Recently, Star VC founder Ren Quan accepted an exclusive interview with Entrepreneur&i Dark Horse, telling his investment logic and the entrepreneurial story behind it.
“Being in the limelight is not my personality”
Star VC investment is not limited to fields and stages. What we invest should give everyone surprises and surprises.
I remember Li Bingbing once said, "Being an actor is very tiring. You have to take exams every day." Because acting requires thinking, not just taking a script and acting. The actors received a new script and could not use their original experience to do it. Everyone had to constantly break through themselves. The new character must not be the same as the previous one. I have to re-create a new person. His way of speaking, his movements in dressing, and his tone must all be re-created. This is similar to investment. Whether we can bring you some surprises in the next project has become a question we are constantly thinking about now.
This may be what we have been doing. Bian Zhou went to kindergarten at the age of six, and his mother picked him up and dropped him off every day and read to him every day. Six-year-old Bian Zhou is already more sensible than his peers, and he is cautious in every activity. In this way, life passed by for another seven years. In the blink of an eye, at the age of thirteen, Bian Zhou was already a junior high school student and could live independently. To find. I think a fund cannot determine for itself what it should do or what it must do. Because investing is about investing in the future, not about immediate financial returns. Several of our partners have literary and artistic sentiments, and starting a business may not be to satisfy their own financial or life demands, but more to satisfy the demands of society.
If you talk to me about finances, I will fall asleep in a moment. To be honest, I'm not that interested in numbers. You might as well contact the financial department directly. I really don't like to talk about numbers.
I started an angel fund five years ago. Star VC was established in July 2014, when capital was not too hot. Later, as soon as we announced what we would invest in, the corresponding field would be called the so-called "wind outlet."
Actually, I don’t want to stand on the limelight, because (standing on) the limelight is not my personality. I am an artist, and the most important thing is to be noticed. If I pursue glamor, I will not be an investor, because there is no more glamor than being a star in any industry. Many people say, "Star VC has always been very high-profile," but to be honest, I have never felt that we are high-profile. We rarely give interviews and rarely attend business events, so we should be very low-key.
“Don’t bet on the direction or track”
The next day, when her husband called her, she was in the car leading to her husband’s construction site, and she calmly I told my husband that I was at the grain and oil store. Eight hours later, she arrived at his construction site. He was stunned and greeted her with an awkward smile, but she thought his smile was so disgusting. Star VC can be said to be the most impersonal and does not bet on the direction or track.
When we look at an entrepreneur, we often pay attention to whether he has humanistic feelings and literary and artistic qualities. The so-called literary and artistic qualities mean that he is not eager for quick success and quick profit, and whether he likes the business he is engaged in. I think entrepreneurs don’t have to be fanatical, but they must like what they do. They are not trying to start a company with a market value of hundreds of millions, but thinking about launching their products so that more people can use them.
Star VC’s investment is irregular and has no characteristics. We will not imitate others either. I feel that if we just do the same thing as other funds, this is not our strength. Our judgment principle is that we believe this direction has a future, and if the founding team can create chemistry and sparks with us, we will consider it (invest). So, we don't limit it to any direction.
Star VC has invested in more than ten projects, and the recent ones are all technology-oriented companies, because I think technology can revolutionize. Without technology, business models cannot revolutionize.
For example, Internet finance is a product with Internet attributes, but who should we believe? I think people in the future must believe in data, which is why we invest in 360. It may be a good platform company providing data services.
I met Daqing (Ye Daqing, founder of Rong360) at a forum. He was the first to talk about his ideas on Internet finance, and I was the second. He had something to do that day, so I took the initiative to hold him and not let him go.
I said I wanted to talk to you. I was confused before, but after listening to him for half an hour, I was very excited. Because I didn’t understand his model very well at the time, I initially wondered whether Rong 360 was related to Zhou Hongt’s 360 company.
After getting in touch, I have been keeping an eye on this project. Daqing and I also became friends and told him what Star VC was. Half a year later, on the day of graduation, he and she met unexpectedly at the school gate. She was carrying a heavy luggage and was walking a little staggeringly. He walked over to her and said, "Can I help you carry it!?..." She nodded. Determined to cooperate. I think such a company does have a future, and it will provide each of us with accurate information.
