On November 12, 2020, the Beijing Municipal Science and Technology Innovation Fund Annual Conference was held in Beijing. The main theme of this conference was "Responsiveness, Opening a New Strategy", aiming to give full play to the advantages of innovative resources, focus on the frontiers of science and innovation development, and guide the flow of venture capital. Innovate the source, promote the landing and transformation of high-end hard scientific and technological achievements, cultivate high-tech industrial clusters, and deeply understand and integrate into the current new pattern.
hard technology is the hottest investment track in 2020, especially the launch of the Sci-tech Innovation Board last year, allowing high-end technology represented by artificial intelligence, genetic technology, aerospace, brain science, photonic chips, new materials, etc. In the past two years, there has been a hurricane of equity investment from VC and PE to IPO and mergers and acquisitions. At the
meeting, under the auspices of Liu Liqun, Executive General Manager of the Investment Department of Beike Innovation Fund, Chen Jie, founding partner of Yuansheng Venture Capital, Mi Lei, founding partner of Zhongke Chuangxing, Jianyue Pan, founding partner of Wuyuefeng Capital, and Chief of Yarui Capital Entrepreneurship mentor Wang Tianmiao and Jingwei China partner Zuo Lingye, five guests with many years of hard technology investment experience, launched a roundtable dialogue with the theme of "New Trends in Science and Technology, Helping the Transformation of Scientific and Technological Achievements". Several guests of discussed the changes in the investment trend of the technology industry in the past few years, the criteria for selecting investment projects, and the post-investment services of technology companies, and selflessly shared their valuable experience. The original text of the
round table dialogue is as follows:
Yuansheng Ventures Chen Jie: Good afternoon everyone. I am Chen Jie from Yuansheng Venture Capital. Yuansheng Ventures was founded in 2013. So far, our fund has invested in nearly 90 innovative companies in medicine, medicine and medical device diagnosis in the past five or six years. In the past six years, ten listed companies have been incubated, of which five or six have been approved by the Science and Technology Innovation Board and have not yet been listed, and hope to be listed in the near future.
Our focus in the past was completely focused on the big health field, from innovative drugs to medical devices to diagnosis, including some innovative medical services. Among 80 or 90 companies, we invested in more than a dozen or twenty companies that created China’s No. One thing, and some of the things that have been done have created the world's number one.
For example, our Yuansheng Ventures invested in China's first non-invasive colorectal cancer screening diagnostic reagent company called Kang Liming, which was the first to obtain approval from the State Food and Drug Administration. There is also the first product we voted to detect high blood pressure during pregnancy in women through urine. This product is now licensed to multinational companies and is being promoted worldwide. There is also China's first tumor cryoablation product, and the first domestic product is also our investment. The first one, we have more than ten or twenty. We feel that we have made some achievements in China's medical and pharmaceutical technology innovation, but it is far from enough. We are in the process of working hard. thank you all!
Zhongke Chuangxing Mi Lei: Hello everyone, I am Mi Lei of Zhongke Chuangxing. We were also established in 2013. We have been transforming scientific and technological achievements in the Chinese Academy of Sciences before. In order to solve the problem of the first pot of money for scientific researchers to start a business, we launched a hard technology fund. At present, we have invested in about 306 hard technology companies, including more than 90 semiconductors, 70 and 80 optoelectronics, and 20 optoelectronics and aerospace companies. There are also artificial intelligence, new materials, new energy, smart manufacturing, and Some medical device and life science companies.
Basically we believe that hard technology changes the world. Therefore, we only invest in technology-driven companies, because China’s investment in hard technology in the past ten years has been insufficient, leading to today’s Sino-US trade war. China is still a bit passive. Therefore, the state launched the science and technology innovation board, just want to Solve the current insufficient supply of technological innovation in China.
Therefore, I am also very grateful to the Beijing Science and Technology Innovation Fund. The Beijing Science and Technology Innovation Fund is the first fund of funds in China that truly supports hard technology and original innovation. With such scientific innovation support, only those who truly do hard technology can have more support. . In the past year or two, with the support of the Science and Technology Innovation Fund, we launched the first phase of the hard technology fund in Beijing, and just announced the launch of the second phase of the hard technology fund the day before yesterday. With this support, we have also done more in Beijing. There is the transformation of scientific and technological achievements of universities such as Peking University and Tsinghua University. I think these will promote the better development of China's economy in the future.
