If you look at the development history of an Internet company, there is a problem that is often misunderstood by laymen, that is, the market value algorithm of Internet companies. This article was published by www. lwχｓ520。 com debut

Many Xiaobaiwen opened their mouths on this issue, and the king's anger was wild, saying as much as he wanted. Then the investor bowed his head and immediately accepted your offer. That kind of plot can only be said to be bloody dogs.

In the real world, there are not so many idiots.

How much is an Internet company worth in the eyes of venture capital, and what attributes are it determined?

Look at the net profit? Obviously not, many Internet companies are losing money year after year.

So, look at the turnover? Not really. Many companies with soaring market capitalization have no turnover at all. In the first three years of opening, I did things that burned money and gave away for nothing.

So, this is a question that needs to be comprehensively analyzed. If you have to cite one of the most core indicators, perhaps the number of users and sustainable market share are more reliable.

Let's take a simple example.

Peter Thiel began to burn money to make PayPal (which can be understood as the "Alipay" of the United States) in 2000, burning $20 million in one year.

The method of burning money is: every user only needs to register this "American version of Alipay" and bind ID card and credit card, and PayPal will send $10 cash to your account. If someone makes a referral, they will also give $10 to the introducer's account.

20 million money burning subsidies, bought more than 1 million registered users for PayPal, and then media such as the Wall Street Journal began to make high-profile valuations based on this number of users, saying that PayPal has a market value of 500 million, and investors from all walks of life flocked to invest money and want to buy shares.

There was even a venture capital in a southern country that directly wired $5 million, asking them to have a 1 percent stake in their $5 million according to the Wall Street Journal's market value of $500 million.

At that time, Peter Till had not signed any contract with the South Bat Company, and he did not plan to accept investment from others. I don't know where to return the money if I want to. The madness of the market before the bubble burst in 2000 was evident.

In the Internet industry, the number of users is money, and the number of users is the market value. This market value may not be visible when it is usually operated, but once it is accepted by venture capital or shares, it will be highly valued; If you want to go public in the future. It will be noticed.

From Peter Thiel's American version of Alipay, to the Didi taxi Ele.me takeaway that Chinese people used every day, the market value is calculated in this way.

A company that has a certain core technology monopoly threshold and burns money with more skill in burning on the knife edge, burns a dollar to promote the cost. In exchange for a market value premium of twenty or thirty times, it is a very common situation.

Of course, Peter Thiel's example of a 30-fold increase in input costs after a year or two of operation occurred before the dot-com bubble burst in 2000, when the investment market was much crazier than it was in 0304.

But Gu Mojie's technical threshold today is not lower than that of the people who made the American version of Alipay back then; And he has Sheng Wei to help him run Google AdSense Advertising Optimizer, before every penny of advertising money. It can be said that it was spent on the knife edge.

If Gu Mojie wants to persuade Zou Sheng to accept his judgment of his company's market value, this is enough.

It took fifteen minutes, half to describe the scarcity of competitors in his prospects; Half of it emphasizes its own technical ingenuity. As soon as the combination of punches came down, Gu Mojie was speechless.

Gu Mojie's company has actual assets of 30 million; Counting the intangible asset elements such as the number of users, brands and market share, it was only at a premium of 10 times that the price of 300 million accepted Zou Sheng's shares and gave Zou Sheng and his team 2% of the shares, which is already very face-saving.

Gu Mojie said that his company is worth 300 million, and it is impossible to cash out the full amount directly; But at the time of equity change, this price is absolutely convincing.

Zou Sheng finally accepted Gu Mojie's offer with a dejected head and took the condition of 2% equity. Go back and recruit his own men.

……

After negotiating the framework conditions with Zou Sheng, Gu Mojie asked Fei Liluo to contact her aunt Vivien Li, and then entrusted the relevant matters related to the equity change to the people of Tiance Law Firm.

Zou Sheng stayed in Qiantang for a little two days, then flew back to Shenzhen and began to reorganize his team, bringing his core engineers to Qiantang and joining Hatsune Network Technology. His "Thunderbolt Download" software, which was not yet perfect, as well as his technical reserves, were also given to Gu Mojie by Zou Sheng, so that Hatsune Network Technology could quickly break through the original accumulation stage. Tinker directly on the basis of Thunderbolt and develop your own download tool as much as possible.

Gu Mojie will not worry about those complicated details of legal affairs, even if he asks Fei Liluo to handle it, it is not quite right.

Even if it's the same lawyer. The direction of each lawyer's specialization is also very different, and letting a lawyer specializing in the field of intellectual property to handle judicial-related affairs, or equity change, is half the effort.

Gu Mojie has always believed in letting the most professional people do professional things for him. Legal affairs alone. He also needs n lawyers with different specializations to serve him.

Zou Sheng couldn't turn the tide in this matter, and Vivien Li, who helped Gu Mojie handle this matter, was once again surprised because of some of the numbers she came into contact with in this business:

"Gu Mojie's company can be estimated at 300 million when the market value is valued? And the guy who made a 5 million shares, and accepted Gu Mojie's market value valuation and was willing to account for only 2 percentage points? ”

Although Vivien Li's Tiance Law Firm has always been a long-term cooperative legal counsel unit of Hatsune Network Technology, because Gu Mojie did not need to change his equity and did not accept venture capital, his market value has not been taken seriously, and even the person in charge of the cooperative law firm does not know the market value of Gu Mojie's company.

Vivien Leigh is an old-school lawyer who doesn't know much about the Internet industry and doesn't know how to evaluate the value of assets for Internet companies.

Even if he presided over a negotiation for Gu Mojie a while ago and took out millions of dollars from the Canadians; In Vivien Li's opinion, Gu Mojie's strength is just a real level of tens of millions of yuan.