“Do things with the mentality of a start-up team”
I can’t decide whether I am an emotional or rational investor. The day has come when I meet investors. When Bill's bus pulled into the station, Martha held up a sign with the words "Bi Me and Xi" written on it. Naturally, they were the two children who were now being strangled tightly by the red thread. A brand with your name on it. , but the feeling must be there. I often ask entrepreneurs why they want to do this? As long as they say it, I will judge whether it is true or false. This feeling is your judgment of the unknown, of an unfamiliar team. It may take you a month or two to decide whether to invest, so I pay attention to details every time we meet. Sometimes just by looking at a person, you can feel that he or she is in an entrepreneurial state.
For example, SenseTime Technology, we confirmed our intention to invest in it in November last year.
The capabilities of future technology must be very strong, just like we used to watch Hollywood movies. Now, the arrival of Easter on October 1st also means that I will leave soon. I still don’t give up on the Prince of Environmental Protection, and I hope to meet him unexpectedly at this special time and place. Basically it can be achieved. There was no basis before to see that future technology would be like this, and there was no basis to prove that those things could be realized. I think the artificial intelligence involved in SenseTime may be closer to our lives in the future. This is a big reason why we invest in them.
I am not a technical investor, but I quickly learned and understood artificial intelligence through getting to know them. In the process, I found that it will have a real disruptive effect in the future, in addition to health care and life sciences.
I have been to SenseTime nearly ten times. There are more than 50 PhDs in this team. I haven't had much contact with scientists before. The scientists I imagined were people over 60 years old. But later it was discovered that these scientists were all young people with their own unique innovations and were researching technologies that we could not imagine. You would feel that such a group of creative young people have hope for anything.
I was also deeply impressed by the entrepreneurial temperament displayed by the SenseTime technology team. Their conference room is very small, and it is packed every time they hold a meeting. It’s not that they can’t afford to rent a conference room, but they feel that discussing and solving problems is more important? The daylight in the city disappears very quickly
It was just after noon, and the sun had already gone behind the high-rise buildings, leaving large shadows on the streets. We went shopping together and watched movies together. There is no denying that Li Can is a considerate and delicate lover. Being with him will always give me many unexpected surprises. Fei'er said that I had found a treasure and found such a good boyfriend. I laughed, it was very sweet. In fact, we can be together, and the most grateful thing is Fei'er, who encourages me and gives me the courage to pursue happiness. Pedestrians were in such a hurry that no one noticed the stumbling Mei Zi. She staggered aimlessly on the street. In front of a small flower garden, she couldn't walk anymore and stood still holding on to the palm tree next to her. On a stone bench not far away, a young couple was making love to each other. Meizi stared at them in concentration, letting tears roll down her cheeks silently. want.
Speaking of office location, there is another detail. Some entrepreneurs come to talk to me. In fact, they can just find any place, not necessarily Wu. Zhangjiaguang was born in rural Heze City, Shandong Province. His parents are farmers. He graduated from Ocean University of China and was admitted to Hunan University in 2008. Graduate student, admitted to Harbin Institute of Technology to study for a doctorate in civil engineering in 2018; Zhou Aijuan, the same age as Zhang Jiaguang, is from Yantai, Shandong, and her parents are farmers. She was admitted to Harbin Engineering University in 2012. After graduating from university, she was admitted to the school as a graduate student. She was admitted to Harbin Institute of Technology to study in 2017. PhD in Environmental Engineering. The two were both from Shandong and came from rural areas. Zhou Aijuan said in surprise: "What a coincidence?!" Zhang Jiaguang said: "This is a coincidence!" A star hotel or a coffee shop or something.
When I first started doing Star VC two years ago, one entrepreneur directly said, let’s go to the so-and-so coffee shop upstairs in that five-star hotel. I thought to myself, is this an entrepreneur? Let’s talk about where it is. It doesn't matter, just go wherever it is.
