December 5th is Thursday, and Chu Yuanxi, who has been busy for the well-off, has to take time to allocate it to the Ba people, because, Old Man Yu Suzuki is coming, and with him is a whole R&D team, and after streamlining, there are more than a dozen people.

Yu Wenhui has been busy with the affairs of the island country team to settle in the project team these days, and after finalizing the cooperation model, he has been preparing for a week, and finally prepared all the affairs in life. Even so, he was still apprehensive in his heart, because there were too many things that needed to be run in at work, and Chu Yuanxi's request was that he had to stuff his own program ape into it and learn the other party's workflow and technology.

So this week, Yu Wenhui basically couldn't go home, and the recruitment of new people was also advancing at a speed that even Zhao Jie next door could not imagine.

In this economic winter, there are countless unemployed code farmers, many of whom are masters, but Chu Yuanxi asked him to recruit those who are malleable, willing to learn and enthusiastic about learning. The general work intensity of the code farmers of the Celestial Empire is above 996, and it is the norm to work 70 hours a week.

So Yu Wenhui had to follow Chu Yuanxi's advice, pull out all the program apes under his command and turn into interviewers, and go into colleges and universities to recruit interns. Therefore, during this time, Mu Lian, the human resources director of the Ba people, was almost tired and vomited blood, and the originally easy days were broken by the delivery of the Ba people's game, and he suddenly went on a high-intensity recruitment project before he could catch his breath, and he almost followed Yu Wenhui in a hurry.

Fortunately, the work in this area does not need to be completed immediately when the Suzuki Yu team arrives, people must be recruited, but it can also be completed a few days later, anyway, after coming in, it is also inserted into the island country team to learn, and if you really want the intern to output a lot of work, it must be too much.

As a result, Grandpa Suzuki had no intention of resting at all after he arrived, and he got off the plane in the morning and began to discuss work in the evening, mainly to pull people to discuss the plan.

Chu Yuanxi couldn't participate in this kind of discussion, and he didn't have time to participate. He played the new "Sm Dunk" mobile game launched today for a while, but was officially banned, and then Hao Yi, the payment expert recommended by Chen Junsheng, actually arrived, and it took less than 24 hours, which was simply fast.

Of course, the onboarding process must go through a bit, Chu Yuan Xila Yuan and Guo Jiangyong met with Hao Yi together. The reason why Yuan Alfalfa is pulled is because people have also drunk foreign ink, and the situation of FICO, and even the overall situation in the United States, must be much more familiar than Chu Yuanxi and Guo Jiangyong.

Speaking of which, there are not a few backbones on Xiaokang's side who have returned from the United States now, but Hao Yi still makes Chu Yuanxi more amazing. The main reason is that he thought that the other party was Chen Junsheng's friend, and he should be about the same age, Chen Junsheng was in his 40s and was in his fifties, but Hao Yi was in his early thirties at first glance, combing a middle-of-the-way distribution, about the same age as Chu Yuanxi, in other words, he studied abroad in the United States, and entered FICO after graduating from university, and only had this period of work experience.

Although so, Chen Junsheng has obviously seen the world, and when Chu Yuanxi expressed his ambition for mobile payment, he was neither shocked nor disapproving, let alone preconceived that it would definitely not work, but calmly analyzed the product and the situation.

Therefore, when Chu Yuanxi proposed that mobile payment combined with big data to generate commercial credit as the feature of his payment products, Hao Yi only quickly determined the huge workload, but actually agreed with his ideas, and even said that he could not play his own characteristics in the field of domestic mobile payment.

Alipay is characterized by wealth management and overdraft, and WeChat Pay is characterized by red envelopes, which are derived from their respective commercial and social attributes. If you want to make your mobile payment characteristics, you must have a focus, but it is definitely unwise to rely on money, and there is no otherworldly interest rate of Yu Bao, let alone a route such as a capital disk, which is the way to die.

Then learning Huazhi's credit play has become a more realistic choice.

