Xinghan Capital takes the route of cooperation with superstructure, obtains projects through interviews, meetings, lectures, operations and other channels, and at the same time outputs contents for it to digest its investment.
Love purple shirt, with purple suit, 185cm long legs, handsome face, Yang Ge, the founding partner of Xinghan Capital after 1985, is recognized as a male god+online celebrity investor in the venture capital circle.
And he himself, however, tried to tear off the label of online celebrities. ? Everyone can only see the exposed things, but what I can't see is that I make a form and write PPT at three in the morning. ?
As the head of a cutting-edge fund, he has many focuses and topics. Through the charm, how did Yang Ge experience seven entrepreneurial failures and pass by death twice?
Pride is torn
? It seems that not only enterprises do business and invest, but China basically draws a circle with no area and only sides with greed as the center and arrogance as the radius. ?
Digging out 20 10 Weibo, 53 Chinese characters honestly restored the angry yangko of that year. When I started my second venture in my junior year in 2005, it took five years, but Yang Ge's Tsinghua aura was finally torn to pieces.
It is a medical equipment project, and the product is like the size of a cabinet, which is used for automatic testing of patients. Yang Ge is co-founder and CTO, responsible for software related work such as algorithms, UI and security. For him who majored in physics in Tsinghua, it is a great challenge to cross the border into the medical profession. ? There is no long-term planning at all, and I can only think of what to do today and what to do tomorrow, all of which are reasoning forward. ?
After taking some detours, they still got the hardest bone to chew: they applied for the invention patents of the state and PCT, and they also got the license of medical three certificates.
In 2007-2008, the project received 2,000,400,000 yuan, which was financed in two rounds. The seemingly prosperous business made Yang Ge full of confidence and sent business cards to everyone. The young man who started his business as a sophomore vaguely tasted the taste of success. Think the company is going public? .
The good times did not last long, and the hidden rules of the venture capital circle ruthlessly erased the scenery on the surface of the project. What is ringing is not the bell of listing, but a sap: the negotiated financing has been ruined again and again.
Yang Ge recalled that every week in 2008, investors put an olive branch into the door, and the largest single investment was 65.438+0.5 billion yuan. He signed a payment agreement (SPA) with the founder.
Although it was written in black and white, the duck that should have reached its mouth flew away. And such a farce, a performance is actually three years.
Yang Ge is the second shareholder and receives a phone call from the founder's major shareholder every day. Their money will arrive next week? ,? Will it arrive tomorrow? ,? Arrive the day after tomorrow, the agreement is signed, and you can't wait for a dime every time. ?
? How can you meet a liar every day? Young endured the slap in the face of reality and hit her in the face one by one. ? That is, no one invests and cheats you one by one. ? He sneered.
Lack of funds, coupled with the lack of market experience in the medical industry, can not sell a product when it is promoted in hospitals. Young only got one copy? Intentional contract? .
A few years later, Yang Ge recalled these details and couldn't help feeling: One of the biggest problems of being young is not knowing how far it is from getting the next contract. I think others say it's interesting and have the intention to place an order. The gap between this intention and what really happened is completely unknown to young people. ?
After being destroyed more than a dozen times and deliberately invested hundreds of times, it coincided with Yang Ge's graduate graduation in 2009, and the company's cash flow was cut off. ? It's also very inch. I graduated as soon as the cash flow was cut off. ? He suddenly played a Beijing movie.
For this venture, he gave up studying abroad for a doctorate and went to adventureland instead. For the first time, Young viewed his 24-year life with suspicion. When I was a child, I got an A in history. I thought I could do a lot of things, but when I grow up, I find myself nothing. I got an A all the way to Tsinghua, and I got along badly in society. I felt that everything before was a waste and no one recognized it. ?
The original pride was torn to pieces. He thought of suicide for the first time. The computer played the inspirational chicken blood movie "The Pursuit of Happyness", in which the little boy cried.
Wiping his nose and tears, Weibo and his blog became the outlet of his anger. There is a sentence in Young's first blog post "Redemption": Fortunately, there is a limit to stupidity in most cases. ?
Fortunately, every time I eat a loss, Yang Ge sums it up, right? Social law? . So far, he has summarized more than 200 articles called "What's your name?"? ? Enter the mainstream market? .
Young said that every society has a baseline, which is called a benchmark. The more self-disciplined, the less rogue, the more gains. But below this line, the more you obey the rules and respect morality, the faster you go down; Those who are in a mess and have no rules are better than you.
