Chu Yuanxi immediately knew that he might seem to have made some common-sense mistake. In the circle around her, even Xu Xin is not qualified to care for the mentally handicapped, but Elizabeth has one thing, she is a big guy in all aspects except for her ineffective products.

I only heard Elizabeth say: "Lijiapo's transportation system is so efficient, and there are not many scenarios for shared travel, do you understand? And your so-called too many shared bicycles are just in the past tense, and your bicycle stars Xiaohong and Xiaohuang have already retreated from Lijiapo.

And Grabi, whom you see as an imaginary enemy, has also stopped operating a bike-sharing in Lijiapo. It was their brave attempt to verify that there is no market for shared travel in Lijiapo. I'm grateful to them for not having to spend an extra sum of money to die. ”

Chu Yuanxi remembers that she met Elizabeth on a dirt road in Wang Qingtuo at the beginning, which shows that she has the determination to do shared travel, and it is likely that she has some research and insights into this industry. However, shared travel is an indispensable part of the entire business chain of the well-off, if Li Jiapo has no soil for shared travel at all, then whether to abandon this high-quality market, or find a substitute to make up for the business process?

He couldn't help but be a little dazed, because he suddenly found that his thinking mode was too deep into the well-off system, and he was also limited by this complex and huge process, and he couldn't jump out easily. The danger is that once a certain link in this system cannot be implemented, he does not know how to make up for it.

The problem of landing is not business logic, it is better than business logic, just like in a precision instrument, the raw materials required for a certain process are suddenly out of stock, not a technical problem, but how to solve it? It is not easy to find a substitute if it is too precise.

I am afraid that this is also the reason why the people of the United States accuse the DPRK of engaging in rare earth monopoly every day. Rare earths are also divided into many kinds, only a certain place in Ganzhou in the world produces some kind of heavy rare earths, which is a necessity to the sea of stars.

This danger is not only reflected in the small issue of whether to go to Lijiapo to drive a shared electric scooter, but also includes the possibility that the domestic well-off will be implemented to a certain step in the future, and suddenly the market will suddenly change in the market, or the policy will change abruptly, so that a certain link can not be carried out.

For example, what if the policy suddenly prohibits the purchase and sale of mobile payment licenses?

At this moment, it was a very ordinary time to listen to the report, and Chu Yuanxi felt the unpredictability of fate for the first time in the two years since he started his business. It's been a long time since I've felt like I've crossed the river in the original world by feeling the stones in the storm, and I have a similar feeling every day.

This long-lost feeling made Chu Yuanxi smile lightly, and said in his heart that the wind and waves have gone through countless winds, and the unknown is left to fate!

For example, the problem of Li Jiapo, if you can't think of it, don't think about it first, anyway, Southeast Asia is bigger, and the degree of economic development between various regions is also very different, but only Li Jiapo, the level of the four little dragons, has this kind of problem. Chu Yuanxi took out Elizabeth's business plan, prepared to break up the communication with her, and sorted out the current situation and possible situations for the last time.

"First of all, why do you use Vietnam as the starting map?" he asked, "It is inevitable that the well-off will be labeled as Chinese-funded, although you are from the United States." It's quite unfriendly to the country, you know? And Vietnam's economic level is not even better than that of Li Jiapo, even compared to Malaysia. ”

"You have to give me some faith, Chu. I can handle this kind of thing well, and the most important thing is that they are friendly to me. Elizabeth smiled and laid out a set of data: "Before 2012, there were only 400 start-ups in Vietnam, but last year there were 3,000, what does it mean? I learned that there are indeed many areas with very good policies, which are more friendly to entrepreneurs than you here, and also friendlier than Lijiapo. And financing is also relatively convenient. ”

As she spoke, she showed a thoughtful look, and finally said: "I contacted someone who was related there, and there was a little unpleasantness in the process, but I learned that the investment environment over there was growing last year and this year, which is relatively rare." Investment is also tightening in Southeast Asia as a whole, and the fact that it's more profitable than growth, like yours in China, may have a lot to do with the collapse of WeWork. ”

Chu Yuanxi felt that she should let Elizabeth contribute before leaving, provide first-hand information that she could get, and update her database. For example, the investment trend in Southeast Asia, and the investment trend in a certain region such as Vietnam, etc., are not easy to collect by themselves, but they are very meaningful.

