Xingdong: web2.0 entrepreneurs should not be greedy for high VCs

Tencent Science and technology news October 19 morning, the Internet laboratory and the founder of the blog Network Xingdong attended the fifth interview series, on venture capital and "web2.0 Life and Death character" topic and interaction with netizens. The following is the full text of the chat transcript: The core point: Xingdong as the Enlightenment of China's blog, confessed in the blog site business and business has been disorderly, heart too urgent, and then advised web2.0 entrepreneurs should not be "greedy" high wind, pointed out that "really grasp the pace of development of the company", not blind expansion is entrepreneurial web2.0 The life and death character of the website; at the same time, he does not agree that Web2.0 has gone to winter, on the contrary, that web2.0 is seriously underestimated, he himself will devote more energy to the Internet laboratory to promote the cause of Chinese angel investment, the focus is to help the 0 starting point of the web2.0 entrepreneurs. Xingdong is a guest of Tencent Science and Technology President Club "host" every netizen, everybody good morning! Today, Tencent Technology president of the club is very honored to invite the first Chinese blog, but also the founder of the Internet laboratory Mr. Xingdong, to talk to us about the Internet venture capital and Web2.0 topic. It is also an honor to invite him to participate in our series of interviews with the Internet veterans, and first ask Mr. Fang to say hello. "Xingdong" Tencent's netizens, everyone good! I am very glad to have the opportunity to communicate with you and hope that we can ask more questions. "Host" I understand that Fambo recently said to promote China's angel investment, is that the Internet laboratory mainly from private, individual entrepreneurs to collect funds, and then in the name of Angel investment, spread out to help individual entrepreneurship? "Xingdong" because you look at the whole investment, you see the entrepreneurial is to find venture capital, but the real venture capital, the number is limited. As you know, Google's acquisition of YouTube in the last few days is 1.65 billion dollars, equivalent to the amount of money the internet throws in a year. Show that you really can get venture capital projects, that's just a handful and you're going to be very successful. But you have a good idea, or that in the early days, it's impossible to find venture capital. In the United States, angel investment can support the project is the two order of magnitude of venture capital, because venture capital in a year about hundreds of, thousands of, but angel investment can cast tens of thousands of, a hundred thousand of. China's entrepreneurship to develop healthily, I think, angel investment this level, if not developed, will always be in a very large fault. With this in mind, angel investment is an important entry point to promote Angel investment as the basis of our entire business model. Including the creation of angel investment funds, including a National Angel investment Conference, including the establishment of incubators and so on, are all around the early stage. "Moderator" Relatively speaking, the domestic than the international market in the angel investment this piece may be a little behind, you think, this fault is how much time to make up? Including how big is the market space? "Xingdong" itself according to reason, Angel investment after active, venture capitalIt's natural to be active. Because the source is in the angel investment this piece. China is just the reverse, venture capital first developed, Angel Investment did not keep up, because the current domestic venture capital is foreign capital or foreign investment ideas driven. But Angel investment, you can not hope that a foreigner in China to engage in angel investment, Angel investment is mainly China's own funds, how to let people have to invest in High-tech investment awareness and investment capabilities. In fact, China is not short of money. 2006 China's risk investment is about the equivalent of the 1.65 billion dollars, so many cities a small land, real estate investment is bigger than this. Therefore, the venture capital money is not many, China also does not need this money, lacks is the investment consciousness. Our first step is to say that the initial work is mainly the initiation. You know, in addition to you buy a house, buy land, but also have a better investment opportunities. "Xingdong" the focus is to mobilize three parts of the funds. One is our domestic private capital, there are a large number of High-tech entrepreneurs have been successful, has been set up a lot of people, as well as successful overseas Chinese, there are many foreigners concerned about China. These three groups of funds can be mobilized to focus on the early projects, the process should be quickly up. The National Angel Investment Conference was soon launched. We're also collecting a lot of real-world success stories, like tens of thousands of dollars, into millions of dollars and tens of millions of dollars. It should be said that, as long as the trend is complied with, I feel that a good job in the Enlightenment, within a year or two has been a very big change. Because we go to Zhejiang or elsewhere, the response is far more than we originally expected. "Host" that you think the focus will be mainly in the Internet field? "Xingdong" At present, the Internet, especially in the 2.0 era, entrepreneurial threshold will be very low, you have good ideas and experience, there are certain numbers, you can go to try to start a business. Because the Chinese netizens are only 10%, this opportunity is a very big opportunity, in this area full of opportunities, or as an entry point, because now focus on this field, we do not understand. We push the most energetic and hopeful here. Until a few years later, our resources are more abundant, with the relevant team members to join, we will certainly gradually out of the Internet. But for now, we're focused on the Internet. "Host" We also saw, there are some successful angel investment cases, such as Zhou, Chen, etc., you help entrepreneurs get angel investment, how to serve the upstream investors? And how do you judge an entrepreneur? Xingdong to Tencent