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Wuyuan Capital Liu Kai: Pay attention to the underlying variables of science and technology, bold assumptions, carefully verify

via:凤凰网     time:2022/6/20 14:02:16     readed:83

Titanium Media Note: "The Young Partner of the Wind Broken Waves" is a topic planned by titanium media venture capitalists. It invites 10 young partners of top -flow investment institutions to dialogue in the second half of 2022 The investment wind direction and new opportunities in the Chinese venture capital market.

The following is a dialogue between Titanium Media Investment and Liu Kai, a partner of Wuyuan Capital.

Titanium media venturer: Will the end of the epidemic affect the investment rhythm?

Liu Kai:We still keep working normally.

Last month we opened the office of Shenzhen in South China. At present, there are four offices in Beijing, Shanghai, Shenzhen, and Hong Kong. Many friends ask us why you still have to expand against the trend at this time?

We are also recurring, why should we open the South China office? In fact, in the past few years, a large number of scientific and technological projects we have invested in Guangzhou and Shenzhen. After most of our colleagues have also seen the project party and investing here, based on this, we decided to add manpower locally, serve local investment, and local ones. Entrepreneurs and peers communicate.

Although there are really many fluctuations in short -term markets or macroex, the fundamentals of China are still booming.

Titanium media venturer: According to your investment observation, what changes have taken place in the corporate service industry in recent years?

Liu Kai:It is very different. The five sources will be invested from early to the growth period, and many companies have also witnessed many companies going public.

Investing in enterprises around 6 or 7 years ago, China was a poor market. At that time, the theme of investment was infrastructure construction. In the large market, the infrastructure must be first, similar to the first infrastructure of the economy to build the road, and then the power of the economy, and then power.

Software has developed very slowly because there is no foundation, but the development of clouds is fast, including big data and underlying databases, PASS, which are the first conditions for Chinese software and digital markets.

In the earliest years, we have invested in some companies that are facing the next generation of data infrastructure, such as pingcap, and now have grown into a unicorn in the industry. This is the development of the first stage of Chinese enterprise services.

Chinese corporate services are very interesting. Many investors and entrepreneurs are skeptical about this. Everyone thinks that corporate services have been doing many years ago. No large enterprises have appeared so far. Fabilia?

As a science and technology investor, we look at the bottom variables. For software companies in the past ten years, the underlying variables are completely different from the previous generation of enterprises, such as cloud technology, big data technology, and the evolution of computing technology. Development, enterprises must not be the air tower, and the changes in technology have built very deep applications on it.

There are some small waves under the waves in China. There are some new sub -fields under the large industry every 3 to 4 years. Our own investment logic also slowly transitioned from early to the next -generation software infrastructure to vertical industry applications.

As an early investor made a decision, the real verification cycle is at least 5 to 6 years, and it may take 7 to 8 years to verify the assumptions and premise of investment. Trends, bold assumptions and careful verification. Although the capital market often changes, we still pay more attention to the underlying variables of technology. Pay attention to the underlying variables of technology, boldly assume and verify carefully,

Titanium media venturer: What kind of entrepreneurs will attract the five sources?

Liu Kai:The five source has a characteristic, and we have been maintaining a very "restrained" fund scale and personnel composition.

We may be the least personnel in the same category fund, and the frequency of shots every year is not many. There is a very high standard inside us called "long -term examination". Thinking about long -term, intensive cultivation during investment, planting a small amount of seeds, growing with them.

Wuyuan's quality requirements for the founders are very different. We hope that entrepreneurs can have some long -term thinking and have the ability of entrepreneurial spirit, leadership and continuous learning.

This is related to our early investment. I used to grow up with an entrepreneur when he had only one IDEA. The process may not be smooth sailing. Investors and entrepreneurs will experience these problems, and investors can spend limited energy, try to reduce their time in the invalid industry.

Titanium media venturer: At present, there are many small and medium -sized SaaS companies in the country, and the objects they serve are also small and micro enterprises, but large platforms such as Ali, Tencent, and Baidu have also proposed to transform into the SaaS field. Under the heavy pressure of the giant, what do you think of the future development space of small and medium SaaS companies?

Liu Kai:This touches the fundamental issue of an industry. Looking at the rules of the large industry, the previous -scale enterprise service companies that have not served small enterprises in China have served large -scale companies, because Chinese and large companies have money, which can ensure that the enterprise sufficient cash flow and more stable. The loss rate and paid capacity of small and medium -sized enterprises are poor, which is the main reason for paying for small and medium -sized enterprises.

The addition of giants has greatly enhanced the penetration rate of corporate service software and digitalization. If it depends on entrepreneurial companies to educate customers, it will take a very long cycle.

The development history of the US business service industry is simply revived, and they have also spent many years to the education market. The digitalization of most Chinese companies is completed between 5-10 years? Although the degree of digital depth is different, everyone already has basic concepts. from industry From the perspective, the giant's entry is a very good thing. It has educated customers

On the other hand, we are also encouraging entrepreneurs. If your product can be combined with the giant, it is a very good thing to cooperate with the giant. Putting products and business on a large platform and rely on giants to obtain customers or build together. There are many successful cases in the symbiotic model abroad.

TO B and TO C are very different. To C is a platform effect winner, and the monopoly effect is very strong. To B is more like a rain forest. The rainforest must have a high tree, but there must be a lot of shrubs under the tree to prosper the entire ecology.

Although the giants have entered the market, there are still 20 or 30 million small and micro enterprises in China. These companies are very difficult to reach. They are distributed in all walks of life. The giant resources are limited and may not be fully touched. So we recommend that small and medium -sized enterprises aim

The customer group that the giant cannot reach has a large number of blue -collar, agriculture, architecture, etc. in China.

The giants are subsidizing the market, but there are many industries that do not mind paid. Instead, they need to provide more in -depth and customized services. This kind of demand exists in large quantities, which also breaks many people's service market for the Chinese enterprise service market. question.

In a place where the giant's commercialization is not deep enough or abandon commercialization, SMEs have the opportunity to pick them up and build their own moat.

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