, investigation, investment after the company's structure, options, and even pre-IPO preparation, listing Roadshow, after the listing of the exit and so poured into a lot of painstaking efforts. The diversification of the role of VC also directly affects the entrepreneurial model, Mr Liu in the "win in China," said in the past, the traditional mode of entrepreneurship will change, instead of first by the entrepreneur to put forwardProject, the investor chooses the choice project, and by the entrepreneur and the investor together completes the entrepreneurial task, in fact this new model is more suitable for the current Chinese market. Four, the interests of VC----Amoy Gold after a successful investment project, VC will set up their own earnings and retire, this performance is listed and mergers and acquisitions in two ways. such as Shanda, Ctrip and so on by listing to their investors to bring a huge return.　　　　This process is almost a win-win process, but also the common aspiration of all entrepreneurs and VC. A seemingly fair deal, however, hides China's export capital exports. VC invested some money in, but took more money to go, imagine if this investment by the Chinese to do, all the capital in China cycle, in this sense, VC into China is actually in Amoy gold. Foreign VC is popular, on the one hand, on the international market grasp, on the one hand, the lack of professional VC, plus some entrepreneurial projects exist in such a demand, so homeopathy to kill. International VC for the purpose of the Nuggets, currently occupy the top spot in the Chinese market. Therefore, I hope to have more local VC development, with "Made in China" to create a VC tomorrow.