Neil Shen, Sequoia Capital venture and investment Brief Discussion

 Last Saturday, the first time Sohu's to get organized and sort out.
Sohu may be invited in advance to determine when Neil Shen theme: About entrepreneurship, especially standing in a venture investor's perspective. In fact, many VC are bound to discuss this topic, but Shen Peng unique entrepreneurial experience, and lead the success of Ctrip and Home Inns are listed, but the experience of leading the industry with a legendary, so that some of his views may be more representative. Here are some points where:
1. venture he It should be noted that the present two aspects: One is to focus on product (or service) differentiation and innovation, because the business model is based on the product. He even believes that the early days in particular, need to focus on products, which over the role of marketing as the sustainable development of the company's core factor is the vitality of products. of course, is to ensure that product market to meet customer needs, and can allow customers to accept.
second aspect is the patience and persistence. we very interested in his 5 years business experience, after all, is the exception, even those only a small number of listed companies, most companies need intensive, we need to pay enough patience, perseverance, especially in the current economic situation. The persist The source for the motivation comes from our business: the economic return to wealth and social status and reputation? or because their dreams, do you enjoy doing? only driving force comes from your heart, to let you stick a more long.
This is the theme of his speech, very brief, was also a 15-minute look. Next, an interactive communication and questions. most of the investment-related topics to sort out a bit, the views of Shen Peng include the following:
1. He left the investment bank in 1999, left the business in 2005, two important choices and Life Transition, to him, is very important. It is that period of business history, let him In view of the financing project, the VC has to do is different from the financial, ah, ah finance, consulting, ah, ah, and so the background members of the technical perspective, of course, the investment team needs people of different backgrounds and diverse vision, as much as possible to reduce risk investment risk.
2. entrepreneurs and investors when the exchange does not require much packaging and modification, to being honest, will own the project plan and dream, reality and problems truly unfolded. Investors really stupid? clearly not the.
3. investment is mainly candidates, or project? for this seems to answer each VC will have to answer. In a joint Peng Shen: We invest in companies just mentioned, this Of course, the company formed by the people and projects together. project is important, directly associated with the business model and profit, after all, is a commercial, pay attention to profits, it is very important; team is also important, particularly important for the team's execution of different projects in different person to the next, the result is obviously different. but people seem to have prevailed: and the business model because the project will continue as the company's operations, changes and adjustments, many companies from small to large development process proved this point. < br> 4. For the investment, Sequoia Capital, the controlling shareholder do not want to, but desire more appropriate equity ratio, to do more resources into the company, helping the company grow. the so-called Sequoia Capital is is absolutely the very best. consumer, health, food type, internet classes have the opportunity. and not only the industry, there are geographical, not necessarily start in the big cities, second and third tier cities, rural areas have the majority of many business opportunities. only entrepreneurs in the choice, the industry must do their own familiar.
6. Sequoia Capital's investment is more cautious. some of the projects first contact and understanding, just because the observation phase; but interesting and valuable items, will maintain long-term observation and contact, perhaps six months later, a year later, will decide whether to invest?
7.VC investment is very concerned about the exit channel, the current situation does not necessarily have to pursue market, portfolio companies acquired by large enterprises is a good way. such as Sequoia Capital to their investment in U.S. companies to sell a good price Cisco (Cisco's acquisition of $ 590,000,000 to be the digital camera manufacturer Pure Digital), which China The VC were concerned.
8. , start-up cash flow is very important, whether it is directly related to live through the winter. But the entrepreneur is definitely worthy of respect, our society and the media should give more tolerance and support.