The most sensual impressions of angel investors

The most sensual impressions of the angel investors, may be "non-interference" in fan that has a beautiful female secretary, accustomed to "mother tongue" conversation "angel investor" ——— This also makes the film broadcast, some industry insiders in a period of time how much embarrassed to tell each other, they are angel investors. And with the departure of Google China in 2009, Kai-Fu Lee founded "Innovation Workshop" as a social event of general concern, once again popularized the public "angel investment" and its support for young people to start the concept ——— although "Innovation Workshop" is not a typical angel investment.

Also in 2009, has been known as the "Chinese Folk Angel Investment first" Liu Xiaoshen fall, also let people see the so-called "angel investors" on the other side: do not rule out the same as the red Tripod investment, like Liu Xiaoshen, most of the fund-raising is borrowed from around the people, the industry and the lack of understanding of enterprises, And the real equity investment is only a small part of it.

Even without the problem of a capital chain, private angel investment in the "Coal Boss", "the second generation" of the emergence of some people in the industry, they even feel that the two can not be called the true meaning of the "angel investor" ——— and now has come to a radical moment.

When a typhoon comes, everyone flies in the sky, as the popular language on the internet says, "the winged ones are not necessarily angels, they may also be bird people." ”

What kind of a group should Chinese angel investors be? Is there a difference between true and false angel investors?

The game of the rich

"And so I have to exit, not afraid of reinvestment, then want to cast network investment network, want to cast chips chip." Cast two at a time, a play, a learning experience! "——— This is the investment industry in the" two buns, eat a Throw one "parody version. But in fact, many angel investors come from the cycle of "quitting-investing – nurturing the next entrepreneur to continue investing". Angel investors have three main sources: former entrepreneurs, millionaires in the traditional sense, senior managers of large high-tech companies or multinationals.

One of the most famous stories was the investment of Sun co-founder Thorsheim on Google's two young founders ——— "I don't understand your business model, but I'll give you a check and tell me what you're doing in six months." "and his 100,000-dollar cheque has become Google's first angel investment." The boom in Silicon Valley, it turns out, is largely dependent on the success of this benign cycle system.

In China, entrepreneurs who have introduced venture capital system and successfully listed or withdrawn in the process of creation are also the mainstream trajectory of angel investors emerging. ——— and because it is their own personal money, not subject to the VC/PE investment cycle, it makes angel investors have more artistry and freedom when they invest, he doesn't have to spend much money at any time, but he may also make a cheque for a company that is still in swaddling or brain after a brief contact. Rather than having to do a long period of due diligence like V C investment.

But also because of the early investment company's "guardian" positioning, angel investment return cycle will be longer, is arguably the "rich people's game." Therefore, the use of their own, rather than borrowed money to make angel investment to become the most basic admission principle, and as Liu Xiaoshen as the way to the surrounding people to raise money, until the financial situation is not good, naturally to the capital chain break, but also made a big taboo angel investment. According to the SEC, individual investors will be eligible to become angel investors if their net worth is more than $1 million or a personal annual income of $200,000 or more than 300,000 dollars a couple's annual income.

The worst possible outcome for a house is to become a landlord, but as an angel investor, in most cases the investment may be a drop in the drain. "If angel investors are everywhere, it's not an angel, it's a bird." Wei Wei, chairman of the Hong Kong-Shenzhen Research and development industry Investment company, warns people, "the chances of success are almost equal to the multiple of failures, so don't take the money for life saving as an angel investment." ”

"Not just milk money."

Funding is not a major problem. Has invested in thunder, sing technology Zhou View, "must give the whole society to clarify the idea, or even entrepreneurs can not tell who is the real angel investors, who is false angel investors." And then go out and say you're an angel investor. ”

In Zhou's view, real angel investors should have a three-point metric:

"First, investors must be entrepreneurs, own enterprises, in order to the operation of enterprises, especially the growth of enterprises have a very deep understanding, but also have a lot of experience and lessons", which is Zhou not willing to admit those who take home money to do the investment of "the second generation of rich" as "angel investors" reason.