Chu Yuanxi found that someone actually hit it off with him, which was a very rare scene in this venture, so he called Xue Jianhua over. Although he has been very busy recently, his study of Xiaokang's online content and health coins has been basically completed, and Chu Yuanxi needs him to spare his precious time to study how to build this product with Hao Yi.

"I'm not the one to be the shopkeeper, Xue Jianhua, this is a comprehensive test of your learning results, and I want to check your homework. After Chu Yuanxi finished speaking, he immediately began to introduce the OKR model of Xiaokang to Hao Yi. The existence of this model can actually solve the option problem of many Mavericks.

For example, Hao Yi pays special attention to the relevant rules, and he strongly asks to join promising start-up companies, just to share in the company's growth, so how much can he share?

This method usually makes Mavericks more satisfied, because the work on the various product lines on the well-off side is basically very full, and the options that can be earned are not low, so that there will be no talent but no room to play.

As for the last question, in fact, how Hao Yi and Guo Jiangyong coexist, but when Chen Junsheng brought it up last night, Chu Yuanxi had a draft: "I think so, Guo Jiangyong is the head of the department, and the title is the project manager." Hao Yi is the product manager. ”

Hao Yi's eyebrows were knotted at that time, and a line seemed to be written on his face: Just the product manager?

"You don't know, the product manager in the company is just called the product manager, but in fact he has a lot of power, because I used to be the product manager. Xiaokang is a similar flat management structure, and both product manager and project manager are director titles. Guo Jiangyong may understand better, when I worked in Pengfei Technology before I started my business, the relationship with Zhao Jie was that of a product manager and a project manager. ”

Guo Jiangyong nodded sullenly: "I understand, I actually need to report to Hao Yi, and Hao Yi needs to report to Xue Jianhua, right?"

"No, I'm directly in charge of the R&D side, and I'm actually directly involved in the business of the vice president, senior director, and director. ”

Guo Jiangyong was transferred from the Ba people by Chu Yuanxi, and his familiarity with Xiaokang was not as good as Xue Jianhua.

For Xue Jianhua, these are not problems, because many of Xiaokang's R&D teams do not report to any deputy general manager, and directly obey Chu Yuanxi's orders, which is a bit similar to Chang Kaishen's jurisdiction over Huangpu officers at all levels of the army under his jurisdiction. On the contrary, the expatriate team, stores, ground push, logistics, etc., are all taken up by the vice presidents of various fronts, a bit similar to the warlords of all walks of life.

Hao Yi has not seen this novel management model in the United States for ten years, and it seems that there are many things that need to be recognized. But in fact, Xue Jianhua has vomited I don't know how many times, and he has not absorbed the lessons of Chang Kaishen's demise of the party and the country.

After getting rid of Hao Yi's side, Chu Yuanxi couldn't go home yet, because he still had to meet with Lu Yin and Yang Heng. It's a busy December.

TS sent to them in the afternoon, must talk at least once again. The two of them have been waiting for him, regarding the terms of investment, it is impossible for Chu Yuanxi to say whatever it is, it is best if they have no disagreement, if there is, Chu Yuanxi has to convince them that there is not.

The conditions he gave to the joint venture of the two were that the new company was valued at 100 million yuan, the Ba people contributed 50 million yuan to account for 50%, and the two of them each accounted for 20 million shares, which were still cashed out in five years, and the remaining 10 million options were retained for the employee stock ownership plan. Then three levels of incentives will be given, and after all the goals are achieved, the two can each receive an incentive of 20 million shares.

In terms of financing conditions, this TS actually borrows from Chu Yuanxi's conditions to Elizabeth Holmes to some extent, the first stage is closed, and the second stage is open, but because it is a joint venture, the total options released account for more proportion.

Like Elizabeth, the two are also focused on the triggers for open financing. The so-called open financing conditions mean that in this form of entrepreneurship, it is not that entrepreneurs can finance if they can get money, but that the start-up company must meet some conditions or generate some special needs before it is allowed to introduce external funds, otherwise it needs to reasonably supplement the working capital, which should be paid by the Pakistani people.

