Surrounded by a sea of clouds, the South Pavilion of Park Hyatt is full of tea fragrance and pleasant fragrance.

Several middle-aged men sat at a table in the long conference room.

Lei Jun stood in front of the top of the conference table, and the projected beam of light passed through him.

After Fang Nian's words fell, the entire South Pavilion was silent.

Lei Jun quieted down after making eye contact with Fang Nian, he had expected it.

agreed to raise funds at a valuation of $200 million proposed by Fang Nian, and Lei Jun was mentally prepared.

The reason why Fang Nian was asked was nothing more than to ease.

It's not that you can't bargain for such a thing as financing, and when you quarrel, it's noisier than the vegetable market.

Nothing more than for the benefit of each.

Shen Nier, Kuang Ping, Liu Qin and the representative partners of several other investment banks were quiet because of Fang Nian's offer.

$200 million?!

Series A financing valued at $200 million?!

After a while, a person named Dai Qiang spoke: "Mr. Fang, forgive me for taking the liberty of valuing me at $200 million?"

"If the news given by Mr. Lei before is correct, Xiaomi will dilute 20% of its shares in this A round of financing, and at this valuation, the financing amount will reach $40 million......"

After a pause, Dai Qiang said: "Then I have to be curious, what products does Xiaomi have, what is the next business plan, and why is the investment so large?"

After Dai Qiang's words fell, someone immediately followed.

"I'm sorry, although it's because Mr. Lei hasn't started talking about Xiaomi's situation yet, but I'm also very confused about this valuation. ”

“......”

It is equivalent to saying that not long after Fang Nian finished talking about the valuation expectation, the South Pavilion was in chaos.

The noisy sound is really not stingy in the vegetable market.

This is the first time Fang Nian has seen such a lively financing scene.

Speaking of which, this is also because after Fang began to make capital, he could directly cross the steps of finding investors all over the world and directly engage in financing meetings.

But no matter what, today's Fang Nian can be regarded as an increase in knowledge.

For at least five minutes, neither Lei Jun nor he had a chance to speak.

can only sit back and watch.

In this process, the bigwigs with strong capital and background are basically quiet.

For example, Shen Nier, such as Guo Hong of IDG, and Kuang Ping, who was the first to ask, also includes Liu Qin, who has been prepared.

In the midst of the noise, Shen Nier said calmly: "Mr. Lei, please introduce us to Xiaomi's products first." ”

“......”

Lei Jun did not refuse, and spoke according to the PPT that had been prepared a long time ago.

"You can interrupt at any time as I speak. ”

"Xiaomi was founded on March 22, 2010, only three months before yesterday, in the process, inspired by Mr. Fang, Xiaomi developed a smartphone operating system called 'Nuwa'. ”

“......”

Lei Jun was interrupted before he finished his first sentence.

Or Dai Qiang: "I'm sorry, Mr. Lei, let me interrupt, Xiaomi has developed a smartphone operating system?"

"Yes, the smartphone operating system that is completely self-developed is different from the mainstream smartphone operating system in the world. Lei Jun explained seriously.

"Oh?" Dai Qiang frowned and continued to ask, "If I'm not mistaken, a brand new operating system means no software?"

"That's right. Lei Jun replied again.

This Dai Qiang also came prepared, and the fact that he was invited to come shows that the capital is also abundant.

And, Lei Jun is willing to take him to play.

Should I say it or not, the Lei Army is still very strong.

At least in the capital circle, he is one of the earliest individual angel investors in China, and his investment list is also very brilliant.

From the Xiaomi Angel Round to the current A round, Lei Jun is consciously screening investors.

It's not hard to understand why Dai Qiang is so well prepared.

For a self-developed operating system alone, Dai Qiang raised 11 questions.

Including how to define independent research and development, whether it is a reference to open source systems, etc.

Fortunately, Lei Jun is a computer science student at Wuhan University after all, and he can explain things in science and engineering very clearly.

