Talk about Zealer as an evaluation agency to take four of mobile phone manufacturers to invest in things

Summary: Yesterday watching old and Wang freely debate the video to see very late. Today on the Internet to see, basically are sprayed, spray both sides of the people have. The pressure to comment on this is great, so I don't want to make a point about who's right or wrong, and

Yesterday watching old and Wang freely debating the video to see very late. Today on the Internet to see, basically are sprayed, spray both sides of the people have. In this case, the pressure to comment on this matter is very great, so I do not want to anyone who is wrong to express what point of view, or left to everyone to judge it.

But I would like to talk about Zealer as a benchmark to take four of mobile phone manufacturers to invest in things. Because a lot of readers are still far away from investing and starting a business, so let me talk about my opinion.

The first thing the king has been avoiding in the video is whether the investment he gets is a financial or strategic investment, maybe he is deliberately confusing these two concepts, so in the video is to pull the media investment is to pull the internet company's investment, said the same, but either he did not understand, or is deliberately concealed, Because it's really different.

Generally speaking, VC, PE and other institutions of investment are pure financial investment, as long as they feel that the return is acceptable, they will be willing to find opportunities to sell the shares are withdrawn. This investment is generally more pure, is to make money. And the investment Department of the commercial company invests the money generally to take the strategic investment mostly, but the Zealer investment party all does not have the money, the comprehensive consideration should all be the strategic investment. BAT accounts for the vast majority of Chinese Internet strategic investments.

Strategic investment and financial investment, although only two words, but behind the meaning of a lot of difference. When the investor does not want the money, the general will ask for some other things, such as flow entrance, strategic card position. This time the motive is actually not pure. According to Wang freely said, the investment of mobile phone manufacturers in the Zealer board of Directors do not have the right to vote, so do not participate in day-to-day management. But strategic investment depends on the purpose of the need, some rights only need to be exercised by the shareholders.

Tencent, for example, many of the company's strategic investment companies will explicitly ask not to allow cooperation with 360, the right is in the shareholders will exercise, in the board Tencent only need to send observers. I've seen entrepreneurs who want to work with 360 to be very unhappy with Tencent, a shareholder. Because Tencent is not bad money, just want to be stuck first, do not cheap 360, and entrepreneurs want to seek greater development for enterprises, at some point there will be conflicts of interest.

So back to Zealer case, mobile phone manufacturers do not need to exercise the right to zealer every day to give their own good evaluation, to the opponents of bad evaluation, the pursuit of this significance is not, entrepreneurs generally will not agree (mainly or because "so little money will want to manipulate the results?" 」）。 It's just that you need to have strategic tabs on some key decisions. Most of these investors should hold such a mentality: hello I do not care, as long as the future do not block my way on the line.

I think it's very, very cautious to take strategic investment, which company's investment is the equivalent of a place. So some time ago a friend want to start a business, at that time 360 very want to vote him, I give him the proposal is 3BAT of money don't take, take whose money means to be in a position, the best to find VC take pure financial investment. If you take 360 of the money, it means that and Tencent, Baidu in the future does not exist cooperation may even be radiation to and Tencent, Baidu close relationship between the company, that loss can be big, so must first think clearly. Finally the friend chose a professional VC, now can maneuver the space is big.

It is also a bad choice to take a few competitors ' investments. Or the problem, the entrepreneur take strategic investment in addition to get money, more is want to win the resources of investors, such as Baidu's traffic, Tencent's game users, Ali's business. But if multiple strategic investors are selected at the same time, and they have a competitive relationship, it will make the situation awkward. For example, at the same time took the bat investment, to find Ali, Ali will be concerned if open resources, will not finally cheap Tencent and Baidu, the final result is a few investors because of their own concerns and who will not open resources. But this time the strategic investment clause also stipulates some to protect the shareholder benefits (such as not to and 360 cooperation), this becomes a set on the head of the rope.

So zealer at the same time took four mobile phone manufacturers of investment, and there is competition between each other, from my point of view, is a very failed financing. Such a shareholding structure can easily lead to subsequent financing no one dares to go to the stake, so the trouble is far more than these now.