Xiaoping Lee's worries: Chinese angels are starting to be a clique

An angel is a wise fool Super Angel, a year of Super angels, this is a group of rapid star through the microblogging, branding of big investors, they experienced identity crisis, and refused to believe that angels also have bubbles. The door of the elevator opened slowly, like a stage curtain that shone with the coldness of the silk. We all know the people who walk on stage: Shire, Xiaoping, Kai-Fu Lee, Lei, Hebo, Yang Xiangyang, Cai, Baofan, exclusively, any man who is in charge of billions of yuan of money, they are not thinking about how to make money every day, but how to put the money in the hands more efficient to spend. If money is spent well, it is not impossible to cultivate a second Facebook or Google in time. At least, it's lucky enough to be able to pick a future from 1000 companies. In short, they are a group of old men who do not lack money, neither want to have the money of the idle life, and do not want to venture blindly toss.　　In the end, they chose this kind of life, the never-ending desire to make money on their own judgment, patience and the achievements of others. In the past year, these people have already won the title of "Super Angel".　　To be blunt, angel investors, this is a professional term specifically used to refer to an individual millionaire who is called a company to provide funding. The tall old man with gray hair walked in front of him, and the laughter seemed to be the leader of the group. But it's not like, because with other people's shirt coat than, he dressed really not fastidious, a fat cowboy set a deep blue down jacket on the rush, not as much as to attend the appearance of important occasions. But it doesn't matter, the past year, with anti-trafficking and anti-cancer these two things, everyone from Weibo know him. You must know that I am talking about Shire, the so-called "Chinese angel investment first person". The 120 million dollar profit from UT's listing is 10 years old, but in 2011 Shire still kept twenty or thirty of the investment in the project active. He held up two fingers and diverged, saying, "80% of them are from Weibo." In fact, this day is not heavy, say light. In the winter of 2011, this was the first official event that the angel would hold in Beijing. The 12 people present were almost the skeleton of the Chinese Angel World. Each of them brought one or two projects, all of which they planned to invest.　　In a little while, once the food and debate are recognised by everyone, these projects are likely to be invested by angels. In fact, the Angel would have been a relatively loose organization, since the establishment of six months, these people have done several activities, such as the club to visit Shenzhen Zeng Liqing, we have a go to Dunhuang play, the weekend to Beijing big Dong Roast Duck restaurant, in short, with Shire words, is "a gang of brothers play, nothing serious."　　This time the reason to play a serious, probably also his side of the idea of Kai-Fu Lee. Kai-Fu Lee is a few years younger than Shire. As you know, he is a Google professional manager born, is aThe founder of the Incubator Innovation Workshop is also a fanatical fan of business models.　　He has long suggested that the United States is now the most popular by the Archangel to form a fund, everyone throws a sum of money in, select one of them to do GP, hire a person to manage, each month fixed meeting, vote to review, see is each want to cast one or two new projects, once the majority pass, this fund will follow the vote. "This way is very popular. "Kai-Fu Lee said," Call the Angels to vote or to share the project, the Americans are very simple, rational feel that this can reduce risk.　　Early investment is a huge risk, each angel has its own strengths and weaknesses, it is impossible to understand everything, so the complementarity is not very good? Is this way in China? Everyone was seated in the ballroom. At this point, everyone brought their favorite project entrepreneur and business plan, and each of them has 500,000 RMB, in a common account. This is not really a big money, but it gives these prestigious people a rare place, they can openly dispute, refute, the premise is to be able to understand each other language.　　It's not like a game, it's like a game, a sanctuary, an opportunity to leave a brutal mall for the time being. The atmosphere is quite relaxed. In fact, this restaurant of the Hong Kong Jockey Council is specially set up for this occasion. Exquisite wallpaper and crystal lights, tinkling silver cutlery and silent carpets, no one wants to order, but everyone wants to drink more water. I do not know what happened, a long time in the past, a mixture of vanity, excitement, worry and polite atmosphere gradually captured every guest in the room.　　