Johnson saw the appearance of Lao Tan's dog legs, and laughed secretly, in fact, it is very good, living a real life, and daring to kneel and lick the strong is also an ability.

Waving his hand, he said casually: "I just returned to China, and I don't have a specific plan, tell me about it?"

"No problem, it's a great honor!" Lao Tan asked the waiter to bring a bottle of red wine, opened it and poured two glasses, and delivered it to Johnson: "Many people like to say that early investment is to invest in entrepreneurs, how to be optimistic about this entrepreneurial team." But in reality, more emphasis is placed on the track first. ”

"Let's put it bluntly: the tuyere is the first, the concept is supreme!"

SC Johnson's eyes lit up and he listened carefully, which was the main purpose of being willing to come out and meet. After all, the other party has been in the investment circle for many years, and it is not a shame to secretly teach.

Lao Tan took a sip of wine and continued: "Venture capitalists are very fond of advocating concepts and creating outlets. A good concept can create a very large venture capital market. ”

"For example, the sharing economy is a very successful concept, in fact, to put it bluntly, it is just a time-sharing lease, but it seems lofty to say that it is shared. ”

"And stock speculation, all the stocks that have lost a lot of money will still rise sharply because there is a restructuring concept. There are also many stocks that no one cared about, but suddenly became popular stocks, such as so-and-so concept stocks and so-and-so field stocks. ”

"So the same is true for venture capital companies, advocating concepts is the survival logic of the industry itself. ”

"However, because the investment is not a listed company, there is no standardized financial statements, and it is difficult to accurately judge the company's future development prospects. Only by casting a wide net and investing in a hundred companies, even if ninety die in the end, ten of them can be earned. ”

"In fact, it's gambling, gambling on vision, luck, and even fate. All domestic venture capitalists like fast-growing projects, and they are eager to return to their capital in one year, double in two years, and go public in three years. ”

"Big funds have a time limit, the industry is generally 5 + 2, five years to liquidate and the investor to settle the accounts, it is great to give two more years, it is impossible to invest indefinitely. ”

He poured himself another glass of wine and said with a smile: "Take myself as an example, I have played dozens of projects, and the basic investment is all post-80s, and there are very few in the 70s." ”

"I feel that young people are more energetic, they can survive even three days and three nights, they have strong material desires, they are willing to endure hardships, and their thoughts of getting rich are more persistent. ”

"It's not just me, the entire venture capital industry generally likes young people, and no one looks at the post-60s entrepreneurs, and there is not much time left for the post-70s. ”

Seeing that Johnson frowned, as if he understood something, he explained: "Brother, the situation at home is different from that at home, you are playing with top listed companies, holding Apple Mobil's shares for retirement, and just lying down and paying dividends?"

"What are we playing? After all, it's buying and selling entrepreneur projects!"

"Fools want to pay dividends at the end of the year for entrepreneurial projects, and for entrepreneurs, entrepreneurial projects are all they have. But for venture capital, entrepreneurial projects have nothing to do with us, just one of a hundred projects. ”

"Fatten, find a good home, and then wait for the price to sell, go down with a knife, and leave!"

Johnson suddenly realized, it turns out that everyone plays like this?

Lao Tan helped Johnson fill up with red wine, fully understanding the other party's confusion, the hand of God is playing with the top listed companies, and the world's top 500 companies may not be able to catch their eyes, not to mention these fledgling rookies in China.

"I've seen a lot of confident entrepreneurs, who come up and talk about bullshit dreams, and I'm most annoyed to see this kind of stupidity!"

Lao Tan said disdainfully: "Lao Tzu's money is not blown by the wind, you don't even understand what a venture capital fund is, and you come to ask for money while licking your face?"

"The purpose of playing investment is very clear, there is no second way to sell the equity directly and cash out. Whether you cash out after listing, cash out after an investment company is acquired, a founder buys back shares, or another fund to take over......"

