Re-passion Shong intensive cultivation Project

Source: Internet
Author: User

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23 years after the founding of IDG Capital, Shong again at a new starting point.

August, IDG Capital announced the establishment of a 100 million dollar scale of the new venture fund. Shong expects to find a Chinese Zuckerberg in the founder. On the second day of the celebration, Shong a song "On the Road", which let the presence of the Sun Yu is very moved, he said: "Did not expect a big guy can do so." ”

This doll face, returned to the background, tenor can be comparable to the professional level of the wind investment sector to the "financial" reporter said, to which mountain sing which song, after the appearance of, IDG also should follow this to help the children together again entrepreneurial.

IDG is still at the top. Under the auspices of Shong, IDG in the first wave of internet entrepreneurship found in Zhang Chaoyang, MA, Li, Hanting, Tianquan, and so on, accompanied by more than 30 Internet companies listed, they produced hundreds of billion-class rich. Such a result is no more than in China today.

But the majority stayed 2005 years ago. In recent years, Shong has been calm. Outside evaluation He is a well-organized, good at planning people. Some of the projects he invests are being withdrawn, while some star projects, SouFun and 91 wireless, are not enough to prop up Shong ambitions and ambitions. He has said more than once that investing in a big company can be very pleasurable.

Soon, Shong to invest 90 of the sun after the trip, he once again put on his own, believe that "dare to gamble people always took all."

Crazy Gene

Steadiness and madness are often intertwined with the present shong, and if they are neglected, they cannot fully comprehend him. "He is always interested in the next scene, even now, he is still trying to move forward." The people around him said.

Shong was born in Hunan Xiangtan an ordinary family, his father is Xiangtan iron and steel factory cadre, his 15-Year-old replaced father into the factory when an electrician, this is his childhood wishes.

1977, China to resume the college entrance examination, Shong admitted to Hunan English major. At that time, the Middle East is in a period of war, the Xinhua news agency reporter sent back to the wonderful field reports, let Shong began to become a strong interest in reporters.

In order to achieve this ideal, after graduating shong unwilling to stay in school to teach, but to Beijing when the English translation. After two postgraduate exams, finally to the national test scores of the third grade on the Chinese Academy of Social Sciences English editing and cataloguing professional.

At the Academy of Social Sciences, Shong more diligent in writing than ever before. One of his classmates in the Academy of Social Sciences recalls, at that time, everyone was nervous, ran to teach English, to money fast, also relaxed, but Shong obsessed want to be a journalist, and like art, ran to the Chinese daily writing literature and art of the manuscript. The old classmate recalls: "At that time he was a student, the name is not straight to run to interview, often doors." ”

Academy of the old students are very impressed on the Shong body of the ideal momentum, in that everyone is trying to secure the era, Shong has revealed and others are not the same place.

Later, Shong students, students in the United States to study the comprehensive Shong wrote a very short letter: "Xiao Pigeon, you come to America quickly, you such people should come." "These words let Shong decided to go to Boston University to continue his studies.

After the United States, Shong on a bicycle to earn living, while studying day and night, eight months won the Boston University communication Master's degree. The diligent school career did not stop there, with the help of the tutor, Shong to develop a doctorate at the Fletcher Institute of Law and Foreign Affairs, known as the diplomatic elite.

It's 1988 since Shong was a journalist in the American press group. His interview position is not in the battlefield, but in Silicon Valley, he does not report war, but he knows a lot of Silicon Valley entrepreneurial elite.

Looking back on that period of study, Shong suddenly a little self-deprecating, he straightened up and said, "My American University professor said I am a doer, is a director of the people, but I was clearly a crazy person inside." ”

Shong all the way from Hunan factory to the United States, complete the life of many transitions. It made his father very incomprehensible, and every step of his father demanded stability, and he was more and more distant. The only time the father and son reached a consensus was that, in 1991, when Shong said he wanted to go back to the country, he was delighted to be seconded.

In 1991, the American Press, Shong and IDG founder McGovern, made his first bet on his life: to establish IDG Investment company in China to engage in information services and venture capital. McGovern gave him 10 million dollars in start-up money and a Chinese market, and he staked himself.

Shong an old classmate recalls, after returning home, Shong in Shenzhen to find a bunch of old classmates to eat, ask them to help find investment opportunities, but no one knows what is called venture capital, and no one believes. Most of the students here think: our monthly salary is only 120 yuan, he said he has 10 million dollars, I do the company he paid, he also accounted for small stocks, not liars, but also with a liar almost.

At that time, the comprehensive has been shong persuaded to return to business together. Two people everywhere to popularize what is called venture capital, others welcome them, want to get some money from "fool" to spend. Shong and thoughtful, is the two "fools".

In the seven-year period since then, Shong's IDG China Company has invested a lot of projects, but almost nothing in investment income. However, this period of time Shong found seven partners, from many years of good friends to join, to Zhangsuyang, forest pillars, Yang, and then Wang, Wangshu joined in 1999 to the macro, Li Jianguang, thus establishing the nine King Kong Gold lineup.

