Reinventing the Millennium

The office of Guahao.com occupies half a floor, with desks, website logos, slightly messy information, and floor-to-ceiling windows overlooking the First Affiliated Hospital of Wan Provincial Medical University, the first tertiary hospital to be added to the website.

At first glance, it looks really decent.

Zheng Lang looked around for a moment and focused on the hot pot table in the center.

He smiled and said: "We call this a side stove over there, and today we are just having a side stove night chat."

When Fang Zhuo heard this, he immediately said: "Mr. Zheng is from Guangdong Province? I really didn't hear the accent."

Next to them, Yu Hong and Zhou Xin didn't know that "beating the stove" is the name in Guangdong Province. The former went to turn on the hot pot, while the latter diligently moved the stool to the table.

Zheng Lang nodded and couldn't help but praise: "After chatting all this time, Mr. Fang really has insights that are incompatible with your age. I am like you at this time... it seems that you only know how to study. Then I will resume the college entrance examination." Year."

He said with emotion: "In the blink of an eye, sometimes it really feels like a dream."

"I just can't read well, and I admire people who can read the most." Fang Zhuo said with a smile, "Mr. Zheng is very powerful. At that time, thousands of troops crossed the single-plank bridge."

Zheng Lang shook his head: "The competition is not small now, but studying for higher education is the most suitable way for ordinary families."

The vice president said no more. He suddenly thought that there was a child from a cadre family here.

"Sit, everyone, sit down. Director Zhou will also sit down. If you get car sick, you can eat less." Zheng Lang greeted him and said smoothly, "Your office is quite empty. Let's open the window after we finish eating so that the employees will not be all hot pot when they arrive tomorrow." taste."

Zhou Xin's throat couldn't help but slide up and down. Eat less.

Fang Zhuo nodded and smiled slightly: "At this stage, we basically need to run out and contact the hospital, so the office actually doesn't take long."

Zheng Lang didn't notice the difference. The registration website itself didn't last long.

Yu Hong sat opposite Fang Zhuo and looked at the guy's expression. Well, the office didn't last long. She asked a lot of people for help in the afternoon. There was a computer in the independent office with only a screen, and she even forgot to take the host computer.

The hot pot soup began to emit a hint of steam.

"Mr. Yu." Zheng Lang felt that it was time to talk about the topic. He looked at the young Yu Hong and said slowly, "This time I met Mr. Fang in Lin'an and saw the registration website. I was really surprised. The Internet and The exploration of medical ecology is amazing."

Yu Hong didn't know how Fang Zhuo had been operating in the past two days. He actually brought back a venture capital executive, and it happened overnight. She said cautiously: "This is also an attempt of ours."

"This kind of attempt is very valuable." Zheng Lang smiled, "As Mr. Fang said, solving problems is valuable. In fact, his speech on the stage was not only me, but also many friends thought it was right."

Yu Hong nodded slightly, but she was thinking in her heart, would she still go on stage to speak? I didn't mention this on the phone. What on earth did you do in Lin'an?

When Zheng Lang said this, he changed the topic: "I came here because I have a strong willingness to cooperate with Guahao.com. However, there is another question that I need to hear your thoughts. Value is value, and the realization of value is value. Realization, how do you think about this matter?”

The white soup in the hot pot began to bubble, and the lights of a passing car flashed outside the floor-to-ceiling windows.

It was already early morning.

Yu Hong didn't say anything, as if she was thinking about it. Zhou Xin didn't say anything, just felt his chest touching his back.

Zheng Lang's eyes were bright and bright.

Fang Zhuo took a plate of fresh mushrooms and put it into the pot. While watching the heat rise, he muttered: "Mr. Zheng, Sequoia is a well-known venture capital company. You will definitely not ask us to make profits in a short time, right?"

Zheng Lang said with certainty: "That won't happen, but I also need to know the profit direction you are considering. It is good that the registration network can be convenient for many people, but stable profits will not only support itself, but will also be beneficial to subsequent expansion and development. .”

"That's good." Fang Zhuo nodded, confident, at least on the surface, "The current stage of the registration network is to access and deploy offline hospitals, especially key hospitals. Luzhou and Lin'an are not a problem. Correspondingly , we have a rough plan to expand to these two provinces, which is why we need venture capital, expansion always requires money."

Yu Hong raised her hand and held a plate of potatoes, thinking, why is Lin'an no longer a problem?

However, she saw that the vice president of Sequoia was just listening quietly and did not raise any objection.

"No, put the potatoes at the back, otherwise they will get burnt." Fang Zhuo still had the idea to stop him.

He continued: "Your funds will be used by us to roll out the registration network to key cities in the two provinces. After that, we will initially consider the profitability of the registration network."

Not only Zheng Lang, but also Yu Hong and Zhou Xin were all focused.

How does Guahao.com make money?

