Tang June Pk Kai-fu Lee: Entrepreneurial can bulk copy

Tang June Pk Kai-fu Lee: Entrepreneurial can bulk copy angel investment and venture capital brief difference Introduction September 7, 2009, from Google (Google) global vice president and China regional president of the resignation of Kai-Fu Lee High-profile announced the establishment of "Innovation Workshop", committed to large-scale replication of innovative enterprises.　　Because this model is different from the personal characteristics of the ordinary angel investment, but also different from the obvious institutional characteristics of VC funds, therefore, in the cause of great concern at the same time, the industry is also controversial. October 30, is carrying out recruitment of Kai-fu Lee meeting Gap received this reporter interview (see "Southern Network" This topic Network Edition). He said that the innovation Workshop model is "unique", not abroad, 20 years after the domestic will not have. He introduced, Innovation factory currently recruit more than 10 people, "quality is very good", 5 years of 800 million yuan of funds also not a problem.　　Despite the pressure of media Chase, Lee is still convinced that this unique model for the current Chinese market ecology, is expected to bring the Chinese angel investment model to a high scale, the new realm of industrialization. Can entrepreneurship be replicated? Xinhua Group President and CEO Tang June in the same day to interview the newspaper reporter expressed a different view. "Kai-Fu Lee's innovative factory model is difficult to succeed, entrepreneurship is no one can ' make '." Bill Gates once told me that it is impossible for him to rebuild a Microsoft. This means that entrepreneurship is not replicable, no one can speak clearly, teach. "This newspaper after many interviews to choose this case for discussion, on the one hand is to express good wishes for this emerging model, on the other hand, we are not limited to the simple" can and can't "empty discussion, but through the dialogue between the parties and the analysis of the experts of the collision, to the real, directly hit the case of the most primitive logic,　　Let the reader draw their own judgments. Discussion guest: Tang June: President and CEO of Xinhua Group: Lin, director of Finance and Taxation Department of Lingnan College, Sun Yat-sen University, professor, doctoral tutor Tang Haof: Ding Joint venture CEO, senior expert in venture capital Zhou: Beijing Wave gold mining company CEO, Google China's former technical director, Kai-fu Lee Disciple Genesis Innovation Google's project model, but not the strength of Google's big companies, may not be able to provide a large enough operating platform for new projects. Does this simple borrowing bring the acclimatized? At the same time, the innovation workshop claims that it does not accept business plans, and that the project is not intended by the engineers recruited, and how people and projects match. In such a premise, the large-scale replication of start-up enterprises is feasible?　　These problems will affect the success or failure of innovative workshops.　　In this respect, the Nanfang daily invited the academics and venture capitalists as well as Lee's disciple Zhou, for comment analysis. Case Innovation Workshop mode of operation to push through the media chaos of the report fog, after the personal introduction of Lee Kai-fu Lee and Li Kaifu disciple Zhou, a site on the specific operation of innovation workshopThe clear picture of the pattern emerges: personnel: mainly engineers. The scale of the innovation Workshop will remain at 110, as 110 people are the best balance between efficiency and scale, too few to scale and too often "bureaucratic".　　110 people, legal, financial and personnel, 10 people, and 100 other 10 groups, each group will be divided into one project. Project: Innovation Workshop does not accept the business plan, the project creative internal generation.　　Kai-fu Lee introduced, creative mainly from the inspiration of foreign products and see the business opportunities of both sides. Operation: From the creative to the project will take 3-5 months, from the project to the company will use 6-9 months, the entire cycle is 1 years or so. Once the subsidiaries are fully operational, they will be detached from the platform of innovation workshops and become independent companies with a stake in the innovation workshop.　　Since then, Kai-Fu Lee will help the subsidiary to find such as Sequoia and IDG venture capital. Innovation Workshop "Preview" case before Google Technology director, now Beijing Wave Gold Company CEO Zhou said, Kai-Fu Lee for its entrepreneurial "mentor", wave Gold Company's growth, can be regarded as innovative factory incubation innovative Company A "rehearsal."　　As the innovation Workshop has not yet officially hatched the enterprise, we selected the case for specific introduction. The company's focus is the internet effect of advertising, according to the number of phone calls to advertisers to charge customers, and Pay-per-click, this model is more risky. After two years of development, the company's business scale of about 10 million yuan, with more than 70 people's staff team.　　