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"How to break through many barriers such as technology and cost, so that solar street lights can be popularized in cities across the country, has become an urgent problem for the urban road lighting industry. If the conversion efficiency of solar street lights can be increased from the current 15 percent to 50 percent, it means that solar street lights will have incomparable technical advantages. Professor Wu said to Fan Wuxi.

After hearing this, Fan Wuxian asked, "This problem is not easy to solve, right?" ”

"Of course, it's hard to solve, but we're working on it, and now the results in the lab are still relatively optimistic, and our most urgent requirement is to find cheap alternative materials, which can reduce manufacturing costs on the premise of improving conversion rates." Professor Wu replied.

As for how to find alternative materials and how to achieve an increase in conversion rate, it is a trade secret, and it is natural that it will not be openly talked about at this time, but Professor Wu still hopes to talk about this matter with Fan Wuxian, after all, without a large amount of financial support, his own research will not be sustainable.

For projects like theirs, it is natural that they can apply to the state for project R&D funds, but if they want to apply for project R&D funds, the approval procedures that need to be gone through are too cumbersome, and whether they can finally get support funds is also in the middle of the two, so Professor Wu naturally can't pin his hopes here.

At this time inside the university campus, for . The enthusiasm for transforming knowledge into productivity is still continuous, especially high-tech incubators have always become a hot topic, and there are constantly venture capital into mainland universities, and then develop a lot of strange things and bring them to the market.

Professor Wu's meaning is also to hope to introduce the wind. The amount of investment required for a project like his is relatively large, and there is no possibility of return for the time being, so it is difficult to find a suitable venture capital company to support him for a while.

When it comes to venture capital, we have to talk about VC, PE and IPO.

VC is often referred to as venture capital, in fact. The word should be translated as venture capital more accurately, especially when it comes to abbreviations, the meaning of "venture capital" is a bit inexplicable, and for professionals, "venture capital" is obviously more acceptable. Of course, once the "venture capital" loses its rationality and becomes "crazy investment", it is quite appropriate.

The willingness of PE refers to private capital, which is generally extended to private equity investment. Capital, which means that it is not a form of borrowing or other means, but an investment method in which a return is obtained by owning shares. Obviously, VC belongs to a special, high-risk, high-return PE.

Professional VC is separated from PE, even in the developed European and American countries in the West, it is only a matter of one or two decades. The concept of VC has landed in China in an all-round way, and it has only started in the past two years.

Generally speaking, the biggest and greatest difficulty when starting a business is generally . Funding issues. At the very beginning of a start-up or at all stages of the first few years, it is also the time when all kinds of funds such as credit funds are the most reluctant to invest, because start-ups are full of risks, and they are often unquantifiable risks.

However, this high wind. Insurance often proves to contain very high and unusually high returns, and this is where VC comes in. Professional VCs generally do not invest in this start-up for a long time, but choose to exit when the risk of the enterprise is reduced, and credit funds are willing to intervene.

The main means of VC exit are IPOs and mergers and acquisitions. Among them, IPO, as the most successful and highest-yield exit method, has naturally become the first choice for VCs.

IPO is an initial public offering of stocks, and selling the shares held at the right time after the IPO or IPO of a start-up company can often obtain dozens of times, hundreds or even hundreds of times the initial investment, which is the special feature of professional VC that is different from ordinary PE.

There are two main sources of venture capital funds in the United States, institutions and very wealthy individuals, and in order to reassure investors, venture capital companies themselves will also come up with some money to invest.

A venture capital fund is generally formed by a venture capital company that invites no more than 499 investors, including itself, and investment legal persons to form a limited liability company. In order to avoid taxes, funds raised in the United States are generally registered in Delaware, and funds raised in other parts of the world are registered in the Cayman Islands or the Bahamas and other countries and regions with no corporate tax.

As for why the number of shareholders cannot exceed 499, it is because, according to US law, once a company has more than 500 shareholders, it must disclose its financial situation and operation like a listed company, while a venture capital company does not want the outside world to know the details of its investment and the operation of its funds, as well as the shares held in the invested company, and so on, so it generally chooses not to disclose its financial and operational information, so the number of shareholders cannot exceed 500.

However, there is also a problem that there is no relevant GEM in the domestic stock market, that is, there is no market mechanism to encourage small and medium-sized enterprises to go public and raise funds.

This has caused a problem, high-tech enterprises are generally relatively small, the initial stage of entrepreneurship simply can not meet the domestic listing standards, so it is impossible to raise funds from this channel to seek development, venture capital funds into China, of course, to support some projects, but want to IPO in the country is can't, so the only development direction is to go to the NASDAQ listing.

It is precisely because of this that in many films at this time, there will be a large number of talented young people who start their own businesses, and then get the favor of angel investors, and finally go to the NASDAQ to be listed and become a rich man's bloody plot, which is also true, but the NASDAQ is not so easy to go, and there is still a complete set of operating mechanisms to support, so for the financing of domestic small and medium-sized enterprises who are not familiar with the operation mechanism of the US stock market, venture capital funds that are good at handling this set of affairs are indeed the best choice.

