SOURCE Capital Cao Yi: What kind of entrepreneur is more popular?

Intermediary transaction SEO diagnosis Taobao guest Cloud host technology Hall

[Abstract] Cao Yi says it is more likely to be a product entrepreneur and a two-time entrepreneur because two times entrepreneurs are more competitive.

Tencent Technology news August 21 report

In the past six months, the domestic venture investment circle is surging, many well-known investment institutions from the backbone of the organization to raise new funds or entrepreneurship, the industry has been described as "the advent of the small V era."

Recently, the original Sequoia Chinese Vice President Cao Yi announced that has left the Sequoia Capital to create source capital, and has completed the first 100 Million dollar fund collection, will focus on TMT early investment, including O2O, internet finance, new social, entertainment, corporate it and other fields represented. It is also understood that as of the first phase of the Fund collection completed, the source capital investment of innovative projects include No Secret (secret), Fun stage, pp car rental, sea play network, Ethernet capital, Sendcloud, fresh passengers.

Yesterday afternoon, in the media such as Tencent Technology interview, the current source capital partner Cao Yi said more inclined to product-oriented entrepreneurs and two of entrepreneurs, because two times entrepreneurs performance more advantages. Taking anonymous social applications as an example, Cao Yi the logic and principles of the product and the entrepreneurial team to explain why the investment was not secret.

In addition, for the current hot topic of career, Cao Yi said, compared to O2O, internet finance, such as the need for industry experience accumulated in the field, familiar with young people's internet habits of the new generation of entrepreneurs in the social field more advantages.

Investment without secret logic

Cao Yi says he is more inclined to be a product entrepreneur and a more advantageous two-time entrepreneur in the investment logic. "The idea of a product-oriented entrepreneur is clearer, the company that comes out is more of a long-term value, and it's important that his own style also subtly influences the culture of the company and the team." Cao Yi stressed.

First-time entrepreneurs often encounter many problems. For example, the lack of limited resources to make the product molding ability, "from the idea of products as a cut, to the last line of the process, many companies do not come out." Second, common mistakes in the distribution of equity structures, such as excessive or extreme inequality, or disagreements over equity, have led to the dissolution of the team. Third, when it comes to financing, there is a lack of certainty about the tempo, such as not having contacted investors before, not knowing how to expand in times of prosperity, or finding investment as much as possible in times of adversity.

It is understood that source capital is anonymous social application of the investment side, Cao Yi said the original reason to vote no secret, in addition to its continuous entrepreneurship (has done personalized recommended reading site, personalized recommendation Plug-ins, etc.), and no secret of this product clear logic has inseparable relationship.

Cao Yi has three principles for how to inspect products. First, from the point of view of product-cutting market, how to get the top 100,000 or 1 million users, the second is to see whether the reality of the prototype, that is, whether the real demand is enough to support product life, three is to see the product and team in the above two evolutionary capabilities. And without a secret team that fits these principles, "we usually communicate with the entrepreneurial team many times, and when we are in contact with the team, we find that they have a clear sense of how the logic of the product evolves and how it evolves," Cao Yi said.

After no secret red, the domestic rapid rise of anonymous social application of the clone wind. The consideration of this Cao Yi is, "as long as the logic of the evolution of the product, others are copied at most, and as for the follow-up product trend is what, copying people are often unclear." ”

The entrepreneurs have more advantages in the social field

Whether or not from the media hot, as the crowd into the community, as the year of the same as the entrepreneurial, the career has become a hot topic, and the capital market for the new entrepreneurs also show a strong interest. For example, recently, the Institute of Witchcraft and Wizardry launched the Internet entrepreneurship Virtual incubator, "F90 Magic Accelerator", and IDG announced the establishment of a 100 million-dollar "IDG90 fund".

According to the information that has been disclosed, there are more than 10 projects that have only obtained IDG financing, and many risk agencies have not yet disclosed their investment information on the project, and the entrepreneurial field has expanded from a simple internet industry to more fields.

It is also understood that the current source capital to confirm the investment of nearly 10 start-up companies in two are the first-time entrepreneurs.

Cao Yi to Tencent technology that at present, the users of social products to 85, a group of users, they are more understanding of this part of the group's behavior habits and product use logic, so in the social field, it does have a strong advantage, "and such as O2O, internet finance such areas still need to have a certain understanding and accumulation of the industry , Cao Yi said.

In addition to the entrepreneurial side, the investment circle of young people began to become the main force. For example, Ding-hui venture investor Li Muqing has been among the Ding Hui venture partner ranks, become the organization's first partner, Gobi investment partner Zhu Yu is also, the Bertelsmann Asia Investment Fund Vice President Ding Haipeng was born in 1986, and so on. These people have become activists in the current investment circle.

According to Cao Yi Introduction, the source capital of the team are also the same, the group. In his view, such a team structure allows them to form an equal level of seamless communication with young entrepreneurs, but also closer to the user community.

On the other hand, the different growth paths of the two generations of investors lead to different investment logic. Cao Yi says a new generation of investors has entered the industry at a very young age, and the previous generation of investors in the relatively mature into, "like I did not graduate into this industry, will have a heartfelt love and sense of mission to this industry, with our perspective and our way to promote the information industry faster development, And not just to make a return on investment. "