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On March 17, 2016, Cai Wensheng, the founder of Longling Investment, attended the 2016 ASIA BEAT XIAMEN Asian Entrepreneurship Competition hosted by Aite Zhongchuang and gave a keynote speech on "Mass Entrepreneurship and Innovation in China". Share with entrepreneurs from all over the world about the wave of entrepreneurship and investment in China and how to face the diversification of the capital market. This article is based on the recording of Cai Wensheng's speech. The full text is as follows: Why is China's Internet entrepreneurship so successful? 1. The largest market 1.1 The scale of users on the mainland has enabled China's Internet entrepreneurship. Entrepreneurship is the strongest voice in this society, and entrepreneurship is rock and roll in this era. In the world, there are actually only two and a half markets for the Internet, one in the US, one in China, and half in India. Only China and the United States, if you capture these two markets, you can succeed, and you can also extend to other countries. Not only Hong Kong and Taiwan are difficult to succeed on the Internet. Even if there are 100 million people in Japan and Germany, their high technology is the best in the world, and they can't make very large Internet companies. The key point is back to the user scale. 1.2 The winners of the Internet must be ranked in the top three areas. We must understand why they say that Didi and Meituan spend so much money, but VC still gives them money because their users reach a certain scale. I also don't think everyone can be a Meituan or Didi, but you can do it in every vertical field. His scale may not reach hundreds of millions, but it must be at least in the top Third, the Internet is basically an era of winner-take-all. 2. The most active capital environment 2.1 China is in a very large wave of investment, and the fourth and fifth tier cities are worth expanding. In terms of population, the United States and China are far behind, but the United States is still the largest start-up market, because although the United States has only 300 million, they are basically high-consumption, high-quality markets. With China's development over the past ten years, we should grow up rapidly along the eastern coast. At the same time, we have fourth-tier and fifth-tier cities that are well worth expanding. "Twitter" in the United States is basically declining, but in China's Weibo, Weibo users have doubled in 2015, which is the biggest difference between China and the United States, because China still has four or five tier cities Start using Weibo. 2.2 Be creative and execute, VC will always give you money. We originally made money in the traditional industries. Those funds for clothing, shoes and hats, minerals, and real estate will also emerge as Internet capital because they cannot find a way out. So this capital can be said like this, as long as you are really creative and have the ability to execute, you don't need to worry about getting no money. The hardest part of these VCs is that they can't find good projects and can't spend their money. 3. The most hard-working entrepreneurs, whether in the United States, Europe, Asia, or Southeast Asian countries, everyone ’s efforts are far less than Chinese entrepreneurs. Our Chinese entrepreneurs do not work for eight hours a day, It is almost 16 hours, even if it is drinking tea or drinking, everyone discusses or something related to entrepreneurship. This effort, along with this process, will also generate a lot of wasteful opportunities, but our creative ability is very helpful for entrepreneurship. China's entrepreneurial iterative model can only go a long way in China by adding Chinese-style innovation. We know that ICQ disappeared a decade ago or even earlier, but QQ still exists in China today, and it is still very strong. This is actually China's own innovation, because the most complicated ICQ is just a communication tool, but in addition to the communication tool, our QQ has built a Q group on it, and added the QQ space on it, which has become different. It even became a series of contents including QQ news, QQ video, and download. This is where China started to innovate. Almost all the Western countries that can succeed in China need to add China's own innovation. Chinese entrepreneurs should "enter" and "enter." There are two things that Chinese entrepreneurs can do. On the one hand, they can export some of China's original success to foreign countries. This is the first point. Second, we can also enter local countries, such as Indonesia, India or other countries to start a business. What aspects do investors invest in and entrepreneurs see? 1. Whether the direction and trend are consistent. For example, in China, you are still doing something related to PV, then there is basically no way out. But all enter the mobile Internet, and both use mobile phones and mobile terminals, you will be difficult to succeed in making a PC. Of course, if you tell me that there is no problem in starting a business in Africa now, or there is such an environment in that place. 2. Whether capabilities and resources match, entrepreneurship is multifaceted, and everyone can start a business. As a painter is also an entrepreneur. You are a musician and you are a singer. You are also an entrepreneur. In this increasingly personalized era, everyone has the opportunity to start a business. . 3. Whether you have excellent entrepreneurial quality 3.1 Very good learning ability. The Internet is really a thousand miles away. It doesn't matter what subjects you read in the front. What matters is whether the ability to learn, integrate, and think is strong enough in the future. 3.2 Managing organizational capabilities. It is getting harder and harder to rely on one person to succeed. To become a better company, a great company, you must have the organizational ability, you must be able to attract different talents. 3.3 Have the ability to flicker investment. If you don't have the financing ability, it will be difficult to grow quickly. So how to integrate the capital market becomes even more important. Features of the Internet 1. Clustering effect. What is class gathering? The bigger is the bigger, the stronger is the stronger, and the things are gathered together. If you want to find a way, you must have a stage where the winner takes all. In the Internet era, there are the same views and the same hobbies, which can be quickly accumulated through one point. Because the Internet is now well-developed with information, it becomes a winner-take-all, and the stronger the stronger, it returns to the issue of scale. 2. Crowdsourcing. Can you mobilize more people to help you work for free? If more people help you to work for free, you can be more successful. 3. Share. Social networks have brought us a very big change. If you can share and social networks in the process of starting a business, it will become easier to start a business. The characteristics of the Internet largely determine three future entrepreneurial directions or restrictions. In the future three entrepreneurial directions, I think: 1. Re-optimize idle resources. Such as UBER, airbnb, the demand in the field is relatively large, relatively standardized services. Such as yachting, conference sharing, education classroom sharing, there will be a great opportunity for such things in the future. 2. Simplify complicated things, and single and clear functions. Like Meitu Xiuxiu, one-click P-picture saves tedious and complicated steps. The entire Internet, including traditional industries, can be described in simple terms. 3. Transform traditional business models and transform traditional industrial models. Xiaomi is a successful case. He just removed a lot of middle tiers, no storefronts, no big and small suppliers, no advertising, no stars, many middle tiers were removed. Along this line of thinking, traditional enterprises can be subverted. ...

