On January 14, the 14th Entrepreneur Annual Conference hosted by Entrepreneur &i Dark Horse was held online, with the theme of "Based on Specialized Characteristics and Insisting on Heavy Verticality".
This year's Annual Meeting of Entrepreneurs will be broadcast live through WeChat video number, entrepreneurial dark horse DingTalk, Sina Finance, Securities Times, Sina Weibo, Sina News, Daily Economic News, Oriental Wealth and other platforms. The annual meeting was watched online by 1.8152 million people.
Li Zhu, founding partner of Inno Angel Fund, is the winner of the "2021 Specialized New Investor".
Li Zhu's reason for winning the award: He is a "little Li flying knife" who invests in scientific and technological innovation. Since 2013, he has led the team to invest in 500+ projects in more than ten cities, including 6 national-level "little giant" enterprises and 7 provincial-level specialized new enterprises. Previously, Meituan, Desheng Technology and other 3 enterprises successfully landed on the Hong Kong Stock Exchange and the Shenzhen Stock Exchange. This year, a number of companies will be listed on A-shares and Hong Kong stocks. Investing in The X Era, he said, is about finding "certainty" in uncertainty.
After Li Zhu won the award, he delivered a keynote speech. He mentioned that specialized new small and medium-sized enterprises have the characteristics of specialization, economy, specialization and innovation, and specialized new projects are also representatives of scientific and technological innovation in their respective subdivisions, many of which are hidden champions, have capital value, and can also empower the real economy.
"In the next decade, the most certain thing will be the technology startup project." Li Zhu said: "Our focus is to make a good choice, according to our standards to select some specialized and new entrepreneurial teams to help them start a business. ”
The following is an excerpt from a speech edited by i Dark Horse:
Specialized special new is the new trend and characteristics of this era, from the recent economic form, GDP growth began to slow down, if you want to break through the bottleneck must focus on improving GDP, specialized special new small and medium-sized enterprises have the characteristics of specialization, economy, specialization and innovation, specialized special new projects are also representatives of scientific and technological innovation in their respective subdivisions, many are hidden champions, with capital value, can also empower the real economy. Therefore, China must take the road of specialization and specialization, and we must also choose special new enterprises to invest.
In terms of the search for specialized new projects, we summarized that there are three sources of innovation first: the first is the compound and the institute, the second is the large enterprise, and the third is the national defense and military industry. We lay out these innovation sources and invest in projects before series A rounds. After the investment, we will also empower start-up enterprises, for example, docking some landing scenarios, docking some industrial capital, investment funds, etc.
Now, for investment institutions, the time for the project to form a consensus is getting shorter and shorter, in the past, it took 1 year or even more than 1 year to get the recognition of the VC after the angel round was completed, and now after investing in a company, it can get the next round of investment in 6 months.
In terms of specialized new projects, there are three types of enterprises we pay attention to, the first is subversive and innovative, the second is the "card neck" type, and the other is import substitution, and the first two types are our investment priorities. Let's look at the companies listed on the ChiNext board and the science and technology innovation board (these two sectors have relatively strong scientific and technological attributes), about 1400 companies, the market value of more than 10 billion is about 25%, more than 30 billion is only 7.8%. This proportion is actually not high, so we need to look for this kind of company with a certain market space, which requires us to combine the non-consensus of investors with the forward-looking of founders.
Entrepreneurs with forward-looking projects will often do better, he has a long period of accumulation, can see what other entrepreneurs do not see, but some forward-looking may not be recognized by all investors, this time needs the non-consensus of investors to support these projects.
How do investors choose new projects and teams that specialize? We've also summarized two points:
First, using top-down industry research, we believe that no investor can make money outside of cognition, so we must study what kind of innovation in the entire industry chain is the most valuable, including research within investment institutions and the interconnection of senior industry experts.
Second, we also have our own selection criteria, entrepreneurs, we will find entrepreneurs with pattern, learning and self-examination ability, will find people; team, we will find a team with a deep understanding and accumulation of the industry; projects, we will find innovative, growth projects, so in the specialization of new ideas we pay more attention to its advanced technology and growth in the market.
In addition, the special new also has an impact on the venture capital industry: first, it is good for early investment institutions, and the Beijing Stock Exchange provides exit channels; secondly, it is also very helpful to the rise of industrial capital; third, many industry executives and professionals have also begun to do angel investment, they have an understanding and cognition of the industry, and through the investment of entrepreneurs in their own industries, they have a promoting effect on the entire industry.
Looking to the future, we investment institutions also have two expectations for specialization:
First, we hope to inject new momentum into the transformation of scientific and technological achievements, and the liquidity brought by these investment institutions in the early days will encourage more and more institutions to participate and open a new entrepreneurial era.
Second, we hope to truly implement the registration system and help these scientific and technological innovation talents to innovate and start a business. Like the ChiNext board, whether it is issuance, follow-up financing and other approval time is relatively long, so we hope that the Beijing Stock Exchange, the science and technology innovation board in this regard to go a little further, we also hope that these companies can be listed faster, without queuing up as in the past, when the entire capital market is perfected, it will definitely bring great help to the new enterprises of specialized specialization.