In other words, how Internet companies make money is a troubling problem today.

Just like Ma Huateng, who came to Lin'an to attend the meeting this time, he wanted to turn to several listed companies to see if he could get new funds. However, the latter were not profitable even if they were listed.

Tencent was established at the end of 1998, and it has been exactly 2 years since then. In these two years, Tencent launched QICQ and renamed it QQ. Its number of registered users exceeded 10 million, and the number of people online at the same time was close to 1 million.

What kind of concept is this traffic!

However, Mahuateng still needs to worry about funds and profits. The increasingly high server costs have discouraged many institutions, including its current shareholder IDG, an internationally renowned venture capital institution.

Fang Zhuo and Ma Huateng were joking before and asked how much investment would be needed. The latter quoted a price of US$2 million.

In fact, Ma Huateng had approached Sina's Wang Zhidong before and quoted a price of US$1.5 million, which the latter dismissed.

Isn’t capital smart enough?

Not only smart, but greedy.

However, the vast majority of smart people cannot stay ahead of the times and can only work hard to explore the way forward.

Compared with other Internet companies, Guahao.com is different. Sohu, NetEase, and Tencent are all purely online companies, but Guahao.com has narrow offline application scenarios.

"Our profit will come from regular advertising revenue on the Internet, which will not be opened for expansion in the early stage."

Fang Zhuo had many thoughts in a short period of time. He raised a finger and gave an answer first.

Then, he continued calmly: "In addition, we will consider sharing with hospitals. To advance this aspect, the registration network will need to continue to consolidate its proportion of use in hospitals."

"When everyone becomes more and more accustomed to it and the hospital becomes more and more accustomed to it, we will start the pilot in Luzhou. Well, Luzhou will be more convenient."

As for how convenient it is here in Luzhou, Fang Zhuo was rather vague.

But Zheng Lang nodded.

"Luzhou will become a long-standing example. Only if the charging model is implemented in one or two key cities can it be fully promoted. We will collect data to determine the registration fee."

"However, the registration fee will definitely not be expensive. It is a way of making small profits but quick turnover."

Fang Zhuo paused: "We have to consider policy issues. The higher-ups will not allow expensive expenses."

Does the policy not allow expensive registration fees or does it not allow registration fees?

This is a problem.

Yu Hong and Zhou Xin couldn't help but glance at Fang Zhuo, who was so open and unashamed.

Zheng Lang digested it for a while and agreed: "It's relatively clear."

He also pointed out: "The charging pilot in Luzhou or Lin'an will be crucial."

"Yes, but we are still relatively optimistic. Then again, because the problem has been solved, users have a reason to pay, and they will recognize the value we bring." Fang Zhuo spread his hands, "It's time to register. It’s an easy choice to pay a few dollars more or spend hundreds more.”

Zheng Lang nodded naturally and said: "Market economy, this is the advantage of combining the Internet and traditional fields."

Without the intervention of administrative power, capital would even want to make money selling vegetables, let alone medical treatment. He didn't think there was a problem.

Fang Zhuo smiled.

Zheng Lang thought about it again in his mind and felt that there was generally no violation. As a senior vice president, he had a certain amount of investment quota, and the money currently needed by the registration network would not be too much.

Therefore, if he came overnight, he would leave soon.

There are connections here in Luzhou, and the business has been rolled out. There are further business invitations in Lin'an, and the website will have a clear and sound way to make money in the future. There is no problem with the project.

The soup on both sides of the hot pot is boiling.

"This mutton is good."

Zheng Lang picked up a piece of mutton, boiled it for a few seconds and then chewed it in his mouth. He was indeed hungry.

"The profit direction of the company is very important. Your pilot must be communicated in advance." The vice president chatted while eating, "We can't be like some companies that just keep their heads down and do it. When asked about the profit, they have no idea."

Yu Hong heard a lot and felt that she should speak out. She asked: "Are there any companies like this?"

Zheng Lang smiled and said, "Of course, I met Mr. Fang this afternoon. The Penguin chat software has been around for two years now. There are more and more servers and more and more users, but the losses are also getting bigger and bigger." many."

He thought for a while: "IDG is a shareholder of Penguin, with 20% of the shares. I have a friend there. He once went to Penguin's boss and asked what profit plan he had. What do you think he would answer?"

Zheng Lang revealed the answer directly: "Mr. Ma said that he didn't know either, so he would just keep doing it."

The vice president laughed cheerfully.

Fang Zhuo said nothing.

Zhou Xin said, "There's nothing you can do about it. You can't stop doing it halfway. You can only hold on."

"This is the reason, I can only hold on." Zheng Lang said casually, "There is a superstition in IDG investment, which is to recognize people. When I invested in Penguin, I thought that horse can always make things happen. Now I just want to sell the shares quickly."

