Lin Fu: What VCs do is look for the immortal entrepreneur

Lin Fu, born in Taiwan, is the first Chinese venture capital of Silicon Valley in the United States, made its initial investment in 1991, and after more than 20 years, it has invested more than 50 companies, and now has more than 20 listings or mergers and acquisitions. In addition to investors, Lin Fu, a world-renowned orator, is called Taiwan's motivational speaker.　　Nowadays, Lin Fu serves as the chairman or director of many companies, and is well-known as the initiator of the diversified venture capital Group, the vice chairman of Internet laboratory, and the co-founder of the Acorn Park Incubation Center (Acorn campue).　　Interestingly, Lin Fu also loves rock and roll, and a few days before he was interviewed for a financial week, his Silicon Valley orchestra had just held a small concert.　　"I'm a lucky fool." Financial Weekly: How much have you invested so far? Lin Fu: The number of 50 companies is cumulative, with more than 20 successful cases. I have invested for 20 years, when I was younger, I had management of more than 10 companies, as directors or chairman of the board, I can not every company to go into the business, I am an investor, not the operator, I have to do is to find a good operator.　　Now that I'm older, there are only 4-5 companies active in management. I've invested more than 50 companies to sell more than 20, some of these companies are nearly bankrupt, and now there are more than 10 of them, and some 6 of them will probably be bought and sold in the next 3-5 years, and my goal is to have 30 of them succeed in the future.　　From an angel investor's point of view, I am a very lucky fool. But I must write it down to remind myself that these successes are not my own wise, but the founders and operators of these companies who have worked so hard that good investors just find the right target at the right time. No matter how many cover characters and people they often talk about, I always think there is no immortal VC (venture capital), only immortal entrepreneurs.　　VC to do is to find this immortal entrepreneur.　　Financial Weekly: Now the domestic venture is very hot, do you feel overheated? Lin Fu: I am the oldest Chinese to make Angel investment and venture capital in America. 2000, I spoke in Shanghai VC, at that time came more than 2000 people, I was there to say what is VC, a lot of people have come to ask me how to do VC, and now I look at that time to listen to the speaker, a lot of people have become the man of VC magazine. China is developing fast, there are many Chinese, everyone has the mentality of catching up, this spirit is very good, the entrepreneurial spirit I have felt in Silicon Valley in the past 30-40 years has sprung up in many places in China.　　I made a speech in Silicon Valley last week, only 100 people, and then I received 60 business plans. "The most dangerous is a smattering of" financial weekly: Many domestic enterprises are highly duplicated, especially in the Internet, a new model will soon be a large number of replication, this situation will notImpact on investment? Lin Fu: The Internet is more obvious, in fact, in a lot of technology-related industries are like this, I used to write the book inside the stage of success, transition hero. Say it, from a big computer to a small computer, and then a small computer into a notebook, into the iphone, which has gone through several dynasties, each dynasty was red, but then no one continued.　　Besides China, what PHS, before a few years of fire, now send people no one wants, this is the stage of success. Now the cloud computing, this is how gorgeous concept, in fact it is the old thing of it, in forty or fifty years ago some timeshare (an operation of resources, we can use different time to share), cloud computing is the same, scattered it is cloud computing, centralized control is central.　　Consulting industry science and technology industry are very talented, the old topic in different ways of packaging, and the creation of a group of heroes, the Internet is the same, but the transformation of the pattern, I do is in the gorgeous repetition to find out what is really capable.　　Financial Weekly: How do you choose when you invest? Lin Fu: I'll talk about the case of the health of the Far Alliance. 2005, I met the health of the Far League Deng Total, I and he has been in the run-in for two years, I support this project as an angel investor, in 2005-2007, we have no way to carry out the project, encountered too many difficulties, during which he wanted to give up, I and he said now is the best time, early do you are cannon fodder, late do not reach you. I look at people to see if he can play, credibility, team skills.　　Of course, the market prospect of the project also needs attention.　　Financial Weekly: You have invested for many years, involving many industries, do you know all the industries? Lin Fu: Only the most stupid people think they can understand all the industry, I am not smart, not stupid, I will not try to understand everything. The most dangerous person is that kind of knowledge of the people, now only one thing to determine the trend, is the market, demand definition function, function to create the shape, many people start is to have something to think about what the needs of this thing can meet, the best project is to know how many people have needs. I now invest in medical care, mainly medical services, many things are not my turn, I can not open a hospital.　　Do pharmaceutical factory, I dare to open, but too big, my age, if give me again 30 I dry, so I do service industry, like this service industry, the first 20 years is from scratch, now is from have to good, hereafter will be from good to have individuality.　　