Responding to NVC: Creating a VS cast - the most intimate enemy

From the beginning of June to the middle of July 2012, entrepreneurs, PE, VC practitioners and all those interested in it saw a big show of entrepreneurs PK investors who did not end.

From Hougu Coffee, to the appropriate herbal medicine, and then to NVC Lighting, the companies involved are more famous than one. In the case of Hougu Coffee, the investor claimed that the criminal facts of the company’s legal representative had been filed and had already made the onlookers stunned. In the case of NVC lighting, the entrepreneurs involved in the case were investigated by the Central Commission for Discipline Inspection, and then the use of "nuclear weapons" such as strikes quickly refreshed the spectator's imagination and allowed the latter to participate in battles one by one.

Creation and investment should have been functioning like this: the enterprise needs the funds in the development stage, the investment institutions invest the money, and the company's equity; when the company grows bigger, the valuation doubles, the enterprise IPO is sold to other companies, and the investment institutions gradually Selling the equity in the hands and getting a few times the return.

However, such investment is high-risk, and investment institutions cannot guarantee that every project they invest in has such good results. Therefore, investment institutions tend to invest in a large number of enterprises. Many projects will be worthwhile if they are wrong. However, if a project is invested, it will be rewarded several times, dozens of times or even hundreds of times. The rate is around 20%.

This year, PE investment has arisen. When investment institutions preach in the media, it is easy to romanticize investment behavior and call it “marriage” with investment projects. This metaphor points out the similarities between PE investment and marriage: the reorganization of resources between the two parties, together with the establishment of enterprises (families), can maximize the interests of all parties; but this statement ignores the two Different: Investment institutions can invest in many projects at the same time, and no matter how many investment institutions are introduced by entrepreneurs, his battlefield will always be the only one he founded.

Therefore, the game between entrepreneurs and investment institutions is initially unequal: entrepreneurs are often large shareholders, and they are the ones who set up the enterprise. He has great authority on the enterprise and is more likely to play with various wrists. This enterprise is also his whole. Once the enterprise is paralyzed, his business will be finished; the investment institution is generally a minority shareholder, and its control and decision-making role is much smaller, and this enterprise is often only in its many portfolios. one of.

Therefore, it can be seen that the venture capital PK is in the process of investing, and the investment institution is always a good-looking party. It is just a “project” of their investment. Losing is just a loss of a project. Of course, they don’t need to be in a bad shape; they also Always follow the rules of the party, because they play this game repeatedly, but also learn from the experience of their predecessors, so they know how to set up their own favorable terms to maximize their investment security and maximize profits. For example, in NVC lighting, even if there is a plan with Schneider, it is also a "conspiracy", does not violate any listed company rules, and has already recovered the cost, he is much more patient than Wu Changjiang.

Entrepreneurs, but always on the side of the rules out of the card. Because the company is all of them, and nothing is lost if you lose. Therefore, in order not to lose, in order not to lose control, they will use all means. Because the rule of law in China is not perfect, these entrepreneurs will have various methods beyond the law in the process of making the enterprise bigger, and firmly grasp the people, finances and affairs of the enterprise in their own hands. Wu Changjiang is such a typical.

Therefore, some PE people concluded that "entrepreneurs will use the tricks outside the rules, which is the reality of China." When investing, you should do it based on this reality.

However, there are always investment institutions that cannot profoundly understand this. In particular, the history of RMB funds is so short, and too many inexperienced investment institutions have invested a lot of money in the past boom.

There are always entrepreneurs who will regret their short-sighted behavior: when the company is short of money, when the future development of the company is very uncertain, it is very fond of equity investment - this investment does not have to pay back, at least not immediately; and wait until it When a company grows up, regardless of whether the company is developing well or not, entrepreneurs will find that equity is the most expensive form of financing.

In the next year or two, because the macroeconomic situation is not optimistic, many of the former hot investment industries have declined, and a large number of immature investment institutions will encounter immature entrepreneurs. Therefore, it can almost be concluded that: The contradictions and conflicts will only increase.

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