Chapter 1012

It is difficult for North American investors to have a clear understanding of the bubble in the 99 years of new technology, let alone domestic entrepreneurs.

Zhang Ke called Zhai Danqing and asked her to send some research reports on the wave of new science and technology industry. Formal and well founded research reports are more persuasive than a mouth.

"The long-term and rapid development of the global new technology industry, especially the Internet industry, is certain - in the early stage of the development of the Internet industry, its profitability is extremely limited, and its development is inseparable from the support of the capital market, so venture investors pay great attention to the trend of the capital market," Zhang Ke said with a smile, "The investment profit route you designed for Chuangyu is to build Zhuoyu into China's Amazon, expand the business scale as soon as possible, so as to win the favor of overseas venture capitalists, and finally be listed overseas. Chuangyu will be able to cash out and exit at that time - but this process will take two to three years as soon as possible. Unfortunately, the attitude of the capital market towards the Internet industry is not always hot It's like fire. Once the capital market falls into a trough, the listing plan will die prematurely... Having too high expectations for the enthusiasm of the capital market is the biggest defect in the plan and the biggest risk - as a standard venture capital model, it will naturally have a kind of tolerance for this risk, but there is still a great difference between venture capital and venture capital. The founding of venture capital The purpose is to support college students' entrepreneurship, obtain the favor of the capital market and finally be listed overseas. Naturally, it is the most ideal result. However, as the essence of venture capital fund, we should relatively reduce our dependence on the enthusiasm of the capital market and consider the development potential of the industry itself. "

"..." Zhang Ke's words made Ma Li and others close their mouths and bow their heads into meditation. His words also had a depth that Du Fei could not think about at ordinary times. Within Chuangyu, such as Shi Xuebin, Shi Xinfei and Dong Yuehua, they did not have a deep understanding of the difference between venture capital and venture capital.

"I did not deny the essence of this business plan, what do I mean by that?" Zhang Ke smiled. "We should say that a more conservative business plan with deeper thinking on the industry is needed, and that the amount of financing is five million, and ten million will be done."

"In the afternoon, the director of the association still discussed this. At least we have a clear idea now." Du Fei handed Shi Xuebin the plan. He didn't intend to occupy Zhang Ke's too much time. Now Shi Xuebin, Shi Xinfei and Dong Yuehua are all directors of the association. Meng le and Xi Ruolin went to the United States. Du Fei relies more on them in this regard, while Qin Gang and Xiao Yan are more responsible for the daily management of existing businesses. After all, the funds supporting college students' Entrepreneurship mainly come from Chuangyu Existing business profits.

Shi Xuebin said to Ma Li and his three partners, "we don't have to wait until the afternoon. Let's have lunch while eating..." and asked Zhang Ke, "will you join?"

"I'm all right?" Zhang Ke said. "You'll find a place to eat first..."

Let Shi Xuebin and Ma Li leave first. Zhang Ke, Du Fei and Chen feirong walk and talk in the back: "The capital market has always been prosperous and declining. The cycle of venture capital generally does not exceed two years. If the cycle is too long, it is difficult to make a prepared judgment on the trend of the capital market - venture capital needs to consider more the development potential of the industry itself. Considering that the investment cycle can be longer than venture capital, to be exact, risk is more like industrial speculation..."

Du Fei said: "if we don't consider introducing venture capital into this business plan, Chuangyuan will have to invest almost 100 million - it's too big for Chuangyuan."

"What are you worried about?" Zhang Ke smiled and said, "e-commerce will not be limited to the online sales of books, audio-visual, audio and other cultural goods. When you develop to the online sales stage of consumer electronic goods and even household appliances, Aida and Shengxin can consider injecting capital and holding shares -"

"Yes," Du Fei smiled. "To talk about the Internet industry, there are two mountains behind the global music online and Kunteng online to help create the domain."