For the already booming advertising market in the U.S., Zhou that the market will increase 10 times times in the next 5 years. From technical personnel to the managers of entrepreneurial enterprises, Zhou has been a lot of guidance from Kai-Fu Lee. "We meet regularly for a chat, usually two months." "For me, the team that used to have more than 30 people in Google was just responsible for the management of the technical team," Zhou said. and entrepreneurial enterprises, to face a lot of new things, including human resources, market development, public relations, marketing strategies and so on, Kai-fu Lee will give me a lot of advice. For example, market, how to do, how to package, and what kind of media how to talk? How to build sales channels? Sometimes it is not his own answer, he will tell me ' who is this professional, you can talk to him. ' This is ' find the right person, solve the problem '.　　"Case Discussion" topic one "is the innovation workshop suitable for Chinese soil?" Innovation Workshops The important difference from the average angel investment is the source of the project's creativity, which does not accept business plans, thinks with entrepreneurs, or tells the entrepreneur "What to do", while the latter requires the entrepreneur to tell the story first.　　Compared with the internal project system in Google, the innovation workshop lacks a large enough operating platform corresponding to the product. Lee said: "We do not lack of projects, is too many projects." The project is mainly analyzed by the whole team (brainstorming?) It's not a brainstorming project.. For example, a foreign product lets us have the inspiration, we will carry on the analysis accordingly, how unifies the domestic actual to carry on the innovation. This is learning, not simply imitating. Second, there are opportunities that we see ourselves. This is the two main sources of creativity. Of course, there is also a need for brainstorming. "Opinion PK Tang June: China does not have very good soil, atmosphere and mechanism in venture capital, especially related supporting mechanism." In the entrepreneurial team, the contradiction of belief is an important reason to hinder investment.　　In China, you can choose a lot of investment projects, like some of the investors I know, basically only to know each other, or friends introduced to trust their identity of entrepreneurs, I do the same as private equity. Tang Haof: The core problem lies in the degree of intervention to the enterprise, an important question is how to define the relationship between the financial investor and the entrepreneur. An entrepreneurial operation process includes the establishment, revision and implementation of the business model.　　I am engaged in the field of VC (venture capital) as an example, generally will not participate in the creation of the link, at most just participate in the business model a little bit of adjustment correction, at the implementation level basically not participate. Angel investment Time to intervene earlier, just have the idea to vote. Innovation Workshop This model, the intervention stage earlier, in the absence of creative time to intervene, the degree of intervention is also relatively deep, even the implementation of the Tube.　　This means that the investor's own likes and dislikes will affect the direction of the project business model itself. This approach is very different from the way we normally operate in VC. We are generally looking at the market potential of the industry first, then look at the feasibility of business model, and finally see if the team can implement this model. The Innovation Workshop model is the reverse, the entrepreneurial professionalism, first from the people, and then out of creativity, implementation. There is a problem, creativity must be generated in more than 100 people, in a short period of time to come up with good ideas? Good ideas generally come from the accumulation and inspiration, but also rely on resources, not overnight.　　According to this mode of operation, it is estimated that the project of Innovation Factory will be the most innovative business model, partial service, technology-based new products will be less, this is not to circle people together on the line. Lin: For the project in the founding period, the way of Kai-Fu Lee can help to introduce investment, but also arouse the community's investment in the initial stage of the project attention, it is meaningful.　　"This is a transitional way under China's specific conditions" is a very representative statement, I very much agree. I agree with Tang June's view that there are too many projects in China, as long as there is a little money, just find the science and technology office in the city or province, they will have a lot of good quality projects for you to choose from. As a result, big venture capital is now accustomed to looking for projects with relevant government background, which is perfectly reasonable from the perspective of risk income.　　Therefore, the lack of Chinese angel investment can not blame investors alone, the government's current model is also responsible, which is unique to China. For Kai-Fu Lee's Innovation workshop, due to the personal reasons of Dr. Lee Kai-fu, the money is certainly no problemOf。 Kai-Fu Lee's personal status, there must be more people and enterprises will invest.　　But I doubt whether he will be a model. Commercial integrity of the soil, the Government of the soil, so that angel investment in China itself is difficult to carry out.　　