Wuyuefeng Capital Pan Jianyue: I am Pan Jianyue of Wuyuefeng Capital. Our fund was established in 2011 and basically has several characteristics. First, all of our investment team’s core founders and major investment teams come from the industry, and they used to be enterprises; second, weIt is investing in hard technology. Since 2011, we have been investing in hard technology. The soft stuff model is not very good, because the industries we have done before are all in the hard technology category; third, we are the first to do zero Future funds, and later became angels in the United States, and now we are doing mergers and acquisitions, mainly in the areas of integrated circuits and semiconductors.
At present, the transnational semiconductor mergers and acquisitions completed by Chinese capital are mainly led by or promoted by us, including the first transnational semiconductor merger and acquisition project completed by Chinese capital-Beijing Junzheng acquired ISSI, a US listed company for 20 years company of. Later, we helped Weir shares to complete the acquisition of OmniVision (Note: OmniVision, the world's top image sensor company). In the early stage, we invested in Wingtech Technology, and Wingtech also completed the acquisition.
At the same time, we also pay close attention to the very scarce domestic fields. As an initiator, we promote breakthroughs in one field and innovation in the industry. For example, as the promoter of Shanghai Shanghai Silicon Industry Group, we sent the first general manager. The company went public within five years and is now a company with a market value of 100 billion. There are many such companies.
involves direct and original innovation, and we are also experimenting. At present, some of them are relatively successful, and some are still learning and climbing. We invested in the technology from Peking University a few years ago, and we are currently the best robot language control in China. This is very scarce. We have invested in it for five years. We have developed it for one or two years before, and we are still climbing today. During the process, the sales volume was less than 100 million yuan, and the technology had been the best. There are also more successful ones, which are done relatively quickly. The team from the Shanghai Institute of Microsystems that we invested in is doing infrared temperature sensors. To catch up with this year’s epidemic, the profit exceeds 300 million yuan. Of course, we depend on whether the company can continue. Can a deep moat be built to lay the foundation for long-term development through the opportunities brought by the new crown epidemic?
Now as a whole, we have become a full cycle, from angels to VCs to industrial mergers and acquisitions. We also hope that from the platform of industrial mergers and acquisitions, we can help the semiconductor team to do a docking of industrial resources and also be a platform for undertaking and supporting. Thank you.
Yarui Capital Wang Tianmiao: My name is Wang Tianmiao, and I am the chief entrepreneurial mentor and technology consultant of Yarui Capital. I participated in incubation investment for about ten years. I joined Yarui Capital in 2012. As a member of the investment committee, I specialize in investing in hard technology, and focus on artificial intelligence and robotics. In the past five years, there have been less than 50 incubations and investments. At present, three are already on the Sci-tech Innovation Board. One is an industrial robot-Eft, with a market value of 80 to 10 billion; Tianzhihang Medical Robot has a market value of Over 30 billion, the market value of the No. 9 service robot is probably around 40 billion.
also has a series of robot companies that we call quasi-listed, including military and surface, underwater, like Deep Blue; there are also some logistics companies; they also invested in robotics companies that specialize in tumor radiotherapy; and We invest in robotic companies that specialize in dentistry and beauty processing; and also invest in consumer robotics companies, especially in the direction of masks, batteries, and base stations, because these are different from the existing automotive and electronic equipment robot structures. Of course,
also invested in basic components, infrared, force sensors, and magnetic levitation. It also felt the arrival of the hard technology era. Thanks to the Science and Technology Fund of Funds for such support.
Moderator: Thank you, Mr. Wang. Finally, please ask Mr. Zuo Jingwei.
Jingwei China Zuo Lingye: For the brother funds present at , Jingwei was established a little earlier than everyone else. We were established in 2008 and have been twelve years now. Jingwei focuses on the early stage. From 2008 to the present, we have invested in 650 technology-oriented companies, most of which are the most important or only investors in their A round. After these years of development, many of these companies have come out and are the leaders in all walks of life. We probably took a look. There are already fifty or sixty unicorn companies, and super unicorns are defined as 5 billion. There are also twelve in the US dollar. 、Z1z
As for hard technology, Jingwei invested in mobile Internet and consumer Internet in 2008 and 2009, and we invested in corporate services, Internet education, and new drug research and development in 2012 and 2013, including the proportion of investment in chip manufacturing and industrial Internet in the past two years. getting bigger.