"Do not have to deal with the government in Silicon Valley" financial weekly: in China to make investment more or less to deal with the government, you feel and the mainland government communication and foreign what is different? Lin Fu: I was the founder of Acorn Park, when three vice mayors from the mainland took turns to contact us.　　I now think carefully, there are many places in China "three minus two free", land, building plant. What is the peculiar place of Silicon Valley in the US? I've been in Silicon Valley for 30 years, except for a license to write a material.Go in, I don't remember having dealings with the government. In fact, the government of Silicon Valley is not friendly, it manages a lot, I remember that I have done a photoelectric boiler, Germany's equipment to buy, better millions of dollars, but the fire brigade came, said my facilities unqualified, back and forth for a year can not be used, can not be started.　　If this is the case in China, it must be the local government that attracts me to the industrial zone, just make a phone call or eat a meal.　　However, it is necessary for the Government to control the administration of multiple pipes at the present stage because the future innovation relies on the government to write a slogan. The future must be talent to innovate, at least the company's leaders should have the sense of innovation.　　"Life is full of choices, see what mentality you use to grasp the" financial weekly: Do you remember your first investment? Lin Fu: I was at the same time, as an engineer while doing angel investment. I voted in 1991 for the first case and went public in 1995, and I admit I was lucky.　　Of course, if the pure luck is not necessarily, must have a basic understanding of the enterprise, need a certain degree of cognition.　　Financial Weekly: I also see a lot of engineers at home, but they do not like you think of investment companies, is not Silicon Valley engineers have a special ability to invest? Lin Fu: I did not have a lot of money in the beginning, and saved some pennies, and slowly did it. When I was twenty or thirty years old, I was driving Toyota, my friends and I were earning money, they were going to drive Mercedes-Benz, I drove Toyota to the party. Life is full of choices, see what mentality you use to grasp.　　I used to invest in a product center, 150,000 dollars, 50,000 dollars is my own, 50,000 dollars with my parents borrow, 50,000 dollars with my father-in-law borrow. A lot of people say that he did not have a good chance, this sentence is absolutely wrong. Every person in his life every day in the face of opportunities, opportunities to touch the hands, from the fingers of the flow away. Many opportunities in your hands you think it is not good, other people pick up to become Google, into Yahoo.　　Some people say Google I also think, the problem is someone did, someone told a lifetime.　　Financial Weekly: In the country, many do it are complaining, that they are porters, Silicon Valley is there such a situation?　　Lin Fu: Silicon Valley If you do this, all the porters may die, if you move around forever, there will never be innovation, innovation and wisdom into a slogan, innovation requires talent, if the porter will never be able to innovate, the best to do under the production workers Gou. Silicon Valley's emphasis on intellectual property is well known, and the domestic intellectual property is more and more attention, I do not attach great importance to the practice of porters, usually a good team of engineers, leaders must be creative, there is innovation, he made things before someone in the back to carry. A good engineer in Silicon Valley needs to be recognized with basic core values and execution capabilities. Even porters have good porters and poor porters, an ordinary porter, a function to write 1000, a capable 500 to write, the best people they ran to IBM,iphone, and almost ran to the manufacturer's place. In addition, multiple development, one side is the ability to write software more and more strong. But this is not enough, say Apple Computer, it is the film company, entertainment company, music company, game company, it is everything. Now the real value of the industry is no longer a simple science and technology industry, the future most valuable are mixed industry, so the most valuable talent is a mix of talents, engineers to understand the financial, do finance to understand production. For example, now a more red industry, medical equipment, I will not invest in 3 engineers, will not invest 3 doctors, I will invest 3 engineers + 3 doctors to form a team of medical equipment.　　[Page]　　"Public welfare organizations can also profit" a weekly newspaper: You are enthusiastic about public service, now a lot of types of public welfare, how do you choose to do the public good way? Lin Fu: I dare not say that I do a lot of public good, but I do, I am a member of the European Phalen Society, Europe and the United States larger public welfare organizations, they have a famous saying, service adjective self (beyond the services).　　I have a chain restaurant in Taiwan, there will be 20 stores in the future, also ready to open in Shanghai, I invest in this shop when the hard rules, the annual money, when the investors back 3 times times, to take 10% to do the public good, not donate, we do it ourselves. Now the public good is different from the public good, before the public good is to see a person very rich, like the mainland is very famous for a surname Chen, everywhere to spread money, this is a practice, after the success of the power, where the spread of money, but also to gain fame and wealth, the company image is very good.　　