 At the request of the photographer, Xu Xiaoping was lying on the door and taking pictures, changing his expression like a child and amused by the whole office without any concern. This is the normality of Xu Xiaoping: wherever he goes, it must lead to laughter and laughter, whether at the scene of a venture capital event or at a real meeting at a real level. At the age of 61, he is still active in investing, curiosity, excitement and excitement as he was 40 years old when joining the New Oriental Business. "Investing in self-sacrificing and entertaining others, Xu Xiaoping believes his amusement comes from a sense of security and self-confidence. Ten years, the real six years, this 'investment veterans' to play 100 points out of their own. For Angel Investment, he still has 5 points left for True Fund. "Angels not only have to invest at a low price, but we must also see the best people and projects, and we should look farther." He proposed new requirements. 1 I am 61 years old this year, still 40 years old when joining the New Oriental venture as excited Looking for China Maker: You and Wang Qiang are both education industry background, early cast a lot of education projects, why this year was the establishment of education special fund? Xu Xiaoping: True grid cast a lot of education projects, such as the first listed online education 51Talk, the development of very fast VIPKID, dark horse online education operations and so on. The purpose of setting up an education special fund this year is to give a message to the whole society that the golden era of education innovation and entrepreneurship has just begun, for example, teaching foreigners Chinese children English, teaching Beijing teachers face-to-face with Guizhou children, sending knowledge to the backcountry and completing education Precise poverty alleviation. Looking for China Maker: Backtracking projects that have been put into operation for seven years. What projects are most important to the growth of the real industry and what are the growth? Xu Xiaoping: In fact, I told Wang Qiang from the New Oriental soon after the listing began to invest, really more than six years.We have cast a lot of unicorn items, such as the early century, good luck, Lanting set potential, the United States and excellent products, work together ... Later to find steel, small red book, honey bud baby, the US dishes, according to plans, excellent off factory, Rowe thinking, and ofo and so on. Looking for China Maker: Why choose these? Xu Xiaoping: Because they have the highest valuation and the fastest growth, the essence of entrepreneurship is to create what the community needs most. However, investment is not an investment project whose nature is the one that projects the fastest growth. Looking for a Chinese maker: cast Unicorn addition to bring you wealth, but also what inspired, the impact? Xu Xiaoping: Although I am 61 years old, I am still as excited as I was when I joined the New Oriental Business School at age 40. In the individual, each project fills a gap in life, and in the society, they fill every loophole and defect in civilization. Sharing bicycles and sharing cars has changed the landscape and traffic of Chinese cities. This is truly exciting of. For a project to be profitable, it must be undertaken or created some sort of social value, which is also the fundamental driving force behind our investment in this project. Looking for China Maker: If you hit the real grid these years, how many points? Xu Xiaoping: 95 points, considered a good result. 5 points buckle where? I have always maintained a purely angel mentality, only willing to vote the earliest, but this recognition I gave up a lot can in fact bring us huge returns Project, so I'm constantly thinking about the nature of investing and we've started to actively move into Pre-A and Stage A. As an angel investor, I should look farther down. As long as we have enough cattle, we will vote for him Looking for a Chinese maker: What are the tricks behind the dealings with these unicorns? Xu Xiaoping: I still remember when investing ofo, David and I met each other in the office, chatting for a few words, but they gave me a small share, but I have both David and I met two years ago I told him at the time that I will vote for you as long as you start a business. This is the real philosophy of investment, but also my biggest investment decade to do the benefits and lessons. We do not emphasize the mode, do not pretend to know more than technology entrepreneurs, do not think they know more business than those experienced entrepreneurs, but we know people As long as we have enough cattle, we will vote for him. Looking for China Maker: What quality do you think the ideal entrepreneur should have? Xu Xiaoping: What people think are mature personality, correct values, strong will, rich experience, and education. Completion of education does not just mean reading university. Like my good friend Cai Wensheng high school did not graduate, but I have seen through the practice of entrepreneurship to complete the most perfect business education. Looking for a Chinese maker: But the project is always good or bad, which entrepreneurs put forward what test? Xu Xiaoping: The only difference between a good project and a bad project is whether an entrepreneur can stand the test of time and can withstand the economic temptation of profit. I always have a look for entrepreneurs: doing things can fail, but life can not fail .If a man fails, there is no second chance; fails to work can be attributed to the luck, decision-making and other reasons. Looking for China Maker: I heard that there really is a failure of the Institute? Xu Xiaoping: Yes, we are hiring entrepreneurs who have lost more than 3 million RMB and are welcome to come here for healing. There are currently 3 phases of 10 to 20 people who have recommended their partners and the third 90% Although we can not compare with Tsinghua Peking University Business School, we can not compare with Jingdong and lakeside, but we can certainly become one of the most popular business schools with Chinese characteristics.  