Angel 'is not unfamiliar vote' The logic behind that is to help self help entrepreneursas an important way of financing individual entrepreneurs, angel investors in China's development is still in its infancy. Not unfamiliar cast \u0026 rdquo;; \u0026 ldquo idea whether or angel investment institutions of the trend, we have defined the angel investment is essentially a business. Entrepreneurs and angel investors, successful through \u0026 ldquo; Death Valley \u0026 rdquo; is the primary goal. Not every project \u0026 ldquo; \u0026 rdquo ;, Feisibuke but not every project has the potential to Facebook, the only certainty is that angel, angel with gold came. Angel investors do not just happen, but from the side of entrepreneurs, further away but also super \u0026 ldquo; Six Degrees of Separation Theory \u0026 rdquo; the border. Yes, they may be the entrepreneur's family or some spare cash \u0026 ldquo; fool \u0026 rdquo ;, may also be Nike Air Max 95 DYN FW entrepreneurs buddy. With the famous angel investor Lei Jun's words, \u0026 ldquo; not to angel investors myth, angel investment syndicates that support a friend entrepreneurship \u0026 rdquo ;. This is, indeed light, but also full of tragic strong flavor. In \u0026 ldquo; 2012 First China angel investors Assembly \u0026 rdquo; on the LEI again preaching his theories and jokes \u0026 ldquo; the core of the theory is that angel investment lottery \u0026 rdquo ;. If you're sticking to it, no more than two possibilities: First show that you lack a sense of humor, and second, that means that you may be rich \u0026 ldquo; \u0026 rdquo ;, fool angel investment community has entered the capital. \u0026 Ldquo; not unfamiliar cast \u0026 rdquo; logical reasoning behind the Orchid Pavilion potential to illness, Chairman and CEO Guo claimed to be a \u0026 ldquo; accidental entrepreneurs \u0026 rdquo ;. Prior to start, he is Google China Chief Strategy Officer, Special Assistant to the Kai-fu Lee is president of Google Greater China. One day in 2006, he and Kai-fu Lee a business trip to Guangzhou, Xu Xiaoping at the hotel where he gave a telephone call, chatted about the things they have to start. According to him, Xu Xiaoping did not \u0026 ldquo; \u0026 rdquo ;, fully understand but agreed to invest, also bargain a lot, \u0026 ldquo; fifty thousand US dollars okay \u0026 rdquo;? Guo to illness a veto, must Nike Air Max 90 HYP PRM be thousands of dollars. Xu Xiaoping said nothing, one hundred thousand to a million, the next day to let the driver to send the money over. Guo to illness opinion, if Xu Xiaoping was somewhat hesitant, he probably would not start, and continue to do their executives dream. But this \u0026 ldquo; If you \u0026 rdquo; is not true, because Xu Xiaoping is moving \u0026 ldquo; HUAMINGLI \u0026 rdquo; He was very emotional on the investment judgment, if the entrepreneur can move him, even if they did not understand, even if do not know, he dared smashed hundreds of thousands in the past. Famous rivers and lakes in the domain of investment angel investors Cai Wensheng also quite this style. Early entrepreneurial experience allowed him to grass-roots entrepreneurs have deep feelings. This has to a considerable degree on the shape of his investment style, many projects are often not sign a contract, the money has to call each other. It would be reciprocated it, when IDG invested his 265.com, his business plan has not drafted yet. But there are many angel investors want to invest acquaintances. Co-founder of Tencent Zeng Liqing said that once he hit only two types of projects: \u0026 ldquo; First, Tencent former employees start of the project, two industry friends and acquaintances recommended items. Other projects did not even look, send us an e-mail directly, but also useless. \u0026 Rdquo; in the angel investment community, Lei Jun angel investors about three \u0026 ldquo; precepts \u0026 rdquo; can be described as \u0026 ldquo; Ray \u0026 rdquo; ears. These three \u0026 ldquo; \u0026 rdquo ;, the first two commandments is the entrepreneur in terms of, first \u0026 ldquo; \u0026 rdquo ;, not vote unfamiliar second is \u0026 ldquo; not only invest investment project \u0026 rdquo ;; third is self-discipline, \u0026 ldquo; \u0026 rdquo ;. help not trouble However, whether it is \u0026 ldquo; Tencent former employees \u0026 rdquo; or \u0026 ldquo; \u0026 rdquo ;, unfamiliar not vote really has deep intention is not to say they Qiao Bushang