Apparently, they had not been too well acquainted, and now they have become more divided because of their differences. Nothing。 On this day, all the projects were denied. "As long as a super Angel strongly approves of the project, there must be three other Super Angels to express strong opposition." "It's too hard to get a majority of 12 people," said an entrepreneur in attendance. "It is clear that these super angels together in the atmosphere is still a harmonious, with Baidu, Tencent and Alibaba in a room with the appearance is not like; they are not competitive heart than Robin Li, pony and Ma Yun more strong." However, everyone here has contagious achievement sickness, and if there is no new achievement, he might as well stop breathing.　　Each person has achieved the achievement is to prove that he is undoubtedly the most intelligent superiority, the most moral superiority and the most conceited one. "Every angel's success has his own genes. "Kai-Fu Lee tries to analyze this matter more rationally," I will analyze technology, competitive advantage, team, barrier, strategy, rationality, Xiaoping may be to see people. Lei may dig deeper than me in these areas. Lei and I are both focused, and it's okay to throw a few failures, but there are a few big companies we like. The barbarian cast a wider area, he must be hoping to make money, can become a big company is not so important. "NoIn any case, the results of this gathering can prove a fact: These super angels are personalized strongman, hard to really cooperate with each other. That said, in 2011, the most important event in the Chinese angelic World was a partnership. [Page] December 1, 2011, Xiaoping and Shen held a press conference in Beijing to announce the completion of the two financing of the foundation.　　Among them, the Xiaoping foundation of the 15.3 million U.S. dollars, accounting for 51%, Shen as the founding partner of Sequoia Capital China investment 14.7 million U.S. dollars, accounting for 49% shares. The press conference also appeared a mysterious figure: Goldman Sachs Gao Securities Co., Ltd. Chairman, Hopu Investment Chairman, PE industry, the big man Fang. He did not answer any of the reporters ' questions, and at last he left the noisy venue almost without a word.　　However, it is also known that the reason for his appearance is simple, that his daughter, who was born in 1982, will be the general manager of the Fund. Even Xiaoping himself, he thought it was an intriguing symbolic scene. "From the life cycle of entrepreneurship, angel early, seed period is grandson, VC is Dad, PE is grandpa." "In contrast, early-stage investment, while risky, has a big profit margins," he said. "Facebook's myth is too remote, so take Xiaoping's example." May 11, 2011, the century Jia Yuan listed on the NYSE, the most overjoyed may not be "little Dragon Girl". Years ago, someone in the most difficult time lent "little Dragon Girl" 80,000 Yuan, years later, on the day of the listing, the small shareholder's 80,000 became 80 million.　　The next day, the parties to the Dragon Girl bought a 10,000-dollar bag as a thank you. "The value of this project is how many bags it is." Xiaoping exclaimed. 5 years ago, he was introduced by Qian Yongqiang, a colleague from the new Oriental era, who invested in the company before a, and now became the first project to get out of the fund, and he himself profited very much.　　For some kind of mischievous, he even took part in the idea of setting the date for his birthday on May 11. The lure of angels is visible to everyone, especially the big VC who sits on a large amount of resources. "A lot of VC want to transform to be an angel." "An investor analysis said," The late Good project less and more, the valuation is more and more high, easy to get to the. Early but very imaginative, a little money, may earn 1000 times times, 10,000 times times. "More and more VC complain business is bad." Another equally famous investor said, "to be the last, to become a father, the project success or failure with your investment ability is not, hire a Gao Kanzi relations can be done."　　Also, a year good tens of thousands of 30 million yuan profit of the company, on the three hundred or four hundred, how the whole? People out of 15 times times, you dare not out 17 times times it? A little shiver? " Of course, VC want to Angel not so simple. As a matter of fact, VC and angel genes are completely different. In short, the Angel business model is "presumption of innocence", the low price quickly intervene, give small team a VC will not give the price, at the same time believe that people, inspire people, help people;　　VC business model is a "presumption of guilt", a start to look at the numbers, look at the history, look at the report, asking you to prove "on what you will be able to do", however, a seed-period entrepreneurial project may have nothing but a idea. Angel is a threshold, not all the rich can become angels.　　