As of today, the real money we have distributed to LPs like Kechuang who have always supported us should have beenMore than 22 billion yuan, most of this part of the funds are still mainly consumer Internet. However, we are now seeing that the proportion of exits from the perspective of hard technology is rapidly increasing, including the smart manufacturing representative companies that went public in the previous few months, and two electric vehicle companies, one is ideal and the other is Xiaopeng, which will create a certain degree for us. Return. Hard technology is a very important investment track theme in the next five to ten years, and we will continue to increase investment.
Changes in technology investment in the past few years
Moderator: believes that through the introduction just now, you can see that the few guests here today really represent different types of funds. Mr. Chen Yuansheng Venture Capital is a very successful medical fund. Mr. Mi's Zhongke Chuangxing has always insisted on hard technology investment, especially in the original innovation stage. Mr. Pan's Wu Yuefeng Capital has a layout in the entire industry chain, and is very closely integrated with the industry. I will ask Mr. Wang later to share with him. He is very knowledgeable about scientist entrepreneurship and he has done very successfully. Jingwei is the earliest and very well-known market-oriented investment institution that we established. When these few people were talking, they actually mentioned a few interesting points. We can discuss them together later.
just mentioned our success, many of which are related to the launch of the Sci-tech Innovation Board. Mr. Kwong’s speech just now also mentioned the right time and place, and for this reason, the investment in technology is indeed very hot now. What are some of the major changes in the technology investment industry in the past two years for several of your relatively successful investment institutions? Are there any suggestions? Is it because everyone looks hot when making investments, and when it is a good window, rush up, how to make better investments? I would like to ask Mr. Mi Lei to share your experience.
Zhongke Chuangxing Mi Lei: I think the changes in the past two years are still very huge. When the ZTE incident just came out in June 2018, I made a sharing. According to statistics, in the first quarter of 2018, the entire investment track The Internet investment is 34 billion, and the Internet ranks first. Semiconductors ranked first at 135 million. In the first half of this year, semiconductors rushed to the top, and semiconductors surpassed Internet investment for the first time.
2020 should be a historic turning point. For the first time, the hard technology semiconductor track surpassed the Internet track and became the largest investment track. The problem here, I make an analogy to invest in China, not like on the earth, like on the moon. A few years ago, investment in hard technology, especially semiconductors, was very cold, more than 100 degrees below zero, and extremely night. Now it is extremely day, with a hundred degrees above zero, and the valuation is very high. This is the characteristic of investing in China. When there is no comfort, it will always be extremely day or night.
Moderator: Do you have any suggestions for investment institutions? How to stay calm in this situation and choose a good landmark?
Zhongke Chuangxing Mi Lei: I think this must be independent thinking, doing well in research, must think clearly, because any new track just enters, every investment institution actually has to pay tuition. ,J. It’s all about slowly learning a new track, whether it’s playing style, or you have to get familiar with the rules of the track and the door frame of the track.
The cost is very low when you enter a track earlier. When an industry is new, there are fewer companies and less popular. It is easier for you to choose a few from dozens of companies, but when a track is special When it's hot, it's hard to pick dozens of them out of thousands. I think that for any investment institution, you can quickly improve your cognition to be able to stand firm on this track and get a good return from your cognition. Otherwise, once you have hundreds of players in front of you have already run If you are ahead of you, if you rush in at this time, there is a high probability that you will not be able to run in front.
Moderator: agrees very much with your point of view, and you should make arrangements early to accumulate your own knowledge. Mr. Chen, please share with me in the medical field. I believe there should be no extreme night and day conditions in semiconductors, but there must be many changes in the investment direction. Please also talk about it.
Yuansheng Venture Capital Chen Jie: I think medical medicine has always been concerned, but the points of concern may be different. Maybe we ourselves in 2008 and 2010, we look at traditional Chinese medicine, generic medicine, these During the year, the focus was on innovative drugs with different focus. But it’s true that in the past few years, the country’s approvals, especially the reform of medical approvals, have seenThe potential of China’s medical and pharmaceutical market, because China’s current medical and pharmaceutical market is still relatively small compared to the United States. As our population ages and our per capita income increases, people are paying more and more attention to health in recent years , Investment in medical and pharmaceuticals is constantly heating up.
