What Feng Jianxiong said to Liu Yan was strictly researched to ensure that the evidence chain was detailed and sufficient, and every example was flawless.

However, Liu Yan didn't know how much homework Feng Jianxiong had done off-site in order to cut in and hack other potential "investors outside the circle" from this angle, so as to completely scare him.

In fact, Feng Jianxiong really spent a lot of energy to find these examples, and he barely collected enough.

In good conscience, at this moment, in the high-tech industry investment environment at the end of 2006, it is impossible or impossible to think of using Feng Jianxiong's perspective to deter entrepreneurs.

There is no other reason, because investors and entrepreneurs in this era are still relatively simple. Few people in the circle have heard of the example of the coal boss buying the hands and feet of the entrepreneur who is losing money.

No one could have imagined that in just seven years, this kind of coal boss would become popular.

In the final analysis, it is because of the world before Feng Jianxiong's rebirth, around 2013, there was an entrepreneur who made a face, and used a bad trick to achieve a unicorn, and also refreshed the perception of the lower limit of entrepreneurs by all non-professional investors in China.

The entrepreneur's name is Cheng Wei, and as a good dog of Brother Xiaoma, he founded a company called Didi Dache.

If Zhou Hongyi invented the Internet free economy, then Cheng Wei invented the Internet upside down economy.

It's not enough to let users use it for free to attract fake traffic, but also to make customers not only don't want money but also make money - in the most intense months of the subsidy war that year, if a taxi driver installs two apps on his mobile phone at the same time, and then cooperates with the taxi driver to swipe the order, it is definitely possible to achieve "not only do not need money for a taxi in a short distance, but also earn 5 yuan after taking the car".

With such a trick, the scale of "registered users" will obviously explode dozens of times, or even a hundred times - because many pseudo-demanders who will not spend a dollar for you will take advantage of it with the mentality of "part-time work" at this time, and then give the capital market a natural look like the icing on the cake.

After Cheng Wei appeared, the coal boss bought his hands and feet for the entrepreneurs who had no money, and it really became the mainstream, and it became what Feng Jianxiong created for Liu Yan with his bluff today.

Because before that, the company lost money, and the costs were spent on normal operations.

After the emergence of the inverted discount economy, it is possible that the cost will be 100% given away for nothing - at this time, if the company's entrepreneur tells the coal boss that he has lost money, who knows if it is really an operating loss? What if the entrepreneur himself makes a bit of a loophole in the data audit scale, and then brushes 1 million zombie fans to the company to receive the subsidy of the inverted post, and then makes the company lose money?

If you don't kill this kind of entrepreneur and don't let them pay for their lives, then the next day they can go bankrupt and go to the affiliated company that brushes the zombie fan to receive subsidies to wash back the money they lost on the surface. Then the whole industry will be like this, and the coal bosses will never want to come in and get a piece of the pie when the capital is hot.

Therefore, in fact, the entrepreneurs of all over China were killed because they borrowed mining money and lost money.

When a company's business can win the valuation of the capital market by not making money but by sending money, the degree of collapse of the world's hearts is very terrible.

Feng Jianxiong is a person who came back from the dark ages fourteen years later, and his understanding of the lower limit of human nature naturally exploded Liu Yan by 10,000 times.

To put it mildly, the earthlings in 2006, no matter how treacherous their thinking was in the investment field, one was counted as one - in Feng Jianxiong's eyes, they were all "upright boys". needs to be trained and trained by Feng Jianxiong, an old yin beep.

Use the insidiousness of more than ten years later to intimidate today's people, and if you are not frightened, then it is called a ghost.

……

After some brewing and foreshadowing, Liu Yan's mind was completely killed, Feng Jianxiong's net was finally rolled out:

"Investors who want to be reasonable? In today's video industry, you also know the big situation, Mr. Liu. It is difficult for investors to find, know and are willing to enter the market. ”

Liu Yan has completely surrendered, just ask for advice as a dead horse: "Mr. Feng, don't you want to think about it anymore, take our brothers, we all know your ability, if you survive, we won't forget to accept your love in the future." ”

After Feng Jianxiong had enough of his pretentiousness, he reluctantly said: "Then let me tell you the truth, I know how to do it, and I dare to take money at this juncture, and I won't buy hands and feet after you lose money-at the same time, how shrewd are investors who meet these conditions? You still want to open a price of 'team valuation of 30 million', tsk, others won't look at it." ”

Liu Yan hurriedly explained: "Then how much do you think is appropriate? We are not unacceptable to have a lower valuation, but the key is that we are afraid that the financing amount will be less, and we will not be able to raise a large amount of funds - generally most companies in the AB round will also sell 20% of the equity, with a valuation of 30 million, and the deduction will be the remaining 80%, which will only be 7.5 million." If 75% is deducted and foreign investors account for 25% of the shares, it will only be 10 million cash.

This amount of money is really not enough to burn in the video industry, Tudou is estimated to burn more than 100 million next year, and 200 million the year after tomorrow. Youku may have more. 10 million, even if the other parts tighten their belts to reduce costs, at most they will maintain 5%~10% of the traffic of Tudou. Otherwise, it will only reduce the user experience and make users accept a more stuttering effect when watching videos. ”

Liu Yan obviously calculated the detailed accounts, and the data export was the first way.

