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It is difficult for investors in North America to have a clear understanding of the bubble in the new technology wave of '99, let alone domestic college student entrepreneurs. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

Zhang Ke called Zhai Danqing and asked her to send someone to send some research reports on the wave of the new technology industry.

"The long-term rapid development of the global new technology industry, especially the Internet industry, is certain, and the early stage of the development of the Internet industry, its own profitability is extremely limited, and the development is inseparable from the support of the capital market, so venture capitalists are extremely concerned about the trend of the capital market," Zhang Ke said with a smile, "The investment profit route you designed for Chuangyu is to build Zhuoyu into China's Amazon, and expand the business scale as soon as possible, in order to gain the favor of overseas venture capital and eventually be listed overseas. Chuangyu will be able to cash out at that time - but this process will take two to three years at the earliest, and it is a pity that the attitude of the capital market towards the Internet industry is not always enthusiastic, and once the capital market falls into a trough, the listing plan will be aborted...... Excessive expectations for the enthusiasm of the capital market are the biggest flaw in the plan, and it is also the biggest risk - as a standard venture capital model, there will naturally be a tolerance for this kind of risk, but there is still a big difference between innovation and venture capital. The purpose of the establishment of Chuangyu is to support college students to start their own businesses, and to gain the favor of the capital market and eventually list overseas, which is naturally the most ideal result, but as the essence of the entrepreneurial fund, it is still necessary to relatively reduce the dependence on the enthusiasm of the capital market and consider more of the development potential of the industry itself. ”

"......" Zhang Ke's words made Ma Li and others purse their lips and bow their heads into contemplation, and his words also have a depth that Du Fei usually can't think about, and within Chuangyu, people like Shi Xuebin, Shi Xinfei, Dong Yuehua and others do not have a deep understanding of the difference between venture capital and venture capital.

"I haven't denied the essence of this business plan, how to say it," Zhang Ke smiled lightly, "It should be said that Chuangyu needs a more conservative business plan with a deeper thinking about the industry itself, as for the financing amount, five million or ten million is fine, it is not a problem." ”

"In the afternoon of the founding association director activities, we still discussed this, at least our thinking has been clear." Du Fei handed the plan to Shi Xuebin, he didn't plan to take up too much time for Zhang Ke, now Shi Xuebin, Shi Xinfei, and Dong Yuehua are all directors of the Creation Association, Meng Le and Xi Ruolin went to the United States, Du Fei relies more on them in this regard, and Qin Gang and Ling Xiaoyan are more responsible for the daily management of the existing business, after all, the funds for college students' entrepreneurship support mainly come from the profits of the existing business in Chuangyu.

Shi Xuebin said to Ma Li and his three partners: "Don't wait until the afternoon, let's find a position to have lunch, let's talk while eating......" and asked Zhang Ke, "Do you participate?" ”

"I'm fine?" Zhang Ke said, "You first find a place to eat......

Let Shi Xuebin and Ma Li leave first, Zhang Ke, Du Fei and Chen Feirong walked and chatted in the back: "The capital market has always been prosperous and declining, and the cycle of venture capital generally does not exceed two years, and the cycle is too long, so it is difficult to judge the direction of the capital market with preparation - venture capital, we need to consider more about the development potential of the industry itself, considering that the investment cycle can be longer than that of venture capital, to be precise, risk is more like industrial speculation ......"

Du Fei said: "If this business plan does not consider the introduction of venture capital, Chuangyu will have to invest almost 100 million yuan to be enough - for Chuangyu, it is too big." ”

"What are you worried about?" Zhang Ke smiled and said, "E-commerce will not be limited to the online sales of cultural goods such as books, audio and video, audio, etc., and when you develop to the stage of online sales of consumer electronic goods and even home appliances, Aida and Shengxin can consider injecting capital and holding shares——"

"Yes," Du Fei smiled, "If you want to talk about the Internet industry, there are two big mountains behind it, Global Music Online and Quantum Online, to help Chuangyu stand up to the sky." ”

This is the last financing and equity adjustment before Quantum Online's listing, except for Kumho's left-hand free-handed, right-hand transfer of most of the shares held by Oak Park Ventures to overseas companies, and the other is only $20 million in financing from Goldman Sachs-affiliated venture capitalists. The Nasdaq Composite Index has been rising steadily in the past two years and has shown signs of accelerating, and Quantum Online will be able to list overseas as soon as mid-June after this adjustment, and the fundraising work is in progress.