Especially this year, everyone is aware of the new crown epidemic. I think it has shown that no matter how much money you make, health is the most important thing. Including our normal meeting and work, it is also related to our medical and pharmaceutical staff and medical and pharmaceutical technology. Therefore, our GDP can continue to grow and become the only positive growth country in the world. These are related to medical and pharmaceuticals. Inseparable.
The layout of capital in medical and medicine in the first half of this year, I think it is quite hot. I saw the latest data yesterday. As of July and August this year, the amount of funds invested in the medical and pharmaceutical industry was 40 billion yuan, which is almost two to three times higher than in previous years. I think we are now like Mr. Mi. Seeing the same situation, in medical and medicine, some projects that we think are very ordinary, how can we successfully raise money, and we are optimistic about the projects that have many funds raised. Valuation grab items. Therefore, I think the epidemic also allows everyone to see the value of the medical and pharmaceutical sector. I believe that this sector will attract more capital in the long run, because the medical and pharmaceutical technology is iteratively fast, and there will be more technological innovations. The needs of capital and the needs of investors.
How to choose a good hard technology company
Moderator: Thank you Mr. Chen. Whether it is investing in medicine, semiconductors, or artificial intelligence, it is an investment in hard technology. Hard technology investment is indeed a long-term persistence, and it is a process of decoupling. I believe there are many challenges in this, because technology iteration is relatively fast, and it is necessary to better judge when it is appropriate to invest. , When is the technology approaching commercial maturity. When Mr. Pan spoke just now, he said something very interesting. How to judge the right time to enter the field of cutting-edge technology, and how to choose a good time to enter? Please share this point.
Wuyuefeng Capital Pan Jianyue: We used to invest in a slightly wider range, but now it is becoming more and more focused. For example, about two-thirds of our main funds will be invested in integrated circuits and semiconductors, and another third. One is in the direction of artificial intelligence technology. Including the software mentioned by Kuang Ziping, I personally think it is very important, and it is also a very important technical foundation for supporting the new digital infrastructure.
is in a field that we are familiar with. I think that now because we are doing all the reorganizations and acquisitions from angels and VCs to the back of the whole cycle, the important thing is to have a deep enough understanding of the industry and you have to have an understanding. , At different stages, the requirements for a good company and a good landmark are different. For our early projects, it is very important to look at its team, and also look at its products, tracks, and semiconductors. A very important indicator is the self-sufficiency rate. What is the domestic self-sufficiency rate of the products he is making? This is a very important indicator. Of course, it also depends on whether his product track is big enough.
To answer your question, you just mentioned that investment in hard technology is very hot. Just now, Mr. Mi also emphasized that the amount of semiconductor investment in the first half of this year ranked first. There is a question to be explored. Can hard technology represented by semiconductors be invested? I have a number to share with you. Last time I shared it at the CICC Annual Meeting. My perspective is different from Kuang Ziping, my perspective is like this.
The market value of the world’s top ten listed Internet companies is ten. There are four in China, Alibaba, Tencent, Meituan, and JD. The total market value is US$1.8 trillion. There is no semiconductor listed company. This is a case . The market value of China's top ten listed Internet companies is US$2 trillion, which is about one-third of the world's. The top ten listed semiconductor companies in China are US$170 billion, which is not as good as Meituan and JD. What is the gap? The difference between Chinese Internet companies and semiconductor companies is 12 times. It seems that the hard technology represented by semiconductors must still be a depression.
The very important concept we are talking about now is the double cycle. On the one hand, we need to form a cycle. We emphasize technology, and we cannot always rely on other people's chips, other people's hardware, and run our own Internet. We must develop our own hard technology. The general secretary said that we must make up for the shortcomings and align the longboards. How to get the outer loop? First of all, we must stretch the long board so that people can’t do without you.Investment is very necessary. The overall industry depends on the future. As investors, we still have to invest in hard technology or pay attention to semiconductors. This industry will surely rise in the future, and there must be opportunities for growth.
Beijing Science and Technology Innovation Fund also focuses on hard technology. One is what we need for national independence, and the other is that you have to look at the value and the comparison of the entire value. My advice to investors is to look at the hard technology. If the valuation is right or low, it is not so critical to look at the long-term. For entrepreneurs, don't just take money, you must see whether the resources behind the money can help you develop. These two points are very important.
Moderator: No matter how high the valuation of semiconductor company is now, we still have to insist on investing in it for a long time. This is indeed a strategy we have always insisted on. Next, let’s talk about the cutting-edge layout of hard technology investment. On this point, please share with us Mr. Tianmiao Wang. What are the more cutting-edge technological fields that you are focusing on now? Which direction do you think you want to invest next? Which areas will you focus on in the future?