other entrepreneurs. To some extent, investment \u0026 ldquo; friend \u0026 rdquo; you can avoid some of the moral hazard, and, \u0026 ldquo; not unfamiliar cast \u0026 rdquo; it does not mean we will certainly vote acquaintances. Meanwhile, Lei Jun stressed, \u0026 ldquo; cooked \u0026 rdquo; there are two meanings, one \u0026 ldquo; only vote acquaintance, only to hit acquaintances acquaintances, not more than two relations \u0026 rdquo ;, second is \u0026 ldquo; only vote cooked industry \u0026 rdquo ;. Thus, \u0026 ldquo; not unfamiliar cast \u0026 rdquo; in fact, is \u0026 ldquo; to improve the success rate of \u0026 rdquo; a strategy. Similarly, Article \u0026 ldquo; not only invest investment project \u0026 rdquo; also out of consideration of investment success rate. In an interview with the network Herald interview, Lei Jun said he \u0026 ldquo; only vote once 200 million, I think is to choose one or two points, forcing you to focus in this way, forcing you to all points on here, so have explosive. \u0026 Rdquo; under normal circumstances, LEI will be invested to entrepreneurs \u0026 ldquo; to mention a small claim \u0026 rdquo;, \u0026 ldquo; I invest in your four years, invested 2 million yuan, if the first company smashed, and the second company I also we have taken and continue to vote for you 2 million in the past four years there doing things I have copies of \u0026 hellip; \u0026 hellip; the direction of inappropriate matter, early demise bounce back. \u0026 Rdquo; but if you did not succeed, \u0026 ldquo; that you are not suitable for business, only for monks \u0026 rdquo ;. Trend evident since the investment agency of acquaintances and familiar industry are the reasons of the success rate, then, obviously, the angel investment institutions, whether and entrepreneurs before investing familiar insignificant, the key lies in the project is not reliable. \u0026 Ldquo; the Bay of Angels \u0026 rdquo; is focused on the Internet in the field of an angel investment fund, which claims to \u0026 ldquo; to help entrepreneurs groundbreaking investment \u0026 rdquo ;. That is, from the surface, the \u0026 ldquo; pioneering \u0026 rdquo; at least there are two points: First, open core investment documents, to accept the supervision of the entrepreneur, \u0026 ldquo; the vast majority of entrepreneurs are the first contact with such documents, we In this regard account unwilling entrepreneurs cheaper. More reluctant to make a looting of the investor \u0026 rdquo ;; second, you can apply online, including seed investment 200,000 yuan, \u0026 ldquo; as long as there is entrepreneurial team and entrepreneurial vision can apply \u0026 rdquo ;, 50-600 million worth of angel investors Room, \u0026 ldquo; good team, there are products you can apply \u0026 rdquo ;. Although the investment is a very commercial thing, but the Bay of Angels founder Pang Xiaowei still with his dedication to the Muse Magic Pen to pay tribute to entrepreneurs: \u0026 ldquo; we are full of talent, believe in the code to change the world; we are stubborn, we do not spare pleated; We love the Internet, we call entrepreneurs \u0026 hellip; \u0026 hellip; \u0026 rdquo; then the same passionate confession: \u0026 ldquo; Angel Bay can help you what gives you a fee sufficient to develop the site, you \u0026 hellip; \u0026 hellip; you \u0026 hellip? ; \u0026 hellip; \u0026 rdquo; Pang Xiaowei said: \u0026 ldquo; do not care you have not prepared for so-called business plan, rather than give us a nice business plan, it is better to give us a rough DEMO (finger Venture shown). \u0026 Rdquo; benefits of doing so are: \u0026 ldquo; investment will help us standardize processes and improve investment efficiency; also Air Jordan 5 help entrepreneurs to keep abreast of our assessment process. \u0026 Rdquo; perhaps this is where the advantages of angel investment institutions. \u0026 Ldquo; body \u0026 rdquo; in fact, is a very general statement. In fact, the angel investment in the development process gradually formed the following modes: angel investors, angel investment team, angel investment funds, incubators form angel investors, angel investment platform in the form of investment, followed by a few can be classified as \u0026 ldquo ; institutional \u0026 rdquo; ranks. In the United States, in accordance with and the provisions of '1993 Securities Act' and 'the Securities and Exchange Commission No. 501 Regulations', the so-called \u0026 ldquo; Certified Investor \u0026 rdquo; must comply with at least $ 1 million in net assets of at least $ 200,000 in annual income condition. And an angel investment organization, generally have 10-150 members. The US official's Angels club currently about 150, Angels team more than 300 members in more than 12,000 people. Nowadays heady one, comes Paul \u0026 middot; Graham founded the business incubator YCombinator. Although the trend of angel investment institutions is obvious, but still it should be noted that there is not really \u0026 ldquo; \u0026 rdquo ;, but only crowd \u0026 ldquo; \u0026 rdquo ;, niche as the number of angel investors, the US, reportedly up to 400 000 (there He said only 260,000 of the estimated 140,000 other wings of angels). But in China, angel investors also need development. China's rich seem keen on luxury cars luxury, no interest in supporting young Nike Air Max 95 entrepreneurs, angel investors and therefore did not form Chinese culture. Clear Research Center in the '2011 China Angel Investment research reports' that the US investment from angel to complete, streamlined system of venture capital in the late compared to recent years, China's VC / PE described as turbulent, but Angel investment is still in its infancy, the current scale of investment is only 5-10 billion. You know, last year the amount of C round of financing Jingdong Mall, is $ 1.5 billion! Institutionalized advantage is to overcome the lack of experience of individual investments, less funding, narrow channels and other aspects of project defects, brainstorming, make the investment to become more systematic standardization, scale, the maximum risk-averse. In this camp, both in Shenzhen angel investor club, Ya-jie Chamber of angel groups this team model, Guangdong today investment, Entrepreneur angel funds and other angel investment funds, as well as Lenovo Music Fund and other platform-based angel fund \u0026 hellip; \u0026 hellip; When talking about several major trend of angel investors, Kai-fu Lee is recognized Xue Manzi \u0026 ldquo; around the angel investors to form angel investment alliance \u0026 rdquo; view, and to make specific recommendations on the operational aspects: First, the establishment of the Investment Committee, we vote, closely type of cooperation can help to play a team the collective wisdom; the second is \u0026 ldquo; the team can complement each other, there are lawyers, there are accounting, there are Internet experts \u0026 hellip; \u0026 hellip; at least one person alone than the success rate is high \u0026 rdquo ;. Help entrepreneurs help themselves by contrast, is more like entrepreneurs alone. Moreover, it is known that after the ambitious entrepreneur starting to go through a so-called \u0026 ldquo; Death Valley \u0026 rdquo; stage. If he is lucky enough to find a willing to put up real money, not only understands the line and guide well-angel investors, then, out of Death Valley, the chances will be greatly increased. Xu Zhaojun little network of Kai-fu Lee, founder of gratitude, can be summarized in one sentence, \u0026 ldquo; gave me helped a lot of time on the \u0026 rdquo ;. Originally, in August 2010 Xu Zhaojun venture has no direction, when Kai-fu Lee on \u0026 ldquo; \u0026 rdquo ;, scheduled in advance promised to give him investment. The trust him to change before the \u0026 ldquo; make a career a little more perfect \u0026 rdquo; the idea out of business a year ahead; in the mobile Internet field, a year is equivalent to the traditional Internet four years. Moreover, innovation workshops incubation services to Xu Zhaojun out of renting, looking like financial chores can concentrate research and development, the results of three months ahead of the launch of the product. Three months does not seem long, but, \u0026 ldquo; in my second month product launch time, there is a five competitors \u0026 rdquo ;. By 2011, Kai-fu Lee again force, to help him get over ten million yuan of financing, \u0026 ldquo; we do to light blog mode, you can also spend five \u0026 rdquo ;. Even so, Kai-fu Lee still give Xu Zhaojun left posterior, it indicates even if there is disagreement on strategy, but also to accompany him to the end. Undoubtedly, Xu Zhaojun is that lucky. While other entrepreneurs are still entangled rent, he has been the most \u0026 ldquo; loyalty \u0026 rdquo; commitment \u0026 mdash; \u0026 mdash; although in a way, angel investors play is \u0026 ldquo; Baoqing Lang \u0026 rdquo; role, they usually cast a lot of business projects, there are 200 more. And the angel investors, the challenge is how to measure the relationship between entrepreneurs. Role potential will determine the success or failure of cooperation. Angel investors look at how to describe ourselves, you can get a glimpse or two. Lei Jun is ridicule: \u0026 ldquo; it is between friends to help, you put me as an enthusiastic ladies better. \u0026 Rdquo; Xu Xiaoping, straight from the heart: \u0026 ldquo; I use real money to express your confidence. \u0026 Rdquo; however, \u0026 ldquo; mentoring relationship \u0026 rdquo; is an angel investor favorite role. \u0026 Ldquo; they are entrepreneurs, destiny by their decisions, they have to be responsible for the company's life and death. \u0026 Rdquo; Zeng Liqing, said: \u0026 ldquo; we want to be more like a teacher, continue to give him advice, but we also regularly asked to see their financial statements. \u0026 Rdquo; Cai Wensheng emphasizing the \u0026 ldquo; Normal \u0026 rdquo; at the same time, I hope the relationship more intimate point: \u0026 ldquo; angel investors in the ability and the way the case, to try to help entrepreneurs \u0026 hellip; \u0026 hellip; Mentor, which is the most good angle and manner. \u0026 Rdquo; Boquan most unique metaphor, he said: \u0026 ldquo; For entrepreneurs, angel investors like a mirror. \u0026 Rdquo; when entrepreneurs take the initiative to ask, or angel investors active \u0026 ldquo; talker \u0026 rdquo; when entrepreneurs in the end not to listen to angel investors comments yet Boquan There was a very brilliant conclusion:? \u0026 Ldquo; First, I'm talking about just Past experience, set in their business are not necessarily appropriate, entrepreneurs should not to perform, should not be because I was away in what capacity to perform; the second is that even if what I said is right, but not expressed clearly, entrepreneurs do not We understand that this should not be implemented; the third is even though I was right and clear, but the entrepreneur's ability to not understanding or not, should not be implemented. \u0026 Rdquo; in addition to these three \u0026 ldquo; should not be performed \u0026 rdquo;, there is a need to perform: \u0026 ldquo; There are some things that must be carried, and he understood to be executed, but also do not understand the execution, which requires at the board level to do Decided. \u0026 Rdquo; angel investors to entrepreneurs to help, of course, many ways. For example, wash rice, CEO Wang Haibing think angel investors determine the height of the start-ups; Kara, founder of Sun Taoran believes that many angels have \u0026 ldquo; battle returned again Angel \u0026 rdquo; characteristics, their experience allows entrepreneurs detours, otherwise, \u0026 ldquo; you may eat three graben are not long that wisdom \u0026 rdquo; \u0026 hellip; \u0026 hellip; entrepreneurs hoping to learn, of course, is not the experience of those things have changed, but the angel investors good at seizing the moment and strategizing methodology . They are like the legendary \u0026 ldquo; demands by \u0026 rdquo; so, do not pull out Dongbin gold, but to his Midas touch of a finger. If all goes well, after a difficult journey course, entrepreneurs and angel investors will come together on the eve of financing. This is a business success or failure of the watershed, or this die, either, venture capitalists fingers will start to accelerate its capital button. Naturally, this is also an angel investor investment barriers to success. Project in the United States, VC investments disk access, just 10% angel investment projects, most projects are angels fallen silent night. Interview room \u0026 ldquo; angels must restrain ourselves \u0026 rdquo; ● Respondents guests: Pang Xiaowei (Bay of Angels founder) ● Reporter: Yilong Network Herald: the Bay of Angels invest in a team of the most central point in the investigation where Pang Xiaowei: team? It is the most critical in the start-up company, so to identify whether there is a partner entrepreneurial team mentality, Air Jordan 11 whether it has to do a real love, if there is a fast iterative learning ability. Network Herald: industry, many people believe, \u0026 ldquo; battle returned again Angel \u0026 rdquo; it seems more helpful to entrepreneurs. Pang Xiaowei: Angel has extensive entrepreneurial experience, the value of start-up