This is the last financing and equity adjustment before Kunteng online's listing. In addition to Jinhu's left hand and Teng's right hand, it transferred most of the equity held by Oak Park venture capital to overseas companies, and only raised US $20 million from Goldman Sachs related venture capital. The US Nasdaq composite index has risen steadily in recent two years, and there are signs of acceleration. Kunteng online has passed this adjustment It will be listed overseas as soon as mid June, and the fund-raising work is in progress.

In addition to Kunteng online, global music online is an online genuine music sales store originally established to cooperate with the hardware sales of iPlayer. It is also an important Internet resource under the name of Jinhu. Years later, Toshiba and scober jointly injected US $60 million into global music online in exchange for 30% equity, which means that the market value of the remaining 70% equity in Jinhu's hands is US $210 million, which is only around Jinhu Invest more than 20 million dollars in global music online.

If only paper wealth is calculated, it seems that Jinhu's book profit on global music online is dozens of times higher than that of hardware sales - unfortunately, it is only book profit, and Jinhu is unlikely to cash in book profit in a few years this year.

"These are related to the long-term planning of Internet platform resources, which is also a major issue being considered by Jinhu at present," Zhang Ke said, "Just as Toshiba and scooter jointly injected US $60 million into the global music online website in exchange for 30% equity, it seems that this is a bold investment in the context of the wave of new technology, but for Toshiba and scooter, it is more important to consider the industrial layout."

"Jinhu's left hand and right hand have changed this time. Didn't Oak Park venture capital have more than 30 million dollars out of thin air? It should be able to do something," Du Fei said.

"Thirty million dollars can't do much," Zhang Ke smiled, "There are a lot of things to do. Now we have established Aida culture fund. It seems that it is great to build a library at the north gate, but will it be more meaningful to expand our thinking and build a digital library on the Internet - but this project is much more complex than building a physical library with two floors underground and six floors above the ground... These are involved To the segmentation of Internet content, platforms, users and other resources in the future -- "

"The digital library you mentioned was really put forward by a researcher of the Institute of scientific and technological information of the University. However, the scope he defined is very narrow and limited to the collection of data in professional fields, which should also belong to the category of digital library," Du Fei said, "I was introduced by Qin Gang. I didn't let Chuangyu take over because the problems involved were too complex..."

"He just puts forward ideas, or does he also have the ability to execute?" Zhang Ke asked. These days, creativity is a very cheap thing, or an investment trap. In the end, it depends on people's ability to execute.

"You have to give him hundreds of thousands to try before you know," Du Fei said.

The people introduced by Qin Gang should not be too poor in ability, but there are too many factors for success. For what investment funds have to do, they will not invest all the funds needed for development at once.

Since Du Fei has a strong interest in the Internet industry, Zhang Ke also hopes that Chuangyu can do some basic things in a down-to-earth manner. As long as the pace is not too big, even if Chuangyu will encounter the cold wave of the Internet, it will not be much trouble for Jinhu. After all, basic things must be done, and this resource should be grasped in his own hands as much as possible Get your hands.

Zhang Ke is still quite idle during this period. Whether Samsung, Kewang backed by Mitsui and Huaxia electronics, or Yanjia and Hongxin construction, they are busy with industrial layout.

When the time came to 99 April, the financial turmoil in Asia finally blew away. The new technology economy is booming. Although brewing bubbles, it is a great help to the economic recovery. Singapore and Malaysia first released the signal of economic recovery. Hg Samsung's financial pressure has also been greatly relieved, and has continuously announced its investment in China. According to the plan, Kewang has the support of Mitsui and Huaxia electronics, and its manufacturing base in Jinshan is becoming more and more prosperous. For Yan family, ICT bank has expanded its business to Donghai Province, which can be regarded as one of the two veins of Ren Du for Hongxin's real estate business in Donghai Province. At least there is no need to worry about financial pressure, which must be the most rare guarantee for an enterprise Certificate.

