2015, "Capital winter theory" has been a hot topic of venture capital, equity investment circles.
But in fact, the "First Financial Daily" correspondent noted that the investment in information and gopher assets jointly issued the "2015 China PE / VC industry White Paper" shows that as of the end of December 2015, a total of 1314 private equity fund raising to complete, more than 2014 full-year growth of 141%; the amount raised reached $ 117.7 billion, up 46% over 2014 as a whole, both in quantity and scale record highs.
In addition, the 2015 PE / VC were cast out of 2123 projects, mainly focused on early stage projects, investment reached $ 82.1 billion, up 29% and 52%, respectively, compared with 2014, the growth for three consecutive years. Project valuation, project 2015 average valuation of up to 33 times higher than the current average price-earnings ratio of the market, even more than the 2011 so-called "National PE" period.
Although the project exit is blocked, but the PE / VC fund-raising, investment is unprecedented hot, the primary market investor confidence in the industry is evident. But another awkward fact is that close to the end of the year, B round, C wheel enterprises are facing closure has repeatedly heard the message.
In this context, entrepreneurs go? Venture capital institutions in the choice of the project, prefer technological innovation or business model innovation companies?
Recently, in the Shanghai Advanced Institute of Finance, Shanghai Jiaotong University hosted "Entrepreneurship and Investment Forum," Wang Ye Liuhe venture president to the "First Financial Daily" correspondent said that compared from technological innovation, China's current start-up companies business model innovation in the high side, but the biggest problem is that the business model of innovative companies, the implementation process vulnerable to copying. "In this case, the need for a strong personal ability founder. Either there are resources to be realized, or have a technical background, or have a strong appeal." Ye said.
"Business model innovation companies, at a certain time and require large companies to form a strategic alliance, we look at some of the more difficult when the project. Innovative technology companies may not do great, but can be formed in the local market value, but also in the exit If it is time to mergers and acquisitions, it is relatively easy to buy. "Ye said to the reporter analysis, portfolio VC institutions in need at the same time include two types of companies.
As "the father of smartphones," company chairman natural channel, founder Yang Xingping Dopod smart phones to reporters shared a nuclear power plant which includes a risk assessment, the smart phone operating system, including four Silicon Valley entrepreneurial experience. "After four scratch, of which there are a few failures, we began in 1997 to do the smart phone operating system, after the year 2000 three hundred million dollars in investment in this market still will not burn discovery, force It was no way to put the operating system sold to Apple. "
Yang Xingping bluntly told reporters, "a high risk venture, and the probability of success is really low. From this dimension point of view, I actually do not agree with the majority of people to start a business. Innovation and entrepreneurship can not do as a sport, not so large scale to do this thing. "
In his view, although technological innovation is more favored by investors, but also face significant risks, such as technology too early, the market is not mature enough, we do not have great market space. "Most original engage in technology have become cannon fodder, are now under social environment, entrepreneurs should be more focus on applied innovation, complex and innovative." Yang Xingping said.
"We used most of the innovation are disposable models, Apple's successful transition from the original selling hardware to sell into service. If I do invest, it is not the first to see repeatedly profit model, this there is no basis for a very large marketing resources. "Yang Xingping representation.
In addition to discussion of the types of innovation, the current venture capital profession generally there is a consensus, "person" is the most important factor in entrepreneurship, and the current lack of domestic truly outstanding entrepreneurs. To address this issue, many investors said the one hand, the importance of the start-up's "physiognomy" (team members complement each other, the existence of long board, whether they have a market advantage, etc.), on the other hand, more popular "serial entrepreneurs By".
In addition, DT Capital Founding Managing Partner Shao Jun also stressed to reporters the entrepreneurial "fission effect" ( "spillover effect"), that the success of giants talent second venture, the higher probability of success. "All of China's so-called Big Three BAT, not a headquarters in Shanghai, millet, Jingdong other companies not in Shanghai. Local government can make a difference, spillover effects around the talents of a share, such as the attempt to lure some of the business of BAT . "Shao Jun said.
"Furthermore, we need to do down the supply chain integration for robotics, artificial intelligence, and hardware-related start-ups, whether complete supply chain also determines whether or not they have a better entrepreneurial ecological space." Shao Jun said that Shanghai can try play a leading role in the integration of the Yangtze River Delta supply chain; at the same time take advantage of a financial center, will support the venture capital and build up a business for a public record ecosystem