He believes that we must use the credit system to integrate into the mainstream market and find people in the mainstream market.
To start again, Yang Ge found another place to take root, waiting for new buds to top the dead trees in front.
Kneel on the ground and rush to the bottom.
Yang Ge wants to enter a financial-related company and learn financial knowledge to make up for his last venture. But in front of us is uncertainty, and every step forward is like jumping off a cliff. ? In four years, the resources of medical entrepreneurship are useless, and the ability of programming is useless; To start a business, you can't afford to spend three years without a job; I work in KPMG with a monthly salary of 4,000 yuan. Do you want to go or dare to go?
Embarrassed, although it has been reduced to such a field, in the original social circle, it is still necessary to make a face and be fat. ? People around you think you are the boss, and the social cost is very high. How to maintain it?
By the age of 26, every time young socializes, he has to carefully calculate the cost. In those days, he made tables every day, and the cash cost and time cost of a social activity were recorded. I spent 200 yuan on an activity, and nothing came down. I just gave my support to others. I'm sure I wouldn't do that, okay? .
Because of his good family, he never took the subway and bus when he was a child, and he also squeezed through the subway in 2 yuan.
Entering the new environment, Yang Ge realized that the previous sufferings were nothing, and a new round of abuse had just begun.
In KPMG, Yang Ge's leader is two years younger than him, so he is called Yang Ge? Children? . Brother Yang sends it every day? Resident? Printing room, and was asked to rework again and again. ? This nail is crooked. Try again. The edge of the printing paper is not wide enough. Try again. ? The sound of reprimand lingered in his ears, and he remembered the picture in the movie Gladiator.
? A person who can speak seven languages was caught and finally hacked to death. Before he died, he said that I could speak seven languages, but he was hacked to death because these talents were useless here. Another example is The Shawshank Redemption. What you have to think about is how you leave this place, not what other abilities you have. In that case, everything else is negative. It's zero here, and it's no use adding 10 thousand elsewhere. ?
This experience was also summed up by Yang Ge. ? If a person wants to succeed, he must learn to kneel down, kneel down for others and kneel down for things he doesn't like. It's not that you kneel, but that you really bow your head. Because there are many thresholds, you may not be able to cross your head, but once you kneel on the ground, you will find that the threshold is not very high and it will pass at once. ?
As soon as I bowed my head, my crown fell off, and as soon as I knelt down, my pride broke. Yang Ge felt that he was afraid to bow his head and kneel down, which made many peers become mediocre. He was in Beijing No.5 Middle School, and in the alumni circle of Tsinghua Peking University, most of them didn't make great achievements, and 90% of them couldn't let go of themselves. The hero only mentioned the courage of that year.
Just like re-engineering, Younger's cross-border madness makes up for the deficiency. As early as 20 13, he was the vice president of DJI Investment. During this period, he also experienced the third, fourth, fifth, sixth and seventh ventures, all of which ended in failure.
In his third venture, he founded the Young Elite Business Alliance. Com) to expand their knowledge structure and contacts. Their activities, from the early business social gathering of 500 to 600 people to the last activity of less than 10 people, can only organize mahjong.
Due to the excessive dilution of equity and unprofitable business model, Ye Kai collapsed. Young stopped the loss in time, cancelled the company and cleaned up the finances. Compared with the second venture, with the experience of risk control, he can't do it and can't continue to lose money. The contacts have also been made, and the liquidation is clear. ?
His psychological construction failed to keep up, and it took him a year to recover. Negative emotions accumulated and 20 13 broke out again.
Entrepreneurship has failed continuously. Under internal and external pressure, 27-year-old Yang Ge felt lazy. It was the only year that he could play games in the office. ? From 18 years old to 32 years old this year, I didn't waste time on 14. Basically, I gave it to others for three years a year and wasted a year. I regret it now. ?
It's like a marathon. Before, he tried his best to run ahead, but later he got lazy and stopped, and he panicked.
The engagement trip scheduled for the end of the year turned into a trip to the edge of life and death for Yang Ge alone. I had a big fight with my girlfriend before I got engaged and went to Japan alone with my credit card and a small bag.
I wanted to sleep in a capsule hotel in Osaka, but when I arrived in Nagoya, Brother Yang collapsed. He was walking alone in the cold street, and the cold wind got into the crack. The sky is gray, whether it is sunny or not, whether it is raining. He felt surrounded by clouds and couldn't hear a breath of wind.