Science and technology president of the club "Xingdong" Angel investment than venture capital risk is much greater. Because it is a small seedling, you have to judge the future is not big prospects. Domestic angel investment is not a lack of money, but a field unfamiliar. How to help those who are rich and have a lot of interest to help them choose a project. We have to put their strengthThe amount of combination, because they choose the project, is certainly very risky. Another is, including ourselves, although I have been in the Internet field for ten years, as an investment, we are also novice. For example, the trend of industry, in the team, in the understanding of entrepreneurship. So from this point of view, we still have to really understand the angel investment of these people, for example, we put Mr. Zhang in Silicon Valley, in the past more than 30 years in the field of the cause of the people invited. Then we and the people who know how to operate locally, including Ma and Chen, are very good friends. Every aspect, I think, first of all to make this beforehand. Work first, and then concrete things step by step. This matter, must know oneself's insufficiency where, cannot uppity, everything understands. We still have to think about making up for what's missing. So the Internet laboratory, or to the domestic Internet entrepreneurs, foreign successful entrepreneurial aspects of these people together. Through the role of the team, you can play a relatively large power to improve the success rate of investment. "Host" We now from the capital of the plate, now from the upstream of the capital side, you feel that has reached what order of magnitude? "Xingdong" is still in progress, this figure is also hard to say, as an angel investment, the number is not very important for investment, at present, many entrepreneurs, there are many ideas, you look at this person, the first is to provide free bandwidth and free server and free environment, is a very critical to his help. So I think, this early stage does not need millions of dollars, tens of millions of dollars. How to help people enter the early stage of entrepreneurship, to minimize the threshold, can focus on this development is the focus. At first we will focus on the establishment of a number of incubation sites throughout the country, to create some relatively good projects, we have bandwidth, server, office environment ready. There is a good seedling, or there are good prospects outside, we will put some money, and then we will bring other venture capital in the same time. I think that the more people involved, the greater the force, the more we don't need the money ourselves, because after too much money, you and your character will be in conflict. Certainly the foundation of some money must be invested. Funds this piece, is still in progress, inconvenient specific disclosure. But I believe that many things will be more successful after six months. "Host" An entrepreneur has a better project, if you are looking for an angel investment to contact you directly, once you have been recognized, you may have the upfront funding to help, and then help them hatch while they may grow and develop themselves, and possibly they will get more angel investment and venture capital, You are such a driving power. "Xingdong" right. There is an entrepreneur very want to start a business, such as early want to get free bandwidth server, including technical support, this time no angel investment is very good, early introduction of investment, yourThis is very high, especially as entrepreneurs, at present, many entrepreneurs are still relatively primitive, may be ideal, really can meet the needs of the market, the future can quickly develop, the early strategy of this piece, I think our laboratory to provide the value of more important. To ensure this position, the future can make a big market. As long as the project is well developed, the current venture capital is now a scarce time, the key is that our laboratory can help him how to do a project well. And at the beginning there is no big pressure, the real need for money, and then a step-by-step solution to the problem of money. "Host" that is not to think, as long as the Internet laboratory with the top, the threshold of entrepreneurship has been reduced. "Xingdong" Our business is 0 threshold of entrepreneurship, a person has nothing, you have a good idea, you can start a business. "Host" As you, this is a public welfare business, or the Internet laboratory is still to be profitable? "Xingdong" is a good question. Like the blog network, the first two years we did not think of business, want to make a public welfare. Many of the things we've done over the last ten years, I think, are different from many internet companies because many internet startups want to be successful in business and have a clear goal. I think we still have to play our own characteristics, such as blogging or do hatching or angel investment, in addition to their own business success, must be in this thing in the industry and society has the greatest help. I think this time, your sense of accomplishment will be more satisfying for you. It may not be a very fulfilling thing for us to focus on business success. Hatching this piece, if done well, can definitely be made into a huge business model. If you can help a good number of successful entrepreneurs, then you have a certain stake in it, if there are such a large number of people to succeed, it is also a huge business value. For us, the role of the laboratory is not so much that we make a business model bigger and more successful than we use this platform to help more people succeed. I think the value we produce and gain may be higher. "Host" I can see is a long line, the cake may be the bigger. That from you personally, will also be more favored in some Internet domain, personal investment is called this angel investment? "Xingdong." As I have been in the business, my own resources are relatively limited, but the laboratory of this platform, the resources of various areas are more recognized, I am interested in the field or the Internet 2.0, because this field, this opportunity is very huge. At present, it is seriously underestimated by everyone. "Netizen" Talk about angel investment and venture capital the biggest difference?