Having said this, everyone understands that the essence of the investment logic of risk sharing is to expand the base, and finally find the super project with the greatest growth. You must know that the growth rate of Internet projects is geometrical, and if a project can fully grow, the profits it brings are enough to cover the investment losses of nine failed projects. ”

......

Li Feng said that this kind of investment model is the basic investment method commonly used in the later investment community, but in 2002, due to the lack of depth in the field of commercial application, there are not many Internet projects, and the growth cycle of each project is not as short as the future, that is to say, Internet projects in this period have "slow growth".

After more than ten years, especially after the large-scale popularization of mobile Internet, the growth of Internet projects has become very fast.

Usually, within three months, a project is either dead or has grown, and after more than three months, it is still tepid, and there is no first geometric rise of the project, which is basically a crippled project and has lost its investment value.

But this experience has not yet appeared in 2002, and it is impossible for even an old professor of research spirit to know.

Therefore, these ordinary knowledge, which was ordinary for Li Feng, became the mantra of Daigo's empowerment in the classroom in 2002.

Xie Changgeng couldn't even raise the question of the nature of the bar, but looked at Li Feng stupidly,

He gradually began to find that Li Feng's overall view was very large, far beyond his trivial technical analysis methods, and it can be said that the technical analysis he talked about was not worth mentioning at all in front of this overall situation, and even seemed a bit of a mother-in-law.

But Lao Xie still didn't give up, after all, he was a top professor in China and a well-known figure in the academic world, how could he be fooled by a student who had just entered the school.

"Li Feng, you take the modern insurance system as an example to illustrate the overall situation in the field of Internet investment, which is very novel and logical. Xie Changgeng said, "But this is just the big picture, if it is used to guide every actual investment project, I am afraid it will not be so easy." ”

"So I'm going to talk about the logic that guides when looking at investing in an actual project. Li Feng paused and said without panic, "The characteristic of Internet entrepreneurship projects is that there is a golden growth period, which is usually only three to six months. Of course, different investors have different characteristics, some are good at investing in angel rounds, some are good at A round B rounds, and some are good at listing rounds. ”

"Then we will take the angel round as a case to analyze, the characteristics of the angel round, is that the business model of the project is not clear at all, the customer is also unstable, we need to rely on our own imagination to carry out the follow-up business logic, as for whether this logic can work, on the one hand, the eyes of investors, on the other hand, luck. The purpose of early investment is mainly to go to the market, not to go to R&D, because there are many awesome technologies on the market, but there are not many awesome connection models. Remember, the Internet is always about connectivity, and the real value lies in the connection mode, but not necessarily the technology. ”

"So there's a saying in the investment community that technology can be bought, but the market can't. In the early stage of marketing, what is achieved is to fully connect with users, and it is necessary to stimulate potential business logic with this connection. Therefore, the more fully connected, the stronger the business logic stimulated, and the stronger the monetization ability. ”

"The real role of capital is to make this connection fully solidified, as long as the first connection solidification is in place, for this start-up company, even if it has passed the first ghost gate. Therefore, excellent angel investors, their role is to help entrepreneurs escape from the first ghost gate, this time is about three months to half a year, as long as you pass this hurdle, even if you don't follow its A round, or even plan to cash out your position, you can basically get more than 100% return on investment. ”

......

Li Feng was gushing endlessly in class, and the students around him were already in a state of complete confusion.

In this process, Xie Changgeng couldn't answer the whole time, he was in a state of listening, and nodded slightly meaningfully from time to time, as if he had understood something. This also lets everyone know that Li Feng's words have gone beyond the scope of Xie Changgeng's knowledge and entered a field that even top professors don't understand.

There is no need to say how awesome this is, anyway, this first class brought everyone a shock beyond imagination, and Li Feng also won the battle with Xie Changgeng.

This can be fully felt from Lao Xie's eyes, when he just entered the classroom, his eyes were sharp with a domineering attitude, and he faintly looked down on the posture of this class of students. But now, Lao Xie's gaze is not only much softer, but also with a thirst for knowledge, as if he has become a serious elementary school student.

It's no wonder that the four top Internet bigwigs will jointly recommend him to study in Julong Academy, at such a level, it is not okay to be unconvinced.

“...... That's all I have to say. After talking for a few minutes, Li Feng also felt tired, so he stopped and sat down in his seat.

The classroom was silent and silent, except for Li Feng, almost everyone was in a slightly sluggish state, including the old professor Xie Changgeng.

Xie Changgeng was secretly shocked in his heart, a lot of the knowledge that Li Feng talked about today is the most cutting-edge theory in the Internet industry today, even more advanced than these theories, it sounds very intimate, very logical and coherent, not like nonsense at all.

But Li Feng was only a young man under the age of twenty, how could he know so much? If he wanted to say that he had learned it, Xie Changgeng would not believe it, because Xie Changgeng had heard many novel concepts for the first time, and it was impossible for other teachers to teach him.

The only possibility is that Li Feng himself has comprehended, can it be said that he is already a master in the field of Internet investment?

This point is also very suspicious, after all, in the domestic Internet investment community, Xie Changgeng knows a lot of people, and has never heard of Li Feng, and most of the Internet investment people he knows do not have such an understanding as Li Feng.

"Li Feng, I doubt it, where did you learn these theories, many of them are very novel and logically reasonable, but I haven't heard of them, is it because I'm lonely?" Xie Changgeng said.