It was 65438+February 3 1, the last day of the year, and there was nothing worth summarizing in my mind. I don't know how long a person has been walking, and the body without food has uncontrolled vomiting and diarrhea. 185cm's big man has become a walking corpse; A bloodless face, like a mask, cannot squeeze out a tear and a smile. ? I'm already stupid. ?
One day after losing contact, the phones of family and friends were bombed one after another. The lifeless young answered the phone mechanically and struggled to buy a plane ticket to return home. I vaguely realize that if you want to play the second half, you have to live? .
This time, the outbreak of depression, such as the plane landed in Yantai, Yang Ge was somewhat recovered; When he transferred to Beijing, he was full of energy.
Picking up a life made him lose too many emotional components before. ? After this place of life and death, you will be relieved, that is, whatever, and everything else is whatever. ?
For the next six months, Yang Ge talked to himself in English on the computer every day. He joked:? It turns out that Mao has always been a depressed patient, but later he adjusted through running, and this excessive adjustment became depression? Chat Me too. ?
Young believes that being a man and doing things are designed parabolas. If you rush down, it will be like riding a roller coaster. You can't rush up until you reach the bottom.
After crossing the bottom of the valley, he admitted that from that day to today, he basically did not take a strategic decline.
The eighth venture-Xinghan
This parabola belonging to Young seems to be rebounding for the eighth venture after seven failed ventures in the first half. At the beginning of 20 14, Yang Ge decided to establish Xinghan Capital.
In his eyes, this is a very logical thing.
Seven ventures have enriched contacts and skills, and the experience covers most industries. ? People from all walks of life can feel everything in their stomachs. ?
? For the first time, it is related to my own professional mathematics; Do medical equipment for the second time; The third time is the circle of people and SNS community; The fourth time is hardware embedded development, combining soft and hard; Opening a chain restaurant for the fifth time; Do red wine sales for the sixth time; The seventh FA of trust and asset management. ?
I have been studying finance for five years. Young saw too many projects when he invested in DJI, and since then he has invested in the North. Not to mention the most concerned TMT, can the periodic table of elements be memorized just because of the mineral energy project? .
Most importantly, because of the accumulation in previous years, he has entered the mainstream market of the investment circle and has the ability of financing and networking. ? If you want to be a new fund, the ability to raise funds is particularly critical. ?
It has long been Yang Ge's professional habit to accumulate contacts. Before becoming a Star Man, he made a small database. Every time he worked as a government consultant and went out to give lectures, he arranged his contact information by phone, email, individual and company. At the age of 27, his mobile phone WeChat had three or four thousand unread messages. Last year, little red dot displayed more than 400,000 messages.
At first, the broken barrel was finally blocked with boards on both sides, so that it could hold water.
In the fundraising stage, he is no longer as angry as the young entrepreneurs who were cheated at the beginning. ? Financing and venture capital are the same. Maybe 100 LP is interested in your fund, 30 people are willing to talk for the second time, then 10 people sign an agreement, 5 people fulfill their promises, and the last 2 people make money. ?
His speech is more sophisticated. If you can talk, you are brothers; if you can't talk, you are friends. As long as the money is not in your pocket, it is not yours. If it's in your pocket, it may not be yours? .
In the face of this kind of thing, Yang Ge's mood has not reached the point of anger. ? I think what most people say about anger, unhappiness or cynicism is that you don't understand the world. ?
Only vote for people who have no obvious shortcomings
The investment trajectory of the initial investment circle changed in a blink of an eye, and Yang Ge did not restrict specific industries. ? Explore the road, read the confession, and decide while walking. ?
When looking for various industries, he pays more attention to what kind of entrepreneurs to invest in. The internal summary of Xinghan is 4.6 quotient.
Four points: have a deep understanding of the industrial chain, and have strong persistence, iterative learning ability and execution ability; Six quotients: IQ, EQ, financial quotient, adversity quotient, political quotient and moral quotient.
When it comes to these ten aspects, it is difficult to find entrepreneurs with a score of 100. Usually, there are high and low in all aspects. Brother Yang's secret is to invest in people who have no obvious shortcomings. ? People with a particularly low adversity quotient are good at other things. Quit when you encounter problems. Such people cannot vote. ?
And the first long edition of Entrepreneur should not be too short. ? There must always be one or two advantages. ?
The Tang project invested by Xinghan is very representative. Yang Ge met Tang, who is ten years younger than him, in a roadshow. ? Generally speaking, a person's logic and knowledge structure give me the feeling that 50% of the first five seconds are basically stereotyped, or you can do it without saying anything, and the remaining two or three hours of communication can set the other 20% of this person. ?