Qunying Club is a charitable entrepreneurship mentoring program for outstanding Internet entrepreneurs, jointly initiated by Li Kaifu and the Innovation Workshop led by him, Xu Xiaoping and Zhenge Fund led by Cai Wensheng and Longling Investment led by him. Integrate the three parties' superior resources and entrepreneurial leaders into one, explore scientific and technological entrepreneurial talents, cultivate high-end sophisticated entrepreneurial capabilities, and nurture a new generation of high-tech enterprises. In the second internal training of the "Qingying Club" recently, Cai Wensheng, founder of Longling Investment, taught his entrepreneurs how to solve tactical problems in the actual combat of entrepreneurship. Introduction The first and most important thing in starting a business is direction. Finding money after setting a direction; using the Internet to find people. For starting a business, exit is also a success. There must be passion in starting a business. 1. Why does China have the largest Internet market? First, we have the largest market; second, an active business environment; third, we have the hardest and most capable entrepreneurs. 2. Three stages of Internet entrepreneurship: The first stage is the returnee entrepreneurship stage; the second stage combines local Chinese-style innovation; the third stage is plagiarized abroad. 3. How do entrepreneurs get investment? First, are the directions and trends developable in the future? Second, do capabilities and resources match? Third, do you have some outstanding entrepreneurial qualities? 4. What three qualities should entrepreneurs possess? The first quality is to have the ability to learn; the second quality is to have passion, you must do it when you think; the third quality is to have the ability to organize. 5. The characteristics of the Internet are three important points: gathering together, crowdsourcing, and sharing. 6. Future entrepreneurial directions: First, it can optimize the allocation of idle resources; second, it can simplify complex products; third, it can transform traditional processes and subvert the original model. This article is based on the recording of Cai Wensheng's speech. The full text is as follows: 1. The first and most important thing in entrepreneurship is direction. The first and most important thing is entrepreneurship. You need to find a direction. The direction of entrepreneurship is constantly changing, but you have to identify one at first. When Li Yanhong returned to China as Baidu, he was actually a search engine provider. When he took the second round of financing from VC, what VC asked him to do was IDC. At that time, Baidu's strongest was IDC's business, but Li Yanhong insisted on himself. He believed that IDC had no way out and must be a search engine. From my own perspective, Meitu started as a dumb version of P-map software, a dumb photoshop. Later, we found that many girls used to fix her face, so we changed in this direction, including from Meitu show. Show, beauty camera changes. Therefore, after the direction is confirmed at the beginning, it must be continuously adjusted. It is important that no matter how you adjust, you must be the first in this industry before you have value, especially in the Internet industry. In the travel industry, where is Ctrip already, and where does it go, how can it be the first? Large industries, we categorize as many as there are in the world. Of course, it is impossible for each industry to be the largest, but in an industry, it will also have subdivisions, vertical fields, and opportunities in it. For example, in 2008, we established a company in Xiamen called Xinxin Tourism. At the time when we were going to do Xinxin Tourism, the partners asked me that I already had Ctrip and where to go. What should we do? At that time, we thought about a small direction-travel agencies, because travel agencies were not yet satisfied, and Ctrip and where to go were actually decentralized. At that time, we knew that there were 120,000 travel agencies in China. These 120,000 travel agencies would not disappear in the next few years. What it lacked was some Internet platform help, so Xinxin Tourism focused on being the brand of travel agencies. For example, the current robot, AlphaGo is so powerful, Google is so powerful, how can we compete with it? It doesn't matter, we can do it in this vertical field. There are countless types of robots. Some can do well in education, some can do well in housekeeping, and some can do well in learning. You have to find such an industry or vertical segmentation, and do it first. In the future of entrepreneurship, not only the Internet, including traditional industries, only the top three will be valuable, and the value of the first will be more than others. So what you are doing now, you must reflect on whether you can be the first in this industry. Second, after setting the direction, we are looking for money. We are looking for money. Although it is said that you do n’t need much money at the beginning, you can raise your own money, but for the sake of speed, if anyone has the ability and gets the money more quickly, it will definitely go faster than others. I remember Teacher Li Kaifu said that looking for funds, how to find them, who to find, how to set prices, this requires great attention. I think finding someone who can identify with you and have similar ideas is more important than price. For example, at the time when Yao Jinbo, 58 in the same city, was starting a business, in 2005 he looked for a large number of investment institutions, including IDG and Softbank Saifu. What was the closest to the idea? IDG paid $ 3 million, accounting for 25%. At that time, SAIF Fund issued 5 million, 3 million first accounted for 20%, and then 2 million accounted for 17%. Later, the same city chose SAIF, and IDG was 5%. You are willing to spend one dollar to buy, or to spend nine. Mao Wulai bought it with only a 5% spread. Later, when 58 was listed in the United States, the price of 17 yuan, 18 yuan, and 19 yuan was decided that day. Later, we chose to price 18 yuan, and it rose to more than 20 yuan that day. Rising to 22 yuan, actually 4 yuan. Looking back, IDG regretted it and SoftBank made $ 800 million. Why regret it? The price of a day is 4 yuan away, and previously I was unwilling to invest in this project for 5 cents. In fact, sometimes this price is only valuable when you see real success. What I just said is the choice of VC, which is also the same for entrepreneurs. We now count 10% and 20% more. It doesn't make sense. Why? The money is not in your pocket. The money that VC invests in you is for you to develop. Only if you succeed in the end, will your share be valuable. If it is unsuccessful, we would have calculated a further 20% and 30% of the valuation at that time, it would not make any sense. Third, using the Internet to find people in the right direction, we also have money, how to find talent? I believe this is a topic that countless people are discussing. There are various ways, and everyone has everybody's tricks. Let me give you an example here. I started to go online in 2000. I started with domain names. At that time, I did n’t have any skills. I did n’t even type. I did n’t know to move forward, back, or open a new page. So I found a forum, a forum opened by Yao Jinbo, called Easy Domain. Many people who do domain names are in it. From the beginning, I made up for it with diligence. In order to attract everyone's attention, because I don't have the technology, what should I do? I keep posting and posting every day. I should still be able to find my posts in that forum. In just a few months, I have posted thousands of posts and used three WordPads, which quickly caused some technical experts to answer them. My attention. I