Wang Feng, the founder of Mars Finance and the founder of the Blueport Interactive, talked about the Jinshajiang Venture Capital Partner and the "Unicorn Catcher" Zhu Xiaohu in the "3 o'clock Mars Finance Blockchain Learning Growth Group".
In the conversation, Zhu Xiaohu talked about the blockchain. It said, “For the blockchain, I don’t see an application scenario that must use this technology. This is the biggest problem. And the whole chain seems to be I don’t know much about the application scenario. If the blockchain is a real wind, it will definitely give birth to such a multi-day application. Unfortunately, I still haven’t seen it until today.â€
Zhu Xiaohu also said that the blockchain is more likely to be a pseudo-wind, but even if it is a real vent, there is no need to worry. Any innovation is going through Death Valley. He also said that it is illegal for most so-called civilized countries to conduct private placements for so-called unqualified investors who have no professional investment experience. He himself, Jinshajiang Venture Capital Fund and all employees of Jinshajiang have not participated in ICO.
The following is a dialogue between Wang Feng and Zhu Xiaohu:
Why did you cast a handle instead of the US group 1 or 8 years ago?Wang Feng first asked: When I first met you, it seems that in the summer of 2010, we were in a restaurant on the second floor of the Zhongguancun Ideal International Building. To be honest, when I first saw you, I felt that you were born with three arrogance. Then again, we talked very happy. At that time, I just started a geek with CSDN Jiang Tao, and I plan to invite you to be my LP. I remember that you were very excited to introduce me to the project you just completed, the handle network, and the founder Wu Bo is full of praise. Time flies, how do you evaluate Wu Bo at the time?
Zhu Xiaohu: To be honest, few people think that I am proud. Cheng Wei also let me sit on the cold bench for half an hour.
When I saw it at the time, Wu Bo was really very thoughtful, or really wanted to do things.
He had previous experience in focusing network. He knew how to promote it. How to speed up it quickly. These early experiences were really helpful. So we started to shoot at the beginning of the group purchase. It was correct at the time.
Of course, there have been many problems, and the handle is falling behind in the long-distance running. This is also a great lesson that every startup needs to learn.
Wang Feng: Haha, in fact, Wang Xing has beaten all the competitors of Groupon in the next few years, including the handle network. Wang Xing at that time may have looked for you. How do you evaluate Wang Xing at that time?
Zhu Xiaohu: I have known Wang Xing for many years. When I was watching the group buying website, we did compare the handle and the US group. I had dinner with Wang Huiwen years ago, and we also talked about the story of the year. We were going to buy a group at the time, and when we did the best, we asked the people who bought the company before Wang Xing. Then, there is no more... So I and Wang Huiwen said, we have a look back, and we should do what we should do in the future, and who to do, is still very particular!
2. How do you view the title of "Unicorn Catcher"?Wang Feng’s second question: I don’t know what year it was. The media added such a title “unicorn catcher†in front of Zhu Xiaohu’s three words. Sequoia Shen Nanpeng, IDG Xiong Xiaoge and Zhou Quan, who are earlier than you debut, even have a somewhat overbearing Saifu, and there is no such name in front of the name.
What is the secret of your continuous capture of these unicorns? Do you enjoy such a name? Why do you think the media calls you a unicorn catcher?
Zhu Xiaohu: To be honest, we do not recognize the "catcher". We and the entrepreneurs are mutually reinforcing and mutually successful relationships. There is no saying that who is the catcher and who is the prey.
Zhu Xiaohu: There are too many unicorns now, and there is no need to pursue this concept too much. Investors and entrepreneurs must have achieved each other. Without the efforts of entrepreneurs, there is no capital we brag.
3, ofo and Mobai are not me calling aroundWang Feng third question: What is the relationship between you and the entrepreneur? Which of your many portfolios do you most admire? What advice have you given to entrepreneurs? What have you learned from entrepreneurs?
We have invested in many very good founders in the past. Like Cheng Wei, Zhang Xuhao, and Zhuang Chenchao, they are all very typical. They have very strong learning ability. Today's Cheng Wei, Zhang Xuhao, Zhuang Chenchao and our year when they voted for the A round are completely different.
We look at the early Chinese Internet companies and the development is very, very fast. If a company's annual income, number of employees or number of users grows three or four times, many entrepreneurs can control it, but if it grows dozens of times, dozens of times, or even hundreds of times, I think many entrepreneurs can't control it. However, Cheng Wei, Zhang Xuhao, and Zhuang Chenchao have very strong learning ability, and they have set a very good example for us.
Wang Feng: Well, when you merged foro and Mobai, the founder of ofo, Dai Wei, said, “I think as an entrepreneur, we are also very grateful to the capital, because capital has helped the rapid development of the company, but I also I want to say that I think capital should also understand the ideals and determination of entrepreneurs. It is a process of positive interaction between entrepreneurs and investors, common development, problem solving and serving the society. What do you think?