Hearing this, Fang Zhuo felt embarrassed and wanted to eat the entire plate of mutton, although this perception was the current common thought.

The senior vice president of Sequoia laughed and chatted for a while while eating hot pot.

When he felt a little full, he said: "Mr. Yu, Mr. Fang, and Mr. Zhou, I am optimistic about the development of your registration network. I came here today because I also wanted to meet the company's shareholders. It seems that there is one less shareholder?"

Yu Hong immediately said: "That one is my good friend. It's okay. I can make the decision."

As a best friend, Fang Zhuo mentioned it, it seems that she is the holding agent. Zheng Lang guessed and said, "Then let's talk about the capital and proportion invested by Sequoia. What does Mr. Yu think?"

Yu Hong was blind, and she could only think superficially.

Fang Zhuo took the initiative to take over the conversation: "What kind of valuation is Sequoia willing to give? Our registration network has been established not long ago, so we definitely can't calculate based on the present. After all, we are investing in future value."

"Of course, of course." Zheng Lang, who has rich experience in this field, asked, "According to what Mr. Fang just said, how much money do you need to build two provinces?"

1 million, 20%, Zhou Xin muttered in his heart. He had excitedly talked about this with the boss when he arrived at Lin'an Hotel on the first day, so he knew the psychological price.

Fang Zhuo didn't answer immediately. He looked at Yu Hong inquiringly and said, "2.8 million."

Zheng Lang smiled, this young man must be shouting randomly.

Zhou Xin opened his eyes wide, the price has increased?

Zheng Lang did not refute, but asked again: "Where are the shares sold?"

"20% of the shares." Fang Zhuo said calmly, "Sequoia is the first venture capital we introduced. This ratio is very reasonable."

Zheng Lang didn't need to do calculations and said directly: "This ratio is the valuation of 14 million, um..."

The three people at the registration website held their breath at the same time, watching the senior vice president's thinking.

"I can make the decision for such an amount of investment. Our procedures can be faster, but the amount needs to be revised." Zheng Lang said slowly, "I am really optimistic about the registration website. Sequoia is not the kind to squeeze entrepreneurs. Venture capital, otherwise, it would be enmity.”

He said: "2 million, 20% of the shares, but an option pool must be set up. It is industry practice to reserve 10%."

A smile appeared on Zhou Xin's face, and Yu Hong's brows also raised slightly.

Fang Zhuo suppressed his emotions and frowned: "20% of 2 million, well... it is as expected as we imagined, but we can also see Mr. Zheng's sincerity, but the option pool has reduced the value of the shares in our hands in disguise."

A common venture capital investment is to increase capital and expand shares, and in a few cases it is the transfer of old shares.

Assuming a preset 10% option pool, Fang Zhuo’s 75% shares will be reduced to 67.5%. On this basis, Sequoia will hold 20% of the shares at a price of 2 million, which means that Fang Zhuo’s 67.5% shares will be further reduced to 54 %.

If there is no option pool, Fangzhuo's shareholding ratio will be reduced to 60% after Sequoia becomes a shareholder.

In other words, whether the option pool is established or not means that there is a difference of 600,000 in the valuation of the shares held by Fang Zhuo, the major shareholder, which is the difference between 600,000 yuan households.

Zheng Lang thought he would wait for the other party to ask what an "option pool" was, but he didn't expect to receive such a sentence. It seemed that he had done enough homework.

He persuaded: "To become bigger and stronger, you always need to introduce talents. Option rewards are too important. The division of shares in the early stage is clear, and subsequent investment is actually very beneficial."

Zheng Lang continued: "A reasonable equity structure is definitely an important condition for the healthy development of a company. I have seen many, many companies break up because of this kind of thing. Mr. Fang, Mr. Yu, Mr. Zhou, you should take a broad view."

Yu Hong quietly clenched her hands tightly, and Zhou Xin finally couldn't help but take a deep breath.

Fang Zhuo was silent.

Zheng Lang thought for a while and then said: "We at Sequoia are actually more accustomed to calculating US dollars for our investments. This amount is enough to register the development of the two provinces. If we come back next time, I believe Fang will always calculate US dollars with me." The exchange rate and the valuation of the company, what I was thinking about at that time was the road to listing.”

Two million yuan is equivalent to US$240,000.

Compared to Sequoia's investment of millions of dollars, it was indeed a small amount, and it was also a small case where Zheng Lang was able to make the decision overnight. He persuaded Mr. Fang, who obviously had a different status, about future cooperation.

Fang Zhuo sighed.

The next second, he showed a bright smile and said to Yu Hong: "Sister Yu, Mr. Zheng is a cheerful person. I think there will be more in-depth cooperation between the two parties in the future."

Yu Hong understood, stood up, stretched out her right hand, and said steadily:

"Mr. Zheng, it's a pleasure to work with you."