"Second, angel investors must be targeted at an industry to invest, not to throw, he must be a certain industry and industry have a more profound understanding ——— this is like a nanny to bring a newborn baby, have experience, just know how to care, not a milk powder money is over.

Third, angel investors should also have a good understanding of the operating rules of capital Games. “

Therefore, Zhou feel, must see those angel investment "legend" behind the factors, "like sun Thorsheim, said that they do not understand Google's business, he may not understand the details, but he must believe the company's future direction, otherwise it will not go to invest money." ”

But in addition to escort the company, for its strategic development advice, out of emotional factors, angel investors are sometimes willing to do things with their own opinions. For example, a very influential business program to "entrepreneurship" as the question invited Sing Dai to do the guest, Zhou's opinion is, "can not go, if there is no way, must go to the Zuotai, do not sit on the stage." When you speak, you must speak more about your own business, more about your products, and less about individuals. "Zhou's reason is that," an entrepreneur's mentality if cannot be set, has not succeeded to think oneself succeeds, every day in the spotlight to deliver the speech, shows oneself on the stage, such person is does not have the enterprise. ”

Of course, there are also angel investors stressed that the entrepreneurial enterprise does not intervene excessively, or angel investors do not necessarily have to be entrepreneurial origin, but its industry direction, the pattern has a profound insight and understanding, can be in the infancy stage of the enterprise to provide the corresponding resources and experience to do support, this is the success of the angel investors must have the quality.

Some insiders have suggested that Thorsheim's complete letting go of Google is also based on the maturity of the big environment: "In Silicon Valley, you do what people know." In the period of China's primary stage, not only the integrity of the overall equity investment environment needs to be improved, the enterprise support system is imperfect, so many young people hope to let the Angel "help on horseback to send a ride", from which they get more help and experience. including how to introduce VC later, in many cases angel investors also play a very important role.

"Angel" has not yet formed a gas field

In fact, China is now in need of mature angel investors to promote innovation and business transformation. The figures show that Angel investment in the United States accounted for the overall proportion of investment of about 40%, and according to the chairman of the Liu Ring of the estimate, in China this percentage may not even 4%. ——— in other words, in China, where 98% of SMEs rely on borrowing to survive, it does need to form an angel investor's gas field.

In the absence of financial support, startups sometimes jokingly say, "pull a vegetable from the street and give it to the stock if you give it money." "——— but more often than not, the more they sell vegetables, the less likely they are to pay for business.

"Most of China's investment is financial investment, to see other people's enterprises live well, or quickly listed when the investment, two or three years later, the IPO will make money back." In the early stage of the project, in the enterprise just started, dare to invest money in, few people, because there is no judgment. "In the opinion of China SME Association President Zibin, the current China needs more angel investment to do this" timely "rather than" icing on the cake "thing.

And from another angle, in addition to see the basic development situation, many angel investors also more emphasis on team and people's understanding and trust, early contact time, enterprise early products and services are not mature, in this period also doomed the "person" factor is more important, This is why many angel investors choose to invest in the circles they know around them. A8 Music Group director Liu Xiaosong, who invested in Tencent a decade ago, had only 10 employees, not even a decent server, but the investment that came with "trust" brought a thousand-fold return.

Although the return on investment is high, but the same high failure rate also makes many angel investors in the time of taking money, do not hold the idea of "a hit." Many angel investors often hang on the tip of the word is, "investment failure is to contribute to the community." ”

In fact, because Angel investment is in the early days of enterprise "sharing", different from VC investment has fierce competition and a clearer distribution of benefits, angel investment in the gas field more "harmonious" ——— most angel investors are willing to call more friends around to do joint investment, Sharing resources can also reduce the risk of your own investment.