met my first employee, named Zhang Li, who was working in Wuhan at the time. I talked to him often in 2000, and then I seduced him, and you came to Xiamen to work with me. At the end of 2000, he "flickered" to Xiamen and became my first employee, and later married my third employee. I have been the partner of 265, including the founder of Xinxin Tourism. It was also at that time that I met Yao Jinbo and met Wu Xinhong. At that time, it was popular to meet with netizens and meet with Wu Xinhong in Quanzhou. He was still studying. Let me give another example. Recently, there is a very popular application called Faceu, made by the face cute team. I came to see him when his face burst, and his company only had 8 people. I asked him how to find 7 people, and he found it through Weibo. For example, if he wants an anime person, he goes to Weibo to search for all the talents related to anime, and then sees how those people post on Weibo. The person he is looking for has at least two conditions. First, he is interested in animation; second, he already has such ability. When I met him, seven employees, from Taiwan, Hong Kong, and various places in China, were all found online. The same is true of my previous entrepreneurship. What is it for everyone here? The way we used to find talents was to go to talent websites, recruitment networks, etc. Now that we have the Internet, why not make good use of it? Through the Internet, you can find the best talent in every field, which means that you have to know what kind of person you are looking for. Of course, you need to spend energy, not just talk to others, come to my company, it is difficult, you must grind with him. I was grinding for about a month when I was grinding up. In order to persuade him to come to Xiamen to take a look, I said that I would give you the money for the ticket, so he agreed after one month of communication. Regarding the way to find talents, I added a sentence later. Finding talents, finding girlfriends, and finding marriage partners are the same. Some people only know if they are suitable if they get along. After getting in for three months, if you find it inappropriate, you can find a way to leave as soon as possible. This is normal in the development of a company, but a decision must be made faster. These are the first three points. 4. For entrepreneurship, exit is success. I think the most important thing in life is to choose. This includes many aspects. You want to be the best person in the world and the greatest company in the world. Starting a business, doing something, or making a certain value is also a success. Not everyone can do a great thing. For entrepreneurship, I think exit is success. As far as entrepreneurship is concerned, you may also become a great company in the future. Of course, you need to have this goal, but some things are phased. If there is a need for mergers or acquisitions, it can be considered a considerable success. Sometimes this is a necessary process. When you make money, you want to start a business for the second time, maybe your ideal is even greater. Just like in 2008, 265 was acquired by Google, we know that later 360 navigation and 2345 are more valuable, but in fact I am already very happy. Because there is no such period of success, I will not do other things, I may be trapped inside. At the moment, not everything can quit. But when you have a choice, you have to decide if you want to continue. V. Entrepreneurship must have passion At the beginning we want to do something, it must be full of passion, but in the process of doing it, you will find challenges and difficulties, including countless things such as unhappy cooperation. This is the difficulty, you can cross it, the only thing you ca n’t cross is that you are no longer full of passion. The last sentence is to inspire you. In the process of starting a business, if you really find that you are a burden to do this thing, then it is time to change, either the direction changes, or your strategy changes, or you Just stop it and start another business. Here are some entrepreneurial ideas I shared with you earlier. Going back to the topic of my speech, the hottest thing now is going up to the Premier of the State Council and down to ordinary people. Now entrepreneurship has become the most powerful wave of this era, and everyone is talking about this era. For China, this market is still very big. You don't need to worry about the success of BAT before. We have no chance. The most important thing in China is opportunity. We have the largest market. 6. Why does China say that it has the largest Internet market? First, we have the largest market. At present, most of the Internet companies in the world are basically China and the United States. What is the reason for this? Determined by the base of the population. Before 2000, VCs that entered the United States in China, for example, had 1 billion U.S. dollars, would be divided into three, one-third invested in Taiwan, one-third invested in Hong Kong, and one-third invested in mainland China. Hong Kong's prospects are not good. It has not succeeded. Only the mainland has had a bumper harvest. A few of the earliest VCs were from China to the United States, and more of them were Hong Kong and Taiwan business elites. Hong Kong and Taiwan will not be worse than our mainland in terms of management level and creativity, but why is the mainland successful? This is the reason for the population base, so we should cherish this. If the Internet is to reach a certain scale, why should it burn money? If it can reach a certain scale, scale will ultimately bring great returns. Second, an active business environment. We have the most active business environment, which is very lucky for you. When I first met IDG in 2004, I encountered a lot of things that made me excited. I did n’t wash my hands for a day or two and kept them. At that time, there were no Sequoias and VCs, and to this day, we can easily access some capital. Third, there are the hardest and most capable entrepreneurs. China has the most hardest and most willing entrepreneurs. This is a different condition in China than elsewhere. What does this mean for starting a business today? You are more selective. Even if you focus on doing a good job in the Chinese market, the direction will be no problem. If you really do well, capital is fine. Now in Hong Kong and Taiwan, even the most entrepreneurial entrepreneurs can't find financing. I just invested in a project in Hong Kong. That person has found countless investors in Hong Kong. There is no way to get money. I just realized by accident that the conditions in China have become better now. 7. Three stages of Internet entrepreneurship In the first stage, returnee entrepreneurship is also entering an iterative moment. At that stage in 2000, we called the returnee entrepreneurship. Before 2000, Internet entrepreneurship in China was basically returnees, such as Zhang Chaoyang and Li Yanhong. · First, they are well trained overseas; · Second, they can bring back US dollars; · Third, they bring some advanced technology and ideas. At the same time, almost all successful Internets in China were copy of the United States, but in the process we changed and cottaged. This was the first generation of entrepreneurship. In the second stage, combining local Chinese-style innovations into 2005, we started to have Chinese-style innovations. Mainly Ma Yun and Ma Huateng. They are not returnees, but they combined local things and began to have such a revolution. Sexual innovations and things made are beginning to differ from the United States. When we look at Taobao, it actually imitates eBay, but it is different from eBay's original auction model. Looking at QQ again, the earliest name is OICQ. It initially imitated ICQ, but later, ICQ in the United States has disappeared for a long time, but now QQ is getting