Zhu Xiaohu: I will clarify a misunderstanding here first. Before I said the merger, it was not that I called around.
It was said in an economic forum in Fudan, a very private academic exchange, which was later leaked out by the media.
To be honest, the investors of Ofo have seen the money and have worked together on many projects. If the startup team is really for the benefit of the company, they are willing to continue to fight, even if they are hit by the mountains, as investors, We and our brothers fund will support it.
Wang Feng: I am not so sure, whether you are in a strong position in the entrepreneur company. I noticed that from the time you cast the net, every time you vote for a project, you spare no effort to stand for the entrepreneurs, and even rush to the front to attack the competitors. You are not as cautious as the general VC to open the project. It is stated that sometimes your status is like an entrepreneur than an entrepreneur. Is it because you have a strong desire to win in your heart?
Zhu Xiaohu: The strength is a misunderstanding of the outside world. In fact, early investors and entrepreneurs must be closer. Moreover, the style of our Jinshajiang Venture Capital is that only one company is invested in a track, so the interests of us and entrepreneurs are also highly consistent.
Many times entrepreneurs need us to help the platform, we discuss together, how to cooperate with each other is the best, there is no problem I have to rush to the entrepreneur.
Wang Feng: Weakly ask, do you think entrepreneurs are afraid of you?
Zhu Xiaohu: Why are you afraid of me?
Wang Feng: Isn't it?
Zhu Xiaohu: We all respect each other and achieve each other. We just mentioned that we have done the best thing. The best thing for investors is to ask the entrepreneurs they have invested.
And to be honest, we only started at the beginning of the investment. In the first few months, we might exchange more points and explore a little more. After we really got on the track, we basically let go. Like drops, hungry, in the later stages, we basically rarely participated.
We have always said that entrepreneurship must be based on entrepreneurs, and our investors are just hitchhiking. I would also like to thank all the entrepreneurs and brothers and sisters who are fighting with us!
4. How to work with a venture capital partner?Wang Feng: The fourth question is that Jinshajiang Venture Capital was founded in 2004 by Ding Jian, the former CEO of AsiaInfo Technology, and you joined in 2008. Why did you mention Ding Jian, but Zhu Xiaohu? What is your relationship with Ding Jian? I have seen Ding Jian, in my eyes, Ding is a full-fledged entrepreneur who has a strong technical background, with a strong engineer temperament, restrained and subtle. How does Zhu Xiaohu, who is a high-profile public in the eyes of the public, work together with the introverted and implicit Ding Jian in the office? (Ding Jian is returning to China with He Tianning and founding one of the founders of AsiaInfo, the first company listed on NASDAQ)
Zhu Xiaohu: Lin Renjun, Ding Jian and I, all of us are partners in Jinshajiang Venture Capital. The complementarity between partners is very important.
Ding Jian is very good at the forward-looking technology. He began to pay attention to artificial intelligence several years in advance, which is his strength. And his network in the technology circle is also very broad and extensive.
Wang Feng: Ding was originally a CTO at AsiaInfo.
Zhu Xiaohu: As a venture capital fund, the skills and social circles among several partners, including personality, are best complemented, so that the judgments and decisions made by everyone will be more comprehensive.
5. Why do you love others?Wang Feng’s fifth question: When I say it again, I found a very interesting phenomenon: Chen Weixing has smashed N people for a while, and you have smashed different people in the past M times. In my heart, both of you have It will be awkward. Before, you were also the first to get Pony Ma for ofo and Moby. Speaking of the truth, I still appreciate the strength of your daring.
My question is, is your character who dares to openly criticize others since childhood, or has it only been in recent years? I seem to have asked Chen Weixing a similar question last time.
Zhu Xiaohu: I have no sluts, no hobbies, not even this character!
I was on a business trip and saw a small yellow car on the road. I sent a circle of friends. I didn’t expect Pony to take the initiative. We just discussed the technical issue of this lock in the circle of friends.
We are not swearing at all, that is to reason, we are discussing a technical issue on the matter, and the truth is not clear.
Wang Feng: It’s a big sensation. Have you discussed it before?
Zhu Xiaohu: Nothing at all, no need.
When we chat with entrepreneurs, sometimes we do deliberately ask challenging questions to test the entrepreneur's personality and responsiveness.
6, prefer to play games?Wang Feng sixth question: I did not expect that you have so much like to play the glory of the king. The glory of the king is the MOBA mobile game launched by Tencent. The MOBA Chinese translation is a multiplayer online tactical competitive game. This type of game is different from MMOARPG. Players can choose a favorite character at will, without long-term upgrade, collection and synthesis to cultivate themselves. The power of the character. But when you come up with a word of disagreement, it is black. Is this related to your personality? Are you playing a game like a small hobby?