But venture capital managers aren't easy to deal with, for example, the first question VC firms ask software founders is, "Is it possible for Microsoft to do what you're going to do?" "It's an unanswerable question. If the answer is "yes", then the general partner of the VC fund will then say "since Microsoft will do it, you don't have to do it." If the answer is "no", then the general partner will say, "Since Microsoft doesn't do it, it doesn't seem necessary to do it, so why do you do it?" ”

Another problem is the topic of the rate of return, generally speaking, the requirements of venture capital funds for the rate of return are more than 50 times, and they are not willing to consider it at all if they are lower than this expectation, which is naturally related to the fact that the risk taken by venture capital is indeed relatively high, and it is necessary to try to ensure the success rate of the project.

Solar energy utilization projects like the ones mentioned by Professor Wu are not dared to be touched by ordinary venture capital funds, because the investment is too big, the risk is too great, and the rate of return may be very small.

To engage in venture capital, we should also pay attention to a horizontal expansion ability, which means that once the product is made, it must be easy to replicate and expand to related fields at low cost. For example, Microsoft's technology is very good at horizontal expansion, and a software can be copied as many copies as you want, while the silicon wafer of solar photovoltaic conversion that Professor Wu is engaged in cannot be expanded horizontally, because it needs to use equipment to manufacture semiconductor chips, which is very costly, and it is impossible to expand the scale indefinitely, because the residual capacity of semiconductor manufacturing in the world is limited.

Since I use silicon wafers to make computer chips with high profits and no risks, why should I do anything solar power generation? After all, as a capitalist, how to expand their capital at a high speed is the first priority, basically, when there is a conflict between capital expansion and social responsibility, social responsibility can choose to avoid itself.

After Fan Wuxian talked with Professor Wu for a while, Professor Wu felt that the prospect of his project was really bleak, and it was obviously difficult to count on government investment, and it seemed that there was little hope for the power of venture capital.

"Is there no future?" Professor Wu sighed and said.

Fan Wuxian saw that the old man's mood was relatively depressed, so he said with a smile, "Actually, there is still some market for solar energy utilization, but the situation at this time is still a little inappropriate, Professor Wu, you don't have to be discouraged, perseverance is victory." ”

Although he comforted the old man, Fan Wuxian did not promise anything, although he was more interested in the solar energy utilization market, but he also knew that he was too enthusiastic, and he may not be able to take the initiative, and some things still need to pay attention to some strategies.

The two chatted for a while, and the meeting dispersed, and sure enough, Fan Heng was pulled over to show his face.

Boss Zhu found someone to call Fan Wuxian over, and wanted to ask why he was so angry today, and what kind of opinion he had on this model of Top.

Fan Heng was also present, and there were not many people in total, all of them were some high-powered bigwigs.

Fan Wuxian didn't have any psychological burden, and after thinking about it for a while, he said, "It's not a glorious thing to make money in the name of high-tech, if this company is really that kind of high-tech, forget it, the problem is that it's just selling dog meat with a sheep's head." ”

"The new economy in the United States is vigorous, and some high-tech industries have emerged in China, shouldn't it be an exaggeration?" Still, a different point of view was expressed.

The current Internet economy represented by the NASDAQ does make Chinese eyes hot, whether from the central or to the local, there is an understanding that this thing comes from money, but everyone does not take into account that the prosperity of the stock market does not necessarily depend on real performance to make, in most cases, it is a bubble.

Fan Wuxian said to everyone, "If it is usual, with the current situation of the NASDAQ, it has already entered a high-risk zone. But until now, everyone has thought that it is worth the money, and the enthusiasm has not diminished, and why? ”

Several people listened to Fan Wuxi's words, and they all thought deeply, obviously not completely ignorant of this.

"The reason is simple." Fan Wuxian explained succinctly, "Practice has proved that every financial crisis or stock market bubble bursts before the market is the craziest time. But in the most prosperous moments, there are only a few people who believe that bad luck will come, which is very abnormal. The reason for this is that some people are constantly blowing up bubbles for everyone to create public opinion that will never burst. ”

Boss Zhu nodded again and again when he heard this, and felt that Fan Wuxi's words seemed to have some truth.

"Before every economic crisis, or before the stock market bubble bursts, there will be some public opinion positions to advocate, and this time is naturally no exception, it is nothing more than that the new economy is different from the past, and the information industry has broken the traditional economic laws and so on." Fan Wuxian broke through the mystery in one sentence, "However, everyone should pay attention to one point, that is, when a big drama reaches the end, it needs to end, this is an objective law and it is impossible to violate." Nowadays, the people who sing this big drama want to make this big show last a little longer, so that their popularity will be a little more prosperous and they will make more money, so they need to create some public opinion, saying that the peak of this scene has not yet arrived, and the good looks are still to come, but the energy of the actors is exhausted, and they will strike, so that when everyone is happiest to watch, a few pillars will stop working, and the last thing that will appear will inevitably be a scene of group discussion and scolding. If there is a winner here, it is none other than the people who plan this big show, the bookmakers behind the scenes. ”

After listening to Fan Wuxie's words, everyone's hearts were quite uneasy, but they also admitted that what Fan Wuxian said was indeed very reasonable, this big drama was going to end after all, but it was not clear when and where he would fall?

Thinking of the current domestic stock market is also following the Internet economy, and the speculation is a mess, the more I feel that Fan Wuxian's words must be listened to carefully.

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