stronger and stronger, which is actually a Chinese-style innovation. In the third stage, plagiarism by foreign countries is now entering the third stage. Foreign countries are beginning to learn our innovation. China has entered a mature stage, and competition will intensify. We must think about how to combine some of our methods and methods with China ’s power to go abroad Output in order to achieve faster and better development results. We look at Chinese software. The earliest software in China had an impact abroad. The first one is FlashGet. In 2000, it was a download software. Older people here should know it. FlashGet was downloaded in about one hundred countries around the world at that time. This is what we counted at the time because it was actually a company that solved download speeds. This company was acquired by me and later defeated by Thunder. Then there was UCWEB, which was sold to Ali's UC. At that time, the UC browser entered India, and it also succeeded for a while. The most successful recent case should be the cheetah. The cheetah actually can't fight 360 in China, so it forced it to go out and succeed. These few are actually relatively non-active. I know there is a company called Garena, and the founder is Li Xiaodong, who graduated from Stanford University. The company started by copying a Chinese reconciliation platform abroad. The company was in Singapore, but its R & D center was in Shanghai. Later, it copied many things from China to Southeast Asia, including QQ cottages to Southeast Asia, and later Tencent invested in them. The company is now valued at $ 3 billion. I will not mention the small examples, which shows that China has the time to expand and innovate abroad, so for you, I think you can broaden your horizons and do n’t limit yourself to China. Just like our manufacturing industry at the time, it could sweep the whole world, and also on the Internet, I think we can also expand to the whole world. Including the beautiful pictures I am making now, I also set such a goal. How to get investment? Back to this sentence, how do I find money? For VCs, how do we invest and why do we invest? I think this is what many people want to hear. From my perspective, I think there will be three big things to consider. (I) What you do, the direction and the trend can be developed in the future. For example, you are still working on a PC-related thing. Do you think if you will develop it? Or if you go to the fourth or fifth tier cities, there is still development and you may earn some residual value, but it is not the future. Just like why the valuations of our Internet companies are so high, in fact, in traditional industries, people also make money. Some traditional water sellers and real estate sellers are still making money, but that is no longer the future direction. (2) It is critical to match capabilities and resources. People need different successes at different stages. Those great companies give us a good indicator, but at the same time, we must see that even if it is like Airbnb, it has searched all the investors in Silicon Valley, and no one has invested in it. In the end, it found a lot of talents to get To the money. If it had to get a lot of investment at the time before doing it, we wouldn't see Airbnb today. The different abilities and resources at each stage are matched. What kind of things you do is very important. I remember in 2000, because I often saw that VCs voted for others, Zhang Chaoyang, and Ding Lei of NetEase. I was also angry and wondered why those VCs did not vote for me? Why give them $ 5 million. If I give 5 million yuan, what can I do, why would I vote for them? VC has their reasons, leave him alone. If you want to return to yourself, how can you get the existing money, or based on your existing resources, you will do it step by step, so that people will find you. When formulating plans and funding, some funds and resources need you to match. If it is proposed at the beginning that we will be a platform or a great company, most people will have a hard time succeeding. We ca n’t just shout that slogan from the beginning. You can have that vision and vision, but it must be at a certain stage. Similarly, whether it is Apple, or Facebook just mentioned, or Google, their slogans and visions are in fact constantly adjusting and changing. (3) Do you have some outstanding entrepreneurial qualities? 1. Must have the ability to learn. Teacher Wang Qiang is right that people must have the ability to learn. This is a key quality. In fact, I don't read much, and everyone knows that I went to the first year of high school, but I actually read a lot of books later. I found that many successful entrepreneurs have strong knowledge, because the establishment of knowledge is not necessarily learned through college, but if a person has no knowledge and ability to learn, I find it difficult for him to move forward. An excellent entrepreneur must have a very good learning ability and learning methods. Of course, I do n’t read books every day. All these teachers recommend any books to you. Buy each book to see it. It ’s no use. This is just back to our reading time. It ’s just a thing to learn. . In the Internet era, how to learn faster and find good learning methods and selection methods is particularly important. This is the first and must have the ability to learn. 2. If you have passion, do it when you think of it. You have the ability to execute quickly. If you have learned it, how do you implement it? In the north, especially in Beijing, many people will make a mistake, that is to meet every day and study every day. You will find that you have to do this today. Tomorrow someone will make another suggestion that you can do better. You start to think again. The last month and two months passed, and nothing was done. Entrepreneurs in the South are relatively pragmatic, because they do n’t have so many opportunities to attend meetings, so they do whatever they think of, and constantly adjust in the process of doing. Here is an example, I believe many people know. At that time, hao123 was sold to Baidu, and Li Xingping made qq163 and later 4399. He was the best product manager in China in my opinion. He served at least 600 million Chinese and was alone. Then I kept thinking, why can he do well? He is in Xingning City, Meizhou, Guangdong, a county in the city, a town, a village below the county, and has never been to Guangdong in his life. Later I came out of Guangdong because I went to Xiamen to find me. I haven't flown in my whole life. The only time I used to fly from Guangzhou to Xiamen in a few years later was never there. He has not been to Shenzhen or to other cities. And he graduated from junior high school, both parents were farmers. The first job after graduation was to work in an assembly computer shop. The reason why such a person can make a product that serves hundreds of millions of people is because he has no choice and he has no friends in that regard. He is different from me. At that time, I would constantly interact with various personal webmasters on personal websites, but he did not have any. Later, I was wondering why he was like this, and he was not a technical master, because he had no choice, of course, he also had some advantages of his own, otherwise there were many people who had no choice. The first website he made was called oicq88, which taught people how to use QQ. Hundreds of millions of people in China didn't know how to use QQ. I was one of them. He just caught it. I started surfing the Internet in 2000, and later met Zhang Li, and he helped me install QQ. According to Li Xingping's first website called oicq88, teach people how to use QQ and how to install QQ. Later, on this basis, hao123 was made, which is a navigation site that teaches people how to enter Sina, Baidu, and Sohu. Later, he made qq163 again to help you find the page, his