Yarui Capital Wang Tianmiao: Let me talk about my own views. First of all, when we look at this matter from the capital market, the hard technology is mainly pain points and high frequencies, which we particularly like. From a technical point of view, we are particularly interested in its threshold and independence. We all know the threshold. I recently discovered a phenomenon that the threshold of hard technology is very low and must be closely integrated with the back-end ecology.
Let me give you an example. Many laboratories can handle food delivery robots, and finally found that it can only be integrated with Haidilao, Quanjude, and McDonald’s. In addition, in some hard technologies, if you are not independent in the industry chain, you can't actually solve this problem. There are other aspects, we are generally more cautious.
From another perspective, our understanding is that technology finally returns to the core needs of people and society. Once this is set, we will find the hard technology behind consumption, the hard technology behind medical care, and the hard technology behind material manufacturing. Technology, once this comes out, you will find industrial IoT databases, such as IOT BI, such as what we call end sensors, such as terminal corresponding control, cloud, edge computing related, and services are the same. , Like VR glasses, although it has not been knocked down, it is hard technology. Once knocked down, ordinary companies can't get up.
In addition, we pay special attention to the long-term. We have realized that the shorter the hard technology threshold, the lower its long-term value investment, and it will be focused by the data in an instant, and the focus will disappear. We are more concerned about this place.
Based on this, let’s take a look at the consumption behind the Industrial Internet of Things. One is daily consumption. Robots are all used in automobiles and electronics. This area needs to be moved. There are also high-end consumption, such as future flexible screens, new energy vehicles, as well as military industry and high-speed rail. We are also very concerned about this and the back-end of artificial intelligence and robots.
Moderator: Okay, thank you, Teacher Wang. I would like to ask Mr. Zuo to talk about it. Jingwei, as a representative of the veteran dollar fund, we do find that the dollar fund has a very sensitive sense of smell and can often find the next step early. You set up commercial aviation a few years ago. Before, you were also looking at the investment direction of brain computers and artificial meat. How did you find out what the next outlet is earlier through research and other methods? Including how to judge whether the investment timing is mature? When do you start the layout, please share this.
Jingwei China Zuo Lingye: Jingwei attaches great importance to the company's culture and empowers young people. Jingwei now has an investment team of nearly 45 people and a larger post-investment team. Jingwei has a post-investment team of 80 people. Of the 8 partners of Jingwei today, 6 are cultivated from within investment managers and analysts, including that we have continued to recruit a large number of young people this year, and we continue to recruit every year.
We feel that the real sharpest sense of smell is actually empowering these young people. They pay attention, and they pay attention to the current fringe industries with the time of their peers in the unequal industries. After in-depth research and exploration of these fringe industries, they can Collecting information on entrepreneurs and industry contacts, our entire fund predicts the future changes and trends in this industry.
Of course, because we are an early-stage fund, and the dollar fund itself has a relatively long cycle, our patience is still relatively strong. Corporate Services We started investing in 2012, and Internet education is 2013For example, the fundraising of Yuandao Coach, which I am in charge of, has been valued at more than 15 billion yuan. But when we invested seven years ago, Internet education was a very unpopular track. Including corporate services that have only become popular in the last three or four years, we pay more attention to allowing young people to explore many new opportunities in this field, so that they can grow with these subdivisions, and we can empower them through the entire platform of Jingwei. It is very important for our fund to do trial and error and make some early layouts. Through these early investment layouts, we will form a cycle of positive experience, and finally continue to flourish in the industry. This is a very important point.
is like many sub-fields you mentioned just now. Our internal research direction is far more than these fields, but these fields are tried and run out, and there are some stage results.
Moderator: You made a good suggestion for the talent organization construction of investment institutions. Young people tend to be more sensitive. I want to hear Mr. Mi’s analysis of the layout of cutting-edge technology. I know that Chuangxing is making advanced layouts in the more cutting-edge direction of hard technology. This is also your very important strategy. How do you consider and choose this? I want to hear from you share.
