01.14.08
Venture Capital in China 一个老外VC对中国的看法
http://ventureblog.com/articles/2008/01/venture_capital_in_china.php
以上这个有名的老外VC，David Hornik，来中国十天以后的感想。
一下是我对他的回答。
David,
Having both started and invested in a number of businesses myself, I am not surprised by the anecdotes you heard and can see why you were turned off by them. You certainly went one step beyond the simple fascination with China of “fly-in” Western investors.
On the other hand, the “Wild Wests” and jungles (I would say the defining characteristic of this jungle is not the lack of cages but rather than the lack of rules, compared to the zoo) is where money has been and will be made. In the U.S., many industries emerged out of chaos characterized by the same excess and sometimes fraud, and the same lack of rules and clarity. The Internet bubble of the late 1990s is one of them.
No doubt many investors will lose their shirts in China. Many mistakes have been made due to inexperience (mainly on the part of the local investors) and lack of local knowledge and networks (the foreign investors), or both (a surprising large number).
The lack of good entrepreneurs and managers is a real challenge. It is however relative: the investee’s competitor has the same issue. A personal network for recruiting and vetting is important in China, as it is in the U.S. Due to a number of reasons, inexperienced entrepreneurs among them, my view is that in China the good VCs can add far more value than they can in the U.S. Unfortunately very few VCs in China have the experience and inclination to add value, particularly when the prevailing wind is “get rich quick”.
The real challenge for me is finding entrepreneurs whom I can trust and who is scalable (can be trusted by his/her employees, among other things), but who can be “flexible” when dealing with the external environment. It invariably involves some compromise.
From the perspective of Western VC firms, success will come from the quality of the local China investing team and whether the local team is empowered. Fortunately it is much easier to empower the local team via the VC partnership structure than, say, via subsidiary structures of publicly listed NASDAQ companies, whose performance in China has been abysmal indeed.
Bo Shao
jesea said,
01.14.08 at 12:56 pm
沙发:)
天天基金网nag said,
01.14.08 at 4:25 pm
不错，好！！
天天基金网 said,
01.14.08 at 4:25 pm
不错，好！！！！！！！！！！！
博客部落blogblo said,
01.14.08 at 5:54 pm
trust和scalable 依然最重要,不过我想国外的VC很多也是抱着快速收钱的想法来的,很少真正做早期
高十二 said,
01.14.08 at 6:40 pm
E文啊，E文。
caocao said,
01.15.08 at 3:12 pm
占个座先
wz said,
01.16.08 at 12:15 am
刚刚上网的时候看到babytree的求贤榜，当时在想，如果想进宝树，在王总的那篇blog后留言，谈些自己对宝树的看法，可能比投简历成功的概率更高。
过会儿又联想到，如果想融资，那么在您这留言是否也会比寄商业计划的成功概率高呢？
商业计划太长同时也不方便在这里写，写点我对babytree的认识吧。我想，无论做什么网站，其中的“道”都是一样的，这多少也能反应出我对创业、对做互联网、对做社区的一些理解：
关于文化
最开始关注宝树的时候并不认为它会成功，觉得王总有些过于理想化，风花雪月多于真枪实弹。直到看到babytree generation那篇post，我开始相信，宝树不仅会成功，而且能成为一家伟大的公司。做社区，最根本的是文化；做公司，最根本的也是做文化。有了文化这块基石，宝树定会像apple一样，成为一家有灵魂的公司。
关于战略及商业模式
从本质上说，宝树与邵总之前的易趣一样，都是在经营一个社区。社区中的用户从最初的交流开始，慢慢产生信任，直至互相之间形成影响力。宝树未来的商业价值就是基于社区中用户间的信任关系及客户对宝树这个品牌的认可上面。至于战术层面的问题就要结合公司内部资源、外部产业产业环境及竞争对手的动向来制定。
关于互联网
web2.0也好，1.0也罢，互联网公司，本质上也是公司。如果有机会，我希望自己以后是做互联网的生意人，而不是做生意的互联网人。追时髦、炒概念，最多是为达成某种目的手段，互联网公司的最终目的仍旧是赚钱。
——————-
写了这么长不相关的内容，言归正传。
我正开始着手做网站，计划在未来的2、3个月内开始融资。融资的金额大概在200万人民币(经计算达到公司下一个里程碑需要资金的2倍）。从身边的朋友那里也能融到这笔钱，但除了钱，我更希望从投资人那里得到其他方面的资源，比如：邵总对社区的理解、对创业企业每个阶段经验教训及日后融资时财务方面的专业知识。
——————–
我做销售出身。在销售过程中，很重要的一点是第一次见面时给客户的“震撼力”。所以，请原谅我用留言的这种方式毛遂自荐。
不知道能否有机会向您介绍我的项目？
kooyii said,
01.16.08 at 4:41 pm
“Unfortunately very few VCs in China have the experience and inclination to add value, particularly when the prevailing wind is “get rich quick”.”