last website is 4399, how to help children find mini games. In fact, its functions are very simple and the technology is not much complicated. For the four websites mentioned above, many of you or a technician can make one in two days, but your execution power may not be as high as his. Third, possess organizational ability. Legends like Li Xingping are hard to come back, because more than a decade ago, the Internet in China was not yet widespread, so when he was doing hao123, more than 100 million people in China used it from 2000 to 2004, but no People know it is him. 4399 was made in 2004. By 2009, if it wasn't for my propaganda, no one knew it, so he has 5 years to do it slowly. There is no such opportunity today. There are too many entrepreneurs and too many VCs. If you do not break through quickly, it will be difficult to succeed. Therefore, if you have the ability to organize, it is difficult to succeed by individual heroism. Organizational ability is what complements you, because people are not almighty. Some products may be good, but the operation is poor, you have to find a way to find operations to complete. Some people like to talk to others and can communicate, but some people are introverted. In China, most successful entrepreneurs are introverted. This is my own understanding. Few people like Ma Yun, or people like me who flicker, are mostly rational and introverted. Like Ma Huateng and Li Yanhong, the probability of success is relatively high. But don't forget, Ma Huateng-he dug Liu Chiping (now the president of Tencent) after he went public in 2004. If you are not good at yourself, you must find a way to find someone to work with you. Remember that future success must have three qualities: executive ability, learning ability, and organizational ability. X. What opportunities will the Internet have in the future? Finally, let me briefly talk about which directions I think have more opportunities in the future. The characteristics of the Internet are three main points: gathering together, crowdsourcing, and sharing. You must grasp these three points. First, what is class gathering? The bigger is the bigger, the stronger is the stronger, and the things are gathered together. If you want to find a way, you must have a stage where the winner takes all. Second, crowdsourcing and crowdsourcing is to let people work for you. Just like YouTube sold to Google at that time, there were only 30 or so employees, but not more than 30. It had tens of millions of users to help it work, so the product If you have this concept of crowdsourcing, you will succeed. Third, sharing is about social networking. The Internet has developed to this day, why is it called the Internet? It means the meaning of interaction. In the Sina stage, it is actually a mechanical era. Later, the Tencent stage was an era of communication. Now, it has entered a social network era. Uber and Airbnb would not have appeared without the development of social networks. In the future direction of entrepreneurship, I think there are three sentences: The first sentence: re-allocate idle resources to optimize the allocation. What we have seen so far is the success of Uber and Airbnb, because car rental and house rental are the two largest categories. I think we will develop in these two directions in the future. Such as yacht sharing, conference sharing, education classroom sharing, there will be a great opportunity for such things in the future. Second sentence: Simplify complex products. This requires everyone to think again. There are too many things, just like Meitu can think of simplifying Photoshop into one-click repair. Many things can be simplified throughout the Internet, including traditional industries. The third sentence: transform the traditional process and subvert the original model. Xiaomi is a very successful case. It removes a lot of middle tiers, no storefronts, no big and small suppliers, no advertising, no stars, many middle tiers are removed. There are too many directions you can think along this line of thinking. For example, Wahaha, how much water can I sell in a year? It can make billions a year, a bottle of water for a dollar, and the cost is probably a dime. Where did the nine cents in Wahaha go? The Wahaha company may only make one to five cents, and the other seven and eight cents are wasted in the middle link, so can we find a way to remove this middle layer? Along the way, too many traditional industries can be subverted. There is a book called "Singularity Approaching", which I have recommended. It was written by an engineering director of Google. I have read it many times by myself, and I suggest that you can check it again. It is about thinking about the future, and things will exceed our imagination. Its biggest prediction is that in 2045 (30 years later) there will no longer be biological humans in the world, and most people will become half humans and half machines. I think this probability is 90%. If you believe, you will know how incredible and many opportunities there are for entrepreneurship in the next 20 or 30 years. Compared to what you do now, it is really insignificant. ...

Foreword From December 1st to December 4th, 2015, the annual conference of the investment community hosted by Zero2IPO Group and the investment community was held in Beijing. Many leaders gathered to discuss the “change in the situation” in the investment world for fifteen years. On the evening of the 4th, Zero2IPO's 2015 annual ranking of China's equity investment was released, and Cai Wensheng, the founder of Longling Investment, shared his unique insights into the angel industry. Cai Wensheng shared three points of view: 1. The 2: 8 split mode of GP and LP will be changed to 8: 2, that is, GP will become an entrepreneur and get the most value; 2. The institutionalization of angel investment and the listing of institutional investment. In the future, the boundaries of angels, VCs, PEs, and equity investments will be blurred and unified; 3. Securitization of all assets in the future. From an idea to an IP, a work of art to a dream, as long as a company is established, it may be acquired or an IPO. The value is reflected in the company's equity, and wealth is realized through the securities market. The picture shows Cai Wensheng's speech. The following is the original text of Cai Wensheng's speech. The thing we talked about the most today is "change". I remember that I have been constantly changing in the past 15 years. I started surfing the Internet in 2000 and realized personal wealth freedom in 2004. Made a personal website from 2004-2008, and then sold the website to Google. In 2008, I went back to Xiamen to do angel investment. At that time, angel investment was also an individual act. I made my angel investment into an institution called Longling Investment and applied for listing on the New Third Board. What does this change mean? To explain the first point, let ’s start with angel investment. Angel investment is also undergoing major changes. First, angels have evolved from individuals to institutionalization. Second, angel investments have only been known by dozens of people. It has spread to thousands of people. The third change is that angel investment may gradually draw a line with VC and PE in the future. Angel investment, VC and PE will no longer be divided in the future. In 2013, Jiuding and Zhongke were the first to eat crabs. They entered the New Third Board, which led many PE and VC institutions to enter the New Third Board. I think this is a major innovation in China. Our rules are all twenty-eight principles. They come from the United States. LP is the boss. GP can only earn 20% if you do a great job. You can go public and go public. This rule has become the eighty principle. We will increase it. Taking 500 million yuan, I made money and it became 80% of what I made, and people who made money only