In the past few years, there have not been enough partners in the VC industry. Although the industry has already mass-produced, more and more situations require the rise of “partners”, which made the rise of “partners” in our industry once very watery. Now that the economy is down and the industry is adjusted, the “partner” has more gold content, but there are still many scenarios where there is too much demand for this SKU. In fact, it is the sequelae of the QE release in the past few years. It is estimated that this category will gradually return to normal in the future.
I wrote an article a long time ago recommending that everyone pay attention to investment managers, and now I still have this view: VC itself is a business that needs to be a platform for companies whose future is uncertain, and it is a process of trust transmission layer by layer, unlike PE/Buyout A pricing and trading business. In most cases, the targets of VC are not “asset”, but basically two guns and a sentence, while the targets of PE are basically famous landmark companies, which can be settled by DCF, but A question of “who” invests. That’s why the barbarian series about the case of KKR Nabisco many years ago is fascinating, and there is also the story of senior Shan Weijian single-handedly pulling TPG to acquire Korea First Bank. PE is all asset-driven. VCs are all story driven.
Today, when the Internet has come to an end, the industry is in vain. In addition to the domestic substitution of semiconductors and the globalization of new energy, there are many new technologies sprouting with each passing day. Unlike the Internet, there is no way to do everything. That’s why someone said two days ago that VCs are hoarding PhDs in chemistry with high salaries. But chemistry Ph.D.s don’t start out as partners. Most of the partners of Chinese VCs have grown up from the Internet era, and the other camp is medical care. TMT funds have transformed into technology investors and advocates today, with Ph.D. in chemistry, Ph.D. in biology, Ph.D. in computer… We have finally gotten rid of the history of “low education” in this industry (there was once a little girl who just got a doctorate from Columbia University, After listening to my background introduction, I said directly: “Your industry seems to have low educational requirements…” It made me suddenly mute).
But in fact, the partners don’t know much. Motivated old comrades work hard to keep up with the times and watch the official account every day, but their professional knowledge is still far from their Associate / VP. Even if I go to apply for an on-the-job postgraduate or even a doctorate, most of them are just makeup. Just like when I asked a CNS professor, the old man said that he didn’t know what immunization was about. Asking the director of immunization, they basically have no experience in the details of CMC process… …interlacing is very obvious in the field of technology; people who can’t come are basically using the network of outsourced experts to screen projects. Many experts and professors who are eager to start a business start to struggle with “why I am not a partner” and fall into the vicious circle of GPs who insist on seeing the Party Secretary of the Guiding Fund: He doesn’t understand you, and you don’t understand him.
In fact, everyone is too obsessed with raising their heads. If you are dealing with a market-oriented organization, the more people you meet, the more understanding you may gain internally. Entrepreneurs will need experts who really understand technology and business within the organization to make internal recommendations. These experts are often “investment managers” or “investment directors”. In the VC industry, the rank is very flat, and whoever has the best performance has always been on the top. The core function of a partner is actually to raise funds, just like the founder of a technology startup We all need to raise funds; if you are dealing with a national prefix, then this level of experts is even more important, because you may not meet a partner a few times, everyone must look up, communicate upward, VC Aren’t the partners of the fund chasing the investment directors of the fund of funds every day?
Therefore, I appeal to everyone not to ask partners to participate in everything. Our partner’s business card does not look up, and it looks the same as our administrative girl’s business card. As a practitioner who has been on the rise since 2007, I think my young colleagues know more than I do. I follow them every day and ask questions, so I suggest that everyone follow them too. They are the ones who really push the project forward. core power. Let’s focus more on the substance and less on the form. In today’s chaotic market, wouldn’t it be fragrant to work on some reliable and profitable projects together?
I may have offended a lot of my peers again, so I will finally correct the name of the middle-aged and elderly partners: our greatest value may lie in the many industry cycles we have experienced. Say goodbye to the rivers and lakes, so there are some advantages in some big-cycle investment decisions, and there is some accumulation in judging domestic policies. We humbly ask the team for advice on technology and products, but we do have more say in the speed of action.
Source: Zhihu www.zhihu.com
Author: Xiong Weiming
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