But she doesn't like to label herself, it will solidify herself. She said that the best thing in life is the fascinating unknown:
When I was in the second grade of primary school, Yu Long's father suddenly decided to let her go back to her hometown of Chengdu to study when she grew up. Later, under the pressure of her father, she failed in physics and was admitted to the University of Electronic Science and Technology of China at the ratio of 8: 1 at that time. After suffering for four years, she lost half her hair, which is still the lowest price. What's more, she completely lost her self-confidence.
After graduating from college, she cried in front of her mother and got a job as a radio DJ. So she became 1995 the person who introduced a band like Nirvana over a second-tier city in southwest China, which was very famous in Sichuan at that time.
1996 became a variety show host and the youngest member of the column group. She has a mellow voice and elegant language. She can write poems and understand music. Later, she became a producer, and her TV and radio programs won many awards and honors.
? But in the process of being a host, she found that she really didn't like this job without real creativity, control, freedom and challenge. She made a decision, and she tried to change her life path by studying in America.
How to apply for studying in the United States? She didn't know that with the practical mentality of giving it a try, she applied for the business school of Top7. As a result, she was given an offer, which she never dreamed of, and it was the most difficult to get into Stanford Business School in all provinces and cities.
After graduating from Stanford, she was eager to prove that she was not a vase that was underestimated by others. Being good at exams, she got the most popular offer from various investment banking consulting companies in that era.
In 2005, she went to new york for a free air ticket. As a result, she mistakenly joined Bertelsmann, worked in the Enterprise Development Department of Random House, and later served as the director of Bertelsmann Digital Media Investment Fund (BDMI).
In 2007, Yu Long returned to China from the United States to take charge of the strategic development planning of Bertelsmann China market.
June 5438+October 2008 10, Bai (Bertelsmann Asia Investment Fund) was formally established.
Since 2008, she has led Bai to invest in more than 70 star companies and funds such as Easy Car, Phoenix Net, Mushroom Street, CreditEase Finance, Aunt Ma, Lagou Net, Douban, Keep, Tantan, Bigo Live and Instant.
20 1 1 On March 9th, Yu Long was selected as one of the "Youth of All Places" in Davos Provincial Economic Forum 201/kloc-0.
On 20 14, Yu Long was invited to join the Board of Directors of Stanford Business School, and was also the first director from Chinese mainland.
In 20 14, it was selected as the "VC Alliance" established by 36Kr United Nations 10.
20 15, won the bid for "20 15 TOP 10, the best VC investment institution in Internet industry in China".
In 20 15, she was awarded "TOP 10" as the best Internet investor in China in 20 15 by CIC.
On 20 16, Yu Long was invited to join the board of directors of fashion giant Coach Group, becoming the first China director.
In the past few years, Bai, led by him, has created a good reputation among domestic entrepreneurs and entrepreneurs: act decisively and leave no regrets.
First, how can a rich and willful fund make a quick decision without regret?
Yu Long said that this is because "Bai can only tell a true story, a story of maximizing profits". Generally speaking, they can have more time to look at projects, investment projects and management projects than other funds, and have more patience to wait for a startup to grow up slowly and quit at the node of maximizing profits.
Why is this happening? Yu Long explained that this is closely related to their background. As a wholly-owned holding fund of Bertelsmann Group, Bai has a relatively simple capital structure and a flexible market-oriented management framework. As we all know, many domestic institutions usually adopt the way of left-handed investment and right-handed financing, and the first-phase fund investment needs to be rolled in the business model. In this case, investors often have to take care of both sides and try to figure it out in many ways, so the gestures will not be so smooth.
But for Yu Long and them, they only need to manage one LP, that is Bertelsmann Evergreen Fund, so they don't have to spend time on financing. "This is a very important thing in the investment circle, and it is a liberation of productivity for our team." They are more focused on investment, which brings about an increase in efficiency.
The so-called no regret also means that the gold content of judgment is higher. If they want to invest in a company, they "basically think about it and do their homework before we talk", instead of chatting with many companies, slowly verifying in the process, and finally investing only two or three routines.
For the invested enterprises, they show a "very persistent attitude". They usually don't invest in a round simply and opportunistically, but track every position (A, B, C, D, E) when entrepreneurs need it. For example, when investing in the women's shopping e-commerce platform "Mushroom Street", their "five positions" continued to increase, becoming the largest institutional investor in Mushroom Street.
Second, Yu Long attaches importance to partnership, not impulsive investment.
Yu Long said that investment is never decided in an instant, but will be presented dramatically after careful consideration. "Everyone will exaggerate the moment when VC made the final decision, saying that the investor was settled with a phone call, but it was actually just an instant demonstration."