made 20%. I believe that I will go in this direction. Now, Niu's investor is listed on the New Third Board. He earns a lot of money and LP becomes a shareholder. This is fair. It is also a good thing for LP. A fund was established about five to eight years ago. LP invested in you and earned 80%. After the fund is settled, you have nothing to do with GP. GP can re-raise funds. You can ask for your money. Your money. However, it is not the same for an LP to become an shareholder of an institution. As long as you do not sell, GP will work for you for a lifetime. This rule caused another change. There are two companies who make the most money in the history of the Internet in China. One is that Softbank Sun Zhengyi invested in Alibaba, and the South African media group invested in Tencent, which now holds 33% of the shares. Both have made hundreds of billions of yuan. Why not IDG, Saifu, or Sequoia? This is back to the fund. The fund is 5-8 years. You desperately invest. In the next few years, you are anxious to cash out. These two companies Because of its corporate structure, Softbank invested in 2000. They have owned them for 15 years, so they have the greatest value. The changes I am talking about may have a possible VC structure in the future. Everyone will be more in pursuit of long-term value and should not pay attention to some short-term value. Similarly, for angel investors, we wanted to finish a project before, so we are anxious. Looking for round A and round B, we deal with VC and PE and let them take over. I think it may not be necessary in the future, and we may invest all the way to the end. Some people also see VC and PE going down, because with more and more PE and VC, if you do n’t go down, you ca n’t find it at all. To the project. The projects you value, others will not let you vote, this is not the same as ten years ago. I remember when I first met IDG in 2004, there were only two or three funds. In 2005, I went to see Yan Yan for the first time. I can brag about everywhere. I met Yan Yan. Today, although we are very bright as investors , But things have changed. I attend an angel investor conference. There are a lot of entrepreneurs. Today, there are relatively few entrepreneurs. Everyone sends me business cards. I give you advice. Do n’t go to the first row for business cards. Is the leader, or the most famous investor, he has no time to listen to you. In the second and third rows, those people are hardworking and rich, and most importantly, they have time to listen. Xiaoping, Kaifu, Yan Yan and Shen Nanpeng have more energy to attend various meetings and participate in various seminars, and they have difficulty reaching the latest entrepreneurs. So for our investors to go down, we must also go out of change. I told my colleagues in my company that I said that our investment is like chasing girls. Generally speaking, chasing girls actively post them, either they are not good-looking or they are not So good, we can only see the beautiful ones. Let ’s go after her. You ca n’t chase the beautiful girls. She will be high above you, but you can only fight hard. This also verifies the school flowers of many schools in China. , Not married to Gao Fushuai, but chased by those who were stalked. I think the New Third Board is a beginning. In the future, the emerging strategy board may have more sections. In fact, it illustrates a more important change. The Chinese people ’s outlook on wealth is changing, and all assets are securitized. This is the most fundamental. Change. In the past, most of the money that Chinese people could earn was to buy a car first, and then buy most of the house, because the house is constantly showing off and can add value. The most critical house is the product of asset securitization. Nearly everything in the future will be The ability to securitize assets is just like we have listed some equity shares, and it is also a part of asset securitization. Pigs and ducks can be listed in the future in Hunan Xiaocun Village, because they can be securitized. You have an IP and an idea, and you can securitize assets. You can go to the market if you have the ability. the company. Xu Zheng filmed "Hong Kong" and made 150 million yuan. It was loaded into a listed company in Hong Kong. The stock rose sharply, earning at least 1 billion yuan. This is asset securitization. Of course, this equity is also valuable. There is a mixed phenomenon of fish and dragons. There are 4,500 new third-board listings, and it is expected to exceed 5,000 by the end of the year, and more than 10,000 next year. I personally think that 90% will be unknown. If you do not stand out, You still do n’t have great value. Only 10% of them will be noticed. Is it possible that among these 10% of the 1,000 companies, you have to become the top 100 and become a star enterprise, so you can get the most value. There are three conditions for how to become such a company. First, what you are doing is the emerging industry, the constant Internet and high-tech, or the future-oriented industries such as biotechnology. Second, your performance must form a continuous growth, and it is not impossible. Third, you must have a star effect. Now is the easiest way to start. Pulling a star will not work in the future. You must pull a really useful investor or investment institution. They will also endorse you or turn yourself into a person. Star, the value will be maximized. This is the best era, this is also the worst era, but here I would like to change it to, this is the best era, the future era will definitely be better. thank you all! ...

On October 24th, the Shenzhen Dayang Gang team came to visit and exchange the Longling Investment which attracted wide attention due to landing on the New Third Board. Cai Wensheng, the head of Longling Investment, also shared behind closed doors with the Shenzhen Dayang Gang at Aite Coffee. Cai Wensheng mentioned the following points in the sharing: The direction of entrepreneurship and product positioning: 1. No matter what product must follow three principles: demand, advantage, and benefit; 2. Try to be free of copyright and gray issues, and the government does not interfere The competitors are not strong; 3. Use the network alliance to develop and form an industrial chain; 4. Once there is no great opportunity in the future, adjust and change immediately; 5. The product name must be easy to spread, it is an auspicious name, and it is a registered trademark. Entrepreneurs' preparations for meeting investors: 1. Understand the situation of the investors you want to meet; 2. The plan should make the investors want to meet with you; 3. The key points should be met as soon as they meet; 4. Don't exaggerate or use fake data. Personal experience sharing: 1. Thinking about the overall market and industry structure after 3 years of entrepreneurship; 2. We must not ignore the power of grassroots and grassroots alliances; 3. There has never been any technology that started from cattle B; 4. Every killer Application is a traffic entry. 