For example, he didn't expect WeWork to hurt people so badly, and even the entrepreneurial environment in Southeast Asia has changed. However, the far-reaching impact of this event is indeed sobering, and it may change the global environment.

According to Mr. Yu Suzuki, Yanai Masa, who was strongly opposed to being planted in the WeWork pit like Sun Daishon, has recently decided to quit the board of directors of SoftBank. Yanai Masataki is the CEO of Uniqlo, has been a director of SoftBank for 18 years, is currently the richest man in the island country, and is a figure who can be called Jack Ma.

"By the way, last time I remember you mentioned that when you went over there to push the shared electric scooter, you didn't plan to follow the domestic way, and you didn't plan to use 'free' and 'no deposit' as the highlights to attract users. Did you figure it out in the end?"

"Yes, Chu, I have already thought very clearly. Elizabeth has prepared all the answers for today's debriefing, "First of all, there is no problem with the business logic of sharing scooters, which has been verified in the United States, and it is more profitable than sharing bicycles, and there is no big problem in itself to push according to the normal business model." Secondly, the law over there, as well as the user's mind, are very different from the United States and here, and free is not necessarily a good strategy. ”

Chu Yuan Xixin said that this is the meaning of shrimp? The users over there are greener? The free ones can't look down, and only those who pay a deposit have a sense of happiness?

I only heard Elizabeth ask: "Chu, I have a new idea now, do you want to push the shared moped with the electric scooter?"

"Hiss......" Chu Yuanxi couldn't help but gasp when he heard the five words "shared moped", because the well-off in the original world was almost overheaded.

The so-called moped is an electric bicycle, and it is nothing new. When the enthusiasm for sharing bicycles was high in China, many people found that the market was too red to kill, and found that power cars were more profitable, so some of them fell into the trap of sharing mopeds.

Why is it called a trap? Because mopeds, like electric scooters, violate domestic traffic laws and are not allowed on the road. Not only is it illegal, but in 2017, the relevant departments also specially issued a document to guide the sharing of bicycles to start a business, making it clear that sharing mopeds is not encouraged.

The issuance of this document coincided with Xiaokang taking the sharing moped as its new goal, and also formulated KPIs, iterated the team, and was preparing to quietly dive into the market.

So when he learned that such a critical document had been issued, Chu Yuanxi's first reaction was to shout at the cheating father, and then immediately reacted, this is not a cheating father but a life-saving one. Fortunately, the document came out in time, if it came out a month late, the money of Xiaokang would be scattered......

In fact, the most embarrassing thing in the logic of the moped is the user. The traffic law stipulates that any live car must be licensed, and driving without a license is a violation. At this point, there is nothing wrong with sharing bicycles, but as long as the users of mopeds dare to ride, theoretically the traffic police dare to fine, and a person will go to you for fifty yuan, who can stand it?

Xiaohong, who does not believe in evil, and Hello, who entered the market later, are very courageous, and they pay more attention to the improvement of their own business by moped entry, even if they violate laws and regulations. Moreover, there has been a lot of movement, and even resources have been mobilized to obtain special approval from the local government, and one district after another has been gnawed through, and Minhang, Songjiang, and Zhabei have pushed it like this, so it is not difficult.

However, there is no similar embarrassment at all in Southeast Asia, which can be pushed casually. Hearing Elizabeth's question at this time, Chu Yuanxi pondered for a moment: "You can push the scooter first to see the situation, the scooter feels relatively stable, there are successful precedents to refer to, and the pricing of the moped is a big problem." By the way, do you know Go?"