Zhongke Chuangxing Mi Lei: I think the layout of cutting-edge technology is actually following the law of technological innovation and development. We can actually divide development into innovation chains and industrial chains. In the past, most of our investment companies analyzed along the industrial chain, and what investment opportunities exist for industrial needs. We go more down the innovation chain. After a new science and technology comes out, it will give birth to new industries. For example, after the steam engine revolution came out, the entire downstream energy industry was driven, and the entire transportation industry and train industry came out with the steam engine installed on the locomotive. After a revolutionary and platform foundation comes out, it will drive all aspects of the industry. This is a typical hard technology, also called potential energy technology.
follows the law of technological development, once a new technology comes out, it will promote the development of the entire industry. After the integrated circuit comes out, there will be a computer with an integrated circuit, and with a CPU, all computers need to be connected together, and there will be optical communication. With the information superhighway behind and the Internet, the next step is the mobile Internet and smart phones.
In fact, we can see that after all the laws of technological development are developed by a new hard technological infrastructure, the following technological applications will follow. The application of the Internet is essentially the entire technological innovation of the past sixty years. It is driven by integrated circuits represented by Moore's Law, and developed by Nielsen represented by optical fiber communications. After you grasp these two, the United States has invested in Intel and integrated circuits in the 1970s, invested in Oracle in the 1980s, and invested in optical communications in the 1990s.
When we invested in artificial intelligence in 2016, we judged that artificial intelligence was on the eve of the Internet. Just like the Internet, the information highway must be repaired before the Internet. The same is true for artificial intelligence. You have to build infrastructure to have artificial intelligence. Application, after we made a judgment in 2016, we invested heavily in artificial intelligence infrastructure. The source of data is a large number of photoelectric sensors to computing power, including data centers, including AI optical chips. After you see the entire underlying technology law clearly, you will know the next direction, which can actually be judged.
We see all the things in the industry today. In fact, we did it in the laboratory decades ago, but most of them are difficult to become industrialized. As long as the things in the laboratory are with scientists every day, you are Can foresee the future. Just like Verne's science fiction, foreseeing the next one or two hundred years, most of his novels will be realized. Why can he do it? Verne was soaked with scientists every day. As long as you enter the laboratory every day, you will know what the world will look like in the next ten, twenty, and thirty years. Of course, if you are investing, you may not be able to invest so cutting edge. You need to identify which ones can be commercialized with the huge traction of the industry. So I think if you want to truly judge the development of cutting-edge technology, you have to walk into the laboratory every day. My goal is to go through all the more than 100 institutes of the Chinese Academy of Sciences. If it is the dean of the Chinese Academy of Sciences, it would be difficult to run all the more than 100 institutes. If you are with scientists every day, your judgment on the future may be possible. Will be more accurate.
Post-investment: How to escort the early company
Moderator: is very good, walk into the laboratory, hugthe scientist. When technology comes out of the laboratory, concept verification, product verification, small batch to large-scale, each step in this process is a transformation process. Entrepreneurs also encounter various problems and need a lot of help. As an investment institution, how did you help entrepreneurs in the past? In addition, what is the confusion or problem you often see most often encountered by them? Please share with Mr. Chen first.
Yuansheng Venture Capital Chen Jie: I think the times have given a lot of opportunities for scientists, because we have invested in many innovative drug companies. Many of these scientists were originally PhDs in chemistry or biotechnology, and many of them were R&D in multinational companies in the United States. Yes, after returning to China to become a startup company, several companies have already been listed on the Science and Technology Innovation Board or listed in Hong Kong. I really admire these scientists, from a PhD in chemistry to an entrepreneur now. When we invest, we also look at whether it is possible for a scientist to become an entrepreneur or even a capitalist. On the one hand, it depends on their passion and ability.
As investors, we are indeed doing our best to help in this, whether it is from the recruitment of talents, as well as the follow-up fundraising, including the company's clinical plan, how to go next, I think it is very specific The intervention of Yuansheng Venture Capital is mainly in the early stage, and the follow-up and post-investment services of start-up companies are deeply involved.
We have a company in Beijing. It is the former academician of the Chinese Academy of Sciences and the former dean of Tsinghua University, Dong Cheng. He is the world's top scientist in immunology, and his company is our angel investment. Academician Dong is also the dean of Tsinghua Medical College, and he puts technology in the company. It takes a lot of work for the technology to go to the clinic, including recruitment, as well as the design of the clinical plan, and the docking with the CRO. We are all helping. I myself also serve as the chairman of this company, and I am also very happy recently. I just found a CEO for him. We found one that was not suitable before and found another one. The new CEO is very suitable, so we have a lot of things to do in this one. Before I came to the meeting this morning, I talked to another company about the breakthrough technology of this product in the treatment of liver cancer. We will discuss with him how Report the product to the innovation channel.
