Investment Life

The first success? Yan Qiaosen laughed absurdly, not to mention that Feiyan is not profitable now, even if it becomes profitable and goes public in the future, Chen Yuanming is also a major shareholder. The three of them have contracts that are far from the kind of venture capital that really targets listing.

As for the venture capital, Yan Qiaosen's understanding is not deep. When he first worked, the entire Silicon Valley venture capital industry was at an absolute low. Unless it is a project with particularly profitable prospects, it is difficult to pull out money from rampant bankers. Starting a business on its own is basically a delusion for large companies. Working is serious. Later, in the mid-1980s, the venture capital industry began to pick up, but his career has been a small success. Coupled with more traditional Chinese thinking, he resolutely chose a company with industry and sales as the main body, instead of putting all hope Pinned on the misty stock market.

In this regard, the stock market disaster of 1987 seems to be a great footnote. Those friends who made a lot of money in the stock market during the same period of time have no defense when they face a real stock market crash. They went bankrupt, went bankrupt, layoffs, and lost money. Extremely heavy. On the other hand, his company was not listed, and several chips were selling well. He passed the catastrophe without any setbacks, and then had the strength to enter the development of the mpeg format.

Later, when they met with Meng Lisheng, when they developed the vcd machine, the thinking of the two was still roughly the same. If it was not Chen Yuanming's sudden rise, it is estimated that they would also choose a low-interest loan model based on mainland bank loans or government support funds instead of investing in the United States The arms of venture capital companies.

However, the young man in front of him was by no means joking. He shook his head and Yan Qiaosen smiled bitterly. "Yuanming, real venture capital is not so simple. There are many people who make money on Shashan Road, but neither do they lose money. Small, tens of millions of investment, in the end may not even get a real thing. To get involved in this area, it is not just financial minds. "

"I understand this." Facing the teachings of Professor Yan, Chen Yuanming didn't have the slightest resistance, because the other party was telling the truth.

For high-tech-based venture capital, the most important thing is actually not the source of money, not the financiers on the East Coast that stir the world, but the risk of getting the rough diamond out of the gravel and shaping it to get a hundred times profit. investor. In Silicon Valley, such typical venture capitalists may themselves be technical experts or middle managers of high-tech companies. They have a high degree of sensitivity to technology, and can see the future prospects of a technology and an industry through the mists. Their previous management experience gave them the capital to support the clever freaks, so that the little ones who only have ideas for other people will slowly get on the right track and turn their ideas into hundreds of millions of wealth.

The most famous example of this venture capital model in previous lives is the emergence of Netscape.

Just graduated in 1994, the wealthless Mark Anderson did not find a job that suits him at first, but wrote Internet browsing software with a few like-minded friends. When the mosaic browser was born, venture capitalist Jim Clark discovered that After him, he invited the other party to set up a company about Internet browsing and communication software together. Facing such a Silicon Valley senior with sufficient experience, Anderson was pleased to be invited, and then the two of them jointly founded Netscape. The company was funded by Clark, and Anderson led his team to develop a new version of the mosaic browser. Just one year later, Netscape, which was never profitable, went public in New York. The investment bank estimated the price per share at about 14 yuan in advance. Who knows that the stock price soared after the opening day, and finally closed at a high price of $ 58, 500. Ten thousand shares were snapped up.

Clark invested $ 4 million in Netscape, but the company turned it into a $ 2 billion behemoth overnight. Since then, the company's performance has steadily climbed until it was replaced by AOL's $ 4.2 billion tax-free share swap. , Bought back. 4 million investment in exchange for hundreds of millions of profits, this story that should only exist in the myth is the true charm of venture capital.

However, Netscape is inseparable from Clark's first-hand support. Its success belongs to the natural combination of capital and technology, management and innovation capabilities. This model is not what Chen Yuanming can currently imitate. He lacks Clark's excellent electronic engineer background. No experience in managing high-tech companies. Founders like Netscape and Amazon, which have enough funds and are good at controlling in one hand, are not his real goals.

For Chen Yuanming, there is another model of venture capital, a simple version that can succeed with a little gold finger. Now that he has arrived in this era, of course, he will not give up this potential fertile ground because of short constraints. All he needs is time.

Looking at the other person's expression, Yan Qiaosen shook his head, but in the end he couldn't say anything. On the one hand, this boy does have extraordinary talent, on the other hand, he is also curious about Chen Yuanming's ambitious goal. In just three months, he surprised himself several times. What about it?

The topic of venture capital has not been deepened, but others must be mentioned. As one of Feiyan's largest shareholders, Chen Yuanming should have the right to know the company's development. Since they have all come to Silicon Valley, Yan Qiaosen can't just let the other party sit in the reception room. After a few chats, he took Chen Yuanming to visit his company.

When it comes to the company, Yan Qiaosen's current team is actually more like a studio. It's really not that big, with only a few laboratories and dozens of employees. Today's Silicon Valley's chip industry can be said to be full of flowers, but in the final analysis, it is still mainly industrial integrated circuits and computer chips. Almost few of them have developed mpeg compression decoding chips like Professor Yan. Now that the company can have such a large scale, it is still thanks to Chen Yuanming's injection of Feiyan that he has the energy and Yucai to expand the team and invest more scientific research power.

