Deciphering unicorns: 90% the secret of the founders investment

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 Deciphering unicorns: 90% the secret of the founders investment


[up to March 31, 2018, 33 new unicorns were found in the Greater China region, the total number increased to 151, and the total valuation amounted to over 4 trillion yuan. Since the beginning of this year, domestic and foreign capital markets have been fighting for the technology Unicorn with the attitude of embracing the new economy. In the afternoon of April 24th, the IPO new deal was issued by the Hong Kong exchange, attracting innovative enterprises and unicorns to go to the Hong Kong market; the A share market is also undergoing major changes, opening fast green channels for unicorns and introducing CDR policy. At the corner of the unicorn, how to define and screen the unicorns, what kind of company can really step on the IPO fast lane, how to excavate and cultivate potential unicorns, has become a major concern in the investment circle. The focus of the project is to invest. Many people in the venture believe that 90% of the success of an enterprise is decided by the CEO and the founding team. In addition, the iterative ability of the product, the full use of the application scene and the demographic dividend of China are also more critical. In the end are they chasing the mouth of the wind or focusing on investment? Many of the first financial journalists interviewed by the first financial reporters said that they did not intend to invest the unicorns as a goal, mainly to focus on the field of deep ploughing to do value investment, in the process, it is also a matter of time to invest unicorns. Unicorn 90% depends on the founder. What is a unicorn? The investment community usually thinks that the valuation should be over $1 billion. In addition to the valuation of more than 1 billion dollars, it has to be in a position of absolute leadership in the corresponding mode and in the industry, almost without being subverted. Zhou Wei, partner of capital creation capital, said. In April 17th, the Hurun Institute issued the unicorn index of the Great China in the first quarter of 2018. The list combined with the definition of the capital market unicorn to select enterprises with external financing and valued over $one billion. As of March 31, 2018, the Greater China region (including Mainland China and Hongkong, Macao, Taiwan) found 33 new unicorns. Animal enterprises, the total increase to 151, the overall valuation of a total of more than 4 trillion yuan; of which, the valuation over 10 billion US $10 billion super unicorn 13, a total of over 2 trillion and 200 billion yuan valuation. Yang Bin, a partner in capital management, said that Chinas unicorns and American unicorns mean the average valuation, China is higher than the United States, China is 4 billion 500 million dollars, the average valuation, the United States is about 3 billion 500 million dollars. The unicorn is so many in China, we have found that in addition to technology, China has a very important feature, that is, some big industries have not yet developed, and can still find the driving force. Liu Erhai, the founder and executive partner of pleasure capital, further said that the other is the process of urbanization in China and the rise of new human groups, and it will also promote new development. I think the bigger reason than the United States, apart from the new model, has also increased the dimensions of the society and industry, making the unicorn grow fast. At the time that the venture capitalists talked about the unicorns, Tu Hongchuan, the capital founding partner of the boiling point, put forward the idea that the unicorns of each era were completely different, but the same was the team and the people who were able to make the unicorn and the nature of the CEO. Looking back, the unicorn guys have one thing in common. I personally feel that they are all fighting little ones. Tu Hongchuan also said that when looking at a team, if a team is weak, it is necessary to do a lot of accompany the run, so it is very difficult to make a unicorn. Zhou Wei, founding partner of creative partners, believes that 80% to 90% of the success of an enterprise is determined by CEO and its founding team. In his view, investors are more of the role of a counselor. When he is very focused, you help them care about the environment. In the mountains, in the fog, you can be his UAV to help him see whats going on outside. From angel investor perspective, I think 100% may be entrepreneurs. As investors are more green leaves and icing on the cake. Chen Keyi, the founding partner of the dangerous peak, said. Chasing the mouth of the wind or concentrating on investment? Standing in the tuyere of unicorns, digging and cultivating potential unicorns has become the focus of some equity investment institutions, but there are also venture institutions that do not aim at investing unicorns. On the whole, when pursuing draught, we must find a balance with value investment. We prefer to invest in technological innovation, which is different from the innovation of the investment model. Technology innovation, especially in the field of biopharmaceuticals, including medical devices, needs time, some in a field that takes twenty or thirty years and requires a high threshold, which makes the moat wider. Gan Shixiong said that searching for unicorns requires a selection of tracks, finding excellent teams and developing them step by step. Zhu Yan, the partner of azure capital, also told the first financial reporter that his teams