In addition to Quantum Online, Global Music Online is an online genuine music sales store established to cooperate with the sales of iplayer hardware, and it is also an important Internet resource under Kumho's name. Years later, Toshiba and Scober jointly injected $60 million into Global Music Online in exchange for a 30% stake, which means that the remaining 70% of Kumho's equity has a market value of $210 million, and Kumho invested more than $20 million in Global Music Online.

If you only count the paper wealth, Kumho seems to be dozens of times more profitable on the books of global music online than on hardware sales - unfortunately only on paper, and it is unlikely that Kumho will be able to cash in on the paper profits in a few years this year.

"These involve long-term planning of Internet platform resources, and they are also a big issue that Kumho is considering right now," Zhang Ke said, "Just like Toshiba and Scooper jointly injected $60 million into the global music online website in exchange for a 30% stake, it seems that this is a bold investment in the context of the new wave of technology, but for Toshiba and Scober, the more important thing to come up with this money is the consideration of industrial layout." ”

"Kumho has left his left hand and his right hand this time, isn't Oak Park Venture Capital more than $30 million out of thin air? It should be possible to do something. Du Fei said.

"Thirty million dollars can't do much," Zhang Ke smiled, "There are a lot of things to do, and now that the Aida Cultural Fund has been established, it seems that building a library at the north gate is already very remarkable, but if you expand your thinking a little further, will it be more meaningful to build a digital library on the Internet - but this project is much more complicated than building a physical library with two floors underground and six floors above ground...... All of this involves the division of Internet content, platforms, users, and other resources in the future."

"The digital library you are talking about, someone has really proposed it, it was proposed by a researcher from the Institute of Science and Technology Information of the school, but the scope he delineated is very narrow, only limited to the collection of materials in the professional field, and it should also be classified as a digital library," Du Fei said, "The person was introduced by Qin Gang, that is, considering that the problems involved are too complex, I did not let Chuangyu take over ......."

"Does he just come up with ideas, or does he have the ability to execute?" Zhang Ke asked, these days, creativity is a very cheap thing, it can also be said to be a trap of investment, and in the end, it depends on people's execution ability.

"Then you have to give him hundreds of thousands of tries first." Du Fei said.

The people introduced by Qin Gang should not be too bad, but they can't succeed, there are too many factors, and for what the investment fund has to do, they will never invest all the funds needed for development at once.

Since Du Fei has a strong interest in the Internet industry, Zhang Ke also hopes that Chuangyu can do some basic things in a down-to-earth manner, as long as the pace is not too big, even if Chuangyu will encounter the Internet cold wave, it will not be much trouble for Kumho, after all, basic things must also be done, and this resource can be grasped as much as possible in their own hands, but also as much as possible in their own hands.

Zhang Ke is still quite idle during this time, whether it is Samsung, or Kewang with the support of Mitsui and Huaxia Electronics behind his back, or Yan Jia and Horizon Construction, they are all busy with industrial layout.

In April '99, the haze of the Asian financial turmoil finally blew away. The new technology economy is surging vigorously, and although a bubble is brewing, it is providing considerable support for the economic recovery at this time. Singapore and Malaysia were the first to signal economic recovery. HG Samsung's financial pressure has also been greatly eased, and it has continuously announced additional investment plans in China, Kewang has the support of Mitsui and Huaxia Electronics, and the manufacturing base in Jinshan is also becoming more and more prosperous.

