in the cold winter will be over: vc on the ten key words of bosses are lost

o2o and internet financial

financial, such as the internet now paylong concept, now is the perfect time to overweight, do a b wheel, assist them to grow.now internet financial, paylong dozens of companies are doing, but as of today, we all have no, we want to paylong blue-collar and white-collar from simple short-term loans, the future will be like if fight pattern?what kind of company has enough barriers, team barriers or pattern barriers, or technical barriers, then how do you survive?we're still digesting this stuff, but very actively looking.

bertelsmann, founder of the asian investment long yu(rural, consumption):some of china's credit card penetration and so on all is very low, so there must be a strong start-up companies to fill, we also continue to join the internet financial, but financial three words on the internet, the internet really sometimes be demonized, sanctification, or exaggerated, consumption scenarios, services to the rural environment for companies like farmers in installment and so on, is also our recent exploration.

china capital management, a partner at wu haiyan(financial regulation):first of all, the financial sector is inherently should be regulated, if the financial industry is not regulated, would make a very big disturbance, so the regulated financial sector, is a natural, is a thin, certainly will be more and more likely to be in some innovative products and mode, the laws and regulations of the past or the past some regulatory policy does not apply to it, temporarily have a blank period, but the gap period should not be too long, will fill quickly, this is a major premise, the financial industry will have regulation, no fantasy.

we see the trend of this year's two:a trend:actively take licence, a financial institution.trend 2:work with a licensed financial institutions, to do service for them, and they become partners, become a useful supplement them.basically financial business is the way to go, so i think in the beginning, should also won't have any outside.put out to sea

, managing director of gsr ventures xiaohu zhu(china will output):china mobile internet is likely to be most of the world's number, so some in the mobile internet business model is on the rise of china, and exported to abroad, i think it's normal.as mobile internet tools, games, social networking, live, is first developed in china, china may than in other countries like the united states is leading a lot.the output is very normal, like mobile internet tools, games, social networking, live, will start up in china, china may lead many than in other countries the united states, the output is normal.

partners china founding managing partner zhang ying(only china opportunity):i think deeply, in the world only with china as a business center in silicon valley, now that we have in the side, and both as individuals and institutions, we from the world's most outstanding chinese investors only an arm of the distance, why do i have to go for overseas opportunities, there are so many funds are doing overseas investment, if when they go to the united states, they want to fight is the local redwood.

i told our colleague, you can put the united states, europe, southeast asia, the founder of the best back to china, to his business in china, we can invest, but if i had to do investment in local, i have not a penny.for me, i only know chinese, i only focus on, do it well, the incident itself with the scenes of so many good vc killing is killing me, what do you want me to go to organize a team to go overseas to fight i can't do.perhaps such thinking logic.

ggv capital management partner operator achievement schoenberg(from tool to product to sea):things out to the early years have passed, like uc70%, 80% of the users are in china, but a large number of users in indonesia, russia and china in the early years has actually such signs, including the cheetah, to a great extent, is also in the sea, so sea early is a tooling the model simple.

bertelsmann, founder of the asian investment long yu(xinjiang is just beginning):the flow of future capital flow, technology flow, information flow, model, only will be more and more fast, more and more transparent, more and more flat, especially when the chinese hardware production in to the software two-stage drive innovation.so-called next, artificial intelligence is intelligent hardware become more developed, the united states have no way to move high-end manufacturing capacity in overnight.so big xinjiang is definitely not the last one, and it is only just beginning.as reflected guest started to output, and is also a kind of new language model, i think the people of the world is still the same vulgar, entertainment in the future, a lot of will to us from this big country with traditional entertainment, become a cultural output was invented, this is a global phenomenon.

entrepreneurs

partners china founding managing partner zhang ying(narrow-minded):i don't like narrow-minded in particular, is more stubborn man, the other is to calculate words, founder of.for an example of concrete, until today we have over 370 companies, less than 10% of the mortality rate.one type is a one hundred percent mortality rate-when we invest, founder of pushed us to sign a non-compete clause.may be at that time, they are in a strong financing, there are a lot of people are interested in them, and they said to me, i get money fabric, but in this industry, you are not allowed to vote on other company;in addition, they say, or i will give you list a few companies, forbid to throw these companies, etc.because we finally forced, feel very good, the company invested in, the five or six companies, signed a non-compete agreement, one hundred percent died.

one more thing, the world of today is very solid, you not only need to do product well, at the same time you want to a lot of other things are enough to control force and balance with the aura, such as financing, capital cannot be broken;for example the propaganda of the brand.

