In the process of development and growth, the demand for funds will further increase. When the enterprise develops to a certain stage, the bank can lend to the enterprise, and sometimes it may even need a certain relationship, otherwise it will die.
If the management is perfect, the capital chain is broken due to poor management, and there are also debts attached. Now that the entrepreneurial environment has changed, venture capital has emerged.
With the blessing of venture capital, many large enterprises have been born, such as Alibaba, Tencent and JD.COM.
Why did Didi lose nearly 40 billion in that year? Before the listing of Meituan, hundreds of billions of losses rose instead of falling. Because of the existence of venture capital, if the money was a bank loan, it might have been stopped long ago, and the company applied for bankruptcy and reorganization. The boss also borrowed money from the bank.
Venture capital is actually another form of game. Investing in the 10 project, I lost eight, but the remaining one succeeded, and I can earn back dozens of times, and I will eventually make money.
Venture capital enterprises with unique vision will grow bigger and bigger. For example, Sequoia Capital Network has mastered half of the Internet in China, and its founder, Shen Nanpeng, is also known as having a "2 trillion circle of friends", which can be said to be the benchmark of China's venture capital circle.
Coincidentally.
Gaochun Capital is a relatively low-key investment institution with little outside voice.
Behind many well-known Internet companies such as Tencent, Didi, JD.COM and Meituan, there are investment figures of Gao Yan Capital, especially the first investment and long-term shareholding in Tencent in 2005.
Born in rural Henan, Zhang Lei was admitted to Renmin University of China as the top liberal arts student in the provincial college entrance examination, and then went to Yale University to study for a master's degree.
At Yale, he learned a lot of investment skills from David Svencen, an investment advisor. In addition, he started his internship in Boston Consulting Group during his studies, and after graduation, he entered the investment fund, responsible for the investment in South Africa and Southeast Asia markets. Since then, he has become the first chief representative of new york Stock Exchange in China, and has set up offices of new york Stock Exchange in Hongkong and Peking.
In 2005, Zhang Lei gave up his high salary and decided to return to China to start a business. When raising money for his enterprise, Professor Svencen's own Yale Endowment Fund immediately invested 20 million dollars in him, becoming the first investor of Gaoying Capital.
Gao Yan Capital is a company focusing on long-term structural investment. From the very beginning, Gao Yan Capital adopted a full-stage investment strategy, covering angels, VC, PE and secondary markets. From its investment projects, we can find that Gao Yan Capital pays attention to value investment, does not follow the trend in investment, has few investment projects, is accurate and generous, and holds them for a long time.
The first project invested by Gaochun Capital was Tencent, which also made Zhang Lei famous.
Zhang Lei said in an interview: When the company was established, it was difficult for him to invest 20 million dollars. At that time, he looked at many projects, studied and aimed at Tencent. At that time, Tencent was no better than the current Tencent Empire.
Why did he choose Tencent? Because he thinks that a company as big as Tencent has a market value of just over one billion dollars. At that time, no one around him used QQ, MSN was the mainstream, and MSN was Tencent's biggest rival. Many people are not optimistic about Tencent.
Tencent users were "three lows" at that time: low age, low education and low income, and only three low users used QQ. However, when Zhang Lei went to Yiwu Commodity City for investigation, he was deeply impressed.
At that time, he went to Yiwu booth to investigate other things. He found that the business cards handed over by each stall owner had mobile phone numbers and QQ numbers, and the investment promotion offices he met later also had QQ numbers. At that time, he felt that the coverage of QQ users in China was far beyond his imagination.
"After doing research, you have faith. This belief is something I have always believed in. Any business, don't ask how much money you have earned, don't look at today's income and profits, it is meaningless. First of all, look at how much value he has created for this society and for the consumers and customers he is targeting. " Zhang Lei said.
With $20 million brought back from the United States, he founded Gaoyao Capital and bought Tencent with a market value of only $2 billion at that time. The seemingly desperate investment method has gained more than 200 times.
In 2008, I found the founder of Blue Moon. He said that he would invest in the Blue Moon, but he must first become a "loss-making" enterprise.
At that time, Zhang Lei's request seemed strange. Which investor wants his company to lose money?
Although the blue moon was not the first in the industry at that time, it also made hundreds of millions of profits every year. Why should it lose money?
Zhang Lei thinks that the company's short-term profit is not important. It is important to look at the long-term development, increase investment, expand categories and enhance the competitiveness of the company.
Now it seems that Blue Moon has become the first in the industry.
Zhang Lei believes that this is a strategy for enterprises to sacrifice their immediate interests in order to win a long-term competitive advantage. Many times, if you want to achieve a great cause, you need long-term investment and hard work to see the results. You must have a long-term vision and not just pay attention to temporary gains and losses.
20 10 Liu found that it needed an investment of 75 million US dollars, but now it has invested nearly 300 million US dollars. Tell Liu, "This business will cost me 300 million dollars, otherwise I won't invest any money." .
In the eyes of the outside world, Zhang Lei is a "fool with more money". At that time, JD. COM's investment mainly focuses on assets, but investors like to ignore assets.
Zhang Lei calculated that the investment was $300 million.
This is not to surprise Liu, but to think that entrepreneurs often overestimate their abilities and underestimate their difficulties. At that time, he calculated that it would cost at least 2.5 billion yuan to establish an e-commerce model in JD.COM only in big cities. He told Liu why he spent so much money, how much to build a warehouse, how much to build a logistics center, and how much to invest in fixed assets.
"75 million dollars is not enough for you to try this practice. Either you accept all my money or I don't vote, which means that you haven't seen clearly the difficulties and challenges of what you want to do. This business itself is a business that needs to burn money. Without burning enough money, we can't see the core competitiveness in the logistics and supply chain system, so we need so much money. "
This is one of the largest single investment cases of domestic Internet companies in the early days.
Now, it seems that it is Zhang Lei's persistence, paying attention to independent thinking and in-depth research that has made JD. COM's self-built logistics has competitive barriers, and it has risen rapidly in B2C e-commerce.
Successful companies and successful individuals are future-oriented. They have clear goals. They are willing to sacrifice immediate interests. They are willing to endure strategic losses and establish long-term competitive advantages in order to gain future opportunities.
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