Therefore, also will not because of Kai-fu Lee "Dream Workshop" The success of the emergence of many angel investors.　　"Question two" is it feasible to replicate innovative enterprises in a large scale? From the case of Zhou, Kai-fu Lee for Zhou and wave Gold Company's guidance, in fact, equivalent to the former biography of innovative factory, a simple prototype. Innovation Workshop Operation concept is "(Angel Investment + Innovation)" x scale.　　So, in the case of the single tutor role, whether successful large-scale, and successfully hatched a pioneering enterprise? Opinion PK Tang June: Kai-Fu Lee's innovative factory model is difficult to succeed, this is the original model of China, in foreign countries is not. First, entrepreneurship is no one can "make". Gates once told me that it would be impossible for him to recreate a Microsoft.　　This means that entrepreneurship is not replicable, no one can speak clearly, teach, Kai-Fu Lee's example is not replicable.　　Second, the entrepreneurial process there are too many uncertainties, is not controllable, no one can guarantee the results, unlike a business can produce a certain product, although it is said that innovative factory, but no one can guarantee the output of a certain entrepreneurial results. He may have spent a year trying to do it, but he should not have done it. Because entrepreneurship is not replicable.　　Moreover, there are many problems in the management of the innovation workshop, such as how to control the entrepreneurial team and the company's idea. At present, the domestic angel investment is also in the entrepreneurial plan has a certain progress, the product came out, and can raise a large amount of money, only to open up the market when the full investment.　　With only one plan to invest immediately, no one has done it, the stakes are too high, and foreign countries have rarely done so. Lin: First of all, innovation Workshop should be able to succeed, but this success is probably not the success of innovation workshop itself, but Lee Kai-fu's personal success.　　If you change someone else, the chances of success are almost Nil. From the innovative factory model, from the project selection, management to exit, I do not see what is very special, and other VCs are not the same place. China has a lot of creative projects, but in the end in China to engage in "dream Factory" is a new innovation, or just another model of the venture, dubbed "Dream Factory" this concept. Because of the flexibility of the current venture, many partners have emphasized that the management team will do it and some partners will be able to let go.　　Like Deep ventures, they also have a, B, C3 team doing different business projects.　　Second, Kai-Fu Lee's dream Factory in fact, using the economic principles of a very classical three-dimensional thinking, the use of scale to improve the chances of success, while some project success can cover other parts of the loss. The current venture capital projects are dominated by the government and are stocked with a large number of projects. This way, in itself, givesThe wind cast a fixed platform. Tang Haof: In terms of corporate architecture, the biggest problem is not how the profit is distributed, but who is going to make the decision to continue or give up when the startup project is in trouble? What if the Innovation Workshop platform feels the project is not worth reinvestment and the project team insists on continuing? In accordance with the traditional mode of wind investment, the VCs are not big shareholders, they do not want to bear the cash flow when the company loses, thus reducing the risk. The company can also go and find other VCs to talk about. But for innovative factory projects, if "Lao Tze" does not agree to do, "son" will have to leave. But in fact, many projects are done by paranoid people, to insist, if not so, the media will not be today.　　It has been more than 10 million and has not yet begun to profit. Zhou: Innovation Workshop is equivalent to an incubator, it is no longer a simple mentor role, it can help companies solve more problems. Take my company for example, the demand for technical personnel is higher than Google, but the current treatment is certainly far worse than Google, how to attract talent? With the platform of Innovation workshop, kai-fu Lee will own personal appeal and image to the platform, you can attract more high-quality talent.　　From the recruitment of innovative workshops, the quality of people coming is still good. For example, innovation workshops are like a social version of cloud computing, the "Entrepreneurial cloud computing System". It is like an entrepreneurial infrastructure that focuses on providing the services and resources needed to start a business, just as power plants centralize power.　　In essence, this is a kind of resource integration, is a major part of the social division of entrepreneurial socialization. Of course, Innovation Factory itself is also a start-up, entrepreneurship can not be smooth sailing. The first one to do it also means that there are a lot of things you should be the first to solve. You don't know what the problem is, the only thing you can think of is that you will encounter unexpected things. This project has a very good direction. If made, very social and economic significance.