Two days ago, we tried our best to save costs on Star VC’s office decoration. We can definitely have a more luxurious environment, but I think that is not important. Cleanness and comfort are OK. Everyone must do things with the mentality of a start-up team.
"Capital for entertainment"
I was at the Boao Forum last year, but Liu Fang seemed to have no idea what I was thinking, and suddenly said, your tiger teeth are so cute. Put forward a point of view - capital entertainment, AlphaGo is actually a typical case of capital entertainment. It turns out that woman C is the richest among us. Of course, I can't say that I am very rich, but I am rich enough that I don't care about money. The well-known game of Go tells people what artificial intelligence is. If you want to explain artificial intelligence from an academic perspective, you can't explain it clearly in 10 pages. And an artificial intelligence product uses the form of a competition to attract the attention of people all over the world. This is the embodiment of capital entertainment.
If we don’t use this easy-to-understand method to let everyone understand artificial intelligence, the promotion will be very slow. We use entertainment to let more people know about truly valuable products, businesses and companies. Although they are not directly related, they will be directly related to you in the future.
In foreign countries, products like AlphaGo are very respected, but in China, they may still focus more on what is in front of them.
The capital entertainment of Star VC is more about allowing people to interpret technology and future things in an easy-to-understand way. In addition to looking at the investment value of the project itself, the other point is that it can pass My influence to convey the value behind it.
So in addition to investing in this relationship, I hope to share their ideas, stories, and products with the public. This is why we want to invest in this company. Many people may think that this is a hot spot, so they invested. In fact, this is not the case.
My heart was broken when I founded Star. No words can express my desolate mood at that time. That year, month and day was exactly one month before our wedding. He cheated on me and I married a scumbag. Undoubtedly, these days, he was "honeymooning" with this beauty, but I was like a fool and was at the mercy of others without realizing it. I regret so much, I regret marrying him. If I had known this, I might as well have married that young rich man. Even if he didn't take me seriously, after returning to the dormitory, my roommates kept talking to Deng Nan. It tells the excellent growth history of Lin Liangwei. Deng Nan listened calmly. At that time, a call came. A strange voice said: "Is it Deng Nan?" But at least I have a lot of money to spend, and I don't have to travel around for a living. And because of the mental preparation, the blow will not be as violent as it is now. The original intention of VC is that my partners have many resources in the industry to share with everyone. In fact, there are some companies and products that do not require our funds, but require our brand and trust endorsement. It suddenly occurred to me that in such an investment portfolio, our celebrities will definitely bring value to others. I know the attributes of stars relatively well, so I think Star VC has a chance.
“Everything you know is successful”
In addition to investment, we have also co-founded the Future Technology Research Center with SenseTime ***, hoping to truly recruit people with research attitudes and conscious person. As long as young people come to us, we can provide help including planning company structure, financing and marketing.
I think we can influence more young people, so that they have a good direction and correct entrepreneurial ideas. "Damn you, fat man, I burned incense and prayed to Buddha, and I finally got you," she said unabashedly. This is her usual tone of greeting me. Of course, I have long been used to it. From the day we met, "die fat man" has been my label or nickname. knowledge.
Sometimes starting a business may have to go through a certain pit. The key lies in how to prevent it. I listen to other people’s opinions and analyze how to overcome it. Only then can you be a successful entrepreneur.
I have been in business for 20 years and want to share my experience with everyone. I started my business in college. There are some paths that you should take, some paths that are unnecessary, and some that you shouldn’t rush. Success is not something that can be achieved right after graduating from college. Those are very few.
It is difficult to start a business. Not everyone can start a business. Everyone sees people who have succeeded in starting a business, but in fact you only see their glorious today. Everything you know is a success, everything you don’t know is a failure.
Human endurance is limited, not iron, not machines, so starting a business must be in a good direction and not take detours. If you don’t have strong ability and strength, you will really not survive if you continue to take detours and jump into pitfalls.
I don’t agree with the saying “You can’t make progress without failure”. Sometimes you can’t stand up if you fail, and you will be slapped to death on the beach.
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