Completed Salted Fish's Self-help Strategy

It's impossible to lack Ali on this occasion today. After all, this is the home of Ali on the West Lake. But Ali's main leaders have not yet arrived, including Zhao Zhujiang and other real bigwigs, so although the dinner started, it has not yet reached the climax.

Another is qualified to take the West Lake as the home of the slag easy, although the ability to make money is not bad, but not keen on mergers and acquisitions, this is the biggest gap between at and other enterprises. Once there was a saying that the ultimate fate of being a technology enterprise in China is to be acquired by bat. On the one hand, it shows that at has a strong desire for M & A; on the other hand, it also shows that at has money and is willing to spend money.

This kind of gene needs to burn a lot of money to burn out, and it may have to be washed away in the early stage. Therefore, it is a difficult decision for every enterprise with abundant cash flow whether to embark on a large-scale merger and acquisition. This is also the reason why Chu Yuanxi teases Zhang Ming that he is very close to big penguin and only has a poor layout in the investment field. It is impossible for an enterprise with such abundant cash flow as Toutiao to compete with Penguin Ali without investing tens of billions of dollars every year.

On a table far away from chuyuanxi, several well-dressed and successful men get together to have a hot chat. They can't see the competitive relationship at all. On this occasion, they need to unite with each other, so that they can get the ideal consideration, instead of vicious competition and price war.

One of the older men in suits asked, "is that little brother over there a friend of general manager yuan mu? Why don't you introduce me to us? "

"Don't you see people wearing T-shirts? Maybe it's the new vice president of a giant enterprise? Mr. Yuan knows too many people. Many post-90s have worked as the backbone of big companies. My stupid son is still a dandy. I really want to kick him out of the company and let him go on his own. I'm afraid the tiger in my family will go crazy. " Another bald man sighed.

"Ah, Shang Zhou, don't be too modest." The elder man in suit waved his hand: "who didn't know that your son is young and promising? It's too late for us to envy the return of overseas students. "

While they were doing business with each other, Lei Siyun passed by and sneered: "what kind of vice president of a giant company? No, he can coax money. I made a fortune by playing a mobile game. I came here to learn how to invest. "

Several successful men immediately Qi Qi eye shine, coincidentally thought: rich Kaizi?

Leisiyun finish saying, and sour added: "his company is yuan Mu lead investment a round." Then he walked away.

Seeing that leisiyun had gone, several successful people looked at each other, then bowed their heads to eat one after another. Shang Zhou's baldness is most deeply buried. He is very clear about his family's situation. He has reached the point that he must be acquired, because the financing has been through round e, but the valuation is only 800 million.

This valuation is enough to illustrate the seriousness of the problem. It's normal for a real technology enterprise to have a valuation of around 50 million yuan in round a, and at least 200 million yuan in round A. if it is less than 200 million yuan, people will feel that there is a problem.

The valuation of round B should be at least 500 million. If there is no 500 million, 400 million is OK. What if you can't get there no matter how you tell the story? Instead of round B, change the name to round a +.

If the valuation of round C is less than 1 billion yuan, it will certainly not be looked down upon. However, round C is more flexible after all. Different investment institutions give different valuation models. Some of them are based on the P / E ratio, some on the market sales ratio, and some on the market share ratio. The estimated values will be several times different, so it's better to say even a little lower.

Why does every round of valuation have to grow? Because only in this way can the investors who come in front of us have a profit margin, even if the book is floating. In this way, we can all explain and be in a healthy state.

For example, if round B is valued at 400 million yuan and round C is valued at 1 billion yuan, investors will not earn 150%, because the valuation after round B is not 400 million yuan, but 400 million yuan plus financing amount. Assuming that round B financing reaches 100 million, if round C financing can only reach 700 million, the investors in round B will not even have a 50% profit margin. This is not a success at all in early investment. It is more appropriate to call it fear.

However, your financing has reached round e, with an estimated value of only 800 million yuan. This shows two problems. First, you are able to cheat and find the wrong big head. Second, the enterprise is certainly not attractive.

The problem is that technology companies, even if they have been losing money, as long as the technology is really strong and there are landmark achievements that can measure milestones, financing is not a problem at all.

For example, LanChi technology, which is also in the process of developing a new version of science and technology, was embarrassed when his family was Yang Chonghe, the first chip designer in China? In 2005, the first self-developed DDR2 memory buffer chip was introduced, but no one used it because of the long technical verification cycle. So the whole R & D cost burned into air.

However, because the technology is really excellent, money is not a problem at all, so we continue to burn money. In 2010, we developed DDR3, and finally it went on sale. In 2013, we launched DDR4, which was certified by inter and established as the industry standard.

This is called a technology enterprise. It has technology and is fearless.

Even so, his old man's valuation on the science and technology innovation edition is too extraordinary. The advent of the science and technology innovation edition has doubled the valuation of LanChi technology.

On the other hand, the lack of attractiveness means that the technology is also in a dilemma, whether the R & D can not produce results, or the patent application can not come down, or the loss of core personnel.But it's no good not to continue financing. Science and technology enterprises burn most money. If they have no money to burn, they will only go bankrupt and have to pay for blood. Therefore, many start-up science and technology enterprises are ultimately dragged down by the growth rate, not without growth or without results, but the growth rate is a little slow, and they are constantly trapped in the financing trap and dragged down by difficulties.

At this time, the best way out is to be acquired and need an angel. The angel first has to have money, then has no experience. The experienced boss doesn't need to ask the specific situation. As soon as he sees that the technology enterprise with an estimated value of 800 million in round e turns around and leaves, no matter what kind of problems you encounter, don't let it become my problem.

Who is most likely to be inexperienced? young people! Thinking of this, Shang Zhou got up to look for someone.

Soon, chuyuanxi received a message from Yuan mu in his wechat: take a look at this enterprise, last week's technology.

Chuyuanxi quickly called up last week's introduction of science and technology, and then couldn't help but get a light in front of his eyes! The key is to brag in the right posture. This company, for example, is on the road very well. We are at the forefront of science and technology in the world, and the most backward technology in the company was last week.

To be able to think about how to brag at the time of naming, it must not be an ordinary person, fellow!