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Kr + into the top 36 investment institutions first station (2) VC and entrepreneurs say on a 36 Kr + into the top investment institutions DCM summary paper, we introduce the DCM that institutional investors. Some readers commented that this is the investment community fast, accurate and relentless. In this article, we summarize the main dialogue founders and directors of the companies DCM partner Ruby Lu Rong sat a time share. This is what we went into the DCM in this very important aspect, and the other part of it is one DCM and startups roadshow and communication, it is more private, we only cover part of the dialogue to share, which were a lot Interestingly collision point of view: Part 1: CEO DCM investment projects share Xu Yi: What is driving the development of start-up companies introduce Xu Yi: He is CEO Beijing Times Air Jordan 5 Retro focus of education, age focus mainly offer new examination and study service abroad through a network cl[censurado]room . Xu Yi I am MBA, MA University of Chicago, Stanford University, is one of the first 30 New Oriental Foreign Ministry exams teachers, who founded Chinese college students job Forum. In Xu Yi seems to do startups, the first consideration is the market, this is not saying much. The other factor to consider is the best person. Business model can be adjusted, can make mistakes, but if the team is particularly large changes, will have a significant impact on the company. I went through a lot of detours on the team. I and the school network Wang originally in Wudaokou business, talk to him for days saying very much agree with, is the 'core business is actually to create a core team.' You must also face the same problem with me: find people do not fly, good particularly expensive, and sometimes even spent the money also is not practical. So how to find the right people is very important. I tried many ways: to dig a competitor, also tried in the past to find them in some areas regarded as the star or expert person. Finally, we find the value of the greatest people I created here, many of which are not particularly the kind of background, but the cultural identity of the people in particular. Talking about the business model, Xu Yi believes that the changing market always has a huge opportunity to differentiate in the business model will be more likely. What I do is in fact a fully competitive, saturated market competition in education inside, the good news is the market is large enough, several do education are listed. The bad news is that we are entering the market, it must be different. People in front of us, whether positive of negative, word of mouth will have larger base. Our difference is to be made a lot of good things for free, just as the 360 into the anti-virus areas, exceeding customer expectations. After entering the market, people tend to consider the differences of priority, it will be very painful, but others find it difficult to imitate, is to build barriers. Zhou did it take anti-virus history, latecomers always have a chance. Concluded that, it is a 'very painful to let competitors, and allows consumers to enjoy the benefits.' In addition to the above some experience, Xu Yi talked about his high school lessons come from, that is, 'the entrepreneur must be focused.' You know what they have to do is a rare but very important things. Because of limited resources, the focus to be deep enough to get things done. And other barriers to competition should first set up, you then do something else. For entrepreneurs, many times painful thing is that you will be interested to what competitors are doing, competitors led by the nose. 'These are not important, the most important thing is what you need to do by competitors led by the nose, is a great experience of my business down..' Huang Jiajia: Gr[censurado]roots entrepreneurs how to attract VC, select VC? Department of Foreign Languages, Tsinghua University graduate 黄佳佳, founded in July 2011 51Talk-- currently one of the largest online English training school, which offers Freelance online English training, the price of the line training institutions 1/5 . His company received angel investment fund it real in the end of 2011, and received A round of financing DCM at the end of last year. Allison is interesting to attract VC summed up as 'a center depends on two points,' hope this sharing can help to not have a lot of gr[censurado]-roots entrepreneurs entrepreneurial experience: a center means to do a long line to fight a protracted war ready. From the VC's perspective, they are difficult for a no entrepreneurial experience of gr[censurado]roots team immediately put a lot of enthusiasm to cast your say. 'Most of the VC are accustomed to' drag ', they need to observe. This process, we must hold firm. The waiting time varies from a few months to more than six months to one year.' Typically, VC will During this period of the product team to do a lot of observation, we continued to see a few months ago the founder of the expected data performance is not really be said. 'If you even 3,5 months results are not guarantee, that VC will largely suspect you said five years after the guarantee is not right.' The two fundamental point, to note that VC will examine your two points: First, VC will look at your product and needs, whether it can do this several levels: The best one level, is able to do only one, it is that this market Air Jordan 14 Retro is only one person in your house. But this is in China this fully competitive market is difficult, unless you are particularly skilled barriers. If you do only one, then look at the next level - can not be done No.1. You can market segments, can be found when the point you first. For example, do online education, not the fine - cut, do online spoken English education - also not detailed enough, then cut - one English training to do online teacher's ...... If you still can not see the first, VC usually watch team has not done No.1 potential, which may take a month, six months or a year to study. Entrepreneurs need to prove that they have the potential to become the first of the targeted market segments. VC certainly hope to get a big return. Can not be Only One, or No.1, in terms of VC is not much sense. In addition to the product and demand, they will value the entrepreneur's team, they want to know your team is stable and will not say doing the doing the co-founder left. Your team will be curious whether outstanding, which will take into account your ability to this strain. Do a protracted war, and in the course of a long line to be able to prove your product and team, it has the ability to attract the VC. That the VC are looking for you, how to pick VC it? Huang Jiajia lesson is this: find a VC, a