secret of finding the unicorn is to think deeply about the subdivision industry. We dont want to do a lot of industry, this is not good. An investor who has been through a few years needs to build its own foundation in a certain field, plough deep in a large enough field and have a huge amount of information, and hope that each team will become an expert and think independently. We do not particularly pursue the unicorn , and any enterprise is not a unicorn to become the goal of its own enterprise. In the process of development, if the enterprise market space is broad enough, it is a prerequisite for a competitor to win, and it can bring value for the long term users. This value may be Better products may also be convenience or efficiency. In the process, unicorn is a natural process. Ji Wei, a venture capital management partner, said that after all, the venture capital is not a short-term, fast, or short term model. For the Chinese capital, it is willing to help the venture capitalists to compete in this field, to enable enterprises to grow and change in the large market, and to do it through resources. Yes, for investors, this is even more important. We rarely say the word unicorn inside, we do the project, whether it is a unicorn or not, we do the basic work well, and the basic analysis is good. This is a good way for us to choose the project, to do the project, to really invest in the Unicorn. Sun Shufeng said. Looking for the investment track under the new change At present, a lot of funds are gathered to the head office, which makes the market unclear. Is the result that the enterprise becomes a unicorn? In fact, the entrepreneurial environment has undergone very profound changes. The amount of money must be very large, and the global liquidity can be seen. We summed it up as devil channel effect. Liu Erhai explained that todays entrepreneurial environment has undergone very big changes, one is the competition and upgrading, not only the enterprise team has the ability to produce products, but also the ability to raise capital and the ability of PR; in addition, the enterprise should grow at a high speed and may not necessarily be an opportunity, others have grown up, and the growth cycle becomes shorter. In addition, industrial investors and strategic investors play an important role in it. For the solution, Liu Erhai believes that the project needs the unique value of the project. It is better to be far away from others. I am afraid that the entrepreneur will continue to look at whether there is a unique value. If there is a good existence and no existence, it will be impacted, that is the problem of a long time. The second half of the Internet is also the second half of fighting. No company can be single, or be an excellent company quietly. Cao Yi, the founder of source capital, thinks that investors should read the war first, and then help entrepreneurs and entrepreneurs find a position. Are you looking for good, and whether the time is accurate, at the right time in the right position, the value of your company is great. Compared with the US, a large number of chinese Unicorn enterprises are mainly partial consumption and partial C end mode. In this regard, Yang Bin throws a question, in the direction of hard technology and underlying technology, will there be more opportunities for unicorns in the future? In the chips, basic materials and equipment, and some investment in agricultural information, the founding partner of Ginkgo biloba / management partner Roy said that these are far from the BAT, but there are many places to develop, and there are many layout. Todays enterprises are not as easy as the popular and C side. Yes, but Chinas development will have a long-term and fundamental role. As for the choice of the future investment track, Chen Keyi, the founder of the dangerous peak, believes that the biggest change is the flow of dividends before the stock adjustment. In the next few decades, we can find the place where the large stock is located, and then follow and find the opportunity for the market change; the upgrading and replacement of the traditional industry. Industrial transformation is taking place quickly, which is a difficult place for Tencent and Ali, and there will be new opportunities for change. In addition, there are more opportunities to be related to changes in population structure, such as artificial intelligence and chip technology, and medical health. . Source: first financial responsibility editor: Bai Xin _NT4464 In the chips, basic materials and equipment, and some investment in agricultural information, the founding partner of Ginkgo biloba / management partner Roy said that these are far from the BAT, but there are many places to develop, and there are many layout. Todays enterprises are not as easy as the popular and C side. Yes, but Chinas development will have a long-term and fundamental role. As for the choice of the future investment track, Chen Keyi, the founder of the dangerous peak, believes that the biggest change is the flow of dividends before the stock adjustment. In the next few decades, we can find the place where the large stock is located, and then follow and find the opportunity for the market change; the upgrading and replacement of the traditional industry. Industrial transformation is taking place rapidly, which is also a difficult place for Tencent and Ali, and there will be new opportunities for change. In addition, there are more opportunities for the changes related to the demographic changes, such as the improvement of artificial intelligence and chip technology, and medical health.