Of those things

Back to China has been nearly 5 years, VC circles big and small good and embarrassing things also calculate experienced a lot, and I also have the temper on different occasions-especially in the Gavin of the previous Qing Branch forum-published a number of appropriate, inappropriate, but certainly are sincere remarks, in our office in Beijing, I am some "language not astonishing death endlessly". But this is my character, in my opinion, only sincere, direct communication and communication is the greatest respect for entrepreneurs. This time, I would like to talk about what we have done together, in the banner of Mary's pioneering state website and the first blog of my life, especially for some of the things I have said. Beijing people love to say "things", I also learned the word. "No throw return": this is almost quickly become the slogan, all the media will ask me the same question, even some returnees before doing presentation will zhuizhuide to ask: "I heard you do not throw return?" "Of course, I was the initiator of all this--repeatedly to emphasize our concern for returnees, naturally impress others, but now we are more inclined to fine-tune this standard to" do not vote for the returnees without local experience ", we ask the returnee entrepreneurs to return home at least two or three years, if the local entrepreneurial experience Either success or failure--it's more persuasive. All of the above judgments are based on our investment experience in mainland China, and the failure of the Beijing office to invest in several overseas star entrepreneurs before my return has made me understand that local experience is much more important than overseas backgrounds, And now Maar (two founders are returnees for a long time) The good operation also let me start to revise my investment standards, as far as possible not to let preconceived mentality affect their judgments. Sino-OECD now will be a more open attitude to all those who have entrepreneurial dreams, returnees or turtles, you must be China's most familiar with the business of the person. "Not optimistic about WEB2.0": This sentence also offended a lot of peers, after all, for WEB2.0 investment is a major phenomenon last year. But my statement really reflects the investment perspective of the WEB2.0 in this field, and it is based on our research and understanding of the industry-we have seen fewer companies than any other domestic peers. The reason for the lack of optimism is simple, there is no mature business model, there is not enough competitive barriers, there is no reasonable level of valuation. Of course, we are fully confident that China will also have its own myace, YouTube and Facebook in the future, regardless of whether they have been invested now, but the OECD would rather spend more time looking for investment opportunities in other areas, as we have been doing. "A lot of silly money on the market": Another very offensive words, alas. But I insist that investment in mainland China does not have a certain amount of time to accumulate, did not form a local team, did not pay enough tuition, it is very difficult to succeed. Here IAlso want to advise all entrepreneurs, when you are looking up and down in the eyes of VC, do not forget the same also with your careful choice of them-choose a good investor and shareholder, is crucial to success. At the same time, so many hot money influx, so many entrepreneurs blindly optimistic, many people even put money as their own business purposes. To be sure, the support of large sums of money will help companies grow faster, but if the entrepreneur does not have the down-to-earth mentality, only wants to raise the valuation in the higher ground and does not understand the investor to the enterprise real value, then the market hot time can melt a lot of money, the market contraction or the enterprise encounters the difficult time will be the serious test to the entrepreneur. "Sino-OECD is China's most conservative VC": compared to many of our peers, because of the size of the fund, the investment concept and other factors, we have a slow investment rate-throughout 2006, we have seen 3,000 business plans, met chatted 600 companies, and finally invested 3; and from last September to now , we don't even have a company to invest in (of course, two or three cases have recently come close to final investment). From the amount of investment, we are really conservative enough. But from an angle of view, we are very aggressive in terms of investment – many of the companies we invest in are the first in their field to get venture capital. Therefore, hope that the word "conservative" does not mislead a lot of entrepreneurs, we meet the right company when we do not shy. "The air-conditioned office is full of air conditioning": This is not what I said, is the Qing branch Edward in the Entrepreneurial State blog said. He is right, even our own meetings are as far as possible from the air conditioner out of the tuyere the farther the better, the next time entrepreneurs come over, please be careful to choose seats, especially summer-friendly tips. (To be continued)