5. You can do the project while working, perfect the concept, and find investment at the same time; 6. If the founder and the executive of the company that started a business get a high salary, the probability of success is very low; 7. In the process of entrepreneurship, flicker Investment is also a manifestation of ability. The following is a part of Cai Wensheng's speech record: (Creator cat on-site finishing) Product marketing methods, we must pay attention to five points. First of all, the brand needs to establish a symbol, and I should attach the same importance to the trademark. I was doing domain names. Why did Chinese people not pay much attention to domain names at that time? When I was doing domain names in 2000, it was very difficult to sell. Let's look at Apple. Apple's company is called Apple. If it pushes a product called iPhone, he will register all the trademarks. Then the names of Anta, Lilang, etc. in Jinjiang at that time were very bad. For example, why did the three major portals use these domain names and why did Sina not use xinlang.com because they were noticed? Why does Sohu use sohu? These are because it doesn't pay attention to the brand. So what I want to mention is to pay attention to the company's brand. When we were doing Mito Xiuxiu later, these were actually noticed. The second point is that consumers only pay for the reasons for use. When we go to do some advertising, we will find that Chinese people have made products in the past 20 or 30 years, and it is good to find celebrity endorsements. Today, you will find that relying on another celebrity endorsement makes it very difficult to make products. Of course, it may still be useful in third-tier and fourth-tier cities. Others are useless. That is to say, you have to be really convinced that users will use your thing. The third point is to use lines designed for users to spread word of mouth. We will use hao123 as an example. Hao123 was started in 2000. At that time, there were actually hundreds of navigation websites in China, because you can copy the navigation website in 5 minutes. You can do it. At that time, there were still big 123 and so on. The earliest one with the most users was 5566. It was also made by a person from Ningde, Fujian. At the time, I was in Beijing, including Tsinghua University. They all used 5566. One of the key points of hao123 was that he designed a spread word at the time. Below hao123 there was a sentence: "If you like this site, please tell the five friends on QQ." I studied it for a long time, why After writing this sentence, I finally understood it. Think about it, if we go to see a website, if it feels good, it's fine, just forget it, but if the advertisement can touch you at that time, why don't you contribute to others? 3. Recommend to others. This is actually word of mouth. Later, when Li Xingping did 4399, in 2009, we still had a sentence at the top, called China's largest casual game website. At that time, many people wanted to buy advertisements. At 500,000 a month, they needed to buy the above positions. If Li Xingping did not sell, he hung up With an advertisement, this is actually word of mouth. Li Xingping is a man without any chance. In Guangdong, he has never been to Guangzhou, and has not taken an airplane. His best thing is to mobilize users to help him spread, which he did very well. Even if you only have 1,000 users now, your product is good, how do you guide them to spread word-of-mouth, that is, spread one by one, and your entire user will quickly get up. Your first user must be your most loyal. Of users, it is best to launch them to help you promote. Of course, the product needs to have emotional communication with the user. Before making products in the traditional field, I could only send some people to do a survey. The survey is now very good. We have Weibo and WeChat to communicate with users, but I I find that a lot of communication with users now just stays in the after-sales service of a product, etc. If you can build such a forum, what's the best way? The last one is to constantly remind users of the value of the products we provide. In fact, it is the example of 4399 and hao123 that I just said. In addition to hao123 and 4399, let users help him spread it. Its speed is fast and its products are fast. Is systematic. We talked about products before, and we know that the next step is to meet investors. Of course, I have always emphasized a premise. When we start a business, you must first have an idea, and I will also make it if no one invests in me. Of course, it is best for someone to invest in us, it is the icing on the cake, and it will accelerate our entrepreneurship. Why do many startups fail? It's because he started a business in order to take the A round and the B round. If you have been based on a point of view for getting money, you will encounter many challenges. No matter what we do, you need to do well even if no one invests in you. Conversely, if we can find someone to invest in us, help us, and speed up, it is certainly better. As I said a while ago, you can fool people to invest is also a kind of ability. Our most successful in China is Jack Ma. If his eloquence is not good enough, you can see that even in the financial crisis, in 2008, he melted a few 100 million US dollars, if he does not have such a strong financing ability, there would be no Taobao, Alibaba and Alipay today. Seeing investors, how you can get money is very important. First of all, you have to understand the situation of the investors you want to meet. In other words, I met IDG in 2004. At that time, there were too few VCs in China. At that time, there were no more than 5 VCs in China. At that time, IDG found me. I said I had a meeting with the boss. I was very excited that night. I did my homework that night and went to the IDG website. At that time, IDG had 9 partners, including Xiong Xiaoge, etc. What did each of them cast? Everything can be found online. When I saw IDG the next day, I had a good chat. Later, they were basically dealt with by me that day, because it was not just the product itself. What I want to say is that we are going to meet an investor, what case did he invest in, You have to know beforehand. If no investor sees you, just a plan, then you have to make this plan so that investors want to meet you, I have seen most of the ppt made, the first five or six pages basically talk about this market, How big is this industry, how do you quickly get him interested in you, you have to put the highlights of the products you make in front, so that he is interested in you. The third is to talk about the key points as soon as you meet. Don't talk about the macro as soon as you meet. In this way, investors will discount you and you will not be able to attract him. The fourth point is not to exaggerate or use fake data. Everyone will make mistakes more or less, like to talk big, everyone is, and myself, because if you do n’t speak big, you have no fighting spirit, no passion. What is the difference? Do not falsify the data you made earlier because if investors decide to invest in you, they will do DD (Maker Cat Note: DD means due diligence). For example, if you have 50,000 users in front of you, you Say you have 50,000 users, 100,000 say 100,000. If you lie, he will doubt everything you have said before, but you can brag about the future, because in the future we dare to imagine that investors will feel about you. The interest is how much you can do in the future. So in the future, we can actually zoom in, but what I said is appropriate, and it cannot be said to be the largest in the universe, which represents your confidence. In general, you can zoom in on things you do in the future, but do n’t fake things you did earlier. OK. If we are lucky to find a good product, and lucky to get money, what should we do when we get the money, I personally think there are three more important points. The first point is that we have to standardize him. No, there may be at most one bookkeeping for finance. How much money you spend today and how much you spend tomorrow, but when you get the money, you have to standardize it, unless you do n’t want to be bigger because you will continue to raise funds in the future. Standardization, you will pay more in the future. Of course, you ca n’t standardize it when you start a business. It ’s normal, including equity, finance, intellectual property, including equity. At that time, several people may negotiate to divide the shares according to several people. You are the founder. People, I have to fulfill my commitment to the following people, and there will be changes in it. For example, sometimes three people start a business and give the other two people a little more. In the future, another person may not be able to keep up. What should I do? It is still necessary to standardize. Generally, the approach of many people is to drag this thing. In fact, the worse it gets, the worse it is. You use the strength of the investor to reorganize it. You can do it as you want, and there will be no problems later. When I encounter such a problem, I want to drag it. After a long delay, it becomes a long pain. When the investor comes in, it will be standardized immediately. Next is marketing, how to build a marketing team with money, and quickly build a brand, including your company's brand, so as to attract more talented people. Thirdly, it is about team building. Generally speaking, starting a business, I locate three stages, one is a stage of 20 people, one is a stage of 50 people, and one is a stage of 200 people. 