Zhang Ke has nothing to do. During the weekend, he spent two days with Du Fei, Shi Xuebin and others, as well as Ma Li and Yang Weiyi, who submitted the business plan, in the office of the association to study the business model of e-commerce websites.

Amazon has achieved great success in North America, but Amazon's business model can not be simply imitated in China. The development of domestic e-commerce can even be described as a long way to go.

"In North America, online credit card payment is quite popular, while in China, it is a big country for cash transactions. People are not even used to remitting money at the post office..."

"North America has ups and FedEx logistics enterprises covering the United States and even the world. Compared with the prices in North America, logistics costs are low. China's postal express charges are expensive and the service is not ideal. The coverage area of Intercity Express and urban express companies is narrow..."

"Consumers in North America have a mail order tradition and have long formed a mail order business model. They have a high recognition of online shopping. For Chinese consumers, online shopping is as reassuring as' buying cattle across the mountain..."

"Consumers in North America have high tolerance for delivery speed. Amazon usually delivers after seven working days, while the patience of Chinese consumers is very limited..."

The details that were not paid attention to in the original business plan were listed one by one on the blackboard of the office of the association and discussed.

As a well-known student bookseller in Jianye, Ma Li, Yang Weiyi and others have laid a certain foundation in the physical sales of books. They have a physical Bookstore covering an area of more than 200 square meters in Jianye Book Mall, which provides storage, logistics distribution, supply and other support for his previous college sales network. Although the previously established online sales network of books is limited to a few parts of Jianye But they have initially taken the first step in the transformation from physical commerce to virtual commerce. They sell books and audio-visual products on their personal websites, sell some electronic products for students, and even combine with a flower shop to launch flower ordering business on the Internet. However, the previous online sales were only limited to Jianye University group and organize work study universities Students ride bicycles to form a perfect distribution team, and it is aimed at the group of college students. Once the whole business model is extended to the whole country, it is difficult to imagine the increased difficulties in the face of the whole online consumer group.

Relatively speaking, it is simpler to build an Internet sales platform.

Creativity and conception are always cheap. What is really valuable is the ability to realize creativity and conception step by step. Investing in business solutions is better than investing in people who put forward business solutions. If you invest in the right person, a seemingly poor business solution can also make profits; if you invest in the wrong person, no matter how perfect the business solution is, there is no bottom hole to fill.

Zhang Ke and Du Fei finally decided that Chuangyu would inject $5 million into Jianye Kewen, a partnership of Malone and Yang Weiyi, to establish a joint stock limited company, establish a database for collecting and selling Chinese available books, and develop zhuoyu.com (.) online book sales business. The founders of Jianye Kewen, such as Ma Li and Yang Weiyi, applied to the school for suspension and devoted their energy to the development of the company.

Donghai university has not made great achievements in the development of University industrialization. For example, there are founder and bluebird in Peking University, Tongfang and Ziguang in Tsinghua University, but there are no famous technology companies under Dongda Technology Development Corporation, which is also the weakness of Dongda's weak foundation in China.

In the past two years, Dongda has also made great efforts in industrialization. It has taken down more than 200 mu of land on the east side of the campus, invested in the construction of Dongda science and Technology Park, supported science and technology entrepreneurship projects, and jointly established a science and Technology Park entrepreneurship fund with Oak Park venture capital fund. Naturally, it has the cheek to regard Chuangyu as a typical example of the industrialization development of Dongda. After all, Chuangyu online school also holds 30% equity.

Chuangyu injected capital into Kewen to develop Zhuoyu online book sales business, which was also strongly supported by the school. The school not only supported Ma Li and Yang Weiyi to suspend school and start a business, but Dongda science and Technology Development Corporation also injected an additional 3 million to jointly hold 49% equity of Jianye Kewen with Chuangyu, and Ma Li and Yang Weiyi held 51% equity of Kewen with their original resources.

The new science and technology company will also move into Dongda science and technology park to make preparations before officially launching online book sales business.

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