"People who like the illegal content banned by the General Administration such as the second yuan, it would be good to have a 10% scale of Youku's general public user group at the beginning! Besides, as long as some resources are exclusive to you, even if the network is a little bit worse and a little stuck, as long as there is no place to watch it elsewhere, the audience can tolerate it!"

Feng Jianxiong thought so in his heart, of course, he didn't say these words.

According to Feng Jianxiong's estimate, if you want to do a good job of a NICONICO, or a parallel time and space B station, it is definitely enough to burn 10 million in the first year. After all, the website was not famous in the first year, and it was enough to get the hardware capacity needed for 2 million users.

can burn more than 10 million, Feng Jianxiong is even more happy, because it means that the number of viewers exceeds 2 million, and the corresponding sticky registered members are estimated to be able to make up 500,000, which is a good thing. (Youku had tens of millions of viewers during the same period)

In the second year, if it grows rapidly, 20 million may not be enough, but it is not far off. Feng Jianxiong estimated that with his earning ability, he could also take out these investments from his spare money when the time came.

In the future, if he makes a distinctive feature so that people in the investment community can understand his business model, and then introduces external investors after the valuation skyrockets dozens of times, it is not unacceptable to sell a small amount of his shares to cash out a large sum.

In the final analysis, Feng Jianxiong still hopes to get a voice in the public opinion circle through NICONICO, as for the specific shareholding ratio in this website, Feng Jianxiong actually doesn't care-

As long as all the public opinion guidance of this website can be decided by him, Feng Jianxiong has the final say, he can do cents if he wants cents, he can do five M if he wants five, and cover the sky with one hand. So, what does it matter if you hold 30% or 40% of the stock?

Anyway, NICONICO can't make a profit financially, and it won't pay dividends, and the valuation is just a capital story.

……

Feng Jianxiong euphemistically analyzed with Liu Yan the possibility of "narrow crowd and differentiated competition", but he didn't directly persuade Liu Yan to do illegal work.

However, it also made Liu Yan accept the setting of "as long as you don't go head-on with Youku and do your own characteristics, 10 million a year is definitely enough to burn".

With this foundation, Feng Jianxiong's self-recommendation came naturally: "Mr. Liu, don't be impatient, since you are worried that the total financing amount is not in place, I can give you a relief: no matter how much the valuation is reduced, I promise to bring you 10 million cash in." On that basis, let's talk about it a little further, how?"

Liu Yan has already done a lot of work by Feng Jianxiong, and he agreed immediately: "Okay, it's a big deal, let's just give up some more proportions, if it doesn't work, we should bring a little bit of the nature of working for others......"

Then there was a burst of hand-to-hand combat, three slashes and five slashes.

first cut Liu Yan's psychological price from 30 million to 20 million, and then cut it to 18 million and 15 million piecemeal with a blunt knife......

This price is already equivalent to the "price of collecting corpse organs" assessed by her sister Feng Yiji when she was evaluating her assets a while ago.

But what Liu Yan is talking about today is to cash out the entire original company, and also attach fixed investments other than those of the original company, so it is actually more favorable.

Feng Jianxiong saw that it was almost over, and Tu Qian Dagger took out the last move: "I think so, Mr. Liu." I'll help you pull investment, and that will also take time. Why don't you give me a commission, let's change the way we cooperate, and you let me a little more in terms of valuation. ”

Liu Yan was stunned for a moment, unable to understand Feng Jianxiong's abrupt statement: "What do you mean?"

Feng Jianxiong did not answer immediately, but lit two cigars, giving the other party a reaction period to empty his brain and judge the situation, and then said slowly:

"I should be sure to find an investor who is willing to accept the valuation of your existing team of 15 million and inject another 10 million. If you let me give me another 5% commission, which will be directly converted into equity, then I can help you advance capital - that is, I can invest 10 million in you first, and then I will slowly find the next home. Of course, if I can talk about a better valuation at that time, then the difference will be mine, and I will buy and leave. ”

Liu Yan was shocked, and immediately asked: "Actually, do you think our team can sell a valuation more expensive than 15 million?

No one wants to be intermediated to make the difference.

Give the intermediary a commission, that's as it should be.

But after the intermediary took the introduction fee, he personally went out to buy low and sell high, which is not authentic.

If you can't react, just think about the mentality of those speculators when they buy and sell houses.

Therefore, even Liu Yan, who had already been completely convinced, resisted again after thinking about it.

It's a pity that Feng Jianxiong obviously expected it, and he quickly said: "What do you mean I want to be an intermediary to make the difference? Your team is worth 15 million in the eyes of others." If I want to help you increase your valuation, I just rely on your storytelling skills, is it possible?

I still have to make a PPT or make up a story for you? The PPT I make and the story I make up are all the commercial value I create! How can I ask a middleman to make a difference? Will the middleman directly create value? PPT is the primary productive force! Storytelling is the primary productive force! If you have the ability to do this, you can pull investment yourself, why are you looking for me?"

"Alas, how come you don't know how to emancipate your mind? The times are different, and the mouth cannon is the primary productive force. ”