From the design level, from the R&D level, from the writing level, to the application level, it is clearly described.

Fang Nian on the side saw it clearly.

Dai Qiang didn't come to find fault on purpose, which is different from the kind of investors who pick a bunch of faults in the business plan.

Dai Qiang's questions are all on point.

And it can also be seen from his attitude that he has a strong investment inclination.

It's just that there is one thing that Fang Nian can't tell.

Dai Qiang is not another 'double reed' invited by Lei Jun.

When Dai Qiang finished asking, someone else spoke: "As far as I know, the 'Nuwa' system has been tested on a small scale, right?"

"Yes. Lei Jun replied with a smile.

"Is it convenient to talk about the internal test data now?"

"Convenient, we only invited 100 users for internal testing in the first batch, and so far, only 101 users have used it. ”

“......”

Before half of the PPT was finished, Lei Jun had already been 'interrogated' for 20 minutes one after another.

This is the first time that Fang Nian has felt the real financing environment so clearly and intuitively.

Capital has a strong right to speak.

Whether he understands it or not, he's going to have a bunch of questions.

This is still the investor who was only invited by Lei Jun after screening.

In a word, when the Series A funding round began, the more important factor in deciding whether to invest or not has shifted from connections to interests.

Whether you are familiar with it or not, the deciding factor has become whether you are optimistic about the product and whether you are optimistic about the business model that operates the product.

Of course, at this stage of the A round, there is also a network factor.

It's just that Xiaomi's A round is valued at $200 million, which minimizes the connection factor.

Xiaomi is not greedy for fun at the beginning, it has a product launch, and the business model has been quickly verified up and down.

That's why Morningside Capital invested so happily.

From a bystander perspective, Fang Nian felt another charm of money.

You can dictate.

............

Lei Jun finally finished the first PPT passively and procrastinated.

Fortunately......

Lei Jun has a good understanding of the operation of investment capital, and he has not prepared a business plan of dozens of pages at every turn.

The PPT doesn't have many pages, just 9 pages stuck.

Fang Nian even had the leisure to think, is the last page thank you?

"In this internal test, we found many shortcomings of the 'Nuwa' system, and also verified the excellence of 'Nuwa';

Before this financing, Mr. Fang and I had an in-depth discussion on the future development of 'Nuwa';

This includes, but is not limited to, opening up 'Nuwa' to accelerate its development;

It is true that so far, our self-developed mobile phone operating system cannot install any software that is already on the market, but we have already started to build it ourselves;

......”

This time, Lei Jun's speech was slightly stretched.

Even the second page of the PPT is finished.

The main purpose is to give a comprehensive introduction to the development, future direction and commercial value of 'Nuwa' to the investors present.

Include a few small details.

Dai Qiang spoke first: "I have long heard that Mr. Fang has a brilliant eye, but according to Mr. Lei, the soul designer of 'Nuwa' is Mr. Fang?"

"That's true. Lei Jun smiled, "Mr. Fang changed my original intention of founding Xiaomi. ”

“......”

There are all kinds of problems, and more than ten minutes have passed.

The investor's perspective is indeed tricky.

It's many times trickier than when it comes to playing with Dangkang.

There is only one reason, not trusting domestic production, especially the reliability of domestic independent research and development.

Here's an example.

If Xiaomi follows the original development trajectory, it will directly customize the UI based on Android.

There won't be so many problems with this financing.

And that's not to say that everyone agrees with the $200 million valuation proposed by Fang Nian.

Now it's just the normal financing process.

After talking about the next development and business plan of 'Nuwa', Lei Jun said solemnly.

