The investment strategy of Sequoia Capital, IDG, DCM, Jingwei VC and the big guy

The race is a tradition of sequoia. Before 2008 Sequoia invested in the software, the public comments, Qihoo 360, NetQin, Bo na film and other projects, then the red Cedar is not obvious, in the process of casting nets. 1. Sequoia Capital Well-known partners: Shen, Ji Yue, Kui Zhou and other investment characteristics: gambling circuit is the tradition of Sequoia. Before 2008 Sequoia invested in the software, the public comments, Qihoo 360, NetQin, Bo na film and other projects, then the red Cedar is not obvious, in the process of casting nets. After investing in the Le Feng in 2008, Sequoia gradually saw and chose the Internet in the field of electricity, travel, O2O and vertical community, Internet finance, such as four circuits (in 2008 focused on a number of education projects, and then only sporadic investment in two or three projects, basically abandoned the circuit). The common feature of these industries is "close to Money", even if the community is also focused on a certain kind of topic of the vertical community, the road is clearer. In addition to catching a hot game, Sequoia also has a deep track, in the same field "more Occupy place" habit. For example, in the field of cosmetics electrical business, it also invests in the United States and the Music Bee Network, in the line tourism market, the donkey mother and the cattle network have been many times by Sequoia betting, and in the booking field, it not only to buy a hungry, but also invested in Nanjing Line Line 0; In the emerging O2O local life, Sequoia is also looking for opportunities to bet more places. Shennan Peng Investment Views: 1. Today, mobile Internet investment opportunities may be less than two years ago, two years ago mobile Internet may account for the Chinese Sequoia China Early fund 40% investment ratio. 2. In the direction of the mobile Internet, the vertical areas that will be subdivided in the future, especially in these directions combined with some traditional industries, have more entrepreneurial opportunities behind them. It is not necessary for everyone to find such a huge amount, not to have an application for all. Many industries in China have many opportunities, how to combine the characteristics of mobile Internet, mobile internet means to transform the traditional industries, which will emerge a lot of entrepreneurial opportunities. This is where we focus our attention for the next two or three years. 3. With the industry upstream and downstream to understand, to find the original vertical industry of these companies their weaknesses in what place, using the Internet to find the corresponding original existing company's soft rib, found that its advantages in front of the internet has become a weak, so, it is possible to overtake in the curve, in this process, I think there will be many opportunities, but in this direction, the entrepreneurial time, to the success of a relatively long time. 4. In the direction of mobile Internet, the next continuous opportunity is the game field, the field of game, we see whether from the past development of China, from the PC to the Web, to the original social to the mobile, every change will find a number of new companies emerge, in the past some companies have done a strong , but there are new opportunities in every transition, and there are many opportunities for innovation. And then with the operator's advantage will be in the user collectionFee, the next 3-5 years, the game of entrepreneurs should still say gold time. Because the operators such as the volume of data analysis, billing, the whole link above, I think it will give the industry can bring great value. 5. As a practical tool, some of the social-based communications that combine applications with entertainment are now becoming less likely. And the fields of the tools are swept over by the Giants, and the new companies are also very difficult to come up with generic tools. 6. As an investor needs to have a grasp of the big pattern, for example, in the electric business industry, not every vertical field can be successful, but users use a higher frequency, relative to the line under the channel is more complex, relatively high gross margin may have opportunities. 7. Micro-trust Friends of the Circle of natural users to cut and subdivide, you each group of users, in fact, is a natural, relatively targeted user groups, and the inside of each other to generate forwarding, the efficiency of communication is very high. There are a lot of good entrepreneurial opportunities here. 8. The current relatively hot is the combination of hardware and software, from the perspective of investors we are relatively cautious, which we feel the relative risk is very high. Some of the current applications of this device are not particularly well caught with the core of the pain point. In fact, besides millet, similar companies are hard to come by. 9. China's early applications for enterprises, enterprises in this respect has not been a good company, but in fact, the application of enterprises, it is likely that the same as in the past game. Chinese games with the Internet up before, China is no game industry, foreign has a huge stand-alone version of the game, China does not, with the advent of the Internet, China online games is a huge opportunity. In the past, for enterprise-related software, or the service application in this regard, China is basically a decimal point is inferior, but China to the disappearance of the demographic dividend stage, each enterprise faces enormous cost pressure, and how the enterprise face extensive growth to the end, how to improve their efficiency, this The role of it is becoming increasingly apparent. I think that with the combination of mobility, I think there will be a lot of companies out there, and I think China needs time, but in the long run, there will be, and that demand will always be there. 