Ti media venture: how do you view the current venture market "low tide" phenomenon?
Huang Yungang:I was in the source codeFocus on early and mid-stage investments, invested in wuxin Technology, XYZ Robotics, Bota Bioscience, Silicon Bionics, Rubber Lu Technology, METiS Pharmaceutical and other companies. During the 12 years of working in the industry, I have experienced several downturns, some lasting for half a year, and some lasting for a year. This time, it seems to be more violent. Many internal and external environmental factors are intertwined, making the world become faster and more uncertain.
When the world is changing too fast, we always keep long-term thinking and separate short-term fluctuations from factors to ensure a stable investment rhythm during peaks and valleys.
Before the live broadcast, I asked my colleagues, we invested in more than 30 projects in the first half of 2022, roughly the same as the same period last year, we did not go crazy when the market was particularly hot, nor did we lie down when the market was cold.
Stick to my long-termism and believe that science and technology will continue to develop. Technological innovation, underlying innovation and application innovation cannot be completed in a year, and great companies will not be born in a year. Some technological innovation factors are also waiting for maturity, so there is no rush to invest all projects in the next 3-5 years.
In addition, "low tide" is a good time to focus on research and practice internal skills. During this period, we studied more about how to communicate with entrepreneurs and help them solve problems. On the one hand, it helped us invest, and on the other hand, our team also learned a lot.
so ， from For a long time,Come to see, we are for the market still keep optimistic 。
Titanium mediaVc home:From a five - and 10-year perspective, what are the opportunities that will emerge in the future?
Huang Yungang:The logic of opportunity is mainly scientific and technological innovation, and on this basis, the application of its underlying drivers in various fields and business models.
For a long time Field, Such as newEnergy, health care, industrial digitization,Consumer and other areas，Science and technologyThere will be a lot of changes in it;Short-term field，Such asYuan universe also Be likely to develop into A very big field，But you need toIn advance, cognitive 、 Layout.
In addition, the presentInnovation is no longer single the But more than field , multidisciplinary cross out of the new species。For example, it took us three years to develop the medical and health track, which was very difficult at the beginning, including biotechnology, physics, chemistry, pharmacy and other interdisciplinary subjects. Finally, it was carried out smoothly.
Therefore, our approach is to have an understanding of multiple fields and focus on one or two key fields. The knowledge background of multiple fields, understanding of business and environment will be clearer when we look at an industry and a business model.
Titanium media venture capitalistSource code capital investment projectThe underlying logicWhat is?
Huang Yungang:Technology is always moving forward, even accelerating forward, but it just needs to wait for some elements to mature,The pace of investment will not be too fast or too slow,This is our underlying logic。
Source Capital has always emphasized two things. First, the investment team is a team. Some investment institutions will be very detailed, and one team will focus on one field, which is good, but if the division of specialization is too detailed, there will be less communication among everyone, which will lead to a slow response to the new species of interdisciplinary, so we always insist that the investment team is a team.
For example, in 2020, we invested in a silicon bionic company that makes dynamic blood glucose meter. Its business is very cross. First, it deals with medical equipment, second, it needs accurate proofreading of big data, and the front-end enzyme has high technical requirements.