legend holdings chairman liu chuanzhi(ability):around 2000, internet has already had a round of high tide.opportunity came thanks to the development of internet technology, a gust of wind came also meeting days, it is opportunity.but can seize the chance, to live, that in itself is a problem of ability.

entrepreneurs need has the ability to fight play, continuous, and adjust their strategy according to the situation, team cohesion ability, and these are the entrepreneurs have to seriously study the, these are not the past.otherwise, when the opportunity will come off.

yuan jiing capital founding partner wang(pressure):what is a spectrum ceo?we believe that the ceo has several traits is we prefer:first:he has a very long on the startup circuit the accumulation of experience, as well as the composition of the team.the second:he may be a very refreshing state, the ceo of entrepreneurship.third:in personality, he can in the case of very difficult or very heavy pressure, ceo of decisions.

mobile internet dividend

bertelsmann, founder of the asian investment long yu(not only will see traffic):if the mobile internet dividend gradually diluted, turned out to be very rough some tovc pattern, and we define is the simple solution, retained, the guest front-end, month, day length, retaining as many live, and at least as long as there are users can distribute traffic, may also cut into trading, from the content to the electricity form some attributes, always can earn some money, now find the psychosexuality are useless.

such as zhu xiaohu shot hit the guest is very outstanding, immediately following a thousands of companies are doing, live moment to make a common language, exceptional could become a sustainable cash channel.as sp, saved china's first generation of internet companies, by selling wall paper, ringtone survived.further investment in logic, business model, business cash, will have new breakthrough, not only will see the growth of traffic would have to mark a company.

the founding partner of ficus altissima capital chang(receding):mobile internet dividend actually gradually faded, the so-called dividend?cost is to use a term for the guest, before your guest cost is very low, may be a dollar two yuan for a registered user.you download the app, for example, we see on the phone now, how long to download a new app that shows the user's habits are changing, the dividend is waning, it doesn't represent the business without a new opportunity.just to say, for example, we cast spell of this project, he is using a new dividend, is wechat bonuses, early, you can get it almost zero cost hundreds of millions of users purchase, this is where it is a point, i think wechat bonuses still exist today, again in the future may continue to fade, because consumers have been tried many times, just walk down slowly.

new environment new logic

ggv capital management, a partner at operator attention performance(efficiency, self analysis):i think the different stages of enterprise, may have different thinking, if your coffers, different sizes have different considerations.i think depends on you now, so to oneself want to have a analysis first, how much money do you have?how long is your runway?do you have a half a year the runway or december?do you have any self learning ability?the ability of hematopoietic how to understand?whether you're going to be able to demonstrate a business model, we can pay for this in the future?

so i think the topic itself, the need for the project or company, stage.generally speaking, we will sit down and discuss these problems including the entrepreneurs and the board of directors.key lies in, be sure to survive, the survival of the process, in fact i'm cultured is efficiency, whether your management efficiency, or are you a guest on the efficiency of the various aspects of numbers is used to mean, this is i often discuss problems in this respect with entrepreneurs.

today in china and the united states is almost synchronization, sometimes even china earlier than that of the united states, the business model in china to do first, and then you can copy in the united states, we cast can be logical and feasible, but real life is meeting the needs of people don't know really, you need to prove that the business model, as soon as possible and as quickly as possible and as little as possible to burn money to prove business model, and then expand, it is more important.

the founding partner of ficus altissima capital chang(layoffs):simple say that money is the mother, have no money what all can't, especially when the capital market, the winter is what meaning, in fact, the so-called capital return to rational process, is a market for entrepreneurs is not pulled$at the time of high valuation for the next round of financing, this time you may be able to have ability of hematopoietic, when their hematopoietic ability is not implemented unit of economic profitability, you may have to do some layoffs, do some adjustment of business model, it is in today's environment of entrepreneurs must consider the question.

in 2016, for investors and entrepreneurs are very challenging for a year, investors cautious, entrepreneurs is very nervous.too many people fall in the winter, even more terrible, when the past winter, spring, when to come back, no one can give a more definite answer.

there are some problems are still confused on the market the majority of people, such as where the existence of venture investment opportunities, china's business is too difficult, the sea is the trend of the times, o2o financial window is completely shut down and the internet, travel and what opportunities, where new tuyere, business logic what changes under the new environment and so on.

