The wave of entrepreneurship in 2019 is still there, looking at the world, the United States and China are still the world's largest entrepreneurial countries, which is in line with the distribution of the current economic volume, which is unchanged in change.
There are six trends in terms of entrepreneurship. The first trend is pragmatic, focusing on the commercialization prospects. Model innovation is at a low ebb, and the era of no application scenario support and single talk about artificial intelligence technology has passed. It also depends on the value of the product, the commercial performance, and whether it is recognized by the user. The second is to shift from model innovation to a model based on technical barriers and innovation-driven development, and it is necessary to improve the level of all factors and production efficiency of the whole industrial chain. The third is to move from virtual to value realization, and we need to see tangible financial returns on investment. The fourth is the development of investment towards specialization. The fifth is that entrepreneurs are maturing, the pressure of survival makes everyone down-to-earth, and the maturity of entrepreneurial projects is higher than that of three or five years ago. Sixth, the number of first-time entrepreneurs is slowly decreasing, the proportion of second- and third-time entrepreneurs is increasing, and the entrepreneurial population as a whole has more industry accumulation and experience precipitation than before.
From the perspective of investment institutions, after the new asset management regulations came out in March 2018, the upstream water was cut off. But this has a positive effect on the long-term development of the industry, the current GP is too much, many unprofessional. If it goes well, the industry can be eliminated by 70%, and even if it is not smooth, it can be eliminated by at least half. The private equity investment industry has entered a period of development in which the survival of the fittest continues to open up the future.
Looking forward to 2020, I boil it down to "one horizontal and one vertical, must occupy one": technology or industrial chain. It is difficult to succeed without both. The industry should further focus on two dimensions, one is to be a professional investment institution, can see cases that others can't see, or has the bargaining power that others can't have. The second is to act as a leading listed enterprise in the industrial chain, take the heavy vertical industrial chain as the representative advantage to do its fund, rely on the overall dominant position of the industrial chain, expand its integrity in the industrial chain, and establish an ecosystem.
The establishment of the science and technology innovation board in 2019 is a great strategic outlet, and one of the important significances is to liberalize and clarify the criteria and mechanisms for delisting. From 2010 to 2018, China delisted an average of 3.9 companies, with an average annual delisting rate of 211 in the same period; the average annual delisting rate of the New York Stock Exchange and NASDAQ was 6% and 12%, respectively, and the number of delisted companies was roughly the same as the number of listed companies. A market light can not go in or out is the problem. Secondly, the establishment of the science and technology innovation board is conducive to the construction of a closed loop of venture capital ecosystem, and the strategic success factors are more complete, which is conducive to China's formation of a scientific and technological innovation country, and accelerates the concentration of private equity primary market investment funds to the head, which is more distinctive and professional. In addition, the multi-level capital market has further developed and optimized, objectively reducing the threshold for listing, which is conducive to promoting the development of the science and technology innovation industry.
Overall, investing will become a more professional thing, and investors will be able to understand the fundamentals of the company and trigger a return to reasonable valuations and prices. Compared with the current situation of Chinese and American venture capital, silicon valley's original technological innovation is more mature, which is related to the maturity of the entire market and the country. China is much less tolerant of entrepreneurs than the United States. In terms of the transformation of technological achievements that we are concerned about, we have now given a lot of policy support in this regard, and the state has also attached great importance to it, but the problem still exists, and the traction of the entrepreneurial market is not enough, but this is the direction we make up and strive for, and it is also an opportunity for Chinese venture capital institutions. (Wang Ge/Wen The author is the managing partner of the fund)
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