These nine people were originally distributed in various industries, no VC experience, joining IDG is mostly accidental, but in the future become big. Shong that the only thing they have in common is the passion and madness that are not understood by ordinary people, and the mutual sympathy and empathy with each other.

IDG has many classic projects in the early days. The lists include Charles Zhang, who had already consumed the first loan of Angel money and struggled to survive on a 100,000-dollar bridge, with a six-version business plan that had not yet found a penny for Ma; and Robin Li, who looked for a round of financing in early 2000.

In a large number of venture capital into the TMT industry before 2005, IDG took the initiative, "the vote is cast." Shong was "stones, but the odds of meeting a giant were high".

In order to diversify the risk, nine partners decided to make a broad collection of thin, single project funds generally controlled within the million, a total of about four hundred or five hundred projects. At the time, such a strategy was appropriate.

Although the last two hundred or three hundred died, but with Baidu, Tencent and Sohu and other companies listed, as well as ebay, search houses and other companies to transfer equity, IDG began to obtain a great return. Only Baidu's investment, the IDG brought more than 100 million dollars in return.

IDG statistics show that the first fund from 1993 onwards, by 2003, the average annual rate of return is 36%; the second fund began in 1999 with a return of more than 40%, and at the end of 2006, IDG invested less than 200 million dollars in China, with a return of $ more than 1 billion.

He ran into a bottleneck.

IDG fire, for a long time, IDG equals VC,VC equals IDG. Shong as the face of IDG, got a lot of titles, such as "China VC First", "Chinese VC pioneer."

But then Citis came, the IDG invested two Shen came, Liu came, and a big dial new VC all come. Many of them have successfully done business, are familiar with the High-tech, the Internet, their resource integration ability is very strong, and some people also have super cattle and international capital docking ability.

Shong began to sink into the bottleneck. After 2005 years, IDG Capital's exit project altogether 60, more is 2005 investment project, after 2005 years investment exit only is 8. Especially in the second wave of internet entrepreneurship, which is the mainstream of the electric business platform, Shong admits that he did miss out on some opportunities and did not invest in good projects on the platform of Electric business. But he also stressed that IDG early layout of 91 wireless, millet and other mobile internet companies.

IDG investment in a few times to face the shortage of funds, repeatedly and the listing is not, gather still network and tick group development stamina insufficiency, finally through mergers and acquisitions exit;

More and more angel investors have taken Shong's thunder. A group of early-stage successful entrepreneurs began to participate in the early investment of Internet entrepreneurship. Angel Investment Light Clever, from the entrepreneur more near, a time popular in China investment Circle, also created a group of mobile internet star.

The Shong, who had always been in the limelight, was left out of the cold. This is like a person is in a cheerful speech, the people under the stage quietly walked half.

' There's no one who knows who's going to make it, ' says Shong, who has a lot of luck in investing. However, in the past 5 years, IDG's experience shows that the cost of IDG investment is getting higher, and IDG needs to make strategic adjustments.

From the previous focus on the TMT field of early investment, began to spread to more areas, to energy, biopharmaceutical sector to find more opportunities is a solution. Shong even began to consider the fund plate larger, more difficult to manage PE. Some say IDG is losing direction, but Shong disagree, as he told a reporter, "The experts in the investment world are lonely." ”

Shong's international background allows him to look at the domestic market in a higher perspective. But Shong sometimes see too far, in 2005 saw the mobile Internet is the direction, but ignored the influence of the Internet power, the investment team also overlooked some more valuable entrepreneurial team, such as Robin born in Liu founder of the Beijing-east.

This can be attributed to bad luck and possibly wrong judgment. IDG, an investor told Caijing, in the Internet field, IDG likes to invest in a vertical subdivision of the first and second, which can effectively improve the efficiency of investment, but it is possible to pass the next giant.

Shong this to the "financial" reporter explained the reason that IDG missed MA: At that time IDG has invested in the relevant areas of the performance of the better 8848, Hui Cong and made in, and in accordance with the rules of IDG, generally only the first two of the industry, then did not cast to find the door to Ma.

Shong the crazy gene, in fact, and Ma Yun has some kind of fit. However, bear deliberately stressed that Ma Yun is not in fact like the appearance of both crazy and paranoid, "Ma Yun is actually very rational."

Shong never confided in the pressure to outsiders. People around him said that the General people's career or life setbacks will be very painful, but Shong's face can not see any changes, he has been very strong resistance.

One of Shong's friends described Shong as "the most rational person ever seen," and "he knows what he's good at, what he's not good at, what he shouldn't do, and that's a good way to dominate his impulses and desires." ”

It can be said that he is the best combination of madness and reason.

To be passionate again after 90

Last summer, IDG investment team in the main Li Feng TMT field suddenly found that the children have come out of the world. He felt Shong also quickly discovered the trend, because Shong met with people to discuss the various problems of the problem, like there is an exciting energy to vent.