This is the power that the Ba Ren Group should have as the initiator of the entrepreneurial project, and it is also the way Chu Yuanxi called accepting diluted shares.

The reason for this is that as soon as the independent financing conditions are triggered, the form of the company changes, from incubation and entrepreneurship to normal entrepreneurship, and the shareholder structure becomes more complex. So there must be several valves, and the conditions are more detailed than those given to Elizabeth.

Chu Yuanxi set up three valves, the first of which is to charter the new company to finance the purchase and construction of heavy assets such as agricultural factories, and this financing has 50% of the capital contribution and veto power regardless of the time. If the price is reasonable, the timing is appropriate, and the logic is fine, the Pakistani people can choose to continue to follow up or not to follow up, and if it is unreasonable, they can directly reject it. For example, the toB business should be process-heavy and asset-light, and you have to invest in heavy assets in the first two days, so let's forget it!

The second is when the necessary resources are introduced. For example, when Xu Xin's resources were introduced, Xu Xin said that we couldn't empty the white wolf, so we had to open up financing to her, not only for her resources, but also for her money. This is an equivalent exchange, and it is also reasonable, any entrepreneurial promoter, even if he is not a Ba Ren group, in this case must be subordinated to the overall situation and dilute his equity.

This is the most basic, but as a TS, it must be written that the Ba people still have the right of veto, so as to avoid any unnecessary misunderstandings and troubles, and also to avoid the resource provider from opening up to Lu Yin and Yang Heng Lion. Even if this mouth is to be opened, it has to be opened to the Ba Ren group, and then the other party has to consider whether the mouth is open and the bite can be moved. Chu Yuanxi gave ordinary investors a share of exchange resources, and psychologically set aside 20%, which was enough before it was completely open for investment.

Yang Heng and Lu Yin were satisfied with this veto, because it was not an unlimited one-vote veto, but was limited to matters such as "agricultural factories" and "resource exchange". Moreover, Chu Yuanxi verbally expressed their respective boundaries, paying attention to a harmonious and wealth-generating relationship. In other words, the new company will not be attacked by all kinds of one-vote veto power every day like Xiao Huang.

The third line is not a fixed number, but at the point when the number of well-off stores reaches 2,000, the new company can be converted into a completely independent financing entity and fully open up financing under the premise of being able to meet the fresh supply of all stores.

The three of them tacitly knew that before the independent financing, that is, when the Pakistani people still had control, Xiaokang and the new company would definitely sign a series of agreements to ensure Xiaokang's interests.

In the end, Lu Yin took the lead in signing, because she was pessimistic about her financing ability, so opening up financing or something, "existence" is more meaningful. Although Yang Heng's reputation in the financing link is not good, he is not as corrupt as Lu Yin, and he was not pointed at by Professor Li and said, "This person is not worthy of financing", so he hesitated.

The main reason is that the third goal has two dimensions of difficulty, the first is that the well-off needs to reach the goal of 2,000 first, which is very mysterious. 724, Lawson and the whole family, the long-term goal of the three island powerhouses, all claim to open 10,000 stores in the Celestial Empire, but at present, they are all two or three thousand. These three have their own geographical focus, some are entrenched in the magic capital, and some are all over the Pearl River Delta, but the total amount is similar, so they are called the three strong island countries.

The question is, how many years have people been working in the Celestial Empire Market? How long will it take for a well-off person to reach the goal of 2,000 stores? Chu Yuanxi has 2,000 stores in one mouth, but he can be suppressed.

The second is that Chu Yuanxi's financing conditions have high requirements for their supply capacity, because the well-off is not a one-place business, but the whole country. If it were like the whole family concentrating all their firepower on attacking the Demon Capital, it would be simpler.

Then the new company must not only integrate suppliers across the country, but also have management and logistics capabilities covering the whole country. In terms of logistics, the well-off logistics can be brought in, but the suppliers and management are also quite big tests, and Yang Heng can't estimate his future workload.

Before that, the required funds needed to be continuously provided by the Pakistanis, so the question becomes acute, what is the valuation of this capital injection, and is their incentive growth rate keeping up with the speed of capital injection? These are not written in the TS formula or fixed value, but depending on the valuation.