2.IDG well-known partners: Hugo Shong, comprehensive, Zhangsuyang, Li Feng and other investment characteristics: IDG is a model of gamblers. Before 2005, IDG found many excellent internet entrepreneurs and in the early years to give investment, including Sohu, Tencent, Ctrip, when, Baidu, potatoes and so on. 2005 years later, IDG seems to have lost its spirituality, not only missed the power of this opportunity, the project is not a successful listing. But a few years ago they started betting on the track, and this time they were betting on mobile internet. Investment strategy: Still look at the big market direction, the growth of the project, the ability of the team and the mode of innovation. Li Feng Investment Viewpoint: 1. Over the past two or three years, Taobao has sold moderate consumer and mild household consumer goods, including cosmetics and basic foods.Products, supplies. At present 85 after the crowd to buy a house, the stage of giving birth to children, so the category of Taobao has been covered to heavy household consumer goods, is about to happen, the fastest growing category is home, decoration category, as well as family use, family diet. And so on, the next two years should be heavy personal and household consumer goods. When they become the backbone of the 32 years of age 85, their demand for quality drives them to buy expensive, good quality goods and heavy household goods (daily necessities) or buy things for their parents. 2. The game will still be very lucrative. After the beginning of the game almost at the same time, the students raised a better payment possibilities, and the duration of the game is longer than the last. Gossip, and 13 years ago, the portal was the same as the demand for the birth of the era, but it is now on the mobile side. The social privacy protection more attention, personalized requirements higher, more willing to participate in the production of entertainment. The way to work is to be happy, study, material, will appear more and more freelancers, with their own skills in exchange for lifestyle. 3. After the rise of the first mobile Internet, the demand for quality content has become more and more high, which is a significant trend. Another background is that we find people called traditional media that have the ability to create media content, and for the first time in their history, they have started to leave the traditional media into entrepreneurial state, something that has hardly happened before. Many of these people have the ability to produce very good content and edit content, and they begin to systematically leave the traditional media and enter the new mobile Internet environment to participate in the manufacturing, editing, sorting and recommending of content. 4. The change in many industries, whether goods or services, comes from the user-driven, and this will always be an opportunity, and we call the user maturity and consumption power changes brought about by the lack of offline business model or unmet demand. 5. Very small sites It also has its value and is the prospect of being exploited. From the Internet to see it all through the way the search engine connected, you can access to a variety of web sites. But the problem with moving is that if we just distribute it by App Store, it is clearly only the head of the application that everyone uses will be valued, and those small and beautiful things will be found by people, be remembered, and thus be used by people, and reflect the value, which is another opportunity to look down. 3.DCM main partner: Hurst Lin, Lu Yong investment characteristics: DCM China insists on a small investment team of seven people, and only to invest in the early, only to invest in the United States dollar, only TMT, not a wide net into the hot areas of investment, but insist that investment is intelligence-intensive work, cast must be fine. In its investment case, the successful listing includes 58 with the city, the only goods will, Dangdang, job, Renren, easy Car network, as well as high growth or imminent IPO cattle and pea pods.Lin Xin Investment Viewpoint: 1. Silicon Valley's biosphere only care products, the team dispersed in a few years, but in China, to vote for the company to lead the listing of entrepreneurs. So DCM in making investment decisions, the first consideration is whether the team is a company, whether to communicate with Wall Street, brand awareness. 2. In the future, there is a major focus on online education in the field of business, and there are opportunities to develop in 2015. 3. The time point of the standardization management of domestic enterprises has not yet arrived, the market still exists education space, then enterprise service will go up. 4. We have to vote for a project, before that partner must have a certain depth of understanding of that project, not rely on reading some newspapers, read some lectures on the understanding, should be said in the field has cast, naturally have experience. 4. Jingwei Venture capital well-known partner: Zhang Ying Investment characteristics: Before 2010, Jingwei successfully invested in the audience and Love Kang Ambassador, 2011-2012 Jingwei began to layout mobile internet. At present, Jingwei Ventures focuses on the fields of mobile social, internet finance, intelligent hardware, O2O and enterprise-class services, with three to five people in each area jointly responsible, and has invested more than 190 companies in the country, becoming the largest fund for domestic investment in mobile internet projects. In the mobile social company Mo, Nice; Mobile shopping application Pocket shopping, mobile phone taxi software fast, O2O company Hungry Mody and so many well-known companies have emerged Jingwei Chong cast figure. Zhang Ying for the company designed tactics, the current investment team has more than 40 members. He hopes Jingwei can have 30 to 40 investment teams in the future to look for cases. Zhang Ying's view of investment: 1. Jingwei to today in the country has invested more than 190 companies, at any point in time we have 30 companies in financing, m&a or ready to go public. So many companies and the frequent exchanges and transactions behind, so that we in a sense, into a rich sample of the "Big Data" body. We are extremely sensitive to any kind of wind in the market, to the strategies of all major investment institutions, and even to the nuances of individual tendencies of each GP, and it is easier to base this on a trend. 2. Over the next 10 years, China's Internet/wireless start-ups will have a growing share of GDP and a brighter future. But extremes meet, the domestic VC industry in 2011 had a short peak then due to the window period of the problem in 2012 quickly back to cold, from hot to cold changes only occurred within a few months. 