The king of the Chinese stationmaster Cai wins the pioneering by the internet drama has just begun

More and more entrepreneurs have realized the importance of angel investment: A good angel investors, not only bring the funds, the support of related resources can help the start-up enterprises to take off quickly.　　But the domestic reality is that there are not many angel investors, for ordinary entrepreneurs are familiar with a few seem to be "high", it is difficult to really contact. A high school did not graduate grassroots entrepreneurs, starting from the domain name, doing a lot of people as a "speculative" business, but inadvertently become China's domain name investment in the most successful people, many well-known companies from his hands to buy a good domain name; he started from a personal website, but attracted the investment of IDG Capital and Google,　　Eventually sold the site to Google, he has invested hundreds of personal websites, in the webmaster has a wide range of influence, by the media known as the King of the webmaster. Cai's entrepreneurial path looks legendary, and now his identity is the chairman of the Xiamen Cruise Network Limited, with another personal webmaster xingping (hao123 founder) operating a casual gaming platform 4399.　　"Entrepreneurial State" magazine specifically invited Professor Liao Li dialogue Cai wins, on the domain name investment, personal webmaster, Internet entrepreneurship and investment topics, in-depth discussion.　　Domain name investment: I like the high return business Liao Li: You grow up experience on the entrepreneur will have a great inspiration, because you did not graduate from high school business, belong to grassroots entrepreneurship, feel closer to everyone, not unreachable. CAI: Grassroots entrepreneurship should receive more attention, after all, in China can get investment in the people are not many, because we have a large population, want to start too many people, really can get help people are very few.　　There may also be opportunities to find investors in several big cities, which can be difficult elsewhere.　　Liao Li: You started out as a traditional business, and then how did you turn into the Internet? Cai: Here is the ingredient of luck, and it has its own choice.　　I prefer to do things that have a higher return on investment, doing the internet is much higher than the traditional trade returns; Secondly, I prefer a free business, I have done clothing, real estate and other business, found to deal with many aspects of communication relations, and do the internet as long as the creative can be achieved, more free. 1999, it is the dotcom bubble, I bought the PCCW digital stock, rose many times. I saw some reports, said a domain name of one year maintenance costs only more than 200 pieces, but a good domain name can be sold to millions of U.S. dollars.　　At that time the most expensive domain name is business.com,750 million dollars, Li Ka-shing's tom.com domain name, is bought with a Canadian, cash plus shares, the real price of more than 100 million Hong Kong dollar.　　Liao Li: Feel that doing domain name business is a personal can do, this is a relatively independent business area? Cai: Domain name is a very huge industry, like Google in foreign all the revenue, with domain name related business accounted for 20%, the foreign domain name market annual output value should be billions of dollars, not only can buy and sell, also canDo such as domain name parking.　　Domestic now this piece is relatively immature, like I now have the domain name, if in foreign countries, nothing to do, light rental at least tens of millions of annual income.　　Liao Li: Will the domain name continue to develop better, or will it go downhill? CAI: Will develop better, now a lot of good domain name value is more and more high, such as I sell to Google g.cn, three years ago such a domain name generally 500,000 yuan can buy, now have to millions of yuan, this with the entire Internet industry development, including the enterprise domain name understanding. This is very enlightening to entrepreneurs, many Chinese entrepreneurs actually look not far away, such as the beginning of the brand does not attach importance. 90% of China's companies do not use their own brands to do domain names, was registered, and do not want to spend too much money on intellectual property, now the situation is slowly reversing.　　At present, Chinese Internet companies can use a good domain name, many are looking for me to buy, such as Baidu's Qiyi.com,uc browser uc.cn and so on.　　Liao Li: How do you think of registering a domain name like uc.cn? Cai: The two-letter domain name itself is very rare, only 676, three letters. com domain name is only 17,576, a country has how many three-letter domain name can actually measure its IT development level.　　I entered domain name investment in 2000, the Chinese have three letters. com domain name not more than 10, like Tcl.com is spent hundreds of thousands of dollars to buy back, and then I registered, buy some, drive Chinese enterprises also slowly buy their own domain name, now the Chinese have hundreds of three letter domain name.　　Liao Li: What is the rule when you invest in domain name? Cai: In the beginning I found that the domain name can make money, will be all day, such as watching a certain brand on TV ads, will be written down to see the brand name is not registered; see a restaurant on the street, will also check its domain name. Every day in a small notebook to write down what I think is valuable domain name. Like the English word domain name will be very valuable, I went to buy a dictionary, just one word to enter the query.　　At that time really worked hard even often do not sleep, every day in front of the computer to check the domain name information. Later registration gradually systematized, after many attempts, continuous improvement. and registered domain name to understand a lot of knowledge, China has more than 2,100 counties, more than 340 prefecture-level cities, I understand most of the city's geographical humanities, because each name corresponding to the domain names I have checked. 2000 most of the city's domain names were foreigners registered to go, after I slowly register, buy back, now more than 50% in my hands.　　In addition, I also registered a number of foreign related domain names, including India, Arabic, Spanish-related knowledge to understand, in order to distinguish the value of a domain name.　　Angel Investment: I most value the user scale Liao Li: In addition to the domain name, you have invested a lot of websites, this is since when began? Cai: My Internet venture is divided into three stages, from2000 ~2003 is the first stage, I am a person in charge of two employees, is to do the domain name, is a personal success; 2003 I began to do personal website, and entered the new field, began to understand nothing, learning from zero slowly, became a personal webmaster in the well-known figures, 265 website got the IDG capital and Google's investment, and sold to the google;2007 year to date is the third stage, I entered the investment field, a total of more than 100 sites have invested, more well-known have * * wind audio-visual, Internet Express, 4399 games, 58 with the city,　　Many of them have got venture capital.　　