look at the speed: to see who can be the fastest way to deal finalized, we want to be able to make money. Because the slow start-up team may make missed the best opportunity; Second, look at the extent of its understanding of market segments, which also reflects VC is not on your project very seriously. If you are serious, they will definitely go read a lot of relevant information, even related research fields. Entrepreneurs can use some method to study VC, such as watching VC can advise fly. Finally, Allison believes that the election will depend on VC VC own experience, a good VC should have put a small company into a big company experience, it does determine the critical moment. Xu Yi spoke of the VC, also added that: good VC is not accounted for how much you think, but think with the cake bigger. Entrepreneurs must have the following characteristics: the entrepreneurial process and and investors, entrepreneurs exchange, Allison realized that entrepreneurs must have the following characteristics: 1, the entrepreneur must dare to lose 'like me do not have much entrepreneurial experience of people start very easy care, such as to wages can no longer less, to a supplier can give a little less money, but do down, everything was thought picked up cheap, after all suffer heavy losses . '' Our teacher is a teacher in the Philippines, will be higher than the domestic labor costs are cheaper. But we have tried can be cheaper. Try done such efforts, we found that severely affects the quality and service delivery programs, Finally, try to put this stopped. 'To conclude, it is not to let the upstream, customers and employees suffer, only the entrepreneur himself into trouble. 2, the ability of entrepreneurs have learned, at least Air Jordan 17 subjectively make learning as an important thing in the entrepreneurial process, Allison realized: Core entrepreneurs can not keep up with the growth of the company's growth is very important. Xu Xiaoping teacher took them some time ago to see the Chinese partner of the film, after viewing the team also organized chat will be days. Allison was asked Xu, Mr Yu then is how to do high-speed growth. Xu and Wang Qiang teacher gave them the answer: three of them features, advantages and disadvantages particularly sharp, but not on the lower level between the three can be very transparent to criticize each other, see each other a lot of books will be recommended. This mutual exchange between the accused argue, put the founder of personal growth Nike Basketball into a team's growth. 3, the last in the mind, Allison felt entrepreneurs nothing to lose, so we must be strained. 'And compared to the Titanic, we are a small boat if it will not turn to lose the advantage of a small team..' Part 2: issues of concern to the founders: 1, option problem: Xu Yi and Jia Jia After sharing the end, the problem founders first spontaneous discussions that option. Ruby said that in China, the early team does not know can not survive, they often mobility is great, a good start on the allocation option is not necessarily good. If the team believes that the founder, the best VC investment money coming in after doing option allocation. Usually after the VC investment money, there will be a group of lawyers to let you choose to help you draw up options management. Xu Yi is so over. He said that Nike Air Yeezy option is very important, sometimes we do things in China worry that promise can not be honored, the commitment, the legal effects than oral, IOUs incentives for middle management will be even greater. On the options allocation, Ruby more supportive of one the main distribution options. Because they will in cases of dispute between the co-founder, have real decision-makers. Many times business partnership with a friend, early in the morning did not put this question to say good good decision, after the founder of the team is likely to make unstable. No good discussion between the founder of the options would lead to two problems: 1, may feel unfair, mentally unbalanced at the time of allocation of shares after the founder; 2, there is no constraint mechanisms leading to average equity after some not-General of the . 2, how to reach investment opportunity? Some founder, said the investment team once exposed, they will feel that they need to do is frequently interrupted. Huang Jiajia do this for a suggestion: financing should be planned, it is better for investors are interested in the cl[censurado]ification of the degree of intention to undertake a relatively high rate of investment institutions next best place. At first we do not have much contact with VC experience, VC asks a lot of questions we could not answer. It well and then we went back after homework, and after a few, you can answer the basic question of who the VC. So if you have a feel particularly tricky, especially with the intention of VC, try to put some back. And the number of VC must not be too much contact. Like just chasing girlfriend, best described by acquaintances, someone to pull strings. Quantity control as much as Nike Air Presto possible about ten or a dozen. If no one has the intention, it means you have to adjust the model, which then go out to look. Ruby Haitou not agree with the view, because what we call the first chapter, VC particularly fond of gossip. In addition, she also warns that in the search for financing is best not to let the media release said that ye seek financing. It was also added that each VC investment in the industry are not the same, will depend on the edge of the eye, and do not numb. Do your homework, to understand VC style. 3, how to do more with less during business? We are most concerned about the site, in addition to options and investment, it is how to spend less money work, mainly involving promotion. Compare painful lessons could be next in line to promote fresh card. CEO Tang Yong said that the team as a non-simple lines, they Nike Shoes had on last October over the public media advertising, do the framework for the media, but have paid, ROI, but does not look good. He recalled the experience, that for a few years already branded product itself can actually look at the framework on the media, but as a new product, it is difficult to play tricks in it. The above is my summary of 36 Kr + into the next top investment institutions, after the first stop into the DCM, we will continue to organize such activities to help entrepreneurs better understand the domestic institutional investors, but also to apply outstanding entrepreneurs and opportunities for VC-depth exchanges. If you want to parti[censurado]te in our activities, it may be settled in the first 36 Kr + and let us know you. Unless noted, articles are original or compiled site, please indicate: articles from 36 Krypton |
