There are new tricks, In article
Fang Xingdong comrades to engage in out of a Yiwu global network, a triumphant look, known as the incubator, and so on. A year ago, he did out of a TNT I also write articles that with him toss together, and now I just want to say a word: your mother name ah? back or engage in your blog promising career go!
recently turned some of my previous articles written by and suddenly feel the party comrades similar to the ! Ma students
said right, do not let your investors to speak, to give them money on the line, although he listed cause a lot of criticism, but people, after all, real investors make money. ask party comrades, your project profitable, make money for investors? If not, then please continue or do you have a promising career go.
because of job changes and other reasons, I do not often online, and also sometimes dismissed as a br> So do not talk about the Internet, we talk about kung fu emperor, that has always been low-key Jet Li, his recent small out of a limelight. legend, the whole of Asia's most expensive star, a film of one billion revenue was summed up the experience of Jet Li:
First, the diversification of specialization: a small stage in the colors very tempting!
entertainment, artists, countless commonplace, Once upon a time, film, TV, songs The star of overwhelming, however Jet Li from his debut, does not involve singing, television and other fields, and always stick to the movies on the road, and all battle scenes, and even the text of the play, have not to meddle in the positioning of the Some people say that his play road too narrow, bound themselves, but on this side of a small stage, but the achievements of the big world, from the Mainland to Hong Kong, from Hong Kong to Hollywood, always stick to their own position, focus on one area, will own practice to consummate realm.
handsome easy-going exterior, perseverance, character Jieruchou beautiful fight, dumping millions of viewers.
second International: Heaven and Earth! to
look at Jet Li's star distance is always forward. adhere to the self-obvious features of the small stage at the same time, expanding the development world, 1980, Jet Li, 17 years old, by virtue of the when the actor's position in the Mainland as Hong Kong actor with a film crew, others are staying in a hotel, only he lived to the hostel. that era, not to speak Cantonese is equivalent to your culture,Puma Fluxion II, dwarfed in the circle.
Yet it is in the course of those bitter, with the target persistence and incomparable toughness, he just tempered the generation of kung fu star Jet Li in Hong Kong entertainment, kung fu emperor, however, does not stop there, but will surrendered to the Hollywood vision.
just entering the Hollywood, the original aura of a sudden nothing, had to start again, like a cocoon-like rebirth of self-transformation. once again experience the audition, waiting, and back seat. from the beginning a mere one million U.S. dollars fee, to $ 15 million (about 120 million), let the whole world to experience the true power of the Chinese martial arts, more proof of the success of a focus on professional management!
I think that only Tencent Jet Li's style, although it became fully developed.
notify the view of the personnel changes and other reasons can not elaborate, Li Ming, renamed Li Xu, jis a small note was renamed Chaoyang Xu young Yan, Murong not retain the use hereby notified
Li Ming must document (hence called Li Xu)
research by: Comparative, here are two articles, one is Autobiography, which is the observation of the entrepreneur. contrast together, can find a lot of insider, VC and investor is the actual relationship between wolves and sheep, the VC is a strong group of crafty entrepreneurs is a naive, vulnerable groups and the VC is purely for money to invest, or to eat sheep and sheep, and sheep are also gradually realize their own destiny, and expressed frustration resentment. industry often say, the VC will not provide a temporary relief, the word often carries some moral tone, but In fact, the VC is just to eat fed, and see themselves as vulnerable groups of entrepreneurs, in fact, some can also be tough (they do not realize it). This is very interesting.
Ted Shi Leien
KPCB has to enter the venture capital industry has been about 35 years of history. our main investment objectives are those that start-ups, most interested in the field of information technology (IT) and IT infrastructure. a year ago One of our plan is to enter the international market. This is a new challenge. To be honest, we have 90% of the investment is to invest in the company within a radius of 60 square kilometers in our previous mostly from the financial industry, the risk of investors in Salt Lake City, Utah.
ago, the U.S. venture capitalists have business operations background. For example, I have spent 10 years prior to engaging in venture capital the time to create a software company. the risk of investment in China to the IPO (initial public offering) as the center - I think this is terrible. in the venture capital industry, we prefer to think of himself as the company's founders. We are here to The purpose is to create a company, the IPO is just part of this process is one of our investment returns, but it is not the finality of the game.
