According to microchain APP data statistics, a startup enterprise from birth to grow into a unicorn, the average need to experience 5.2 times financing, time-consuming 1511 days. In the unicorn growth path from 0 to 1, the valuation of 100 million dollars is the most critical stage. At this stage, their business model has basically been verified, and it is the period when the enterprise really starts to scale up and expand. Therefore, for startups with innovation, financing and growth speed, $100 million is the first key point for them to enter the rapid development.
In 2018, the concept of "quasi-unicorns" with a valuation of $100 million or more was first proposed at the second Everything Growing Conference, which triggered strong attention from the VC community. As the mainstay of the new and old energy transformation development wave, quasi-unicorn enterprises have become the most concerned group in the wave of innovation and entrepreneurship with their outstanding business growth ability and outstanding technological innovation ability, and have made great contributions to promoting the development of the local economy.
In the globalized innovation environment, how can quasi-unicorns anchor new development opportunities?
In a globalized innovation environment, how can quasi-unicorns anchor new opportunities for development? In the era of innovation where both opportunities and challenges exist, how should "quasi-unicorn" enterprises respond from the perspective of technological innovation and model innovation?
On June 28th, the first 100 Million Dollar Company Conference was successfully held in Hangzhou. At the conference, Cai Hua, Founder and CEO of Microchain, had a roundtable conversation with Shen Qinhua, Founding Partner of Puhua Capital, Xu Xiao, Founding Partner of Oriental Capital, Du Jianghua, Co-Founder of Seven Niu Cloud, Wei Navy, Founder of Grand View Capital, and Wang Min, Vice President of Business of Yikmilk, about the new pattern, development and highlights of the future of the unicorns.
[Qinhua Shen, Founding Partner of Puhua Capital]
According to Qinhua Shen, a city's political, economic, cultural, and talent structure is closely related to the growth of unicorns and quasi-unicorns, and the two are essentially a mutually inspiring and complementary relationship. In addition, the policy environment and innovation activity are also critical.
[Xu Xiao, Founding Partner and Chairman of Oriental Capital]
Xu Xiao emphasized the need for a more open and cooperative business model, and the need to increase the interaction and cooperation with the interests of all parties. He believes that the development model of innovation and entrepreneurship should focus on upstream and downstream industries, and dig deeper into the root of the product.
[Du Jianghua, Co-Founder, SevenNow Cloud]
At the conference, Du Jianghua emphasized the growth momentum behind the startup team under the agglomeration effect. He believes that in the process of enterprise operation, technological innovation and model innovation are not incompatible, and the two can even cross each other and promote each other.
[Daguan Capital Founder, Wei Navy]
Wei Navy believes that in the current world pattern and economic system, going to sea is a very good choice, because the global Internet development is very uneven, in the Chinese market, the competition in various segments is very fierce, but in the global context, all the segments are worthy of investment once again.
[Wang Min, Vice President of Business of Yikilometer]
Wang Min believes that technological innovation and model innovation are complementary to each other, and the proportion of model innovation may be larger in the early stage, but in the middle and late stage of the enterprise, technological innovation can increase more vitality. Whether it is the company's product service or the company's product form, the ultimate landing is to serve people, so focus on the customer experience, customer service.
Cai Hua: 100 Million Dollar Company - Future Unicorn List"
The data shows that North, Shanghai, Guangzhou, Shenzhen and Hangzhou are the main gathering place of domestic unicorn enterprises, and the number of quasi-unicorns in Chongqing and Chengdu, as represented by the new first-tier cities in recent years, has risen sharply. The first topic of today's roundtable is to discuss the relationship between urban innovation and entrepreneurship ecosystems and the cultivation of future unicorn enterprises. What kind of urban VC environment is more conducive to the development and growth of future unicorn enterprises?
Du Jianghua: I think it's very important, and it's also one of my requirements for my team, that I would ask everyone to use an investor's eye to find out what clients you're going to serve. For example, when many companies were first founded, including Zhihu, Pea Pod and so on, in the early stage is still inconspicuous, if you really communicate with their team, you will find that they have a **** common logic behind. For example, in our entire layout, Shenzhen, Beijing, Shanghai, Hangzhou, Chengdu, these cities have a big feature, they are very strong attraction of innovative talents. For example, Hangzhou has formed several characteristics, one is the Ali system, and NetEase system, Zhejiang University system, returnee system, this kind of urban innovation environment will breed more and more quasi-unicorns and unicorns, including in Hangzhou, there are a lot of high-quality enterprises such as Daily Interactive, Mushroom Street, and so on, in the cloud services with us more or less have cooperation. With more and more clustering effects, plus many big names in the investment world today, I believe that if we can really deepen our efforts in a city, it will make the city better and better.