yesterday, at the same time there are three investment conference held in beijing:36 kr wise unicorn conference, 2016 annual meeting of the investment community, small table, global young entrepreneurs convention in 2016, a large number of investors and entrepreneurs gather, hope can find some answers to the above problems.

idg capital chief hugo shong, a founding partners partners china, zhang ying, founding managing partner, managing director of gsr ventures xiaohu zhu, morningside venture, executive director of sunrain and qing's gavin ni, lenovo chairman liu chuanzhi, chairman of the board of investment, such as bosses and entrepreneurs to participate in the discussion.

sina science and technology from the large investment circle at the end of summary, summarizes the ten were repeatedly mentioned vc keywords:winter, recovery, air port, innovation, artificial intelligence, o2o, mobile internet and internet finance, sea, entrepreneurs bonuses, new environment new logic.the ten key words is 2016 in the past, is also the future of 2017.

winter

, managing director of gsr ventures xiaohu zhu(head):chinese internet cycle obviously, the internet less obviously, almost every three years the chinese have a winter.investment slowing down a lot this year, the entire investment number is a third lower than last year, but the number does not reduce investment amount.investment amount number just reduced about 10%, most of the money was taken from a few companies, like drops melting$67 billion, meituan also took$23 billion, hungry also took billions of dollars.

clear family group chairman gavin ni(mid fewer investment difficult):in 2016, the media are saying"the capital of the winter, so cold, can't melt money", but the first 11 months of the year the equity market, there are 2191 new funds, to raise the total amount of more than 1.15 trillion, voted in 7859, investment of 668.3 billion yuan.in 2015, the total amount of investment is more than$5000 for the whole year, and the first 11 months of this year's investment has exceeded all of last year.but this year the venture capital investment is decreased, the money is mainly in the early and late, is the most difficult in the middle.this year's ipo is a level lower than the same period last year, this year is not a out of the year much more special.

partners china founding managing partner zhang ying(standard):i don't think this is a capital of winter, all know that there are a lot of the hot money.just some vertical industry, financing is a bit difficult, such as o2o, internet financial.but in other places, including culture, enterprise service, trading platform, i think it's very, very active, so i don't think it is a winter, just for a long time now exit is limited, a shares line is long, in the us market is slow, so have become slightly rational investors, should not the cold winter.we do the investment standards improve a lot.in the past three years, we each year, nearly 90 companies, new investment in the capital under the winter this year, our investment on the basis of efforts to improve our standard of speed is not too big change.

morningside venture, executive director of sunrain(wait for new technology), 2015 and 2015, everyone is talking about capital winter, more important is the subtext of scientific and technological innovation in the winter, the whole this dial 2010 to 2014 was by mobile internet applications, but the application, but the application, but from 2015 to 2015 to start a new science and technology is not fully mature, and there is no epoch-making products like apple, we think this stage is very difficult to do, no matter for the entrepreneurs and investors.warming

, managing director of gsr ventures xiaohu zhu(the second half of next year):you don't fear, so on the winter may be the second half of next year, cold winter will past, investors will be investment pressure, less investment projects this year, next year investment projects must be more than, otherwise don't finish.

partners china founding managing partner zhang ying(a shares):i believe that will be better and better after the a-share market, more and more excellent company will eliminate the false data in the above do or just rely on capital operation to maintain all kinds of companies.

morningside venture, executive director of sunrain(next year may be a new opportunity):overall, though, are in good, first we see next year, the us capital markets may have a number of financial technology company and china's financial technology company will be listed.may further back the next wave is the enterprise service, further back may be ai.so this market will be open again, including rmb, i think the whole is also good.

the founding partner of idg capital chief hugo shong(zhuhai):hong kong and macao soon bead bridge will open to traffic next year, shorten the distance of a few places, half an hour to drive from hong kong, zhuhai.i think the future will be a good business, because the cost is lower, from hong kong, shenzhen is very near.fresh mouth

, managing director of gsr ventures xiaohu zhu(consumption) the internet business model innovation:new tuyere is hard to predict, we can only keep the look, the new company until we have a little feeling, is likely to rise.personally, i basically see consumer internet, we may see two other artificial intelligence, enterprise applications, but i personally believe that consumer internet business model innovation inside have a chance.consumer direction, my personal bias trading platform, really big$1 billion more than the company mostly in the trading platform, vertical brand is difficult to a big company.

partners china founding managing partner zhang ying(social) trading platform acquaintances:invest in the things, is a tangle of dynamic thinking and forever, you can't at the time of static to see something surrender easily., for example, although the micro letter so busy today, but i think instead, some of the team's time should dare to challenge the acquaintance social.because a thing to do is large enough, there are always some people to come forward.