i agree with what u said,i think what chinese enterprise need most is the global resouce and experiences from VC, however, less could supply them~
David fail to consider one thing, in jungle,he could hunt the biggest lion~
喜悦家居网 said,
01.18.08 at 6:09 pm
不错 不错
微服记 said,
01.18.08 at 9:41 pm
E文，看不懂。
chloe said,
01.20.08 at 10:18 pm
strongly suggest that u should set up a download center as term sheet blog did
reason said,
01.21.08 at 12:50 am
By cages for lions, I think David means that there are no enough protections for investors. As so many western investors and western moneys are flying in China market, the western rules and laws are not flying in, or even on their way.
You mentioned trust and I noticed that you have invested a company whose leader is someone you know very well. I believe western investors would like to invest someone they trust too but they didn’t have such friends or networks, even they did, they still couldn’t easily sign some documents not protected by certain rules.
It is really a golden time for local investors.
杨震 said,
01.24.08 at 7:29 pm
Bo大哥，
您好。
首先请允许我表达对你的敬意。尽管你离你的辉煌顶点还有很长的距离，但你已经是我们这批80后，出生在上海弄堂的年轻人的坐标。记得你在财富人生中对“幸福”的感想，一双儿女（真的都很可爱，祝福他们），一位美娇妻，江山不在掌中，在脑中，诚信，精明，伙伴，夫复何求。足见你是个有大智慧的上海宁。
“Follow the Value”永远都是不变的真理，但真正能区分“long term”和”get rich quick“的人，又能有几个呢？莫说是中国的VC,纵然是Sequoia Capital或是IDG那帮老头，又有几人能真正做到？凭心而论，Bo哥你，又能否做到哈？！这都是人性哈。
我是个创业团队的成员，网址先不在这里贴，因为希望你很快就能通过其他渠道了解到。创业很辛苦，而且受到生活中许多人的质疑。这种辛苦，只有创过业的人能明白，所以看Bo你的Blog已经逐渐成为我的习惯。从你对VC和新经济的理解里，我可以分享到很多恍然一悟或者知己的感觉。这是对我现阶段很大的一种放松。
希望在你40岁前，我28岁之前，可以有机会平静地向你显摆下我不足道的成功经历，然后一起在吴江路大吃一顿，一起”玩遍世界，吃遍上海“去！
dannyyang1212@hotmail.com
杨震 said,
01.26.08 at 2:51 am
小弟刚正好又看到你的专访,突然感觉你即将成为一个人—–张良.
“皇帝”可以让王CEO他们去做,但成功背后必然是你居功至伟–”谋士+帝王师+说客+钱粮转运+关内候”(创业成员+战略调节者+PR+Financing Channel+董事).羽扇纶巾之间,互联网历史的轴轮已经被你给推动,人们的生活得到更好的改变.这种”帮人打下天下”的感觉,一定很爽.
Bo,加油,祝福Babytree和NovaMed好运!
All The Best
rod said,
01.27.08 at 6:36 pm
是这个意思
Kyle said,
01.31.08 at 10:11 am
今天又重温此文一次。对Add value的缺乏，有些同感。其实很多方面，包括为人，为官，经商–都有类似的道在其中。基本面是基础。
brisky said,
02.12.08 at 4:09 pm
师哥
您好！
我是华师大二附中09届的学妹，下学期是我们二附中的50年校庆，很荣幸能够在在校期间看到这个盛典，想必必您已经得知这个好消息了吧。我和另外一个同学被安排采访谭海音女士，但现在联系不到她，希冀能够得到您的帮助。不知道我们能否可以得到谭海音女士的e-mail地址，或其它的联系方式。我的联系方式：校园邮箱guzhuyun@hsefz.com 手机：13917489191
谢谢！
天天基金网 said,
06.23.08 at 2:12 pm
英文的，只能看个大概！
QQ said,
07.21.08 at 11:45 pm
http://www.520zuan.com
VC said,
05.07.09 at 4:33 pm
Indeed, there will be a long way for China’s venture capital industry to develop. I heard that the 11th China VC & PE forum will be held in Shenzhen. It is rather international and it is a good plateform to understand Chinese VE&PE environment and policy and to touch many VC firms and China’s outstanding enterprises. I will attend this year, hoping is useful.
股吧 said,
06.01.09 at 12:24 pm
不错！！！很好！！！！！
noname said,
08.27.09 at 1:22 am
一
Gifts said,
11.23.09 at 4:55 pm
very good, very useful,thanks.
科士威 said,
03.17.10 at 11:37 pm
不错 学习下 啊·~~
v said,
03.23.10 at 8:33 pm
v
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