The high threshold, the vast majority of people who are not so rich to block the outside. One investor warned: "No 100 million worth, don't play this." It is impossible to count on 100,000 or 150,000 to make a fortune. If the angel as a fry room, the final loss of trousers are not. "Other people who are rich but don't know the industry are not very good," he said. Lee said: "Be an angel, you know, money is the least important thing." You always have to think about what you can do to help entrepreneurs, whether it's networking, management, or strategy. A good project will have a lot of people competing for money, and a regular project may ask for your money, but the rewards may not be very good either. "Even some knowledgeable financial analysts, former executives and founders are not bullish," he said. [Page] Shire said, he is most not optimistic about two kinds of people to do Angels: "One is the engineer from the background." There is no general education in China, and a large number of engineers thinking people, they only know how to connect this pipe to another pipe, as to how to answer, completely do not know, do not want to know. There is a financial background, they are the least intuitive people, only believe that the number is their life buoy, but there is no number in the early to see. "In the year 2011, Shire was completely named. He anti-trafficking, cancer-fighting, and also published his e-mail on Weibo to solicit business plans from entrepreneurs. Looking for Shire, this has become a lot of people's survival mission and work task. Find him a lot of people, there are five o ' clock in the middle of the night for him to stay letters, night in the East four ring road to build tents and other information, but also the most famous VC partners.　　In the end, Shire almost no consideration, one to send assistants to the east of the four ring fans back home, and smiled to VC partnership people dour No. Shire's home in Beijing is a large duplex apartment with a single staircase, and a tall, floor-to-ceiling window can see the icy lakes. He is the only person I have ever seen who puts a safe in the living room and uses it as a tea table. Such a person, of course, will not put the money to the door.　　But Shire has his reasons. "I'm not fit to be a body. "He waved his hand, shook his head again," work ah, every day with people, ah, every month to vote ah, pressure ah, every investor to talk to you about that ah ... I want to vote on the cast, do not want to cast out to play. And I'm greedy.　　Very not easy to find a project, oneself take 100%, the result toss half a day I only take 20%, be the other partner cent half go, I eat full of support? In fact, VC hope that with a Super Angel Alliance cooperation, join the strong Angel brand chain's original intention is very understandable. Some analysts said: "VC is not specifically to do this, they are invited to the MBA will only look at the number of this thing does not feel, but the Super Angel is dedicated to do this, will do this, have feelings.　　In addition, once with the Super Angel Cooperation, in the LP there is a good account-so the cattle are recognized, what do you say? Shire rejected things, Xiaoping after six months of consideration, finally or next.　　To Xiaoping Young tutor origin, "spray type", "Rain equitably type" investment style, how with Sequoia China strict, rational style compatible? These days and nights, for the arrival of Shen, he is not without concern. First of all, I insist on 51% of the stock. The big one, or the Sequoia? When the name of the word, in the end is called the really big Sequoia or Sequoia, I also asked the Master to me, and finally called the Foundation. "I want to see what I like, but the redwoods have to watch." Sequoia is accustomed to meeting every Monday to review items, but good projects cannot wait. There has been such a situation, a good project did not vote in the morning, the afternoon was robbed. Later, I consulted with Shen, to a vote of affirmative, at present, I am mainly in use. If I see what I like, I'd rather have my own money and vote. "[Page] from June 2011 to October 2011, from Xiaoping and Shen Phone, to the final confirmation of cooperation, Xiaoping once" at least seven or eight times to ask himself "--do the old urchin and the great gentleman on the lake, why do we have to mountain opposition? Finally, one day, He called all the employees and partners to the Office of the International Trade and opened a protracted meeting.　　