Zhu Xiaohu: From the investment point of view, the game itself is a big track (and unfortunately missed the Blue Harbor). When we do early investment, what new things have to be seen, experience, learn, you know that this product is good, why can it be fire.
In the case of the glory of the king, it is a five-to-five, and its word-of-mouth communication effect will be very strong, contributing to the rapid accumulation of users. In fact, there are still a lot of details, it is very particular about it, and it is definitely not experienced without playing!
I am also playing chicken recently. The king is honored to do 20 million days in 10 months. Chickens can do this in 4 or 50 days. You need to play by yourself and you will really experience the reasons behind their success.
Wang Feng: sweat, don't miss Mars Finance
Zhu Xiaohu: Mars A did not find me again.
7, have not seen the application scenarios that must use the blockchain are in the speculationSeventh question, in the recent stage, you always question the user activity and real social value of the current blockchain project, and a large number of blockchain entrepreneurs are disgusted with your opinions. Even Ying Shuling, who is a hero of mutual entertainment, bluntly said in the circle of friends that "you are old." Have you ever thought that you are not optimistic about the blockchain, maybe you are really old? Have you noticed that most of the entrepreneurs in the current blockchain are exactly the age group you are focusing on?
Zhu Xiaohu: As an early investor, we are curious about any technology.
But I am more concerned with the use case. Not only the blockchain, I see any entrepreneurs on the track, I will ask him first, what problem do you have to solve? Does this demand exist? Is the pain point enough? You have to figure this out first, and then look at what kind of technology is most appropriate.
For the blockchain, I don't currently see an application scenario that must use this technology. This is the biggest problem. And the entire chain seems to be intimate with the application scene.
I am most afraid of entrepreneurs to talk about concepts as soon as they come up, saying that I am doing big data and doing artificial intelligence. This often means that the entrepreneur did not figure out what he wanted to do.
Therefore, the key to entrepreneurs must be clear, what problem you have solved, whether this pain point is enough pain, what value you provide to users.
How about the data of the blockchain game, you have more say.
Wang Feng: Have you seen books about blockchain technology or business? What do you think of Ethereum and EOS?
Zhu Xiaohu: I have read a lot of articles in this area. When I was in Silicon Valley last summer, the blockchain and ICO were already very hot. We also learned about it. At that time, I found some team chats.
Ethereum is a relatively successful application, but there are still many technical problems so far. Moreover, in the application of Ethereum, there are basically no other applications that are really active except for the currency.
Wang Feng: Xiao Hu, are you using metaphysical materialism to look at the new world of today? Haha. How to say it, this is like the opportunity to deny the software industry before you see the excellent office software on DOS. Or, for example, you don't see the Internet industry's opportunities in applications, consumption, and entertainment until you see payments, e-commerce, social networking, and games on the Internet.
Indeed, the general new technology, the game is the first to land, but we also need to see the data.
Wang Feng: Professor Zeng Ming said very well when he asked ten questions. What is the sign of the so-called fengkou? It is the birth of a ten-day-old application. This is an important indicator.
Zhu Xiaohu: If there is a large-scale subdivision track, if there is a ten-day live application, it means that the industry can really be worthy of attention.
This was the case with the mobile Internet. In 2007, the first iPhone was released. In 2009, the first game that was popular around the world, Angry Birds, was a very iconic event.
If the blockchain is a real vent, it will definitely give birth to such a multi-day application. Unfortunately, I still haven't seen it until today.
We are more concerned about the number of daily users.
Wang Feng: The drops and ofo you invested in have brought revolutionary changes to the traditional world. Why don’t you embrace it when another new revolution emerges today, but to suppress this direction? When the drip just came out, I also encountered various problems, including policies, including the passengers who had encountered dangers. When theo appeared, there were also a lot of chaos and unloading, which brought great pressure to the urban management. Why are you able to tolerate these things, but instead of a new era, there are some problems in the blockchain, but you can’t accept them at once?
Zhu Xiaohu: We have always been happy with the promotion of social development by new technologies, but the core is that users really like to use them.
Didi and ofo are really convenient for people to travel, and there are tens of millions of users playing every day, which is of great social value. Although there will be some problems in the early days, this is normal and can be solved. The biggest problem with blockchains is that no one is used above except for speculation.
We talked about the blockchain topic because it is directly related to ICO. If we only talk about the blockchain technology itself, there is no problem, and we are not questioning technology. The concept of "artificial intelligence" has also been raging before, and it will not be denied in the past 30 years.
Most blockchain entrepreneurs, we asked him about the business model, he is a big circle, and finally shyly said, the currency ... that currency is a problem.