Who knew that Gu Mojie's stealth worth, in a few months, was five to ten times worse than Vivien Li's original estimate, what a demonic existence. Vivien Leigh will naturally re-evaluate the relationship between her niece Feliro and Gu Mojie because of this.

The Fei family is a scholarly family. There are lawyers, civil servants, and businessmen at home.

Vivien Leigh and her brother's two families combined, counting the house, still have a total family property of tens of millions.

After all, a slightly better house in Qiantang City in 04 was worth 1.8 million; With the accumulation of the Fei family, there are still three or five houses per household.

Idle multimillionaire-level young talents. In the eyes of the Fei family, it is nothing more than a good match, which can be a good match for Fei Liluo; But it is not enough for the Fei family to lower their stature too much, and they are too active to come up and send their daughter.

However, when Gu Mojie appeared as a successful person who would only be 20 years old for half a year and already worth more than 100 million. It's a different story.

Vivien Leigh felt the need to persuade her niece to seize the opportunity and stop pretending to be generous.

What if I heard that Gu Mojie has another girlfriend? Vivien Li asked herself if her niece was so good and attentive to Gu Mojie, or when Gu Mojie was not developed, she had been silently supporting each other's poor friends, why couldn't she have a good reward?

One day at the end of July. After finishing the equity change of Gu Mojie's company, Vivien Li had a temporary vacancy in her hand, so she wanted to take time to chat with her niece and call Fei Liluo into her office.

Fei Liluo hangs as the legal counsel of Hatsune Network Technology, but usually the company is not busy, she still runs to both ends of the law firm.

Vivien Leigh is usually busy with affairs and hasn't cared about her niece's personal problems for a long time. Vivien Li didn't take a closer look at how her niece was dressed, maybe it was natural to get used to it.

Now, I have other thoughts in my heart. When I look at Feliro again, there is naturally something different.

The clothes, jewelry, and cosmetics on my niece's body are too different from those of a year ago. Although the style is not ostentatious, Vivien Leigh is very familiar with the irrepressible atmosphere of luxury jewelry.

Prada or Chanel don't say much, but with an elegant and subtle business style, and a necklace with pink diamond pendant and pigeon's blood red trim, it's different.

Vivien Leigh herself is a connoisseur of jewelry and buys a lot; Naturally, it can be seen that the pigeon blood red on the niece's necklace. It is an absolutely natural color, with some natural gradients, and it is obviously not pickled and other means to improve the color.

In 04, the domestic jewelry industry is still immature, and it is good for Chinese consumers to be able to understand the color of diamonds. As for the natural mixture gemstones of the corundum series, many people will not look at it. Most of the rubies only know the color grades such as "pigeon's blood red" and "garnet red", but they can't distinguish the difference between the color grade of pure natural raw ore and the color grade after pickling and removing impurities.

In the case that most people can't understand where the forced grid is, they still don't hesitate to buy good goods, that's the real trench. It shows that when consumers buy this thing, they are simply for their own liking, not for others to see.

Vivien Leigh watched her niece go into distraction. I forgot to speak. looked a little embarrassed by Fei Liluo, and asked coquettishly: "Aunt~ What are you talking to me about?" If it's okay, I'll go and get busy. ”

Vivien Li noticed that she was a little distracted, and waved her hand: "I can't talk to you if I have nothing to do?" You kid, you haven't had a case lately, so what do you have to do? ”

Feliro proudly took a copy of the paper, pointed to it, and said, "Who said there was nothing to do - have you forgotten, the bunch of agreements you signed for Applejack and the Canadian professor in May, in addition to cash, also included a large amount of scientific research funding." ”

Vivien Li rubbed the bridge of her nose and recalled that there was such a thing. It's just that she hasn't fulfilled the contract for a few months, and she herself is busy with the change of equity, so she forgot a little.

Seeing that her aunt remembered, Feliro went on to explain: "That Canadian professor has now changed jobs and has been recruited by Google. His funds are almost fulfilled, and we need to make some preparations in advance. In the past few weeks, I have been researching the tax-free donation laws in the United States and Canada, and I have also consulted Sister Wang. ”

"You're doing the right thing, and it's time to learn it. If you don't understand, ask Xiao Wang, she knows best in this business. ”

Vivien Leigh said, only to find that her niece had avoided the topic, and was about to tilt the building back, when she suddenly remembered a more urgent matter.

"Wait a minute, you said you were going to help Gu Mojie deal with that scientific research funding? Aren't you going to go to the United States right now? U.S. law does not allow U.S. companies to enjoy tax-exempt scientific research donations to be used abroad. ”

"Yes, I'm already applying for a three-month business visa, and I'm helping Applejack with him."

Vivien Leigh was dumbfounded, realizing that she cared too little about her niece.

She rubbed her temples a little sadly, and exhaled: "Are you going to the United States on a business trip, have you discussed it with your family?" What do you think about your relationship with Gu Mojie? ”

"Aunt~ You don't care about this, I think it's good now. At least now I can see Applejack every day just by connecting with me at work. Why do you want to force this problem to come down from the stage? ”

"No! This question must be clarified today! Otherwise, your parents won't let you go abroad! Going to the U.S. is not going to Hong Kong, nor is it a week-long tour. What's more, I didn't expose you last time when Xiaoru was with you, and now you don't have a girlfriend by your side, if you don't explain things clearly, how can they let you go. ”

Vivien Leigh categorically rejected Fei Liluo's vague statement of "shelving disputes with other girls on the issue of Gu Mojie's ownership, maintaining the status quo and developing together". (To be continued.) )>