Shen Qinhua: As a local Hangzhou-based organization, Puhua has invested in more than 400 companies nationwide. I think the development of unicorns and quasi-unicorns has a strong correlation with the economy, culture and talent structure of the cities where they are located. These cities, like Hangzhou, have a very good policy environment, and at the same time in recent years there has been a great inflow of talent, the VC community is very active, in addition to our services for entrepreneurship and tolerance for business failure is also very critical, Silicon Valley was also developed by virtue of these points. Therefore, I think Hangzhou has a very good entrepreneurial environment, and the number of unicorns and quasi-unicorns it has spawned is among the leading ones in the country. Back to the question itself, I think that from an overall point of view, there are two main points that can be mentioned. One is that the city's innovation and entrepreneurship ecosystem itself is closely related to the growth of unicorns and quasi-unicorns, and the two are essentially a mutually inspiring and complementary relationship. In addition, the leading role of the leading enterprises is also very critical. Because now Hangzhou's Ali system is indeed very strong, but also Hangzhou's foreign a business card, to drive the economy of Zhejiang or Hangzhou, especially in the field of digital economy has a great influence, the future of Hangzhou in the digital economy, biomedicine and other fields will give birth to more unicorns, thank you.
Cai Hua: Technological innovation and model innovation have always been discussed together as two modes of innovation at the beginning of entrepreneurship. In recent years, technological innovation has been widely recognized as the driving force for the development of enterprises in the fields of new infrastructure, industrial Internet, and so on, does it mean that the model innovation has been gradually weakened? For quasi-unicorns, which is more important, technological innovation or model innovation?
Xu Xiao: From our investment logic, we don't pay much attention to whether the focus of the enterprise is model innovation or technology innovation, because we have a different definition and approach to technology and model. Oriental Jaffe in last year's listing of the Science and Innovation Board has achieved good results, from last year to now, the total **** 6 companies have been listed on the Science and Innovation Board, from the experience of these listed companies, I think they can not be said to be a separate technological innovation, or a separate mode of innovation, but in the technological innovation of a substantial breakthrough, this breakthrough is that they can actually meet the needs of their downstream users In this way, a complete closed loop is formed in business. We have a point of view, the future competition between enterprises is no longer a single enterprise competition, is the eco-chain with the eco-chain competition, you need to help your customers together, good service to your customers' customers, and even customers of the customer's customers, whether it is technology or business model, which is really to dig down to the root of the point.
Du Jianghua: In fact, my point of view is clearer, just mentioned Jinduoduo and NetEase. We can look at the origin of its development, NetEase began with 163 mailboxes, mailboxes, how much technical content of this thing in fact can not be said, more is a change in the mode of application, a communication interface. Pinduoduo is a gamification, entertainment for the third and fourth tier cities of entertainment games, from the perspective of the game, so that everyone cut prices, you cut a penny, a penny, it is in this mode of innovation has slowly achieved such a large company. Another back to NetEase, it incubated NetEase Youtube, cloud music, the essence of the model or service users. So I think technological innovation and model innovation are equally important, but their division of labor is different. Like Pinduoduo to today must be the use of big data, artificial intelligence, a variety of technologies to better meet the customers on the platform. So I think the first one, or a different division of labor, but as the company itself, the beginning is to rely on model innovation to drive, to meet customer demand, to the back of the ability to talk about technological innovation.
Cai Hua: I saw a report a few days ago, the stage kilometer has been sitting in the intelligent unmanned car wash industry first, then I would like to ask Mr. Wang, intelligent unmanned car wash in recent years in this field is like a spring, by the community is generally optimistic about the stage kilometer in the technology and mode of what innovative attempts to achieve today's results?
Wang Min: First of all, the mission of Yikkilometer is to serve people with technology, so no matter whether it's our internal management or external product form, the final point is to serve customers. With more than 1,500 stores, the company still maintains the scale of more than 100 people, which fully reflects the efficiency first criterion. Our company as a whole has a cognizance of the car wash thing, that is, car wash it must be just demand, must be a traffic entrance. We replace the simple and repetitive labor with unmanned, car wash to do a particularly pure, dedicated to good service. Secondly, technological innovation, our entire technical team from the production of R & D process, are focused on the customer experience, customer service to capture the data, and then push back to the car wash this thing up, including process optimization, background control, including the construction of the team around the city, the whole series is interlinked, really do the technology to serve people.
Cai Hua: 100 million dollar company conference combined with the current hotspot, focusing on advanced manufacturing, artificial intelligence, medical and health, new consumer, business services, education, six major areas, set up eight parallel special field, more than 100 100 million dollar company and investment institutions to participate in it, standing in the perspective of everyone, what other areas of high-speed growth opportunities, may be batch of future unicorns?
Xu Xiao: The logic of investment in the next three to five years is actually very clear, that is, the deep integration of information technology and traditional industries, which includes the education, consumer, medical, manufacturing, including the underlying information technology, including artificial intelligence, big data, cloud computing, these industries, which has a very large market opportunity in the There are very large market opportunities. China has the most complete manufacturing industry chain in the world, and we are very concerned about the deep integration of manufacturing and information technology. Now the entrepreneurial environment than the previous decade or a big change, I myself 07, 08 years into this industry, witnessed the cycle, the demographic dividend and mobile Internet dividend disappeared, into the era of the game of stock, the era of entrepreneurship under the qualities of the requirements of the original with a big change, in the original mobile Internet dividend, today is 0, tomorrow you can do a hundred, the day after tomorrow can do ten thousand, the day after tomorrow can do ten thousand. In the original mobile Internet dividend, today is 0, tomorrow can do 100, the day after tomorrow can do 10,000, such an era has passed, now 2B companies after eight to ten years of fumbling to find their own way, the founder is not the indomitable spirit, can not be knocked down by these hardships, whether there is a very tough will, this is a particularly important part. That's why openness and resilience are the most important considerations for our startup team.