20 people are the initial team and entrepreneurship. Team, these 20 people are also the most important rhythm to lay the company. If you don't lay the 20 people in the beginning, you will be in trouble in the future. The management cost is the lowest when there are 20 people, because everyone can name everyone, they are all familiar, and it is also the most efficient stage. But 20 people are more grassroots, and 50 people is the best time to slowly establish the company's management mechanism. When 50 people start to divide into departments, there will be finance department, product department, etc. At this time you The company structure is slowly taking shape. I generally recommend that the company quickly break through 50 people. Even if there are some small problems in your startup, the problems are not big. The 50 people are very well controlled. If you get money from 50 to 200 people quickly, at this time you You will fall into a very bad state. On the one hand, you need to make the best product, on the one hand, build a team, and on the other hand, the new employees do not understand the company and do not agree with the culture. At this time, the entire company may Dispersed. At this stage of 50 to 200 people, don't break through easily. If you can successfully reach 200 people, how to develop more at this time, you can consider introducing professional managers. Try to not introduce professional managers within 200 people. Where is the difference? More than 200 people can start to introduce professional managers, because at this time the culture is basically formed, and professional managers will also be melted by your company's culture. Dozens of people have introduced the words of two or three professional managers. No effect, you have no soldiers, no one will use it for him, and he ca n’t play it. There are more than 200 people to thousands of people. This is another level. I am also exploring this. Here are a few of my personal entrepreneurial experiences. The first point is that we have to think about things three years later, the overall market and industry structure. I believe many people will tell me that you all think, before 2008 I also think, and later I found that most of our thinking is wrong, why most of our thinking is wrong, including our ppt, we often say that we have 20 people, we expect to grow to 50 people next year, and 200 people, we have 3 million sales this year, we show that we achieve 10 million annually, most of them are based on this ppt, this is 100% wrong, let me give another example, I did it very early I got a zcom e-magazine. At that time we got 18 million US dollars. This was a failed project at that time. There were many reasons for the failure. I wo n’t discuss it today, but one of the people who invested in me was a hedge fund. Then he asked: Xiao Cai, which companies are you optimistic about on the Internet? I said that I was optimistic about three, one Baidu, one Tencent, and one Ctrip. At that time, Baidu had just listed on the market and it was about seventy or eighty. Ctrip had only a few dollars. Then he went to buy their stock. Later, our project failed. When I saw him, he said that Lao Cai was okay. I bought the stocks of the companies you recommended and made money, so it didn't matter if ZCOM failed. I was introspecting at the time. I didn't have to do it at that time. I bought 18 million shares of these three companies. For example, UT Starcom had 400 million US dollars at that time. It was the largest IT company in China at that time. If he took out 200 million US dollars at that time, he would invest the entire Internet in China. The entire Internet is now the world of UT Starcom. Already. Back to the details, we have to look at the direction of a company's development. For example, my website navigation at that time was sold to Google for 20 million US dollars, and another one imitating our navigation, Pang Shengdong, they made a call 2345, and later went public. It is 20 billion, which means that if you can see the future direction, you should look at how big the market is in three years, how much I want to occupy, how much I have to do. If you look at this clearly, your strategy will change. It ’s not bad. If I saw that the website navigation has such a large scale, I should not sell it, so I should increase my efforts. At that time, BAT just got up. If we can see that BAT can be so big, what can we do, can entrepreneurship be consistent with him? There are many people who rely on the three major websites to start a business. That's over. If you are close to Jack Ma Taobao, or Tencent Games, Baidu search engine, you can also make more money. We need to look at the market size in the next three to five years. In turn, how do we allocate our funds, allocate our people and develop steps. That second is actually a bit repetitive. As mentioned earlier, we must not ignore this kind of grassroots in doing things in China. This was already verified when the Kuomintang and the Communists fought. Mao Zedong launched the rural strategy and used the rural Surround the city and defeat the Kuomintang in less than five years. Including that when we go to see the United States, there is no personal webmaster, China has it, so how to use grassroots energy. For example, let ’s take LeTV ’s case. When LeTV ’s video was first listed, many people laughed at him. LeTV did n’t watch it. Why can he go public, but he used China ’s A shares to grow quickly and buy copyrights. Now, the entire industry is up. Whether it will succeed or not is unknown, but the industry is up. Many people are not optimistic about his stock, and feel that if he talks big, why is his stock still rushing up, that is, the power of reeling, too many people are supporting it, we look at its press conference, there are still too many enthusiastic supporters, This is the power of China's grassroots. LeTV really made it one day, of course, it is very good. Third, it's about products. There has never been a very good foundation and product from the beginning. The product is really continuously enlarged from a small product. The earliest QQ was a communication tool, and Baidu was a search tool. These two Because you succeeded, you don't feel very deeply right now. For example, Meitu Xiuxiu was actually a fool's version of PhotoShop when it was first started in 2008. Even if it was two years ago, everyone was using Meitu Xiuxiu. Everyone would not think that he is a company of cattle B Meitu Xiuxiu step by step, from girls to slowly guide to boys also use, we now have more than 800 million users, by next year the development of overseas can reach 1.5 billion users, he can do There are more things. When you have enough users and enough products, you don't need to think about it. Netizens will also help you think that we can make mobile phones. If we make cosmetics, we will probably sell them. To get back to your original intention, you need to solve a product with enough people's needs from the beginning. If you follow this product, you will eventually become a cow. ...