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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. ...