3 less look at a 0, do not be intimidated by the valuation Looking for a Chinese Maker: From 2016 to the present, there has been a saying that "winter capital". What do you think? Xu Xiaoping: capital winter from an economic point of view, is certainly a regular .From the ten years I entered the investment community, 2008, 2009 money is really poor, after 2011, more and more easy to find, year after year Better to find, last year than last year is also easy to find. Looking for China Maker: From the number of capital shots, the amount of capital investment, whether there is a trend less than in previous years? Xu Xiaoping: I do not know less, but feel more and more; more and more wealthy, not to transfer money abroad, not to spend money on luxury, but the money into a new dream, the new Is the driving force behind the hope of young people in Chinese society and is the driving force for social progress, economic growth and a better life.More and more people put money into recreating and investing into the youth and dreams of their time, so this is China One of the best things in social development. Looking for China Maker: Your angel investment theory has been changing, so far the latest theory is what? Xu Xiaoping: This year, I put forward two ideas: First, multiply the promised share by 2. Do not say "give it a try" on the project, which is one of the biggest mistakes we made in the past. , Cast the highest share that entrepreneurs are willing to give. Second, to see more of a N, less to see a 0. N refers to the multiple, more products, projects, less 0 means that the valuation do not mind so do not let the valuation of the impact on the entrepreneurs and project judgments In the past, projects were missed because the valuations were too expensive, so this year I told the team that I had to forget 0 in my heart. Looking for China Maker: But when the highest investment share, but also means that the investment risk is getting bigger. Xu Xiaoping: Since an entrepreneurial angel in the nothing at the wheel, I dare vote for him. Why wait for his project has been started, there have been results, but I dare to cast? Low valuation does not mean value-added, Value added may be higher value. A lot of projects with huge valuations are looking at Angel Investors during Angel Rounds and Round A. But think about it, even if it has hundreds of millions of dollars, but if there is still a hundred and fifty times more space, you cast Not cast? Missing a few times the project, is the investor's biggest mistake.Do not look at a 0, not be frightened by the valuation.We put a risk tolerance of 0, dare to lose. 4 Compared to the United States, China has more demand for model innovation Looking for a Chinese Maker: Doing Investing For so many years, is it just the same as starting? Xu Xiaoping: the excitement is exactly the same, every time you see a project, the mood is still heavy, accurate that English is pressure, not entirely pressure, but also pressure, dynamic investment in a project without any return, the loss is hundreds or even tens of millions , So I'm responsible for the investor's money.People always stay in the money disputes, and investment is the money game. Looking for China Maker: Compared to previous years, this year the number of investment projects, what changes in the field? Xu Xiaoping: We do not take the initiative to chase the changes and changes to chase us. The thinking of entrepreneurs of different ages is different. In fact, the number of projects put out this year has increased. AI Needless to say, medical and education projects are also This is also reflected in the trend of society. In addition, more and more foreign students, high-tech personnel and executives are starting their businesses, showing a clear upward trend. Looking for a Chinese maker: True's overseas investment is driven by technology-driven companies, with mostly domestic investments being model innovations. Xu Xiaoping: Outside of our country, we are leading the world in high technology. The reason is very simple. We really hope to see the future in technology that leads the world and what is happening in front. The United States still has a hard time ahead of China for several years. For example, There are no private rocket companies in China and no Tesla yet, and we may catch up quickly in some areas, and in some areas we will work hard. Looking for Chinese makers: What is the reason for this difference? Xu Xiaoping: One of the reasons why domestic model innovation is the main reason is that China has only 40 years of economy and commercial soil is still developing. Compared with the United States, China has more needs for model innovation. The United States has never been a big bicycle country and few people ride , Private cars super developed, so sharing a bicycle can only show off in China, this is China's unique opportunities and pride.  5 I am willing to sacrifice myself and entertain the world Looking for a Chinese Maker: Xu Zhiyuan's dialogue with Madon caused a sensation. How can you answer the question of whether there is any difference between entertainment and technology that really makes the world a better place? Xu Xiaoping: Xu Zhiyuan put forward the question of whether technology can make the progress of the times. I may understand his worries, but I prefer to sing the benefits of technology to the times. When a migrant worker is holding a mobile phone to obtain information and can see the elders of his hometown, To the children left behind, this society is a great step away from heaven. At any time, there are always intellectuals who are doubting and criticizing what happened. I praise them, but in my personal opinion, the Chinese society is getting more and more refined and the technological progress makes people more and more happy. At the same time, there should be a little more self-criticism, a little more reflection on consciousness, and more progress on the part of the intellectuals. Looking for China Maker: Investment mentality has changed? Xu Xiaoping: no change, still curiosity, strong curiosity, not let off any good project recently looked at a project, has been tangled for a week, the entire office only I am a person to vote, others do not vote I said, I will go one step further and you will take the chance to deny me and everyone laughs, and I hope every project can make decisions with the real team, but if I identify an entrepreneur, then I will oppose me adhere to. Looking for a Maker in China: You are a very entertaining person. Xu Xiaoping: I am very willing to keep entertaining spirit, sacrifice self-dignity and entertain the world.In the New Oriental, I skipped hula and said it was not good-looking.Entertainment spirit stems from the sense of security, from self-confidence, I And not because of others happy, and lost nothing. Looking for Chinese makers: how to maintain strong energy? Xu Xiaoping: more sleep.I received the message last night at nine o'clock, until noon until the morning reply, it is too busy .In the middle of all the time to sleep. Looking for China Maker: This year, when it released the new product in the second quarter, you also announced that you will launch a column on entrepreneurship and did not see it later. Xu Xiaoping: It is a pity, I owe everyone a product, and I promise to everyone that I must make it. The same question and answer Looking for a Chinese Maker: What are your regrets for your career in 2017? Xu Xiaoping: Harvest is rich in life for one more year.I regret is a concerts I want to do, but also a year of delay; I want to write the book, still did not work. Looking for a Maker in China: A Message to 2018. Xu Xiaoping: vote for more and better projects to support more excellent entrepreneurs.
|