Finally, I want to say that our exchanges with these founders are more about helping them make suggestions. Another company of ours is a brain cancer medical device company. They had to take the innovation channel before. It can take up to a year to take it down. We think it is good to take it down. If it can’t take it down, it’s a waste of time. We were a little worried at the time, but the founder was determined to take the innovation channel. The medical device innovation channel given to them by the State Food and Drug Administration two weeks ago proved that the founder's idea was right. Because they are on the front line, they know this best. We also got a lot of information on the front line, from the State Food and Drug Administration and the Science and Technology Commission, but we feel that a lot of the founder’s judgment comes from the front line, and the sound of gunfire can be heard. We often help them make suggestions, respect their decisions, and act as a staff member.
Moderator: Thank you, Mr. Chen. I would like to ask Mr. Pan to talk about it again, because Mr. Pan’s investment organization is quite special. Early to final mergers and acquisitions, full life cycle investment, you see that it is very interesting for companies to grow from small to large Process, how to help the enterprise to a higher level?
Wuyuefeng Capital Pan Jianyue: In many aspects of , we have done several projects recently. We started from scratch, set up structures, formed teams, and connected industrial resources. Our investment strategy, because hard technology, especially semiconductors, are very hot, we basically invest less in the middle segment, and we go to both ends. Either be an early angel, starting from the first round, or be a PE later, we have different funds to match.
Our overall strategy is to focus. We generally don't ask for more projects, but once we invest, we have a relatively high proportion of projects. We may be a little different from ordinary funds, because we invest in companies, our proportion is more than 40% before the listing. We feel that only in this way can we really spend our energy to help these companies.
In terms of industry, as an executive chairman, we have to handle everything. This is what we have to do. For this reason, investors do not only carry money. We have always emphasized that we must see that if we must do, the early innovations are the resources behind the money. Investors should invest well. Our view is that a large proportion, Bring resources and select the best team for investment.
Moderator: is very inspired. Next, I would like to ask Mr. Wang to share it in particular, because Mr. Wang is very successful in his investment in angel investment and seed-stage investment scientist entrepreneurship. How to identify what kind of scientist entrepreneurship can succeed?
Yarui Capital Wang Tianmiao: This is a very challenging problem. I have been in contact with scientists for more than ten years and found that the success rate is indeed very small, basically 80 to 90% unsuccessful. Often before he gets bigger, he thinks his technology can serve a lot, and he still has a long way to go.
In this case, we are identifying scientist entrepreneurship, except for the high frequency, pain points, threshold, and independence that I just said. I shared with him, first of all, whether the value of your scientist's entrepreneurship is platform or segmented, the two paths are different.
For example, we invest in a new type of storage that can save information even when the power is off. We need to communicate with him immediately. Although the market is huge, don't rush to TO C. Can you take Beidou down first? We grasp the value of scientists according to several nodes. At each node, we divide into whether the technical prototype can be obtained, whether the customer can handle it, and whether the professional team can be equipped. Judging by these nodes, this node is one billion, and that node is one billion. Through the analysis of several nodes, the main points of future realization can be obtained. There is another
that has fallen on scientists. Scientists are divided into two categories. One type of scientist regards entrepreneurship as a study. He did not say that this matter must contribute to the economy and must cultivate unicorns. He felt that the national policy advocacy, I have the national funds, why not do it, and can train students. Then I had a lot of part-time and couldn't be full-time. There is also a type of scientist who is really passionate. Being passionate at this time means that his time and thinking will be put on top, but this is not enough. Another point is whether he has commercialized product development, most of which are No. When he talks about technology, it seems that this technology can serve the whole world and can serve one billion people. In fact, every project, whether it is software, chips, or robots, is meaningful only when it moves forward in a specific vertical industry.
I feel from the history of the United States and China that if you really want to be an entrepreneur, you must be full-time, including an academician. Part-time has not been successful in history. In addition, I found that we still need original technology. At this time, I will find an excellent partner. We call it a baton. Now that scientists or hard-tech entrepreneurs are successful, 80% of them are actually very cleverly transferring the baton to students, alumni, or past classmates. This transition is basically smooth.