The entire investment team, including Li Feng, has come to feel that investing in a group of entrepreneurs has become a shong agenda and an immediate thing to do.

Shong began to talk about the first place on many occasions. At first, he found that he could not understand the young, involuntarily called them "children", but he also made sure that the wave of career, will be born next generation giants. This rejection and want to seize the contradictions, the moment tore his heart.

In Li Feng's view, the whole thing is very simple, because Shong "extremely self-confident, very trusting own judgment". Shong that the next hope is IDG, will certainly want to do various ways to contribute.

This strategic iteration, Shong action can be summed up to three words: fast, ruthless, crazy.

Some of the new projects are quickly incorporated into the IDG investment team vision. "Sing together" founder Yinsan told Caijing reporter, Li Feng only chatted with him for more than 20 minutes, decided to give him money. IDG has invested 2 million dollars in its team.

Shong explained, "In fact, Li Feng only asked him why you do this industry, you want to make what kind of", and Yinsan answer Li Feng very satisfied. He judged that at the age of 20 he could make it clear that it was not easy to see what he was doing at the forefront.

This kind of tolerance makes the founder very moved. Sun Yu, 22, the founder of the Rui-Bo technology, told Caijing reporter, don't look at the new venture now so hot, most VC see the beginning of the year, even the business Plan book not to see them out of the door.

Sun Yu says he often tries to inspire investors with the story of Facebook founder Zuckerberg's dropout, and investors scoff: "Do you think everyone is Zuckerberg?" Recently, many venture capital institutions have started to invest in some projects. Sun Yu to sum up, "finally see who is leading the trend, who is following!"

In order to improve the hit rate, IGD let Li Feng as the core trader, from the age, whenever Li Feng indeed and the difference between the younger, better communication, the idea between each other easier to understand. Even IDG's TMT investment team is 85 after the main.

However, shong in this matter has shown himself to adhere to the side. He began to consciously soak himself in the middle of the group of children, playing badminton with them, singing together, and also like chatting. IDG each of the theme activities, Shong almost inevitable attendance, and very active. Sun Yu said that Shong's approachable and surprising, coupled with his doll face, let people feel "very meng."

"I think they like me a pretty much." "Shong proudly said to Caijing," the fear of losing the dominant position of the times seems to have stirred some kind of shong instinct rebound, he said, to invest 90, after a 90 mentality, first put the attitude, put the battle.

In his early years, when working with "Mr. Vogue" magazine, Shong liked to wear a dark blue suit, a light blue lapel shirt, and a red tie, which appeared in public, a fashionable van. This is his unique style, no matter how big the contrast, he will quickly adjust himself, and the other side, if the other is also a crazy interesting person, he will report to the feeling of empathy.

Shong impression of a very unusual investment interview, took place in early 2009, he stayed in Fuzhou for three days, and the Dragon Group chairman Liu Dejian talk about 91 wireless separate listing investment. Shong saw Liu Dejian in the United States in 2002, and he was very impressed. Liu De is accustomed to working at night and sleeping during the day. More than 6 o'clock in the afternoon every day to the company, 8 o'clock in the evening official work, at midnight 12 o'clock dinner, but also often play badminton in 1 o'clock in the evening. Shong also adjusted the rest of the night, 1 points and Liu Dejian together to play badminton. "The two of us killed Dramtically, and I had a slight upper hand. "Shong is a little complacent, he leaned up, added," Later we agreed, 91 wireless listing when the group of an owl team. ”

Although the 91 is not listed, IDG's return is still very fast. Last July, Baidu announced a 1.9 billion dollar acquisition of 91 Wireless, became China Mobile internet first successful venture case.

This made Shong ecstatic. He called Liu Dejian from Hyde Park in London, "You can set up an owl team." Each other laughed.

Shong's madness is enough. He seems to be "in", because he still has a strong attack on the market, he has the desire to succeed, to create the next internet giant with strong expectations. Also seems to be in the "back", he began to cast a net-like investment has improved, not to tackle hot items, not blind bidding, and forums-70 after the entrepreneurial point of investment three hundred or four hundred projects, more than 10 of the project went to the intensive cultivation of the way.

These include the cartoon Avatar DIY Mobile social tool face Meng, video website Bilibili, singing, poi online education, young developer Community segment fault, etc. Yinsan, the founder of the song, proudly told Caijing that the value of singing together has exceeded 100 million dollars.

Shong still don't know who will be China's Zuckerberg, who will eventually emerge, he is also gambling.

He insisted on some years of habit. Every time out of the door, he will bring a pile of newspapers and magazines that day, the road quickly scanned, see useful news, will immediately out of the phone to fight. He also likes to listen to bull talk, especially competitors, he is always excited about the new information, and always in the working state.

He is also keen on unconventional energy, human Brain research, and recreational sports, which seem amorites, and he has been adding and subtracting himself.

Shong said that his happiest time was spent in Hunan University, when youth, pure, ideal, passionate overflowing. Now, the clear eye of the year has been full of vicissitudes, fortunately, the passion is still.

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