In the end, he was determined to give up part of his free life and embark on an institutional path of angels. "I ask myself, also ask everybody, does the fund want to do big well?" Can sequoia help the fund to do a big job? So do you want to work with Sequoia? It's as simple as that. Xiaoping was born in 1956 and is 55 years old this year. Outwardly, he had a face that matched his age, but the face was often a child and an old naïve. To him, success came really late. When he lost his job in America, Lee had already got a PhD in American universities, and when he was just beginning to struggle in the new east, Shire had 120 million dollars from UT. For him, success is not enough.　　September 7, 2006 morning 8, Xiaoping with the new Oriental co-founder identity with his wife came to the door, he "only feel like in the dream, for fear of yellow beam a dream, wake up everything into empty." Xiaoping is a master of music, and has written a number of self-help books, he used to use poetic exaggerated language to express his feelings. But the reason why he was willing to sit with Shen in this chariot was actually a different kind of romanticism. Frankly speaking, Xiaoping not lack of money, not lack of title, right, not lack of potential, he was all Chinese entrepreneurs worship, also be the wholeAn investment circle of peer recognition, he is not short of anything, should have no request is, why must "big do" not? This question, Xiaoping in 2011, has found an answer in his dealings with the Angels ' associates.　　In fact, many Super Angels have experienced a huge identity crisis during the transition from non-angels to Angels. "I talked to Lei, I talked to Zeng Liqing, and I found that they had had a particularly painful period since their successful exit." Lei leave Jinshan sell excellence, Zeng Liqing left Tencent, they are successful, should be the most successful time, but they want to jump the most time. New Oriental listing, I have the money, but also I want to jump the most, feel that they pay so much, but nothing. After talking to them, I dare to tell others about my pain, otherwise, I will always pretend to be particularly successful. I found some kind of confidant in them. After leaving New Oriental, Xiaoping considered starting a business and lost seven figures. He wanted to continue to write books, to be a writer, but also happy, but the book is too difficult to write. He started investing and lost his money for the first few years.　　An old 55-Year-old boy continues to look for himself. The loss of such a successful person, even the great god son can not be immune.　　According to Shire said, after Yahoo success, son became the world's richest man, all of a sudden the same mode of cast more than 500, 1.5 almost all died out, lost more than 1 billion dollars. So no one can immune. "He said," money, 3 months to half the best not to vote, calm down first, even to buy a house for their parents, to buy a car for lovers. "By the end of 2011, Xiaoping had already passed this stage and he was a relatively mature and famous investor," he said. In the United States, watching the 53-Year-old Madonna show on television, tears are streaming out. "If I have any unfinished dream in this life, I have never been the leader of a company-maybe it will help me achieve it," he said. The wildest dreams I've ever had could not be said, but the second wild dream can tell you that I'm going to cast a 3~5 home more than the new Oriental listed companies. "For a 50 later, the competitive heart and vanity is not a bad thing." But Xiaoping friend Kai-Fu Lee is "warn said in the ahead." 2011, kai-Fu Lee's Innovation Workshop announced the collection of new dollars and renminbi funds, in addition to doing early project incubation, also began to do VC. In his view, VC Angel and Angel do VC, which is not easy, unless you can grasp a few key principles.　　[Page] VC want to be an angel, we must pay attention to the issue of conflict of interest. For example, Innovation Factory, now an incubator, there is a fund, the investors on both sides are not exactly the same, it is easy to have a conflict of interest, he how to vote so cheap, how he, it is easy to entwine. In addition, VC may have to give up some of the existing annual benefits, with more people to vote as much money, everyone will be less points. As to say, isThere is no early strategic technical ability, this can be obtained. "Angel and VC cooperation, the pros and cons are very obvious." Interest is more money, more resources, more large-scale, but pay the price is: This VC do not vote on the project to do? will send a very strong negative signal. For example, you are seriously and Sequoia hatched the project, now want to melt a round, sequoia how to say? At this time, the angel must pay attention to balance, can not be biased, a partiality there are problems, there will be external questioning. "Kai-Fu Lee in the Haidian district, the third pole of the word, like a spark of the Scratchy Telegraph Tower Signal, speaking of Xiaoping's heart."　　