Silicon Valley venture capital Godfather: Chinese copy imitation mode almost limit Jinhui Yu 'from 0-1', is \u0026 ldquo; The Godfather of Silicon Valley venture capital \u0026 rdquo; Peter \u0026 middot; Till a business tutorial name. Born in the United States due to the banks of Germany, majoring in philosophy investors given its far-reaching significance: the start-ups as a carrier, there is more to discover secrets worth, in order to create a better future. He believes that only believe and explore the secrets, can be found beyond the conventional, ordinary sight is not seen as a business opportunity, but only to solve unique problems of enterprises in order to obtain a monopoly and success, becoming the driving force to make society better .
He questioned the copy and imitation, that if the whole world with the same old way to create wealth, then would not create wealth, but a disaster. He encouraged each start-up companies are thinking to do such a campaign, questioning existing concepts from scratch to re-examine ourselves. Recently, Wuliangye \u0026 middot; 2015 venture capital during the festival, Peter \u0026 middot; Steele accepted the 'Business News' interview, talked about these ideas for start-ups and venture capital in today's Chinese people practical significance. \u0026 Ldquo; China has a good basis for innovation \u0026 rdquo; First Financial Daily: 2002 your first trip to China, this time within a week to China to attend the more than 20 activities, visit Chengdu, Shenzhen, Shanghai, Beijing and other cities, What the Chinese have a new experience? Is there a layout ideas to invest in China? Peter \u0026 middot; Teal: this time to talk to me and a lot of people, the extent of China's efforts to work are higher than any other country of the world's people, these people in the city and, like Silicon Valley believe in the future, I believe you can make a better future more optimistic than the United States and Western Europe. Each cosplay inazuma eleven area of competition is very fierce in China, in entrepreneurship, you copy things from other countries to China, but we also have more than 100 people in and you do the same thing. This intense competition makes me feel a little scared. Over the past 40 years, China followed suit in doing better than any country, globalization is also very successful, but this trend can not last forever. Innovation is a need for a gradual transition process, you can begin to think about how to use the new way to do something new. A question of investment in China is my whole environment, network does not understand. I'm interested in is that you have a very real innovation in one area, while others do not know, only when I know more about than others, one project, I will go to investment, Chinese people very smart, so to do such a project would be more difficult. I spent a week in China, but also by a number of \u0026 ldquo; \u0026 rdquo ;, the temptation to feel that there will be a lot of changes, but to really understand there really spend a lot of time to learn more about some of the conditions in China, and constantly learning new things . Daily: We look at Japan's history of the last century from the 1950s to follow the example of Europe and by the eighties, was very successful, but it seems that over the past 25 years, the Japanese economy has been stagnant.
Do you think China will go the old Japan it? Your new for China to find their own way to be optimistic or pessimistic? Peter \u0026 middot; Steele: China whether, as in 1965 in Japan, do so analogies are very complicated and should be very cautious. China and Japan have a much different, but it does have some similarities. Turning to China, we always encounter the problem of middle-income trap, if you have been replicated, always encounter the wall, it is limited. Replicable model is not technically a risk, but the problem is that others can follow suit soon, the competition will be very fierce. \u0026 Ldquo; CopytoChina \u0026 rdquo; pattern in the past period of time to run quite well, may also continue to operate for a time. But nothing else can copy something, how do you look for growth? China is close to such a point, to think in new ways how to do new things. China also has a number of companies doing well in innovation, such as micro-channel, is a very good social, Shenzhen, supply chain manufacturing sector is also doing well. We can not say that China has no innovation, but may be copy service three, a small part of doing innovation. I was not much to know about China, but the Chinese people a lot more than the Japanese of entrepreneurship, which is a big plus. If the Chinese want to innovate, actually it has a relatively good foundation, such as manufacturing, networking, unmanned aerial vehicles, particularly in conjunction with software and manufacturing, which for China might be a good direction. Compared to the United States, Western Europe, China has advantages in other areas, for example in the field of biotechnology, there are many restrictions in the United States, while China is relatively free, while in the nuclear industry and other fields, China innovative space than the American.