So the mission of the last scientist is the high threshold of originality. This is his, the prototype is for the student, the professional engineer in the company, the entrepreneur in the market, and the integration of corporate culture in China and the world. This type of transformation, which we call the "integrated baton", has the highest success rate.
Moderator: Mr. Wang's summary of is in place and very exciting. Jingwei is a post-investment service. I know what it does is very distinctive. I would like to ask Mr. Zuo to briefly share with us what are the more distinctive empowerments that Jingwei has in post-investment.
Jingwei China Zuo Lingye: just said that our post-investment team is twice as large as our investment team. There are a full-time post-investment team of more than 80 people. We also have a detailed division of labor and groupings within ten professional teams. I very much agree with what the guest said just now that entrepreneurs really account for 99% of the contribution of entrepreneurial success. We may just be icing on the cake and provide our help when we need help.
To cite a few actual figures, we have a recruitment team at Jingwei. Many entrepreneurs are good at product technology at the beginning of their business, but they are lacking in marketization and so on. Every year, the recruitment team helps Jingwei companies introduce and recruit more than 300 candidates at the director level or above. There is also a capital group at
. Our Jingwei has an innovative meeting and a capital matchmaking meeting to help our companies connect with more matching late-stage funds in the market during subsequent financing. We have statistics. Every time Jingwei invests a dollar in a startup company in the early stage, we will eventually help him get 40 dollars in the capital market. This is our capital team's follow-up escort, when he is likely to make detours. There is more surplus of funds and a lot of help is provided. Summary of
Moderator: Finally, I still hope that you can make a simple summary. Please use one sentence to indicate the main characteristics of your organization.What is color. Please sum up your own characteristics in one sentence.
Jingwei China Zuo Lingye: If is from the perspective of entrepreneurs, especially in the relatively early stages, you must find investors who understand you best. What does it mean to understand you? It is highly consistent with your own long-term development vision, because from the entrepreneurial journey, there are many crests and troughs, especially many troughs. Only the investors who know you best can accompany you from the first day to success. , Walked to the day when dawn came. I believe Jingwei will be one of the investors who know you best.
Yarui Capital Wang Tianmiao: As an entrepreneurial mentor, I must continue to cultivate the fertile soil for seeds, angels, incubation and investment. Just like a sweet potato, it’s one yuan in the lobby, ten yuan at the farmer’s market and fifty yuan for a five-star hotel. The same sweet potato has different values in different scenarios. Because of this deep cultivation, the farmer's market also looked for us, and the first-line funds also looked for us, thus establishing a cooperative ecology. With this kind of foundation, I think we can make hard technology and make big strides on certain foundations. This is our mission.
Wuyuefeng Capital Pan Jianyue: Wuyuefeng Capital had a slogan at the beginning of its establishment, "Professional achievement in the industry. We come out of the industry and hope to help innovative enterprises." In terms of suggestions for entrepreneurs, we must pay attention to the strategic resources behind the money, whether it is an industry vertical, whether it is a VC or a platform company, the strategic resources behind the money can help you when you really need it.
Zhongke Chuangxing Mi Lei: Our company's slogan is hard technology to change the world. In order to support hard technology entrepreneurs, we have done a lot of work. Hard technology was also proposed by me in 2010, and now it has been continuously recognized by the whole society. Including the general secretary also said that the science and technology innovation board should stick to its position, support and encourage hard technology companies to go public. After ten years of promotion, now hard technology Become the country’s discourse system, especially when the Fifth Plenary Session talked about technological self-improvement. Now technological innovation is at the top of all plans in China. Therefore, I think China will be the era of hard technology in the next 30 years. Technology entrepreneurs use hard technology to realize the Chinese dream together.
Yuansheng Venture Capital Chen Jie: We at Yuansheng Venture Capital do medical and health care. We hope that our entrepreneurs should be professional first, because medical treatment is very complicated, with medicine, equipment, and diagnosis. Every field has high professional requirements. There is also a sense of accomplishment in medical investment that benefits society. Many of the products we voted have really saved people's lives. We voted for colorectal cancer screening products. Our LP has detected colorectal cancer, and employees’ family members have been tested for colorectal cancer. We have a lot of medicines. Often LPs will ask me to buy medicines, and they will ask about cancer or certain treatment methods and methods. My company and our fund hope to make everyone live longer and healthier.
Host: is really great, changing the world, and living a happy life. This concludes today's round table. Thank you very much for your wonderful sharing.