2000 years since the Asian total of 39 technology companies in the IPO, which from 25 equal to or less than their inquiry. This shows a lack of concern for the future, the development of the company, the capital market will eventually realize this, and a confrontational situation. blind pursuit of the listing also shows a number of other problems: existing talent can not digest the investment, lack of management personnel ... really a lot of smart people there, but their efficiency is not really high, accountability is not established.
In addition, China's contract law enforcement enough. we do not do another reason why a large number of IP-related venture capital but it is also aware of the problem, they do not want to own intellectual property rights have been infringed.
In short, investment in China was a little drums, because you do not know how things will develop, you do not know change.
this model they will hastily flying in China, and then hurry to leave. agree at any time by phone and e-mail to keep in touch with venture capitalists selective investment in the company when using this ; the U.S. venture capital firms hired locally in China, many have no experience or inexperienced personnel, but not really authorized to give them, then a central figure is a newcomer to the Americans, they make decisions, but they did not experience in local operations, is not clear in the local investment decisions need to consider what factors the
followed by the we go directly to the investment; we invested $ 10 million in their fund, so that we can look at what investments they use the money, and learn some experience. to what investments they do, but you learn anything you are just some superficial understanding of the investment of these people only.
last model is a model of persistence. I will be referred to as local talent and they all have hands-on experience of venture capitalists have the qualifications, can make their own decision-making, you do not need remote control in the United States. I think this is the venture capital in China, the only long-term implementation of mode.
in India, our investment criteria is a selective investment is a leaders plus eel volume spent most of the time to find a CEO I have to trust this person, you know there are a lot of things do cook the books like I have let myself believe, even if I was in five or six thousand miles away, I can believe that this management team in doing the right thing, the correct legal.
Chinese companies go a repeated line
now innovative and far between. at least five to seven years will not be a large number of innovative reasons. now take the repeated line of the company. I think this is nothing. For example, Baidu is against Google, Alibaba and Dangdang in competition with Amazon. like successful companies, there are many.
Some Chinese companies engaged in the business in the United States do not necessarily have these business and innovation has nothing to do. company Focus Media will be a beautiful LCD screen installed in the buildings and other places, which is an advertising model, Focus Media ads using this model and news of this model works well,puma for cheap, a perfect fit with the local culture. this company has achieved remarkable results. it does not provide any great innovation, intellectual property rights does not exist any key, but it does not matter. as long as it meets the needs of the local market.
All in all, the Chinese market is not a lot of innovative things that have emerged in efforts to achieve process automation, where there is a huge market. Now the question is, will become the winner of the Chinese market? market.
some companies, Chinese people I work with are very talented and they hope that the Chinese market will continue rapid growth they are targeting a specific industry and eager to take a leadership position in these industries. their expectations are not too much they look forward to the time in 20 years completely occupy the technology industry, which is their goal and then look at whether they can implement plans. Of course, they are trying to master a variety of techniques.
(Department of KPCB venture capital firm partner, the paper by Waugh Dayton knowledge available on-line authorization.)
VC series: an engineer in the eyes of venture capitalists
sender: NEWUPMAN (upman), letter area: StartUp
the title: Re: a letter on the venture capital
Station: BBS Weiming Space Station (Wed Feb 7 02:33:59 2007)
author Nick Tredennick is an American engineer, he played more than 10 years of dealings with VC, both good and bad, are reflected in the text · · · · · ·
my first time dealing with venture capitalists (VC, venturecapitalist) is in 1987, when the impression is not good, but in contact with them, I found a start-up companies exposed out of the general problem. Since then, I participated in the founding of more than 30 companies, worked as the founder of consultants, engineers, managers and directors, and that in the past only to act as wealthy venture capitalists to form a and articles in praise even praise VC, but I would like to talk about the knowledge of VC from the perspective of an engineer, perhaps this article looks like some libel VC imply, but I did not mean to judge them tinted glasses I just objectively describe their feelings, and I did not try to change human nature and hope they
to change their style and principles.