5. Well-known partners in the capital: Fu Yishun, Jenny Lee, Donshau and other investment characteristics: within the GGV capital, investment mainly around TMT and consumer health two major themes. The establishment of the initial source of capital positioning in the focus on growth-oriented enterprises investment, focus on the B round to the C-round phase, but this idea in recent years has quietly changed. They say they have been deepening their understanding of the industry for the past 4 years, and will then deepen the--5, with each partner taking root in vertical areas. Like partners.Fu Yishun focuses more on the online verticals of tourism, cars and real estate, while another partner, Jenny Lee, focuses on finance, gaming and wearable. Jenny Lee says they are now paying more attention to three directions: one is the internet of Things, a cross-border business model, a point where software, hardware and data are combined. It is also a trans-American chain: America has the spirit and desire to drive new things, while China has the world's first supply chain and manufacturers, most of which are made in China. GGV Capital in both China and the United States to invest in 10 enterprises, of which eight Chinese, two U.S. The second is through the mobile internet to the centralized business model. This is a relatively new market, there is no giant, so it gives entrepreneurs new opportunities. Another trend of GGV capital concerns is cross-border activity. Among them, cross-border electricity is the most obvious point observed in China and America, and the trend is two-way. Fu Yishun Point of view: 1. Several trends are noteworthy: one is the change in the economic model. I think that mobility leads sharing Economy to "share the economy". The second trend revolves around intelligent development, including smart furniture and smart terminals. Now see the wearable is only on the one hand in the future it may become heavier, because behind you want to do things, smart furniture, intelligent process is a large data (cumulative process), through the way of hardware to the user, with the help of consumers, user habits, and finally make different recommendations. The third piece I think is around the enterprise and enterprise-side services. Enterprises now through a large number of small and medium-sized enterprises, in fact, there is no service to, they now use the software, is very simple, the previous development of the law, are through investment, through the family to operate, but now more and more important efficiency, so the company's software there is room for imagination. 2. Sometimes you spend a lot of money to educate the market, then how to spend the money well, is also very important. Only when the economic model is calculated, your money is in place. But when you do not know, you find it easy to spend, but the income behind, does not necessarily grow. 3. The mobile end also has a consideration is that it must involve the transaction, for a user, if I click on the page to jump to another place, is not very good value. The mobile end has the nature of the service, and if it is only a portal, its value is limited. If you want to take the user better, you must make the transaction. Jenny Lee Point of view: 1. At this stage, from the perspective of investment, see more is for the C-terminal model, focusing on consumer data around the company. But the data here is the source, not just a business model, not the problem of selling a product, more is the accumulation of user consumption behavior. Start doing things from the data. GGV in the Internet, in fact, we still more around the end of the user who is it? It's more important to think about this as a user. You have to understand the userAble to understand the most commercially available business model. For example, the public platform is a platform, but it is facing the user at this stage more is a class of enterprises. Of course, our problem is more can be bigger, that area is how big? Each area will be contacted, but more still said that the C-terminal as the starting point, we first consider the largest market, and then to consider the follow-up there is no subdivision of the market can be extended out. 2. The mobile electric Company actually has not really got up, has not seen the Tens market value firm, but I believe that two or three years later certainly will have, is not 3-5 years, is two. Actually has started, can analyze the user to move the shopping the custom, actually the frequency is more and more high. We are investing in companies, including recently in the country also have a few in the layout of the company, I saw his mobile electric business to go up faster, one months can turn five to 10 times times. 3. Mobile finance is a real dare to finance, need certain cultivation. China's internet finance is a long-term area can be done, but at this stage is to slowly run the market, so we have to do the C-end well. In today's new internet era, you have to really make platform-like companies, will not be a jump in, came out, if there is already the market, in fact, the big guys are doing, but if the two still have the opportunity of the field, it must be nurtured today, but this cultivation needs from the product design, from the process of optimization to do out. 4. In the game, there are two different business models: one is the investment content, such as the studio. That's the bet. A product can be famous, like making movies, you have to have a masterpiece to make a profit. From this perspective, the exit is more of a cash flow is good to pay dividends or be acquired. The second is to find a platform. Like the release, has the channel with the user, may find the different content, disperses the so-called single product concentration degree the question. The benefit of the distribution model is that the revenue will be relatively stable, from a forecast perspective better than a single product. 5. In fact, the game played in many internet, especially mobile Internet products, can be driven out. It is said that our mobile applications, the introduction of novice, in fact, can learn a lot of new game novice play, it becomes more humane. Second, the so-called ecological chain of social and virtual money. In fact, in mobile applications, if you can design it well, in fact, is also a way to improve viscosity. Actually these things are available in some of the junction ways that in the world of the Internet, if you only want to single point of play, you will never win, but if you can consider multi-directional, your business model and product how to optimize the time, in fact, you can drive a lot of this aspect of the uniqueness of the product.