"Even if you meet a big fund with a deep background to buy and sell, as long as you have money to make, you have to give it up with a smile and do everything possible to find opportunities to hug each other's thighs, which is the qualified limelight. ”

"I have invested in two Internet companies, although the company itself has entered a virtuous circle and can make profits every year, but you also know the characteristics of the Internet, long-term low profits, or even no profits are normal, and it has not returned to its original cost until now, like chicken ribs, in a dilemma. ”

After speaking, he sighed and said helplessly: "There are too many such things, if you raise funds in the next round, no one will give you money." People give you money, and in the end, they lock up and become shareholders, and you can only get some dividends?"

"You have to worry about others making fake accounts when you get dividends, and in the end, you may tear it up, and the most important thing is that the liquidity of a large amount of money is gone. ”

Johnson smiled, as if buying a wealth management product that can only earn interest and cannot withdraw the principal, who would buy this kind of cheating thing?

"Of course, traditional industries, such as copper mine investment, are for dividends, which is another matter. Lao Tan looked at Johnson and said seriously: "Saying so much actually wants to express one thing, the domestic venture capital operation model is destined to be unable to make profits through methods other than cashing out!"

"Due to the existence of a cycle of fundraising, investment, management and withdrawal, there is great pressure on the speed of cashing out, and it is basically impossible to eat dividends. ”

"So if you want to play investment in China, you have to be fast and accurate, otherwise it will be difficult to ......"

Johnson smiled and clinked glasses of wine with Lao Tan, not in vain, and heard a few truthful words. After pondering for a moment, he asked, "What projects are you investing in?"

Lao Tan smiled, this is already a trade secret, and others must scold him, but who is Johnson, what he is waiting for is this.

Sitting up straight, he said with sincerity: "It's very simple, just two points: it can be sold in a short time, and it can also be sold for a high-priced company!"

"The reason is very simple, the investment was early, the valuation was low at that time, the price was cheap, and within a year or two of investment, the company grew rapidly and had a bright future, and it was worth it. ”

"From a certain point of view, what can be sold can basically be sold for a good price. As long as it can't be sold, nine times out of ten it will go out of business. ”

"Those companies that can be listed in the future, or projects that will cause large companies to acquire, are the treasures that venture capitalists are willing to invest in. Only those companies that can get a slot in key areas and have a bright market prospect can be selected. ”

I was afraid that what I said was not clear enough, so I continued to analyze: "For example, there was a vinyl record community APP that came to me to talk about investment and went to dozens of companies, but it was difficult for them to win the favor of venture capital, because the target market audience was too small. ”

"Vinyl has almost disappeared from the mainstream music market, there is no right to speak, the pool is so small, even if you do it, how much money can you make a year?"

"Let's take Douban as an example, why is it difficult to make a profit? First of all, it doesn't do group buying, and secondly, Douban's movie scoring is not lethal for the film publicity and distribution market, IMBD and Rotten Tomatoes are more authoritative than it. ”

And some movies have bad ratings, and the audience will watch them, such as "Superman v Batman", after all, in a place like China, where imported films are restricted, the audience has no choice at all. ”

"Young couples always have to go to the movies on a date, at this time, if the man's mother-in-law and mother say that the score of this movie on Douban is not high, isn't it just looking for a draw?"

"So in the whole environment, Douban is a product that doesn't matter what it is, and it doesn't matter what it doesn't matter, and it's impossible for this kind of thing to get a high valuation. ”

"There is also a kindergarten management solution provider, which has 2,000 entities nationwide and has strong cash flow, but from the perspective of market share, it is a pity that there is still a significant gap with its competitors. ”

"Investors won't want to invest in this kind of industry, even though it can live a good life on its own cash flow, but so what?"

Lao Tan smiled: "Especially the project is relatively early, such an early project, at a glance, it is all competitors, is it quite desperate?"

Slowly approaching Johnson, he said in a low voice: "I recently found a good project, Miaopin.com, the core selling point is that everyone can become a product manager, plus Internet companies have a strong recruitment demand for operations and products. ”

"The project is still in the early stage, with an investment of 2 million, accounting for 45% of the equity, in case PM all over the country will rely on this website to find jobs in the future?"

"Hey......

Showing a lewd smile, what does Johnson think, how do he think about the old bustard in the Qinglou, meet the child daughter-in-law, eat and drink well and raise him, full of expectations to become an Oiran, and a night of spring supper is worth a thousand gold!