There is the idea of learning the Tao while learning the Tao, and Cheng Hao has Cheng Hao's mind.

Before Cheng Hao resigned to start his own business, he was the chief technology officer of XL, a well-known domestic portal, and also served as a product director.

Because of this experience, he has accumulated and has a considerable understanding of the product and the market, and therefore, Cheng Hao, a conventional venture capital "little money", can't look down on it at all.

Several investment companies have contacted Cheng Hao before, and the investment amount ranges from $500,000 to $2 million.

This is actually very normal, because at this time, Kaixinwang is a "seed" enterprise.

In the field of investment, there is a conventional division of periods - seed stage, start-up stage, growth stage, expansion stage, and maturity stage.

As we all know, investing in seed-stage companies is easy to get extremely rich returns, but at the same time, it is also extremely risky.

The risk of investing in a seed-stage enterprise is mainly reflected in two aspects, the first risk is that the management team is not effective, and the second risk is that the real market potential of the new technology or new business idea is not large.

For the first risk, the vast majority of venture capital companies regard the investigation of the management team of the investee as the first factor in deciding whether to invest, and form a set of systematic investigation methods; for the second risk, investors are objectively required to have a deeper understanding and deeper insight into the high-tech industry, especially the information industry.

All in all, venture capital firms are unwilling and confident enough to invest, let alone invest large sums of money, in seed-stage companies.

For a seed-stage company like Kaixin.com, the maximum investment amount is basically around $1 million. In particular, SNS sites such as Kaixin.com, there are already similar websites in China that occupy a certain market share, such as school, 51, and Juyou, and the development is not bad.

Therefore, the venture capital company that promised Cheng Hao to invest $200 before is already very sincere.

But Cheng Hao felt that it was not enough.

Cheng Hao and his technical team have calculated that in order to develop happily, the "threshold capital" is 3.5 million US dollars, and in order to have a certain amount of emergency funds, the first round of financing of 5 million US dollars is the most ideal. Financing this amount of money can ensure that Kaixin.com maintains a perfect R&D rhythm and marketing coherence during the creation period.

For an investment of 10 million US dollars, Cheng Hao came immediately after receiving a call from Wu Sijie. In addition to money, meeting Bian Xuedao himself is also what Cheng Hao is looking forward to. Because Bian Xuedao is not the richest, but he is one of the "most legendary". People in the circle like Cheng Hao understand how awesome and coquettish the layout chain of a series of successful products, such as Zhiwei Security Guard, Zhiwei Input Method, Zhiwei Browser, Zhiwei Navigation Page and Zhiwei Weibo.

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When the secretary knocked on the door, Bian Xuedao was holding his mobile phone to send daily text messages to Xu Shangxiu.

The beautiful female secretary in a professional skirt walked in front of Cheng Hao and said very professionally: "Mr. Bian, Mr. Cheng is here." ”

Bian Xuedao put down his mobile phone, stretched out his hand and pointed to the sofa opposite the desk and said, "Please take a seat." ”

helped Cheng Hao pour good tea, and the female secretary withdrew.

Bian Xuedao took two sips of the teacup, looked up at Cheng Hao and said, "It's cold outside, you can also drink two sips to warm up." ”

Cheng Hao took a sip of the cup and praised: "Good tea!"

Watching Cheng Hao put down the teacup, Bian Xuedao got straight to the point: "You value your project at $30 million......"

Listening to Bian Xuedao talk about "high valuation", Cheng Hao immediately wanted to explain.

Bian Xuedao waved his hand and said, "Needless to say, as long as the capital and the capital are recognized, you can estimate as much as you want." ”

After saying this, the fingers of Bian Xuedao's right hand flicked irregularly on the desk, and after a few seconds, he continued: "The games such as buying and selling friends and grabbing parking spaces in the project planning book of Kaixin.com can basically be found on Facebook. ”

Cheng Hao said: "The game does have a prototype, but there is definitely a market for Kaixin.com in China. ”

"Oh?" Bian Xuedao asked with a smile, "So confident?"

Cheng Hao leaned forward, leaving only half of his butt on the sofa, and said quickly: "90% of white-collar workers in the country only 60% of the time are in real work, they need things to kill boring time, not to be discovered by the boss, but also to have the function of communication, Kaixin.com can meet these needs." ”

Bian Xuedao listened, smiled, and asked, "I want to ask, if the game of Kaixin.com is also copied by others, what will you do then?"

Cheng Hao said: "According to user needs, we will continue to develop sticky core game products. ”

This answer has no gold content, and of course it can't satisfy Bian Xuedao.

Bian Xuedao continued: "At the beginning of SNS games, everyone was in a state of horse racing, and many early entrants got users as they wished, but they didn't necessarily know what users wanted. When more and more similar websites appear in the market, there are more and more platforms, more and more abundant, and everyone provides things that are not different or convergent, and the opportunities for websites will shrink. You just said that the development of core products, I only asked one point, can the core be copied by others?"

Cheng Hao was speechless at first for Bian Xuedao's words, and then gritted his teeth and said: "Then fight for development speed and creativity, the technical team of Kaixin.com is a first-class team in China." ”

Bian Xuedao said with a smile: "Never underestimate the innovation ability of small companies, but don't underestimate the execution of large companies." Lianzhong, which was defeated by Tencent, and Blog China, which was defeated by Sina, lost both in its own failed development strategy and in the strong execution of its opponents. In the case that no one makes it bigger, you can squeeze it with it, and once someone does it, there is only one result, either subdivide or wait for death. ”

After listening to this, Cheng Hao fell into thought.

Bian Xuedao knocked on the office desktop and said, "I'm not pouring cold water on you, I'm just doing my duty as a venture capitalist to remind partners to make fewer mistakes." ”

Huh?

Cheng Hao raised his head sharply and looked at Bian Xuedao: "Mr. Bian, ......what do you mean?"

Bian Xuedao got up from behind his desk, walked to the sofa opposite Cheng Hao, sat down, leaned comfortably on the back of the sofa, and said, "I can invest the money for you, but I have two conditions." ”

Cheng Hao nodded: "You say." ”

Bian Xuedao said: "The first condition, all future strategic financing of Kaixin.com must be led by Youdao Investment Group. ”

Cheng Hao thought for nearly a minute, nodded slowly and said, "Yes." ”

Bian Xuedao said: "The second condition is to sign a gambling agreement. ”

"Gambling agreement?" Cheng Hao sat up straight and looked at Bian Xuedao.

Bian Xuedao said: "According to what you said in your plan, if Kaixin.com cannot achieve 60 million registered users, 15 million daily active users, and 25 million monthly active users within 18 months, Youdao Investment has the right to require major shareholders to redeem their shares at a premium of 15%. On the contrary, Youdao Investment Group will inject another $10 million into Kaixin.com. ”

Cheng Hao: "......"

Bian Xuedao continued: "In addition, in the next three years, if the compound growth rate of Kaixin.com is less than 30%, and the net profit is less than 200 million after three years, the major shareholder needs to take out 15% of the shares to compensate Youdao Investment Group, otherwise, Youdao Investment Company will transfer the equivalent shares of Kaixin to the major shareholder. ”

Cheng Hao understood in an instant.

$5 million and 18% of the shares.

$10 million holds 36% of the shares.

36% + 15% = 51% = absolute holding

Once you fail to bet on yourself, Kaixin.com will change hands.

However, if you reject Bian Xuedao's gambling proposal, where else can you find $10 million in venture capital?

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