In fact, the engineers belonging to vulnerable groups, VC know how to deal with engineers, but engineers do not know how to deal with the VC, this is an objective fact, VC is the use of this advantage, without considering the interests of engineers, but engineers also their
strengths, they are the master to solve technical problems, based on this understanding, some knowledge of the operation of venture capital, they can get relatively fair treatment, but I would not be here to provide the detailed approach, whose content is sufficient to write a book in this article, I just want to wake the engineer,Puma Future Cat, to make them aware of the awkward position of which.
see the nature of the VC
VC is a bridge of contact to wealthy investors and technical personnel, under normal circumstances, engineers in the early days, need to resort to the VC, it is to attract investment is the most direct and rapid way. choice of course, for example, you can rely on their own original savings, but you may not be so much money; You can also find a friend or family fund-raising, but is friendship and
of affection for the risk; You can also find the it may be to spend a very long time, the time cost is quite high.
the VC very close contact with each other, they have their own communication circles, and is still relatively closed, in fact, if there is no private recommend or introduce you to is very difficult to favored by VC, the VC from thousands of business plan to fancy that their ideas are very innocent and naive.
the VC will not sign a confidentiality agreement
if you think VC is very trustworthy, will reveal your secret that you are simply a big fool to tell you, VC absolutely will not tell you to sign any confidentiality agreement, in the process of dealing with your VC is always in a favorable position, they may like your creativity, but they want to subsidize someone else to do. I have at least two friends they are being cheated in the process of access
touch with VC funding, the VC after the collapse, according to them, holding their creativity others. Reference the first example of this is obvious plagiarism, my friend John drafted the business plan should be copied to another VC-funded plan, John prosecution that venture capital firms, and finally won the case obtained some compensation and the spirit of victory, but completely lost business, while the the plagiarism John innovative start-up companies subsequently listed
, melt into a lot of money, a lot of money to the VC. John suffered not too bad, more often, entrepreneurs simply do not have time and sufficient evidence to prosecute the VC can only watch people take their own things to make money, another friend Peter VC pit a when dealing with several venture capital companies, a VC many times
to send experts to Peter's examine the technical conditions, Peter was found from the VC at the investment, the investment company to make their own launched a project of the same creative experts
VC like to follow suit
electronic technology industry is becoming more and more like the fashion and toy industries, fashion has become very large driving force, a variety of new programming languages, design after another, and even high-tech companies profitable business model once to take the fashion line. In fact, VC is the most crazy fashion groupies, what popular they chase what if one the famous the wind
risk investment funds investing in the development a configurable electronic loom, then the other VC will follow throw money VC like Suida Liu, a particular field or get a lot of investment, any investment or not. If you are good in the fashion Whirling Dancer trend then get VC investment opportunity is very large, but if your idea is too new and is
too different, that the difficulty of your investment is very large.
the VC do not know technology
In general, the VC did not understand the technology, although some engineering graduate with an engineering degree just a starting point, if you design and manufacture of a product, you will become an engineer if you are in occupation work, you can become a manager or venture capitalist in Silicon Valley VC background is the best, your company is farther away from the technology industry
Center, investors less focus on technical content, they are money
If VC can not read your novel idea, then they will abandon you, they are mainly concerned about their own familiar territory, such as with the technology is not related to marketing strategy and growth expectations. < br> experts do not specifically
VC on your creativity are interested, they will at least send an understand the details of cutting-edge technology.
