The entrepreneur is anxious to change the hidden danger and capital flash and flash away

As more and more domestic hot money into the field of equity investment, entrepreneurs and investors have become impetuous, so both sides are easily at first sight to achieve "flash". However, when the entrepreneurial environment changes, the market cold, both sides are very easy to "flash away." Therefore, the entrepreneurial team and the investment side of the conflict, or even the founder of the "left" phenomenon in the industry frequently.

In the turbulent entrepreneurial wave, the entrepreneur and the capital side of the "one-night Stand" has moved from the tide surging to a public outbreak. In this context, how entrepreneurs choose investors, how the entrepreneurial team to deal with the relationship between the capital side, not only test the entrepreneurial decision-making courage, but also test their coping wisdom.

Hou Yu is sitting in a corner of the café, smoking constantly smoke, difficult to conceal frustration.

He has just been kicked out of the board, after being chairman and CEO of the Cool Net (Weibo). Dramatic: A few months ago, he also to the "China Business newspaper" reporter excitedly talking about the short plate of luxury electric dealers, outlining the cool line under the line of the combined business model, when the Hou Yu Xinjiang high-spirited.

All comes without warning. "February 24, I normal work as usual, one to the company, found a round of investment side of the Cape of Good Hope to set sail, investors Zhihihe, angel investor, Cool Network executive Vice President Wen Yi are in the conference room, and then said to open the board." I attended the meeting without notice of the meeting of the Secretary of the Board. "Hou said.

At the meeting, Hou Yu was declared "out". Immediately thereafter, Hou Yu Xinjiang's entrepreneurial team was interviewed to leave the company, while the company's other positive employees are overall pay 20%~50%, the company temporarily by Wen Yi as CEO and management.

Faced with the seizure of power, Hou Yu the surface of the Xinjiang calm, but very anxious inside. He in the first time to the newspaper reporter to reflect on its from entrepreneurship to and capital "Flash", "flash away" the whole process.

Started encountering "Angel of the Fast"

At that time, Hou Yu Xinjiang to two angel investors understand only: "Li Ken is to control the media out, Zhihihe is the spirit of the dragon out." ”

"For me, entrepreneurship came to this point, the middle implied the lack of experience, entrepreneurial impatience, blind and many other reasons." "Hou said.

However, judging from the experience of Hou himself, it is hard to believe that he is inexperienced in his business. In the founder of the Cool net, Hou has in the Jiapin network as strategic director, in the Chinaventure cast group as market director, but also led the launch of the "entrepreneur" magazine founder of the club.

However, it is impossible to understand the bitterness of the whole process without trying. Hou Yu Xinjiang from "small white" to the entrepreneur, the beginning of accompanied with the capital stumbling encounter.

Hou said that at the beginning of his venture, he met the "Fast Angel". In early February 2011, Hou Yu began to prepare for entrepreneurial projects, then known as angel investors, the U.S.-Ya technology chairman of the Li Ken found Hou Yu Xinjiang.

"Li Ken first day saw me, the third day about I see Zhihihe, that night told me decided to vote, and I was anxious to start a business, then agreed." "At that time, Hou Yu Xinjiang to these two angel Investor's understanding only is limited:" Li Ken is controls the media to come out, Zhihihe is the prosperous dragon to come out. ”

However, Hou Yu Xinjiang did not think, "flash" after that is "flash away." "Li Ken February entry, April 25 before the Web site, began to quit, and no reason. At that time, the Web site needs to be stocked, so it needs to be quickly melted to a round. Li Ken said that if he did not allow him to withdraw, he would not sign the investment agreement, will not melt a round. ”

The "Angel" Who wants to make a quick buck quits and needs to find new entrants into the capital. Until May, the cool net to find new shareholders to enter. However, in the early days of the encounter of this exit toss, let respect cool net financing rhythm and development speed have been certain influence.

From the international practice, Angel investment in the early intervention, although taking a great risk, but more still play a role in encouraging and helping entrepreneurs. At the same time, entrepreneurs need to have a deeper understanding of angel investors. Clearly, negligence in this aspect of in-depth understanding and communication, in fact, for Hou in the later a round of financing, corporate governance, and the lack of the board of Directors of the right to bury a lot of foreshadowing.

Asking for quick results leads to wrong choice.

This is a fatal selectivity error. I was in a hurry, many entrepreneurs are in fact, with an urgent mentality to find capital.

"The initial rush to get financing, negligence of the capital of the investigation and in-depth contact, is my choice of capital on the biggest fault." "Hou Yu Xinjiang Self analysis.

