Popular entrepreneurship encouraged angel investment ushered in the golden age

Li Jingying [Now is a bubble is rising, this time not to hide, but should actively rob the project. "A meeting of the Chinese Angel Investors Summit, more than thousands of people on the scene, the original limit to accommodate 800 people to squeeze paralysis", the Chinese Youth Angel will president, the founding partner of Ning Capital in the stage to watch the crowd under the dense mass can not help but beaming, Ning said, this is a predictable situation. This year's government work report encourages the public to start a business, and encouraging angel investment means that it is now the best age for entrepreneurs and the best golden Age for Angel investment. "Ning in the days of the Chinese youth Angel will the Huangpu River Forum meeting Gap to the" First financial daily "reporter affirmed that now is the angel Investment Bull, must be shot ruthless and fierce, my suggestion is now to rush, should be ' full warehouse '. Ning even issued a call in the internal working meeting: Brothers, come on! To this end, he told reporters that the second half of the year, the agency's new 500 million Yuan fund will be completed to raise, continue to the angel stage of investment delivery shells. And Ning's optimism corresponds to, just not long ago, Jingwei venture partner Zhang Ying to the outside to throw bubble theory ", causing the investment circle of hot discussion. Ning does not deny the existence of bubbles. Now is a bubble is rising, this time not to hide, instead should actively rob the project. At present, the valuation of China's Angel investment project is approaching the U.S. valuation and price, China's start-up companies will be more, valuations will be higher, expensive projects will become more expensive, so now must go forward. Ning a face full of confidence. Angel investment Fast, high valuations not long ago, Yang Ninggang led to the U.S. Silicon Valley research project, in his words, is to contact the United States top innovation technology, in order to maintain their advanced. But in the process, he also found that foreign start-ups are valued far less than Chinese projects. Ning even breathed a quick investment in America's 2 projects in the name of private. For domestic start-up projects, Ning is faster. We are now investing faster than the average small project will first dial half of the investment to each other's account, and then sign. "Ning revealed. In his view, in the investment bull should have a bull market operating mode, you can reduce a certain project evaluation criteria, first cast nets to say. Ning to reporters, such as his personal preference for the intelligent field of entrepreneurial projects, now as long as entrepreneurs smart enough to work, the team formed almost, hands-on ability is strong, the product has a model he will decide to invest. There's no time to grind. "Ning said. The fact, however, is that for most of the early investors, the valuation of the start-up Angel Wheel this year is equivalent to the price of the previous a, and even higher is becoming the norm, while the time lag between each round of financing is quickly shortened. Ning does not deny this reality. Why now an Angel project valuation will be so high, because everyone is optimistic, that is, the so-called seed, then the relatively low valuation of the project may be a dark horse, everyone startedNot so optimistic about it. "Ning, for example, in the Bull project is like buying a house, how to buy, must be to buy the big city of the house of Prime lot, even at the price increase to buy." From the probability, the seeds of the possibility of winning the championship is big, Black horse to win the possibility of championship is small, this is the natural law. So everyone is optimistic about the project, it will naturally raise the price, and you want to win the project must be a little higher. "This is what he sees as the main reason for the high price of early projects," he said. Zhang, the founding partner of joint Ventures, said he had also contacted five or six early projects this year, and some valuations did look pretty high. High or low valuations, in fact, is relative, the key is to see the company's growth, whether to meet the industry's future big trend, whether there is further room for growth, if a project can have 5~10 times of growth, in fact, it seems that the price is not expensive. "Zhang said. For the angel investment stage Price high, five world founding partner Zhang Feel, this behind some objective reason. In addition to the inflation factor, compared to 5 years ago, now the rise in the cost of start-up to a certain extent, led to the start-up enterprises in the demand for funds, the previous 500,000 Yuan investment now at least 2 million ~300 million, if less, the start-up companies want to make a prototype of the business model is difficult. Zhang told reporters, in fact, the other side of the rapid growth in financing is also in order to allow the start-up companies to survive longer. Embrace the group and cast into a safe haven "in the Anglo-Connaught Angel Fund Founding partner Li Zhu, the current domestic angel Investor (organization) group has been more and more, but relatively small, at this time some good project valuation is normal phenomenon. Li Zhu that it is not yet conclusive to say that there is a bubble in early investment based on price issues. After all, the highly valued projects are still a handful, and some of the most successful entrepreneurs have been able to get a high level of start-up in a short time, but this is a minority, and most projects still have a reasonable scope. Li Zhu told reporters that his judgment on the project is to see the direction of the project has enough research and understanding, investment can give some help, even if it is high valuations will be cast, but if the enterprise as long as the funds that will never vote, because the opportunity is always there. Angel Investment should have its own methodology and standard of judgment, which may be the right way to respond at any time. "However, as Ning says, the whole investment bubble is blowing more and more and will one day be broken." Ning that the capital is a drum to pass flowers, all the way sedan "process. He bluntly, his previous general project exit will wait until the enterprise IPO or mergers and acquisitions, often take 5-6 years or more. But in today's market, the pace of withdrawal is likely to accelerate. There are already a lot of people who want to buy my shares or even increase them. "Ning revealed. It is not to be avoided that, angel investment is more like a value discovery, in identifying trends, look at the direction, to find the best team, more investment success and the composition of luck, Bo is stillA small probability event. Under this premise, with the increasing scale of the domestic angel Investor (institution), seeking the platform of the complementary grafting of various resources and the development of the Group of Angels, it has become the method of avoiding the risk and increasing the success rate of angel investment to some extent. 15th, the National Development Institute of Peking University and the Chinese Youth Angel will reach a formal strategic cooperation. Bimba, deputy dean of the National Development Research Institute of Peking University, Wang told the first financial daily reporter, the two sides will form a large platform, the school as a middleman, one end of the Nets angel investors, at the end of the school has been entrepreneurial students, through the knowledge, experience, capital, projects, cases and other resources to integrate the way, On the one hand, these angel investors early contact with early projects, the accumulation of project sources to provide a channel, on the other hand, the students to integrate a series of resources on the road, so as to reduce the risk of failure to start a business. Through the complementary cooperation between business schools and angel investment groups, it will become an incubator of entrepreneurship in the future. "Wang said. At the same time, the combination of angel investors (institutions) is becoming mainstream. Different investors may think differently about the same project, but they can do it together as long as they see possible trends or bright spots. Because a group of people have different strengths, can form a multi-dimensional judgment, such as whether the needs of the entrepreneurial real existence, enough big enough, the team has no ability to solve the problem and so on, through the contribution of their own strength to form optimization, not only can avoid information asymmetry blindly raise prices, but also to diversify investment risk. Li Zhu to reporters that in the Silicon Valley, Angel investment is the mainstream, in the angel stage 500,000 dollars may have 3~5 investors, in the domestic this is the trend of the combined investment is also spreading. For example, for example, a monthly closed roadshow like the Chinese Youth Angel would be an offline one, and some angel investors would gather money together to establish a decision-making mechanism to form an institutional angel, and the nature of such institutions is actually a combination of investment. The cooperation between the Angels is a process of nurturing the market, because the investment is more marked, so it is far from competing with each other. "Zhang told reporters that each angel investor's preferences are different, resources are not the same, play their respective advantages, to find resources complementary partner is the best way to do angel investment." ”