Now the data protection of vcd discs has already achieved initial results. It is difficult to directly copy the content on the disc with simple. The development of the mpeg-2 format is also in full swing. I can see the dawn. No matter from which point of view, this Companies are well-run and have great potential.

However, after carefully visiting Professor Yan's company, Chen Yuanming frowned slightly. "The scale of this company is intended to be engaged in R & D and not production?"

auzw.com didn't get the expected approval, but Tianfei Feixian came up with such a sentence, Yan Qiaosen gave a bitter smile. "Of course, we must focus on research and development. Now that we have obtained the patent right for the chip, we have grasped the lifeblood of production and can easily obtain profits from it. Why should we build a production plant specifically? Even if Feiyan starts construction in the future It is enough to set up a production line. Blindly expanding the company's scale is not a long-term way. "

"Well, in general, this method is not wrong." Chen Yuanming refuted it simply, "but for the vcd industry, chips are also one of the core technologies. Those who need such chips in the future are by no means Feiyan's family, if possible In that case, there is no need for this profit to be handed out, or in other words, people should give up their talents. "

"What do you mean?" Yan Qiaosen was a little confused about what Chen Yuanming said. "Can you still want to build a chip factory?"

"Not just chips, but also CD-ROM production." Chen Yuanming smiled slightly. "And the factory will be built in China."

"Ah ..." Hearing here, Yan Qiaosen suddenly turned around a bit, "You mean, ready to build a downstream industry?"

Upstream and downstream industries are something that any company boss can understand in this era. For example, automobile companies may develop a variety of models, but they do not produce parts by themselves. There will be downstream factories in different categories to create various types for them. Accessories. Similarly, in the high-tech field, studios and large companies with intellectual property rights and R & D capabilities are the so-called upstream industries, and the quantitative production of these technologies is brought to the market by the downstream industries.

The upstream and downstream industries are indispensable in any industrial chain. Without the raw material support and technology development of the upstream industries, the downstream industries are like rice cookers and lack market competitiveness. On the contrary, if there is no intensive labor and cheap production in the downstream industry, the upstream industry is like a rootless tree, and the product cannot be pushed to the mass market at all. In order to truly occupy the market, the two lines are the key.

"Speaking of ideas." Chen Yuanming nodded gently. "Now the domestic technology is still weak. It directly costs too much to support high-tech industries, and the results are not ideal. But if we start from downstream industries, we will immediately let those who have Courageous people get the first bucket of gold and continue to invest in further research and development to learn and improve the technology in their hands. This is the more ideal investment model.

"But technology upgrades ..." Yan Qiaosen was a little hesitant. This is a good idea, but domestic and American technological soils are not at the same level at all, and it is difficult to achieve similar achievements in Silicon Valley. At least it is currently quite difficult.

"Yeah." Of course, Chen Yuanming knows well about Yan Qiaosen's anxiety. "But just like those big international companies do, the industrial chain can be stratified and cross national borders. If we use Silicon Valley as a seed, As the soil? Here is to nurture talents, improve technology, improve products at home, and reduce costs, then this industry chain will have unmatched competitiveness in other countries, and also won countless possibilities for the future. "

Speaking loudly, Yan Qiaosen felt that his heart was jumping again, yes, if it is, if not only a vcd project can be operated in this way, what kind of opportunities and challenges for China? Although he has been away from his native land for too long as a Chinese American, the more he is abroad, the more he can appreciate the thoughts and ardent expectations of the motherland. Only when the country is strong and the people strong, this is the eternal truth. If the country is weak and everyone can bully, then in a foreign country, you can only get insults and discrimination. Nowadays, reform and opening up are vigorously unfolding on that land, and that country will certainly catch up with this era at a speed of a hundred times before and re-advance to the top of the world!

"Infinite possibilities ..." Yan Qiaosen laughed. If not for this, why should he cooperate with Meng Lisheng, and why should Fei Yan's foundation fall on the Chinese land? "Good point! Even for this possibility, you should try it."

Looking at Professor Yan's shining eyes, Chen Yuanming exhaled softly, and the partner he chose was really right. The development of vcd is only the first step in his plan, and the establishment of a downstream industry chain is the key to follow-up. It is also OEM. He prefers those downstream manufacturers to put more domestic brands instead of becoming sweatshops of multinational corporations.

Today in the electronics industry, China is losing ground, but it is not too far behind. Looking at the number of Chinese in Silicon Valley, we know that the Chinese are not unwise, not unable to do it, but they have stumbled on the starting line for various reasons. on. The fall was so distressing, but not insurmountable. The next ten years will be the beginning of China's earning foreign exchange and opening up the international market. He sincerely hopes that the ingenuity of those people will be used on a more positive and competitive level, rather than continuous plagiarism, internal consumption, and ultimately lose everything.

All thoughts rolled in my heart, but the expression on Chen Yuanming's face did not change at all, just a slight smile, "Yes, try it."

The author has something to say: Netscape (English: scape) is a brand that started in 1994. It is also a common abbreviation for scapeunicationscorporation. Netscape Communications was once a computer service company in the United States, known for its scapenavigator, a web browser of the same name. In November 1998, Netscape was acquired by AOL.

Little friends are resurrected with blood! !! !! !! It's so wonderful to fall asleep and catch your feet. Is it the most reliable update in the afternoon? __