Liu Erhai, an early investor of moBay: when you are strong enough, you don
Li Yunzhu: This is the speech entitled "crossing the devil channel" by Liu Erhai, an early investor of moBay, founder and executive partner of happy capital. In his speech, Liu Erhai said that China's entrepreneurship has reached a new stage and has been upgraded to the all-round competition of products and teams. With the rapid growth of enterprises and the entrance of giants, entrepreneurs are required to study, judge and create their own unique value. Source: innoangel 99 by Bian Xiaocao
What is the "devil's passage";?
The theme I'm sharing today is "crossing the devil's passage". Take a closer look at many enterprises, including the bike sharing mentioned just now. There was a time when people said that there were too many shared bicycles and there were not enough colors. However, in almost one year, only three or so colors survived.
From group buying, special car, catering o2o and video portal before, to bike sharing, video live broadcast and second-hand car market, we find a common feature. Almost every big industry has to undergo a baptism.
There are three phenomena in the formation of this commonness: 1. The competition is upgrading rapidly; 2. The enterprises are growing rapidly; 3. The giants enter the game.
First, the competition is rapidly upgrading. Once I met an investor in Sanlitun. He said that the bike sharing you invested in blocked our way. Do you have no sense of guilt as an investor? I'm sorry, but the competition is so fast and fierce.
Second, enterprises grow rapidly. From the absence of cars to 800 or 9 million cars, the only time in a year is tiktok, which now affects the Tencent's friends circle.
Why can enterprises grow so fast? One of the important reasons is that it is very easy to find users online, so these enterprises can succeed quickly. In addition, investors' capital support has also accelerated the growth of enterprises.
A foreign investor once asked me, "how can you give money to the enterprise as hard as you can?"? &As a matter of fact, we have no way to promote the development of our own enterprises.
Third, the game of giant entrance. Almost all industries can see the figure of giants, which also brings different challenges to our friends: do you want to stand in line? What should the giant do if he throws others? Start ups are in fear and anxiety.
From what we can see, if an enterprise wants to succeed, it must go through the devil's channel, and it must go through the process of rapid upgrading of competition, rapid growth of enterprises and the admission of giants.
How do you get through the devil's passage?
How to cross the devil's passage? Let's go back to the nature of business and the business model. To give two examples, we can see how these enterprises are really or are going through the devil channel.
First example: Weilai automobile. Weilai automobile mainly surpasses its competitors in technical engineering ability, and the most important one is their engineering ability.
On October 12, 2016, Weilai automobile ep9 set the fastest electric vehicle lap speed record at 7:05 in the north ring circuit of neubergreen in Germany; on February 23, 2017, in the driverless test of American track in Texas, the ep9 set a speed record of 257 km / h, becoming the fastest driverless vehicle in the world; on May 12 of the same year, ep9 scored 6:45.900 On December 16, Weilai automobile officially released the first mass production vehicle es8.
The second example: Jingdong. Jingdong doesn't have much technology. Everyone here may do better than him. In those years, compared with Dangdang, excelsior and Amazon, which were established earlier, how did Jingdong surpass its competitors?
In fact, the key lies in Jingdong's logistics of large items, which does not have much technology, but complements the immature part of the value chain. The improvement of infrastructure can also create value and help enterprises through the devil channel.
The secret of Weilai automobile and Jingdong crossing the devil channel is engineering technology and perfect infrastructure.
Pleasant capital has made a lot of investment. We have an investment strategy of "base oriented investment". The so-called base area means that it has a relatively large area and can make multiple investments in this field. We have already invested one of the top projects in this field. Finally, we have a deep network accumulation and deep understanding in this field.