The question is how to make a valuation? Professor Li pointed out that Sang scolded Huai Peng Lu Yin's speech on the stage, and he already knew afterwards, and he didn't care about anything else, but there was a paragraph in it that was very good. It is a technical problem for toB companies to take the valuation model, and the entire investment circle is now confused about the valuation of toB, among which Professor Li cited two common mistakes.

Therefore, although "depending on the valuation" is a universal practice in the venture capital process, he himself is skeptical.

More subtle is the state of mind. Lu Yin's mentality is very Buddhist, but after she communicated what she saw and heard with Yang Heng, Yang Heng had a strong idea - how good would it be to follow the normal entrepreneurial model from the beginning?

Of course, it is impossible to be completely normal, and he knows that. If you want to be completely normal, the sales channel of Xiaokang must belong to Yang Heng, and he can bring his own resources to discuss what is "normal" with the father of the gold owner.

But with Xu Xin's interest, this is a great incentive for Yang Heng. Xu Xin is the top investment boss, and is obsessed with the fresh track, Songzi Duoduo, as a chest player on the fresh track, is almost not qualified to raise funds from Xu Xin in terms of mode and timing, and has always been regretted, now that there is an opportunity, shouldn't you fight for it?

After thinking for a moment, he asked: "Mr. Chu, I heard Lu Yin say that Boss Xu Xin is very interested in this project, but you put it on hold?

Chu Yuanxi picked up the hammer: "I have a lot of concerns, mainly because I am afraid that some people will be confused. ”

Yang Heng was stunned, and he said in his heart, "some people", who did he refer to?

In fact, Chu Yuanxi not only understood his doubts, but also guessed his careful thoughts, so he patted him on the shoulder and said to him: "Lao Yang, the real dividend of the new company is not toB, but to the well-off. Step by step, let's be down-to-earth, you can see that Lu Yin's mentality is very good, do something really valuable first, and then think about something else.

In addition, I talked to Sister Xu again during the day today, and I would like to ask her to send a CFO to your side to form an iron triangle. Lu Yin, how about you two take a look at this form?"

Yang Heng couldn't help but be at a loss, and said in his heart, what does this mean? Mr. Chu is inevitably too profound!

And Lu Yin's eyes suddenly lit up, and he couldn't help but whisper: "Wonderful!"

During the day, Chu Yuanxi said something similar to Xu Xin: "Sister Xu, I think so, do you have a suitable CFO candidate?" Lu Yin and Yang Heng are on the same shift, and there is just a shortage of CFO. ”

Xu Xin didn't seem to be sleepy at that time, and her voice raised a moment and a half: "Hey, why are you so intimate this time? This proposal is quite in line with my heart." ”

Chu Yuanxi's proposal is relatively roundabout, but it is not a roundabout in the venture capital scenario, because in many cases, entrepreneurs have to accept investors to send CFOs. In this case, Lu Yin Yang Heng's entrepreneurship was invested by the Ba people, and Xiaokang was only the undertaker, so in theory, the Ba people should send a CFO.

And according to the rules of the rivers and lakes, in this case, the shareholders of the Ba people also have the opportunity to take this free ride and invest their money, but it is not in line with the rules of the industry if others want to get on the bus. Xu Xin has not invested in Ba Ren, only invested in the well-off, and theoretically there is no ready-made ticket. But since Chu Yuanxi asked her to send a CFO, it also meant agreeing to release her share.

"Gee, it's just a small project, and you're pretty good at it. Chu Yuanxi snorted, but in fact, his feelings towards Xu Xin or capital were quite complicated. In particular, there is an important point that is easily forgotten, and he himself always remembers that Xiaokang did not release board seats to investors.

This is actually very special and very important. Generally, like Xiaokang, the A round of financing of more than 600 million yuan, investors ask for a joint board seat is justified, but Chu Yuanxi relied on the deterrence of the Ba people to pass the past.

So the question is, can the fresh food company introduce Xu Xin's investment in the past?