“go？”

"Yes, dogs. There is a proverb in Go called 'Slow entry into the boundary', you don't need to be in a hurry, at least you don't have to be in such a hurry as I am, I feel that you can set aside three years for yourself to achieve your goal. I'm going to be realistic, for you there is a limit to your funds, and you are most afraid of what is right now. ”

Chu Yuanxi said unhurriedly, in fact, what he was most worried about was not Elizabeth's ability, nor Elizabeth's resources, she was so confident that the resources were obviously enough. What should be worried is that she moves too much and consumes funds too quickly.

You must know that the money for the well-off in Southeast Asia must be filled in by the well-off headquarters at the beginning, which is equivalent to the tens of millions of dollars in the A+ round made by the Pakistani people is actually prepared for Elizabeth. She needs to be careful with this money, which is mainly used to do a good job in supply chain and logistics, do a good job in store layout, and the location must be accurate, so as to quickly achieve a single store profit.

In fact, there are still a lot of dollars in the accounts of the Pakistani people, which have always been stored in overseas accounts, but there are actually problems with how to enter the well-off bridge, in other words, Elizabeth's rhythm of spending money must not be wrong.

However, she made it clear today that Vietnam was the starting map, which reduced the financial pressure a lot, and this factor was more welcomed by Chu Yuanxi. Vietnam's GDP per capita is not high, but its growth has exceeded 7 for two consecutive years, and at the same time, the cost is low. Moreover, Vietnam has a large population density, which is smaller than that of southern Yunnan province, but the population is twice that of southern Yunnan, which is another good advantage. So if you think about it, it seems that it is not bad to start with Vietnam?

Elizabeth understands that "entering the boundary should be slow", and she also knows that there is financial pressure, but she has already investigated the moped round and round, and now she has to step on the brakes, which is somewhat unwilling.

Chu Yuanxi got her emotions, so she explained very bluntly: "The shared travel tool in the well-off mode, no matter what kind of car it is, the principle is that it is enough, how much you need to invest, don't get carried away with excitement." You have to keep in mind that we're not doing it to be a shared travel overlord, or making money from cars. It's not an industry, the car is just our auxiliary tool. ”

Elizabeth's face was strange when she heard this: "That's ...... It makes me feel, how do you say? I've been watching what you're doing, it's sharp, it's very ...... Firmly. But what you're asking me to do now, carefully, is not trusting my abilities?"

Chu Yuan Xixin said that you haven't learned much idioms?" "No, no, no, it's not that I don't trust you, but, let's put it this way, about the style of start-ups, someone has used two forms of metaphors, one is the bamboo type, and the other is the poplar tree type."

Moso bamboo has been taking root in the soil for the first 4 years, and there is no sign on the ground, but the root system of moso bamboo can extend dozens of meters away. In the fifth year, the bamboo broke through the ground and immediately grew to a height of 20 meters at a frantic rate.

And the aspen tree grows violently at the beginning, quickly growing to 20 meters, and the sun is seen upwards. But at this point it is necessary to stop and take root, and then a long time is used to ensure the stability of the root system. ”

Elizabeth thought thoughtfully: "So, the well-off belong to ...... Aspen tree type?"

"No, the well-off is a composite type. The Ba people group is moso bamboo, and the well-off is the poplar tree that grows on the moso bamboo, and the well-off in Southeast Asia has become the moso bamboo that grows on the well-off. So you don't have to be fast in everything, I do things fast but fast is not my pursuit, success is. For me, I have to be fast in order to succeed, and if I am slow, I will lose opportunities. But you're not, I've done it for you where you need to be fast, you just need to make good use of my results and put down roots first. ”

If you want to do things well, you have to pick out one problem at a time, Chu Yuanxi and Elizabeth picked all the way until the afternoon, and then rushed to the forum.

Xu Xin and Hu Shiheng were both there, Yuan Jing was made by him in the morning, and the four of them got together and knew the reason for the meeting. Chu Yuanxi's first sentence threw out his solution: "I plan to use the Ba people to make a Pre_B financing for Xiaokang." ”

Pre_B this is very, very obscure, and the prefix with Pre_ is usually Pre_A or Pre_IPO, and other funding rounds are rarely commensurate with Pre_.