After talking with Tang, Yang Ge thinks that Tang's personality is very similar to that of Jobs and Zuckerberg. He mixes business and art. His ideas are different from those of ordinary people, and he can tell a lot of things beyond your expectations. ? You think everything he said is right. This is called the universal value of the future, and most people don't have this thing. ?
The following week, Yang Ge finalized Xinghan Capital's 1.6 million seed round financing for V.Fine (6 million angel round financing has been obtained subsequently).
However, Tang also has many common shortcomings, such as young people don't know how to control their emotions and lack management experience. Young said that young people will lack many things and need a little to make up for them. Don't force a person with universal values. Give him ten choices and he will always choose the right one.
He joked:? My principle is that all projects and industries should not be excluded, and no one should be excluded. Even if you think this person is disgusting, unreliable and vulgar, give him a few seconds. It takes ten seconds to know what he has eaten for more than twenty years. ?
Investment is only a quick step.
Over the past three years, Xinghan Capital has invested in 30 projects/times, of which 2/3 have entered the next round. For example, Master De, Jia Jiayou and Xinxin.
Several of these projects are jointly invested with other first-line investment institutions. This just verifies the goal that Yang Ge set three years ago: 20 15 will enter the mainstream investment circle, and 20 16 people in the industry will know me. Young said that Xing Han's actual pace was faster than he expected. ? Last year, the ten most mainstream institutions in the industry established close ties with Xinghan, and most of the enterprises we invested in crossed with first-line funds. ?
Although the track was not selected, Xinghan also divided the main track and the secondary track. 20 17, its main track focuses on industrial upgrading, including the integration and upgrading of agriculture, industry, warehousing, supply chain, manufacturing and other industries; The second main track is recognized as a first-line capital in the direction of artificial intelligence and biomedicine.
Regarding track adjustment, Yang Ge thinks that the first element is quick eyes and quick hands. Previously, he dreamed of making Xinghan a top dollar fund like Sequoia and IDG, but in China, the policy is constantly affecting the market, and great changes will take place every three or five years.
? 20 16 the state advocates PPP and government guidance funds to promote industrial funds. We judged that the country actually began to exert its strength in local industries, and Xinghan quickly made adjustments. We have long known that the Internet and O2O are definitely not leading things, so we must sink ourselves and become more rustic. We should go to see agriculture, forestry, animal husbandry and fishery, manufacturing and agriculture. ?
In this environment, Xinghan Capital invested in the agricultural supply chain project Jiajiayou. ? When I invest, I cross the river by feeling the stones. After one year's investment, the project valuation has increased by 10 times. This case makes us realize that if we want to compete in the pattern of the Red Sea, we may not be able to break through, but we must break through the pattern to overtake in corners. ?
In the field of artificial intelligence applications, Xinghan Capital has not yet made a shot, and Yang Ge is waiting for the opportunity.
He analyzed that the development of artificial intelligence has gone through three periods, the first is the technology trigger period, the second is the bubble burst period, and the third is the mature development period. Now it is in a relatively slow rising stage, the risk is uncertain, and everyone is on the sidelines.
Investment is just a quick step and the most profitable. ? When Yingke raised funds in June+10 last year, he was three months short of being a martyr and one month short of being a pioneer. However, for biomedical treatment, it may be ten years of martyrs and three years of pioneers, and the time period should be judged according to specific industries. ? He said.
Facing fierce external competition, at the beginning of last year, Yang Ge made a series of innovations within Xinghan Capital, which was different from most investment companies? Partner system plus employee system? Adopt the operation mode of startup company, which is divided into four departments: marketing department, operation department, investment department and comprehensive management department.
Externally, Xinghan Capital takes the route of cooperation with the superstructure, obtains projects through interviews, meetings, lectures, operations and other channels, and at the same time outputs content for its digestion and investment.
Young adopts functional management. There are only three investment managers (plus an intern), who are mainly responsible for purchasing and screening projects, but they are internally? All men are soldiers? All other functional departments will also send the project to the investment department in other ways. ? For Xinghan, flat management efficiency is not necessarily the most suitable. ?
The last three years have been quite smooth for Yang Ge, and the signature on WeChat has not changed. Seven good years, seven bad years? When the fortune turned to Hexi, his sense of crisis always existed.
He regards Xinghan Capital as his eighth venture, and all ventures are facing the same crisis: if you don't advance, you will retreat. If you don't get along with others, you will die. ;