Daily: To encourage innovation, and in some Chinese cities, the emergence of a significant number of incubators, public a space, in this regard without experience in Silicon Valley for inspiration? Peter \u0026 middot; Steele: If you already have 200 incubator, you are ready to set up the first 201, then what you and others have not the same place? For start-ups, the most important question is always internal to know about the product, how to recruit people, how to promote the market, which are internal to pondering things out. Even an investor, spend five hours a week and work with the company, but the company's employees to work 80 hours a week, they know much more than you. If you have a lot of incubator companies, you could not understand each company so much, it is not enough to help them. America's finest, a business incubator called the YCombinator (hereinafter referred to as \u0026 ldquo; YC \u0026 rdquo;). They have their own brand, they need to join the very talented, probably three months after promising to get financing. You have to ask yourself one question is why entrepreneurs should come to your work here? YC there, but I think most of the incubator may not a good answer. YC seems to be doing 95% of the item search, 5% do service, providing office space, training, etc., but most seem to be an incubator of 5% in doing the search. If you are an incubator, really good looking founder and technology. YC spend a lot of time at the University of speech, across the United States over the past decade has accumulated a large amount of data and methods have their own set of very good way to screen resumes, interview. \u0026 Ldquo; investment must aim monopoly \u0026 rdquo; Daily: Chinese capital after another influx of Silicon Valley \u0026 ldquo; \u0026 rdquo ;, gold investment start-up business, you have to see how? Peter \u0026 middot; Steele: The main obstacle is the contacts, networks. If I want to invest in China, certainly not as good as the best company to understand Chinese people someone vein, it would be more difficult. But China may also invest in the following areas: one is related to China, such as e-commerce to buy something from China. One is in China there are some business has been operating quite well and started in the United States, if China than the United States earlier in this regard, there may be opportunities. In short, you have to ask yourself what others in this field advantage does not have, or what areas I and others disadvantage compared to big, I believe the next few years, China will invest more overseas. Daily: mostly in Silicon Valley entrepreneurs with excellent educational and work background, it is easy to impress investors, but there may be potential risks, which you have to cosplay xxxholic Chinese investors any good suggestions? Peter \u0026 middot; Steele: I judge a project generally has three criteria: people, technology, business models, must have three things simultaneously. First of all people, I think we have not paid enough attention combined team.
A team member may background, history is very powerful, but these people work together is what is another problem, they may have a great talent, consider themselves smarter than others, but the risk is that there is a \u0026 ldquo; large Self \u0026 rdquo; people may be difficult to work together, and sometimes you can see some very good people make up a very bad team. So I would ask how these people met, together with how long, before relations. Technical aspects, if only 10% or 20% better than the others is not acceptable, better than 10 times, 20 times. There is a standard business strategy. There are too many Silicon Valley investors cattle, good technology, but the business strategy is relatively scarce. In my philosophy, to be successful, you must first be able to achieve a monopoly, you have a special category of your own, not to say you will soon have a very big market, but can be done from a smaller market since there is a high early in the frequency of use, people really like your product and recommend it to friends. If many people are investing in a project, I would feel very uneasy, even likely quit because I wanted what they are investing other people have not done, there is a very good technology, strategy and team. Daily News: Silicon Valley investors in start-up enterprises, often need a project when he discovered the earliest and grab it, how did you do it? Peter \u0026 middot; Steele: wants to be \u0026 ldquo; \u0026 rdquo ;. monopoly Your network of contacts, resources, brand of course very important.
But for us, of openness to new ideas it is more important. Many venture capitalists generally have their own set of systematic methods and processes to see projects problem with this model is that everyone can see the same project, and we want to kind of, nobody would go see about city see no one interested cosplay costumes for sale in technology. In addition to a very early stage of the project, we know that the founder, it is also very important. It is certainly difficult to replicate on and description. For example, I in 2009 and Sean \u0026 middot; Parker worked together, we were invested Facebook, he is also co-founder of Napster. He was very interested in music, very passionate, very understanding of the entire music industry, the vision is more open in this regard, in 1999 he set up a Swedish music service platform Spotify, then we became its investors.