I had contact with a start-up companies, a very creative idea: the company firewall on the design and use of programmable logic device to the line speed. line speed means no buffer, do not need to store data, so there is no need for the use of microprocessors and IP address, simple installation and management simple, but with the experts before to see
had firewall implementation mechanism are too different, even if the programmable logic device companies also do not understand how this works, in their view, no microprocessor and IP address to design firewall is as absurd as the manufacture of the car without an engine. Obviously
, the company has not been investment, the founding had to return to the big companies go, this result not good for anyone, the industry has less of an innovation, technological progress has also been delayed.
the VC does not to risk
VC is translated as investment (home), so most people think VC investment to bear a big risk, but in fact they have no risk to be able to absorb the VC to create investment funds is for the rich money out of investors responsible for the basic principles, they make investment decisions are also very cautious, almost timid, like a conservative, a large
investment funds in a project to do a large investment, must ensure that its ideas are very good. and there is a precedent for success. In general, VC is to focus on the previous history, they like to earn a lot of money a team or creative, which like Hollywood would rather make some successful movie sequel is not shooting new original movie. < br> VC to create investment funds charge management fees to pay the investors and is divided into divided into generally 20-30% of investment profits, which determines the VC is engaged in almost can not lose sale of investment fund generally will invest in several different areas of the company, so the risk is also dispersed a lot, sometimes a board member of the VC or start-up companies, investment companies
stock options, such a calculation, the VC-basic there is no risk money investors
touches bear some risk, structural risk through portfolio can be reduced a lot, but that has not completely eliminated. really bear the greatest risk are those with the entrepreneurial spirit engineer for the company, they put a lot of time, mental, and even feelings of success, the VC, the bulk of the failed, his years of
effort will be in vain.
VC shot very generous
If your company needs a lot of money, say $ 100,000,000, then you only need 1 million U.S. dollars in the company than have the same rate of return on investment opportunities, because those who manage billions of dollars in capital investment funds like large projects, they do not have the time and manpower to manage the hundreds of small projects of $ 1 million, even five million
they scorn to do in such an environment, if you only need a few millions of dollars, get the opportunity to invest relatively small (returnees, forum www.haiguinet.com) the VC

complicit assessment and pricing of the project, VC often with each other ventilation, they often engage in the gathering to discuss some candidates for the company's investment and pricing, pricing, mainly related to the total stock of shares and prices, these will show that the VC to start-up companies, the terms of a single specific areas of investment 67
company, usually only limit will be the number of investment objectives within two or three, on the one hand to prevent their own interest groups compete with each other, on the other hand to ensure the success of individual enterprises to do so Of course there are many negative effects, the biggest point is to restrict competition thus limiting innovation activities, slowing the progress of technology.
and we know that in nature, a competitive environment can foster a healthier, more dynamic organism, for current high-tech industry, the competition is very useful very obvious progress
In comparison, only three major manufacturers competitive areas of the floppy disk is almost stagnant. I would not talk about market size or market opportunity (hard business compared to a floppy disk business), I'm just saying the relationship between competition and innovation speed.
the VC does not explicitly say
VC you are really interested, please rest assured, it will definitely give you a call, the last will give you a check, but if it is you're not interested in you will not get a reply. long silence means refuse, the VC is very cunning, they do not explicitly say and then find the money somewhere else, the VC
contingent bad, they would most want what you've been hanging in a tree. the VC sometimes holding a fashion is constantly changing,cheap puma shoes, the technical staff will continue to improve their products, perhaps next year your proposal will be better. In addition, the VC would like to get more inspiration from you will add innovative ideas to other the plan of the start-up companies.
if the VC know you have other options, they often deceive you:
in VC eyes, 20,000 U.S. dollars, the figure for the average engineer is still quite high, but only enough of them this person in the circle to meet the dinner with. usually the main consultant. VC ready to invest in your company, their , they will give you send a new CEO, replacing the whole gang of buddies of your original business. to
your creativity, your work, their the company
In general, the VC sent to the CEO 10% of the shares will be assigned each member of the Board will have 1% of the shares, the entire technical team can only get up to 15% of the shares, remaining wholly owned by venture capital firms, technology companies in the future additional investment of the shares of the team will be further diluted with the VC controls the board of directors of start-up companies, they may be a month or a quarter to visit once, listen to the company management to do a report, issue instructions, advice, and take away some of my personal stock options ( The only possible exception is CTO and vice president of the charge of technology). In short, the VC control of your company, you and other engineers only work out.