companies is self-evident, as the first mountain guide and climber. Meanwhile, the angels must restrain themselves, can not pre-empt. On the one hand to protect the entrepreneur's strong sense of self, it must also have reverence. Every business model for each business has its own unique DNA, experience different business is not necessarily universal. Network Herald: you come into contact with 2015 Latest Nike Shoes a large number of entrepreneurs, both conditions are relatively mature, there are simply not ready for the case. How do you evaluate their attitude how you look at students start Pang Xiaowei:?? During entrepreneurs, entrepreneurs often experience a roller coaster of ups and downs of mind. This is a very typical entrepreneurial psychological experience. I recommend entrepreneurs to focus on long-term investment even in the short-term speculation, very concerned about their progress in the competition, Nike Air Presto Mens and the third concerns the process even in the results. China's college students venture still needs more precipitation. Network Herald: Angel Bay fusion activity is mainly aimed at first-time entrepreneurs who do Pang Xiaowei:? Angel Bay fusion is not only for first-time entrepreneurs team. On the contrary, the Bay of Angels prefer serial entrepreneur, failures are the cornerstone of growth entrepreneurs. Network Herald: In the study in terms of the team, you are more valued \u0026 ldquo; lineup \u0026 rdquo; also the founder's vision and courage you think that there are several members of an entrepreneurial team more appropriate Pang Xiaowei:? There is rich history and vision are not? conflict. Entrepreneurial team members as possible, as long as the founder can control and coordination, and this is very, very challenging. Network Herald: angel investors, once a decision on an entrepreneur to give investment help, heart or certainly hope that this project can become, after to have VC disk access; and VC has been able to access disk, it is hoped that it is a \u0026 ldquo; big business \u0026 rdquo ;. Does this mean, does not have the high-growth nature of \u0026 ldquo; \u0026 rdquo ;, a small business even angels, are unlikely to invest in Pang Xiaowei: As angel investment institution type, in fact, the starting point for the capital market in the future, so be sure to choose? that look of big business; but the size of the commercial business can all be transformed, still need to look inside the heart is willing to do what the founder of things. Network Herald: venture capital investment stage for advancing the practice, how do you evaluate the Pang Xiaowei:? Both on the appropriate corrective PE before the overheated investment, but also a rational choice of venture capital institutions, but at different stages of the investment logic or have the distinction. Anyway, this start-up company in China is a blessing. Network Herald: VC and angel investors interest between how to balance you think angel investors proportion of total shares within the number range is conducive to the sustainable development of portfolio companies Pang Xiaowei:?? VC and angel investors are chain before and after the session, the balance of interests to be led by a sufficient number of market participants. We believe that the proportion of angel investors holding phase controlled within 25% is reasonable. Network Herald: Do you think good angel investors should have what qualities Pang Xiaowei:? In the long run, to be an excellent angel investors, rely on experience and intuition are not enough, the real critical elements of that value. Network Herald: What is your current state of mind and a different start-up phase Pang Xiaowei:? Entrepreneurship and venture capital require different mentality, particularly the need for equal treatment of entrepreneurs. Also investors any attempt to control the entrepreneur's ideas and means are futile, because the real heart of the entrepreneur is willing to accept bondage. Network Herald: angel investment institutions will be a trend of it What is the status of talent domestic angel investment industry Pang Xiaowei:?? China angel investors a whole is still in its infancy, so there will be more and more individuals and organizations angel angels. With the passage of time, the professional body will be a greater recognition of entrepreneurs in the open market, methodology, professional, large-scale, identity and so on. Network Network Herald Tribune