Zhang Ke had nothing to do, and spent two days on weekends with Du Fei, Shi Xuebin and others, as well as business plan submitters Ma Li and Yang Weiyi, all of whom were locked up in the office of the Creation Association to study and study the business model of e-commerce websites.

Amazon has been very successful in North America, but Amazon's business model cannot be simply imitated in China, and the development of domestic e-commerce can even be described as a long way to go.

"In North America, online credit card payments are quite popular, but in China it is a big country for cash transactions, and people are not even used to sending money at the post office......"

"North America has UPS, FedEx logistics companies covering the United States and even the world, compared with the price in North America, the logistics cost is low, China's postal express charges are expensive, the service is not ideal, intercity express, city express companies cover a small area......"

"Consumers in North America have a tradition of mail-ordering, and have long formed a mail-order business model, and the recognition of online shopping is very high, and for Chinese consumers, online shopping is as difficult to feel at ease as 'buying cattle from across the mountain'......"

"Consumers in North America are tolerant of delivery speeds, with Amazon usually delivering after seven working days, while Chinese consumers have very limited patience......"

In the details that were not paid attention to in the original business plan, the list of items was written on the blackboard of the office of the creation association and taken out for discussion.

As a well-known student bookseller in Jianye, Ma Li, Yang Weiyi and others have laid a certain foundation in the physical sales of books, and have an area of more than 200 square meters of physical bookstores in Jianye Book Mall to provide warehousing, logistics and distribution, supply and other aspects of support for his previous university sales network, although the online sales network of books created before is limited to a few colleges and universities in Jianye, but has initially stepped out of the first step of the transformation of physical business to virtual business model, and their personal websites that sell books and audio-visual products online, It also sells some electronic products for students, and even joins forces with a flower shop to launch an online flower ordering business. However, the previous online sales were only limited to the college group in Jianye, and the work-study college students were organized to ride bicycles to form a perfect distribution team, and it was aimed at the college students, once the entire business model was promoted to the whole country, in the face of the entire online consumer group, the increased difficulties were unimaginable.

Relatively speaking, it is easier to build an Internet sales platform.

Ideas and ideas are always cheap, and what is really valuable is the ability to realize ideas and ideas step by step, investing in business solutions, or investing in people who propose business plans. Invest in the right person, and a seemingly clumsy business plan can also be profitable; Vote for the wrong person, and no matter how perfect the business plan is, it is an endless bottomless pit.

Zhang Ke and Du Fei finally decided to inject 5 million capital into Jianye Kewen Company, a partnership company of Ma Long, Yang Weiyi and others, to establish a joint stock company to establish a database of books available in China to establish a database of books available in China and develop the online book sales business of Zhuoyu.com.

Tunghai University has not made particularly great achievements in the industrialization development of colleges and universities, such as Peking University has Founder and Jade Bird, Tsinghua University has Tongfang and Unigroup, but there are no particularly famous technology companies under Dongda Science and Technology Development Corporation, which is also the weakness of Donghai University in China.

In the past two years, the University of Tokyo has also made great efforts in industrialization, taking down more than 200 acres of land on the east side of the campus to invest in the construction of the University of Tokyo Science and Technology Park, supporting science and technology entrepreneurship projects, and also jointly establishing the Science and Technology Park Entrepreneurship Fund with the Oak Park Venture Capital Fund.

Chuangyu injected capital into Kewen Company to develop Zhuoyu online book sales business, and also received strong support from the school, the school not only supported Ma Li, Yang Weiyi and other students to take a leave of absence to start a business, Dongda Science and Technology Development Corporation also injected an additional 3 million yuan, and jointly held 49% of the equity of Jianye Kewen with Chuangyu, and Ma Li, Yang Weiyi and other founders held 51% of the equity of Kewen Company with the original resources.

The new company will also move into the Dongda Science Park in preparation for the official launch of the online book sales business.