We sat in the English café on the ground floor of Yintai, and he kept on talking, but we all knew that he wouldn't say much about Redwood and Shen. "I want to try to play down the fundamentals of redwood. "He said," too much emphasis on Sequoia, the other VC will be very uncomfortable, they will think, seriously is not a subsidiary of Sequoia, maybe your project is the Sequoia pick the rest. We look at the redwood, you did not vote, why should I vote? Once this social impression is formed, I am doomed. "Indeed, it is not so." "The Redwood is just one of our LP," he said repeatedly. I cast a project, only 20%, can not only with Sequoia, if the Northern Lights 8 million, Sequoia 5 million, entrepreneurs will definitely choose the Arctic light ah. "Xiaoping and Kai-Fu Lee's concerns are not groundless. Angel Investment is supposedly a term that has been known to the public since 2011, but the field has somehow formed a "clique" situation. "It's unfair to entrepreneurs," one investor commented on the phone. He hasn't done anything yet, from the very beginning, he has been labeled with various labels, such as redwood, IDG, etc. In fact, this is an independent company, but its shareholders or small shareholders are just which angel. In the final analysis, the Angel also has the confusion and the shadow. Angel investment is just like warm water boiled frog, daughter-in-law boil the thing, with a strong idealism color, but in the present China, but has been operated with a strong speculative color.　　One investor complained to me that some big investors can't stand the trust of entrepreneurs with their fame, 1 million or 2 million of the investment is 30% or even 40%, but three or four months, a round will be set up 35 million. "I recently saw a number of projects, the founder anxious to find someone to go to, is to put before the bad angel out, change the company's dangerous ownership structure." But the price was lifted very high, the VC is not easy to find, very headache. He said, "It's just opportunism, cheating entrepreneurs." Entrepreneurs are the company's control and grasp the steering wheel, so a get, the company's ownership structure is greatly affected, the future of the company's interests binding, share sharing will be greatly compromised. "There is another investor who sits in his office and the policeTell me, you know what? There is also a false angel, fooled, he did not have money, promised to help people find financing, after the money to spend only tens of thousands of yuan, on the demand for 3% of shares. This is a false angel. In any case, today, no one believes that Chinese angels have bubbles. This is a can of cold clear beer, it is refreshing, it is worth everyone to enjoy. Before the toast, Shire just haha smiled to remind said: "Angel, is to strive to be a smart little fool." "[Page] Angel-Lee's false perception of angel Investment: 1 Some people think that angels are doing good deeds. In fact, the best angel failure rate is very low, low price, long-term return is very good. 2 Some think that the angel is to give money, in fact, the biggest help must not be money, but not easy to replace the value, such as knowledge, contacts, direction, strategy, recruitment.　　Angel's greatest happiness is to see the entrepreneur because of the angel help, greatly increase the probability of success. Chen recently saw many domestic VC more and more interested in angel investment. This time and several big Silicon Valley VC also talked about this matter, they also take a part of the fund to cast an angel. The main reason is that later investment is more and more expensive. In the Internet field in particular, the valuation of angels and the refinancing valuation of a year later vary enormously. But note that the early investment success rate is low, the effort is not less than VC cases.　　This is a good thing for entrepreneurs. Shire 2011 is the first year of Angel Investment, before which the concept of angel investment is unknown. Angel Investment is playing a more and more important role before startups are favored by investment institutions.　　With development, more investment institutions will establish their own dedicated angel investment. Lei "Angel Investment Management: Help not to mess up" if you need help, entrepreneurs come to me, I will do my best, although my ability and energy is very limited, if I do not need help, I will not give the entrepreneur to find any trouble, to be a quiet shareholder.　　The company is the entrepreneur, they are the hero and the Star, is the protagonist, I am the cheerleading team member. Xiaoping Angel Investment is the most important to see the team, followed by the project and platform. Whether the team has a pattern, the amount of gas. The ability of team members to complement each other is the first important thing. If you really look at a team and projects, in addition to funds, and even to accompany the team, but also to support the team, link to the pulse.