Cai Hua: With the change of the world pattern, China has gradually walked in the center of the world stage, in the past two years we see that both artificial intelligence, new consumer and even social platforms are in the layout of the overseas market, we know that Grand View Capital focuses on investing in the early stage of various fields of the sea, in the current world pattern and the economic system, expanding the overseas market is a new way to develop unicorn companies in the future.
Weather: I think the full rise of Chinese companies, if you put the context in the global context, today all the segments are worth to invest again, we mainly focus on four segments of the project. The first segment is in line with the new infrastructure, we believe that in the Internet infrastructure, there are huge opportunities overseas. The second segment is gaming, at the end of last year, a large number of Chinese game companies began to rise overseas. Third, is the cross-border field of the project, this year, the impact on the real economy is relatively large, but to do cross-border services in this area on the contrary, there is growth, we invested in Hangzhou, Shenzhen, Shenzhen, three companies are all contrary to the growth of the market. The fourth is the saas field, enterprise service is suddenly up out of the track. Today there is a huge challenge for many Chinese entrepreneurs, born to face globalized competition, we see that China's entrepreneurial power is now basically divided into three kinds, the first is represented by Alibaba, we call it the sea of giants. The second is that there are more and more quasi-unicorns and unicorns who want to grow in the current market environment, they quickly put their sights and markets overseas, both at home and abroad, which is a very typical phenomenon. The third group is small and micro entrepreneurs. This is the time to give us a lucky place, but also makes me particularly excited, I think we are in this field for a long time to explore.
The rapid development of computer technology, network technology, new applications of the network to destroy the momentum, and constantly impact the old platform. In view of the reality of the leaping development of social platforms such as Jitterbug, talk about the thinking of entrepreneurship and innovation.
First, marvel! From the rapid rise of social networking platforms, we suddenly realized that the omnipotence of network technology can simply move everything in human society to the top of the network. Social platform collection of self-media and commercial online store function, a variety of hobby gatherings, talent show gatherings, entertainment show gatherings, and even medical, education, culture, health and other needs related to human life content, are moved to a set of cyberspace, for example, in September 2016 on the line of the jitterbug APP, less than four years of time the tide swept the globe, the mighty U.S. government is also ashamed of it.
Secondly, it is not a roadblock, but a convenient way for entrepreneurs to capitalize on the momentum of publicity and promotion. Jitterbug as a representative of the social integrated development applications, played the era of tolerance, cooperation, the strongest voice of the times. The rules are designed so that the user is a director and actor, enjoying himself and absorbing a large number of fans; and designed so that the user is a businessman and consumer, and can make money and consume directly on the platform. That is to say, users can use the social platform to promote their own projects, low-cost promotion and publicity to achieve the development of their own, promote their own, service projects entrepreneurial innovation effect.
Third, the moon is changing. 5g era, the network information transfer technology in the field of utilization has reached the extreme, the whole aspect of the change in the way people think, the way of life. At the moment, the network giants dominate the network, a network world, to the centralized organization responsible for the information dissemination platform is still the network mainstream. However, perhaps what goes around comes around! With Bitcoin as the first application of blockchain technology, distributed bookkeeping, peer-to-peer value transfer of new application scenarios in the financial sector to explode a thunderbolt, without the need for third-party proof of decentralized trust mechanism applications also temporarily exposed. In the face of the new technology, the cognition of the world's top experts and tycoons is greatly divided. But it can't stop the blockchain from advancing. Driven by the ethereum smart contract, various blockchain applications accompanied by huge scams continue to test people's wisdom and patience. Blockchain application direction, application projects gradually point to the commercial market. *** Enjoy Meow Meow tries to take the blockchain points B TJB as the design core, design a whole set of closely interlinked smart contracts, so that users can *** enjoy *** create *** governance, and build an ever-extending and expanding market ecosystem.
The new venture platform, a "new" word reflects how much helplessness and heartache.
The new platform, new personnel, new team, R & D capability is not stable, a barrier stuck in place, sitting on the mountain easy to play;
The new platform, new technology, new model, a preventive technology was leaked, two worry mode is not closed-loop, if there is no data can be verified, from the beginning of the counting of the empty talk;
The new platform, the new network, the new resources, financing the market can not be run away. The new platform is a new network of people, new resources, new financing market can not run away.
The first time I saw this, I was able to get a good look at it, and I was able to get a good look at it, and I was able to get a good look at it!
I did not say that, the process is very important to control, new entrepreneurs, there are conditions on the fight, no conditions on the surrender, survive is the king.