Liao Li: You're investing a lot, so how did you find these sites? Cai: 2004 I do personal website, got the investment of IDG Capital, this at that time broke the VC investment Internet Enterprise Two practices, first I was the lowest degree, high school did not graduate; second, I did not make a business plan.　　At that time the internet has just recovered, I think there are a lot of personal webmaster in China to help, in 2005 to do the first webmaster assembly, went to more than 200 people, are the best personal webmaster in China, many of which are now doing very big.　　Liao Li: In these personal websites, how much do you think can be really big? Cai: A personal website started out basically because of some kind of interest, no resources, no money. I think that only 1% of them will have the opportunity to commercialize, and that 1% may only have 1% to go on and become a good business model.　　There are many personal site users are enough, but not by the mainstream VC recognized that it is difficult to get investment. Liao Li: How big is your general investment when you invest in these personal sites? How to Price?　　How many shares? Cai: The amount of investment is generally hundreds of thousands of to millions of. I am pricing based on the number of users, not to see his business model and other things, as long as sufficient number of users will be valuable.　　My investment generally accounts for 10%~30% shares, and there are some possibilities for the entire site to be bought and then set up a new management team.　　Liao Li: In general, what do you think of the prospect of personal webmaster in China? CAI: China's entrepreneurial environment needs further improvement. Like Yahoo and Google founder, in fact, initially are personal webmaster, but why the United States rarely have personal webmaster this argument? Because the U.S. Angel investment and VC very developed, a site as long as a certain amount of traffic, these investors will find you, and in China is very difficult, angel investors and VC mostly in Shanghai, Beijing, Shenzhen and other big cities.　　such as * * wind audio and video, now we know is a famous company, no one knows who did it before, in fact, the earliest Zhou Shengjun in Harbin, the 2004 I went to find the Internet Express author Hou Yendong, then FlashGet computer share is very high, but few people know is a webmaster in XI ' an. Chinese folk have many personal stationmaster to do very big,For example, Hao123, was later Baidu bought us to know he was so big. I belong to the grassroots, is the personal webmaster out, so more understanding of these sites.　　Many VC dare not to invest in personal webmaster, on the one hand because they do not know where, the second is not clear how much user traffic.　　Liao Li: What kind of projects are you interested in when you invest?　　Cai: Team is the first element, can really do things, to see the team's learning ability, entrepreneurial * * enough, which determines how far he can go. The second is the direction of the right, is not to do a development space is very narrow areas.　　For example, Huajun Software Park at that time to do software download, do very well, but also forward-looking, but if now to do a software download station, there is no room for development, because someone has done very well, and the other way of downloading has changed. The third is to have a good execution speed, can not always stay on the level of thinking. In fact, people in big cities are more difficult to start a business, for example, in Beijing, a lot of contact, information is very large, maybe today think about what to do, tomorrow and someone suggested you can do what, the result is nothing.　　But if you are in a more remote place, there is no more choice, with the idea can be done down. Four is the user size to be big, at the beginning of the business model is all nonsense. Tencent is very bull today, starting to have a business model? At that time, no one can see, Baidu and Alibaba the earliest planning and now do is not the same. Doerr (John Doerr) Once summed up, he found in the failure of his own case, in fact, the beginning of a good team, good business model, but no good user size. Looking back, as long as your site can do enough user size, will naturally find a business model.　　[Page] Entrepreneurial opportunities: The internet drama has just begun Liao Li: Now everyone is talking about the prospects of mobile internet, how much do you think the chances are? Cai: I feel like the biggest opportunity, mobile internet in the next few years, will be similar to the 2000 Internet entrepreneurship.　　This is a whole new area, although some PC Internet models can be translated, but mobile internet must have another ecology, such as location-based services and many other applications.　　Liao Li: What is the difference between PC Internet and mobile internet? Cai: The core is two points. The first is the size of the screen, which affects how the user feels, and how the service renders needs to be adjusted.　　Second, the mobile phone has a lot of different features can achieve different functions, such as geographical location to help us find a nearby restaurant entertainment, you can timely look at the nearby traffic conditions, which is not the PC Internet.　　Liao Li: What do you think are the opportunities for internet-based entrepreneurship? Cai: Just now we discussed the mobile Internet has a very large space, the second I think is e-commerce, even if it is a selling flowers, selling mineral water, there are huge opportunities, the traditional industry how many industries, then you canHow much e-commerce can be generated in the Internet as well.　　Third, the Internet is the geographical, now the Internet is also popular in large cities, will continue to be popular, there may be big entrepreneurial opportunities.　　Liao Li: Now the financing environment is better than before, such as the launch of the gem, but there are a lot of giants, do you think individuals still have the opportunity to conduct personal websites in the Internet field such entrepreneurship? Cai: The opportunity is too big, China's most attractive place is based on the mobile internet entrepreneurship has just begun, the first of our netizen population is large; second, there are many areas of the Internet to be excavated and created, the demand is far from being satisfied. But you have to from the standard of the gem to ask personal webmaster is not, from the line too far, so more need for entrepreneurial angel.