Private placements for so-called unqualified investors who do not have professional investment experience are illegal in most civilized countries.
Moreover, bullying the weak and harvesting the weak, I feel that it is not only unacceptable by law, but we can't accept it morally. We are not morally clean, but we have the bottom line. First, we will never do anything illegal. Second, we will never do anything to harvest the weak and bully the weak!
I have said in a circle of friends that Ruibo has a very good concept, but how many real users are there in the same way, how many real transactions are running on it?
My constant point of view is: First, what problem do you want to solve, and then what kind of technology and team you need to solve the problem.
8. The influence of family on Zhu XiaohuWang Feng eighth question: You wrote in the WeChat circle of friends: people gather together, and do our "classical Internet investment" with peace of mind, earning money that they can understand, earning money that can sleep well every night, earning peace of mind Tell your daughter Dad what money to make money! I subconsciously reacted, Xiaohu, you must be a good man who loves his family, a good father who loves his daughter. I heard that your father, Mr. Zhu Deming, is a great mathematician, and you have been a math genius since childhood, and won the first prize of the Shanghai High School Mathematics Competition, the first prize of the National High School Mathematics League, and the American Mathematical Invitational Tournament. The prize was sent to the pilot class of Shanghai Jiaotong University to study the communication project. How much influence did your father and family have on your growth?
Zhu Xiaohu: My family's cultivation, my greatest benefit is to teach me rational thinking. Therefore, I have been paying attention to the investment. In the end, what problem is solved, is this problem real, what value is created for the user, and whether the unit economic model can run through.
Facing the advice of the next generation, keep thinking rationally and don't blindly chase hot spots.
9, the blockchain pseudo-wind is likelyWang Feng ninth question: In fact, I think that whether it was last year’s Wang Xuezong, you or Chen Weixing and Ying Shuling, you are confronted by you and are amplified by the media, because you are still at the center of Internet investment, they are I hope to get your recognition. I want you to say the truth today, is there any place in the blockchain that makes you feel valuable?
Zhu Xiaohu: To be honest, we really didn't feel that we were at the center of Internet investment, just fortunately caught a few waves.
Similarly, for the blockchain, we are always concerned about whether there are any real application scenarios that can be reached.
I don't see an application scenario that must use this technology. This is the biggest problem.
Solve this problem before you can talk about value.
The Jinshajiang Venture Capital Fund has always focused on the Internet, and has some layouts in the consumer Internet, enterprise services, artificial intelligence, and so on.
As far as the blockchain is concerned, Li Xiao is very good before, don't worry. We are more likely to judge this as a pseudo-wind, but even if it is a real vent, don't worry, any innovation is going through Death Valley.
Shuai Chu also said that 90% of the virtual currency will return to zero after 2 years. We are talking about 99.99%. Whether it is 90% or 99%, it means that this is a huge risk. I really want to do things in it. Whether it is investment or entrepreneurship, going to the right side of Death Valley, I think it is more appropriate.
Like the previous Internet, it has also experienced Death Valley. Amazon was founded in 1996, but even if you did not vote in 1996, it will be very profitable after the Internet bubble burst in 2000. NetEase also used to have a stock price that fell below $1 (now 300), and it was the same for entrepreneurs. The Internet company established after the bubble also ran out of the giant.
The same is true of the mobile Internet. Before the smart machine came out, there were still 10 years of functional machine era. At that time, there were entrepreneurs who had done WeChat in the functional machine era and made tens of millions of users, but now these companies are gone.
Any technology that has just developed will have a bubble period, and then there will be a death valley soon. I think entrepreneurship and investment can be entered on the right side of Death Valley. Don't worry, be eager to enter the market!
Wang Feng: Zhu Xiaohu Are you a fengshenist? Lei has always talked about the wind.
Zhu Xiaohu: I don't care about the feng shui. I have always been concerned about one thing, what problem is solved and what value is created for the user.
10. Have you invested in the Deep Brain Chain project?Wang Feng: Have you invested in the Deep Brain Chain project? Many people asked me to ask you this question, please tell me the truth.
Zhu Xiaohu: Jinshajiang Venture Capital has invested in the company of Yiyu Intelligence. It has not participated in any ICO. I personally, Jinshajiang Venture Capital Fund, all of our Jinshajiang employees have not participated in ICO, and have never held the virtual DBC. currency.
Wang Feng: After the Spring Festival, you said that you have concentrated on a number of blockchain projects. In fact, how many have you seen them? Is there no good looks?
Zhu Xiaohu: quite a lot. Now half of the projects on the market are blockchains, then talk about the business model, and finally shyly said, the currency...
Wang Feng: Now, many blockchain entrepreneurs don't sleep at 3 o'clock in the evening. What do you think? Hey.
Zhu Xiaohu: The revolution is still very long. Everyone takes care of the body.
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