Hu Shiheng reacted for a moment before grasping Chu Yuanxi's starting point, "That is to say, you plan to finance Xiaokang at a valuation of more than 10 billion?"

"Tentatively set 10 billion, and 550 million will be used to buy licenses. In fact, in my mind, the valuation of the B round of the well-off should be around 20 billion, so I have to discuss it with you. Chu Yuanxi said very calmly, but in fact, his heart was a little unnatural. At the beginning, that is, when the calculation was made during the Spring Festival this year, he did not expect the number of membership card members to be so difficult, so he optimistically estimated the B round of the well-off.

Yuan Jing's face was solemn: "How did you calculate the 20 billion?"

"It's very simple, based on 200 stores, with an average of 30,000 sales per day, the valuation of 20 billion is less than ten times the price-to-sales ratio. Now in fact, more than 300 can be opened before the B round, and the valuation of 20 billion should be considered restrained, right?"

"The problem is that Ali bought RT-Mart for only 22.4 billion!"

Chu Yuan Xixin said in his heart, how can this kind of former wave be compared with the well-off? My weak heart is not weak here! If everything goes well, the 20 billion yuan valuation should be frantically sought after by investors, because what will the well-off do after the B round of investment? In other major first-tier cities, the imperial capital model is reproduced, and the valuation should be more than 4 times more after the reproduction is completed, only a lot more. So investors must not die of rejoicing?

The problem is that it is not smooth, the number of core members is not as expected, so Chu Yuanxi has no confidence to speak. As soon as the spring thunder sounds, a large amount of data will be gathered, and it will become a company with a data moat, which will inevitably have a qualitative improvement in the absorption capacity of core members.

It's just that it's worse than the original world. In the original world, there has not been a large-scale bullshit runaway competition, so there are already a large number of core members without a moat, and now how can they be aggrieved!

Xu Xin's consideration of the problem is not so complicated, Xiaokang does the B round, and the valuation must not be low, because by the time it is Pre_A, it has been calculated according to the pre-investment of 3.6 billion, and the B round of breaking 10 billion is a certainty, and the only thing that can make the coffin board scrap is that Xiaokang fell down with a bang, and it cannot be done in the B round of financing, but it seems impossible at present.

Therefore, she is more concerned about the specific valuation. In particular, Chu Yuanxi bluntly said that the ideal valuation of the B round should not be less than 20 billion, but Pre_B should go according to 10 billion.

"In this way, the Ba people have made a lot of money! Are you planning to raise it to 20 billion when the official round B is officially melted?"

Chu Yuanxi smiled: "It's not as big as making a lot of money according to the valuation of A++." ”

Xu Xin still wanted to speak, but Hu Shiheng pulled her: "Now you definitely can't go by 20 billion, and it is too dangerous to press 20 billion Xiao Chu." ”

Chu Yuan Xixin said that Hu Shiheng still understands me! This financing plan fully takes care of the interests of the new and old shareholders, and raises 500 million yuan according to the valuation of 10 billion yuan, which fully retains the room for valuation in the future, and if it is suddenly raised to 200 ...... Of course, the valuation thing cannot rise or fall, but even if it is the Ba people who do the Pre_B, if it is 550 million at a valuation of 20 billion, and then it is reduced to 15 billion to finance the B round for others, it is also a huge problem, and it is not that the difference of 5 billion can be ignored.

At least Chu Yuanxi didn't allow himself to ignore it. It is okay to let the Ba people pay, and it is not a problem to pay more or less, and the main purpose of being a Ba people is to solve the problem of funds. But it must be reasonable, so that people can't find fault, otherwise it's all black history.

Of course, Hu Shiheng may not have considered it so deeply, and Chu Yuanxi did not fully express his ethics to the investors of the Pakistani people. However, according to his inertial thinking, he will not be happy to see the valuation of Xiaokang go up and down, because going up all the way is the good state of the start-up stage. Even if it is flat, it is not impossible, once it declines, WeWork's entrepreneurial accident is a lesson from the past, and the psychological impact on early investors is too great.