there are a lot of industry, there is no capital or winter lows, said companies like to have a good trading platform has been, for instance, warp/weft threw fronted house so far.i think enterprise service is the industry's rapid emergence, when this kind of company rise to a certain extent, bat they can't, now the more and more prosperous.

clear family group chairman gavin ni(lack of big wave):my personal view, the industry is the lack of a large wave, in 1999 and 2000, there was a wave of pc internet big wave, in 2011 before and after another wave of mobile internet, strength of the two waves this year began a bit stalled, star project obviously decrease in this year.

fortune venture capital partners, president xiaobing(still looking for the direction):this year should be a return to rationality.this year, we have seen, the new concept, story, tuyere, nouns, compared to two years earlier, so it is relatively rational for one year.the first two years are still a little pressure, feel to"fall behind", as if not a direction of what it will feel very sorry, now is the normal state.now the market is still looking for the direction of the big, from vc investment, the next big trend, we are doing some early layout, also don't know what is the next big wave, but now the direction of the market compared with that, we are also seen.

the school founder deng feng it(biological treatment technology):china in the next decade is certainly a major science and technology, science and technology, there is two big, one is wireless, iot, big data, and in the it industry, such as artificial intelligence revolution;and genomics, proteomics, plus some other medical equipment precision medical revolution, a trend of the whole drive the health care industry, it's also one of the science and technology as the guide.the revolution of science and technology could be in the next decade or even twenty years of investment subject.innovation

legend holdings chairman liu chuanzhi(not to):i don't agree with china's innovation mainly is overmuch, insufficient technical innovation mode innovation point of view, i think it's time is not.in the capital came in, with china's national strength is strong, recognize the importance of capital, attracted a lot of money(angel investment, risk investment) come in, so complete after successful, so it takes time, the past it doesn't even have mode innovation.

, managing director of gsr ventures xiaohu zhu() on business model innovation:we always maintain recognition of business model innovation.solve business problems.in solving business pain points, innovation.

fortune venture capital partners, president xiaobing(the chinese science and technology innovation to the critical point):silicon valley vc mainly for some technological innovation of enterprises, the past two years is the main business model innovation on our investment, now i feel back to the scientific and technological innovation.now science and technology innovation in china to a critical point, the chinese and foreign technology innovation is a synchronous phase, this gives us a lot of confidence, so we threw a lot of technology companies.artificial intelligence

innovation works, chairman lee(financial, medical and unmanned):i think, in the next 10 years, 50% of the world's work will be replaced by artificial intelligence, such as assistant, translation, security, etc.artificial intelligence perception, cognition, decision making, and even to the feedback, the four things in the past five years, there are very, very big progress.artificial intelligence could be where the first breakthrough, i think it must be the biggest, the fastest data can create value., for instance, the financial sector, banking, insurance, securities, intelligence library, ai quant funds, these areas are the fastest can create value.and then there is health, cancer detection, slicing, gene therapy of individuation, these are particularly suited to the field of artificial intelligence, and education and so on.

all of the domain, i think one of the biggest areas, should be unmanned.although it may be a decade of goal, but when the electric cars, sharing economy, unmanned, three things happen at the same time, human economy can produce the biggest increase and change.

for artificial intelligence entrepreneurs several suggestions:you want to have a particularly large data, and the best is only you not others, closed loop of the data.buy a lot of machines, especially considering the gpu.still very need to have much more special experience deep learning expert.

morningside venture, executive director of sunrain(small companies also have the opportunity to):artificial intelligence could be an opportunity, although we admit that artificial intelligence this wave the biggest benefit is big company, we will see after this wave of trillions of dollars in the company.but in some segment of the domain, domain, big companies can't met in data algorithm more democratization in some areas, there are some startups are also some opportunities.for example, for a company is to do intelligent service robot.

the image and voice is already relatively mature, but also in the future will become like water and electricity of standardized service, and semantic technology still has a lot of way to go.if just at this point in time, all of a sudden there are some company do customer service robot of artificial intelligence, is precisely at this point in time to maximize the enjoyment of dividends, every big company can do it, whether microsoft or ali, their internal team to do the things, but when you put your customer orientation into large enterprises, these enterprises such as china, ctrip, this time it's hard to imagine you let baidu microsoft do customized service for them, so i think this is the first stood in the new technology of dividend, at the same time in in a big company, this is an interesting opportunity.

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