And now the public welfare will be a one-stop, the future university will train a group of people to do the public good, I think the public welfare institutions can also be profitable, Bill Gates's public welfare fund someone to do, 18% of the profit every year.　　Financial Weekly: Do You like rock and roll? Lin Fu: I have been doing rock and roll for more than 40 years, this is my interest, you have not heard me play the piano, I am very professional level.　　KTV is always compared to the feeling of live performance, I just performed a last month, 600 people live, sang for 4 hours, my only disadvantage is that the voice is not good to sing, but I will be harmony, September, October and two, I believe it will be very high.　　Financial Weekly: You are a speaker, many speakers are very good at saying that not good to do, you say more or do more?　　Lin Fu: I do a lot of speech, in China, the United States Silicon Valley do a lot of, I may belong to the reverse operation, I was the first investment, did a lot of achievements to dare to come out after the speech, or the mere mouth is false.　　Financial Weekly: You are a speaker, but also like music, you have a stronger performance desire? Lin Fu: I don't know who is really not acting desire, performance desire is through different methods presented. Take the media, as a journalist, ask a question, hope than other reporters ask better, this is a performance desire. Children want to be praised by their teachers, which is also a desire to perform. The show can makePeople know my good, can also share my fun.　　"Especially like reading novel" Financial Weekly: You said in 2004 years in Shanghai, there are many books on the market is grandstanding, now whether this view? Lin Fu: Whether it is a newspaper or a publishing industry, I say it is not good, can be said to be the twilight, such as Taiwan small Tiny, not including magazines, a year out of 45,000 new books, the mainland 100,000 new books a year, the competition is very fierce. 98% of the books, the author of their own money, printing a 500 copies to others.　　I think it is not easy to write a good book, a good book is not easy, the author to find the positioning of the publishing house, selling a good book is not easy, ordinary people, work need not count, rarely see a book like and pay to buy.　　I see too many books, a lot of books are just packaging, the content is the porter, like some people write inspirational biography, I think it is a bluff, especially many people accomplish nothing, still writing inspirational books, incredibly also sell very well.　　Financial Weekly: What book Do you think is worth reading? Lin Fu: I think three kinds of homework, professional books should not be less, two months to read a book, such books include investment. The second is classical books, "Miserable World", "Water Margin", "the Two Kingdoms" and other books, these books are bottom.　　The third is the book of Self-cultivation, not to see Buddhism, like a lot of novels after reading, the feeling is very strong, I particularly like to read novels, a lot of dogma of the book to see Can not go on, such as teacher Lin teach you, Wu teacher teach you such, such a book can not go on.　　Financial Weekly: When we were reading, the teacher let us read classical books, you now mention classical books, to see classical books in the end what is the use? Lin Fu: When you are young, people will ask you what you will do to locate you. At 30-40 years old, people ask you how experience, at my age, I often meet Executive director, General Manager, directors, independent directors, entrepreneurs, I will ask him what you have done, I want to understand this person's boldness, What is the force, the credibility, of course, I have investigated very clearly. This is not to say that you read a book, how to build temperament can be learned, which requires perennial accumulation, reading classical books can do this.　　Some people in the chat, a speech like quoting quotations, this is a kind of show off, some things need temperament varieties blend together.　　Financial Weekly: You were born in Taiwan in China, and later went to the United States to study in the mainland, many people like to study abroad, whether in Taiwan is also the case? Lin Fu: Like to go abroad there are two levels, curiosity and upward, not to say not to go abroad is not up.　　I invest in every company to require internationalization, the greatest enterprise, the greatest people think is to internationalize, especially now the Internet so developed, competitors may not be across the street, may be in India, in Britain, in other countries. Taiwan's education is good, but the American university education is great, I came to the United States to know what is called independent thinking, Taiwan's education and the same as the mainland,It's all a cramming education to see who can recite. I talk to people now and seldom ask them what school they graduate from. I think that going abroad is definitely a kind of experience for life.　　I often encourage people to go abroad, it is very important to go abroad to absorb the experience of multinational companies. Lin Fu, a leading global speaker and Silicon Valley band guitarist, is a well-known US Silicon Valley venture. He is also the initiator of the multi-dimensional Venture Partnership, the vice chairman of the Internet Laboratory (CHINALABS), executive director of Gao Ventures (Asenqua), and the Acorn Garden Incubation Center (Acorn CAMPUE) co-founder.