"Long before the development of 'Nuwa', Mr. Fang and I had already discussed the main development model of Xiaomi in the future;

First of all, Xiaomi's development direction is an Internet enterprise;

Relying on the 'Nuwa' operating system as the core, it has entered the field of smart phone manufacturing and produced domestic mobile phone products that make users excited. ”

"Since the release of 'Nuwa', Xiaomi has followed the development of Internet enterprises and relied on the Internet to establish vertical connections with users;

This model will be replicated in the production, distribution, and sales of mobile phones. ”

“......”

This time, almost none of the investors in the room said much.

Lei Jun also basically finished talking about part of Xiaomi's future blueprint, including the important development direction of the future, including the core business model.

The first to speak this time was Guo Hong: "Mr. Lei, what you said about relying on the Internet to establish vertical connections, is it similar to the e-commerce model?"

"Yes. ”

“......”

"First the system, then the software, then the hardware, I agree with this business plan process, but there are some doubts......

Since it is an Internet company, how to make sure that the mobile phone is good enough;

Especially at present, the overall average price of domestic mobile phones is less than 700 yuan......"

“......”

"Yes, we all know that Apple in the United States has released another epoch-making smartphone product, but Xiaomi started a little late......"

“......”

In the end, Shen Nier said: "I am very interested in Xiaomi's business model, and I also like the name 'Nuwa', aside from the valuation of 200 million US dollars that Mr. Fang said, I have a question for Mr. Fang." ”

"How did you convince Mr. Lei to change his original intention and build a new system from scratch;

You must know that this is a period of rapid development of the Internet, and from Mr. Lei's description, I can feel that 'Nuwa' is still an immature system;

Obviously, a lot of time will be wasted on this, why not choose the open-source Android system;

After all, rebuilding the wheel is a thankless task, and Android is completely free, so you don't have to buy or rent it. ”

Shen Nier's doubts point to the core focus of Xiaomi's development.

Why reinvent the wheel.

Why not choose something that exists.

The experience of the past few decades has long proved that 'it is better to buy than to build, and it is better to buy than to rent' is the most fast, effective and beneficial way to develop.

Xiaomi obviously wants to become an Internet company, but it is 'putting the cart before the horse'!

This question, Shen Nier was directly thrown to Fang Nian.

When Shen Nier finished speaking, everyone present looked at Fang Nian, including Lei Jun.

Seeing this, Fang Nian's face was calm, and he replied simply and forcefully: "Mr. Shen, my father has my mother, it's better to have it myself!"

"It is true that the United States, which invented the computer, already has a well-established system, and it seems that we do not need to reinvent it ourselves;

Android is owned by Google, and Google is a commercial company, and it is better to get rid of this possibility from the beginning than to face the possibility of being forced to charge a license fee after it grows. ”

“......”

After Fang Nian's words fell, the faces of everyone present changed.

Liu Qin and Kuang Ping, two acquaintances, realized something.

Dai Qiang: The others are different.

Some people didn't care, and even said on the spot: "Mr. Fang, you are too pessimistic and worried." ”

Fang Nian smiled and said nothing.

He could understand the reaction of everyone in the room.

Because none of us have experienced the various disputes that followed, and we have not seen the 'truth' that the United States has proved with countless facts.

Even uttered the ridiculous statement that you can't use accessories with American technology......

But Fang Nian still hoped that someone would understand his thoughts.

In the last century, China faced the nuclear threat and blackmail of the time;

If it wasn't for the idea that 'it's better to have a father and a mother than yourself', if you really follow the proposal of the big brother in the north to engage in a small equivalent, how can there be such a bright big mushroom cloud.

And now, in 2010, neither iOS nor Android has completely completed its own ecological construction, which is the best and most likely opportunity.

Even every day from now on, I will be grateful for every second of time that has been so-called 'wasted' before today.

Then it's time to bargain. ’

muttered in his heart, but Fang Nian's face was still calm.

At this time, someone suddenly said: "I voted!"

======

Broken bowl begged for a monthly pass, 14.5w plus more in the book friend circle, and 15,000 words were sent for the fourth update~

PS: The title of this chapter is the core expression of Volume 3.