I once knew a company, which a year ago a good valuation of the investment, the company had rapid growth and development of new products to meet or exceed the desired objectives, but also in accordance with the plan to spend all the money later in need of money. The investment environment has changed, no longer willing of the company stock into
line stock price and company value assessment, if the company is seen as a pie, is equivalent to divide it into many small pieces (stock) an investor the price of other investors also bid to follow him in the end, the engineering
division is only toy in the hands of VC. end result is, after an investment company value assessment only last year's third.
Later, the investor is prepared to divestments, was required to renegotiate the previous round of investment, they said, shares to compensate for the loss on an investment. these, when they want to go back on previous promises of recovery.
think of another situation, if the engineer is in a favorable position, the VC will often say, creative is clearly the beginning than we expected more valuable, so we think the shares should be the last investment income return of half to you. a harsh reality: the entrepreneurs belonging to vulnerable groups.
engineers the value the creators
of the VC good long playing the capital game, but do not understand the technology, entrepreneurs and skilled, but no money, the technology of each start-up companies has its own characteristics, the capital of knowledge applies to all start-ups and VC does not care about a particular technology, they capture the opportunity just to make money, so the VC transport capital often do not pay attention to valuable technology, for example, a years ago, VC made a
crazy camel rushing to the Internet company to vote the money, but this year they went to the other extreme, even if you can create a transport aircraft of the Star Wars, they may be interested in you do not.
this is not a technical or personal problems, but financial problems in the VC view, engineers, and their creativity is just a commodity. venture capital firms can squeeze the technical team, because they can, and VC think to do that is to fulfill its fund investors to create the best interests of the responsibility.
But in fact, the engineer is not a commodity, to reduce the stock of engineers share may be counterproductive: They demoralized, productivity will suffer, and finally they leave, the company finished.
must admit the fact that the revolution in the electronics industry is created by engineers rather than managers, the VC may not appreciate that Moore's Law and the wisdom of the technical genius is the driving force of the electronic revolution, then the accumulation of a huge market demand for products enough kinetic energy, this force is so strong that management decisions can not affect the pace of progress of electric
sub-revolution. In the final analysis
, saying: Engineers are wealth creators, the VC only beneficiaries.
solution
to create future engineers should get a fair treatment, but now they are still not, to change this situation, I have three suggestions:
First of all, a wealthy engineer should consider venture company, the only way to get the shares they deserve. you do not have to like Bill Gates is so rich because as long as there is more than one million U.S. dollars of net capital or income to meet the minimum limit, they can become investors angel investors to provide seed money or do the previous rounds of investment, but to take charge of their investment, if you can not pay too much money, less investment, because the risk of early investment is great. start-up companies need your money, more need your valuable suggestions. capital adequacy, the start-up companies increased, technological progress will accelerate the wealth created by a corresponding increase in the wealth created does not refer simply to make money, but also reflected in the quality of life and raise the level, of course, that is beside the point.
second, the engineers should join together to form a risk fund start-up companies need a lot of angel investors, well-organized angel investment funds. I very much hope to see transported to the engineers to do the dozens of 100 million U.S. dollars the size of venture capital funds, they are mainly in the seed stage and the next round (round) investment, to provide seed funding and advice, and accept the guidance of professional financial the people
members. they will be representing one different from the traditional venture capital firms FN.
third recommendation is, I very much hope to see an engineer of public transport to do venture capital firms, which sell shares to the public to raise funds, and then raise the money for investment in start-ups, not necessarily only the rich can play the investment,