Yu Long explained that in fact, when investors decided to meet entrepreneurs, they had already obtained basic information about their team and business. When it comes to on-site dialogue, entrepreneurs' information retelling only judges their logical thinking and ability to resist stress.
"I often ask a series of questions. About half of CEOs have forgotten other contents after answering a question on the spot, and about 65,438+00% CEOs can clearly remember all my questions and allocate time to answer them reasonably and appropriately. "
On the other hand, the interaction between team partners also plays a decisive role in the success of investment. Investors don't want to see impromptu and untrue resumes.
Third, investment is based on these three criteria. Failed, let's not talk about style.
Yu Long believes that venture capital is an empirical science, which needs a long time. It needs to see enough cases and hand over a report card of 10 to 20 years, not just whether it has submitted one or two major cases. "To judge whether you have the quality as an investor, your investors will look at your accuracy and consistency, and see if you can maintain such stability for a long time and have sustained and stable returns."
Investing in this industry is not that complicated. Finally, there are three criteria:
The first is the return on investment,
The second is the annualized rate of return.
The third point is whether the above two points can be realized in a long-term, stable and persistent manner.
If these three points are achieved, then evaluate what style it is. If it fails, let's not talk about style.
Fourth, it is impossible to be a good investor without entrepreneurial mentality.
Yu Long said that Bertelsmann's fund in China is based on an entrepreneurial team and entrepreneurial mentality, which is "an idea written on paper" and made by a small team. At present, the management fund is 654.38 billion US dollars, with no more than 8 people, including self-management and post-investment management. In 2007, the two places began to do some research and began to invest in 2008, which was lucky enough. In the past seven years, the stories that happened in China were wonderful and rich enough, and more than 50 enterprises invested.
Leading Baiyi along the way is both an investor and an entrepreneur. She said: "investors should have the mentality of entrepreneurs, and never say that they have little risk and pay some money." Entrepreneurs have to spend a lifetime with irretrievable youth, so they invest a lot. If you don't have the mentality of an entrepreneur, you can't be a good investor. We are definitely entrepreneurs, just another form of entrepreneurs. "
For entrepreneurs, you are a person who can provide resources. You don't panic when you encounter difficulties, and you are more mature, calm and detached than him in times of crisis.
5. "Post-90s": The most absurd proposition I have ever heard.
I have one thing in particular that I want to vomit. Some people are talking about the post-90s generation. I think this is the most absurd proposition I have ever heard. Where can people nowadays be distinguished by age? Everyone is a complex, vague, rich and unpredictable individual.
If I sum up the so-called "post-90s", what are their characteristics? Is "normal". They are happy, independent and normal children. They are just normal children, teenagers, teenagers and rebellious adults. Youth culture is ever-changing, but like fashion, the trend circulates and the style lasts forever. I think, the age boundary of age separation will be erased from now on. What you want is a return to the original heart and a curious understanding of the real individual, and the portrait of the corpse will become more and more distorted.
Anyone who thinks that only the post-90s generation can understand the post-90s ideas is an established thinking branded with the previous era. Because they are seriously lacking in the sense of the times. I think anyone who is sensitive to product sensibility in the future should embrace the greatest humanity instead of exaggerating differences. What investors are looking for is the deep human law under the phenomenon.
Six, entrepreneurship is an extremely lonely thing, don't force paranoia.
"Entrepreneurship is an extremely lonely thing, a small probability event, and a very likely failure. Remember, don't force paranoia. " For entrepreneurship, Yu Long gave a very literary definition. She said that conductor karajan would tell the musicians before the performance that when you can't hold back any longer and have to play, you should start. The same is true of entrepreneurship. Don't start a business until you can't help it and all the other options are not options.
When talking about what kind of entrepreneurs she likes, Yu Long said that she doesn't have certain gender, age and industry tendency towards entrepreneurs. "In general, she must have super high personal qualities. For entrepreneurship, she is not following the trend, not a small inner agitation. She must have firm determination. " Yu Long believes that successful entrepreneurs should have very firm determination and temperament to inspire others, as well as persistent and self-renewing learning ability and execution. "I think what entrepreneurs do should be meaningful in itself, which is the basis of everything. Otherwise, I don't think it is worth starting. "
Yu Long's financing advice to entrepreneurs: You must remember that everything in the financing process is an armchair strategist, and everything in the past can only be called financing history. Finally, whether we can succeed, whether we can make the enterprise solid, and whether we can explain it to investors and capitalists is the last lesson. But in the middle, it is best to do big things with less money. Competitive financing ability will become one of CEO's skills, not the most important one.