May, the cool network for a round of financing, Hou held four investment letter of intent, including a well-known foreign investment institutions, a Hong Kong VC, a U.S. VC and the Cape of hope to set sail to the electric Business Fund.

"The Cape of Good Hope is renminbi funds, promises can be injected as soon as possible, and in order to rob the project, at that time they gave the valuation is also higher than 2 million ~300 million yuan." "is in the Key stage of entrepreneurship Hou Yu not too many considerations, quickly made a decision: the choice of Cape 30 million yuan investment, and even signed a gambling agreement."

"The fund was lured into the market last year with high prices and fast money, and when the markets were bad this year, they started to panic, so they asked me out, to make a transition and do something relatively safe." "Hou Yujiang said.

It is understood that the Cape of hope to set sail electric Business Fund is from the Wenzhou manufacturing LP (limit Parter Limited partners, that is, not to participate in investment) investment in a fund, fund management partners in the Internet companies operating experience is not much, also lack of in-depth understanding of the electrical business.

For these, as entrepreneurs of the Hou Yu Xinjiang did not do in-depth understanding (such as investigating the investor's background), but blindly want to get the investment faster. Compared with the long approval process of the dollar fund, the investment rate of RMB funds is indeed much faster. Hou said that at that time he was a fancy to the other side can quickly inject this feature. Plus, the Cape of Good Hope investor Huang also said, "My LP all Buy these things (luxury), lightly loose can sell 10 million yuan", such commitment also let Hou Yu Xinjiang feel investors have a wealth of offline sales resources.

In fact, the investors initially promised to inject capital at the end of June until the end of August, and the bulk of the goods began to arrive in September. September 25, the official version of cool online.

The delay in funding, which affected the purchase of goods sold, so that the investment in the gambling agreement promised to complete the 40 million yuan sales revenue has not been achieved. Hou said, according to the original signed on the gambling agreement, such as outstanding performance of 80%, the company will give investors more than 1% of the equity, and this part of the final Hou Yu in Xinjiang individual transfer.

"January is the off-season, but the cool net still has nearly 2 million yuan of sales, December 2011 The highest has reached nearly 5 million yuan." Hou said that if the funds were available in time for the end of June last year, they would certainly be able to accomplish the target sales tasks.

"But now the cool net every day of UV (independent visitors) only 7000-8000 times, looking at the company I founded gradually decline, my heart is very struggling." "Hou said.

After parting with the capital, Hou Yu began to reflect: "This is a fatal selectivity error." I was in a hurry, many entrepreneurs are in fact, with an urgent mentality to find capital. Now it seems that the mentality of needing money is wrong. If the project is good and the team is strong, we should choose the investors. In the choice of capital, we must first in-depth understanding of its background, in addition to matching resources, the other side to be able to follow the development direction of the entrepreneur, this is very important. ”

Capital side strong in daily management

In the direction of strategic development after the divergence, the capital side strong intervention in the day-to-day operation and management of the company, which inspired us and the capital side contradictions.

Huang Rong in the media to explain the dismissal of the reasons for Hou Yu Xinjiang, said, cool network management There are three major problems: "First, the financial system is not standardized, monthly statements are long overdue, and the report quality is poor, the annual financial statements provided by the logic can not be 钩稽, the traces of fraud is obvious;" The second is the company's internal management system is not perfect Third, Hou Yu Xinjiang does not comply with the resolution of the Board, without authorization to increase advertising. ”

In this regard, the reporter to Hou Yu Xinjiang, he said: "For a start-up enterprise, in the ERP imperfect situation, our financial statements have been gradually improved, as for financial fraud, please they come up with evidence." ”

The "unauthorized increase in advertising" problem, Hou said: "Until February 2012 was dismissed, the board of Directors did not discuss the issue of advertising." Hou that these are not the main reasons, the most important thing is that the two sides in the company's development strategy has produced differences.

"The Cool net Walk is the main line, with the line under the wardrobe consultant's route, and Huang Rong hope to transform to do offline auction, to private club clubs and so do offline business." In the direction of strategic development after the divergence, the capital side strong intervention in the day-to-day operation and management of the company, which inspired us and the capital side contradictions. "Hou said, for example, for the cool net into the cat (Micro bo), Huang Rong learned that after a direct call to express strong opposition, and in the cool net marketing cooperation, Zhihihe and Huang Rong also have to intervene in the enterprise. Reporter then to Huang Zheng, his reply to the text is: "On the cool event, I will not do a response." Thank you. ”