Xinghan Capital takes the route of cooperation with the superstructure, obtains projects through interviews, conferences, lectures, operations and other channels, and at the same time outputs contents for it and digests investment.

Yang Ge, the founding partner of Xinghan Capital after 1985, who loves purple shirts, matching purple suits, long legs of 185cm and handsome face, is recognized as a male god and online celebrity investor in the venture capital circle.

He himself, however, tried to tear off the label of online celebrity. ? Everyone can only see the exposed things, but what they can't see is that I make forms and write PPT at 3 am. ?

As the head of a cutting-edge fund, there are many focuses and topics on him. Through the glamour, how did Yang Ge experience seven entrepreneurial failures and two brush with death?

Pride is torn to pieces

? It seems that not only do enterprises do business and invest, but China basically takes greed as the center and outrageous as the radius, and draws a circle with no area and only sides at the slowest speed. ?

Digging out Weibo in 21, 53 Chinese characters honestly restored the angry youth yangge of that year. When I started my second venture in my junior year in 25, it took five years, but Yang Ge's Tsinghua aura was finally torn to pieces.

It's a medical device project. The product is the size of a cabinet, and it is used for automatic testing for patients. Yang Ge is the co-founder and CTO, responsible for software-related work such as algorithms, UI and security. For him majoring in physics in Tsinghua, it's a big challenge to cross the border into the medical industry. ? There is no long-term planning at all, and I can only think of what to do today and what to do tomorrow, all of which are reasoning forward. ?

After some detours, they still got the hardest bone to chew: they applied for the national and PCT invention patents, and they also got the medical three-certificate license.

in 27-28, the project was 2,,4, yuan, and the project was successively financed in two rounds. The seemingly prosperous business makes Yang Ge full of confidence and sends business cards to everyone. This young man who started his business as a sophomore vaguely tasted the taste of success. Think the company is going public? .

the good times didn't last long, and the hidden rules of the venture capital circle mercilessly erased the scenery on the surface of the project. What is ringing is not the bell of listing, but a sap: the negotiated financing has been ruined again and again.

Yang Ge recalled that every week in 28, investors put an olive branch into the door, and the largest single investment was 15 million yuan. He signed a payment agreement (SPA) with the founders.

Although it was written in black and white, the duck that should have reached its mouth flew anyway. And such a farce, a performance is actually three years.

Yang Ge is the No.2 shareholder, and he receives calls from the founder and major shareholder every day. Their money will arrive next week? ，? Will it arrive tomorrow? ，? Arriving the day after tomorrow, all the agreements have been signed, and they can't wait for a dime every time. ?

　? How can you meet a liar every day? Yang Ge endured the slap in the face of reality and hit her face one by one. ? That is, no one invested, and they lied to you one by one. ? He sneered.

with the shortage of funds and the lack of market experience in the medical industry, none of the products can be sold when they are promoted in hospitals. Yang Ge got only one copy? Intentional contract? .

A few years later, Yang Ge recalled these details and couldn't help feeling: One of the biggest problems of being young is that you don't know how far it is from getting the next contract. I think others say it's quite interesting, and there is an intention to place an order. The gap between this intention and what really happened is completely unknown to young people. ?

after being broken for more than a dozen times and being intentionally invested for hundreds of times, the company's cash flow broke in 29, when Yang Ge graduated from graduate school. ? It's also very inch. I graduated just after the cash flow was cut off. ? He popped up a Beijing film.

For this venture, he gave up going abroad and studying for a doctorate, but he went to adventureland. For the first time, Yang Ge looked at his 24-year life with suspicion. When I was a child, I got an A in history. I thought I could do a lot of things, but when I grew up, I found myself nothing. I got an A all the way to Tsinghua, and I got so miserable in the society that I felt that everything before was a waste and no one recognized it. ?

the original pride was torn to pieces. For the first time, he thought of suicide. The computer played the inspirational chicken blood movie "The Pursuit of Happyness" and cried with the little boy inside.

Wiping away his nose and tears, Weibo and his blog became the outlet of his anger. There is such a sentence in Yang Ge's first blog post "Redemption": Fortunately, there is a limit to being stupid in most cases. ?

fortunately, every loss of food was summed up by Yang Ge? Social law? . So far, he * * * has summed up more than 2 articles, which are called "What's the name?"? Into the mainstream market? .

Yang Ge said that every society has a baseline, which is called benchmark. The more disciplined you are, the less hooliganism you will get, and the more you will gain. But below this line, the more you obey the rules and respect morality, the faster you go down; Those who mess around without rules are better than you.

He believes that we must blend into the mainstream market with a credit system and find people in the mainstream market.

Restart yourself, and Yang Ge looks for the ground to take root again, waiting for the new bud to top off the dead tree in front.

get down on your knees and rush to the bottom

Yang Ge wants to enter a financial-related company and learn financial knowledge to make up for the shortcomings of his last venture. But there is uncertainty in front of us, and every step forward is like jumping into a cliff. ? In the past four years, the resources of medical entrepreneurship are useless, and the ability of programming is useless; Start a new business, you can't afford to spend three years without a job; I work in KPMG with a monthly salary of 4, yuan. Do you want to go or dare to go?

Embarrassed, although I have fallen into such a field, I still have to beat my face and pretend to be fat in the original social circle. ? People around you think you are the boss, and the social cost is very high. How to maintain it?

By the age of 26, every time Yang Ge socializes, he must carefully calculate the cost. In those days, he made forms every day, and the cash cost and time cost of a social activity were recorded. I spent 2 yuan on an activity, but as a result, nothing went down. I just gave my support to others. I'm sure I won't do it? .

Because of his good family, he didn't take the subway or bus when he was a child, and he also squeezed into the 2 yuan subway.

After entering the new environment, Yang Ge realized that the previous sufferings were nothing, and a new round of abuse had just begun.

In KPMG, Yang Ge's leader is two years younger than him. What is Yang Ge called? Children? . Yang Ge is sent every day? Resident? Printing room, and was asked to rework again and again. ? This nail is crooked. Try again. The edge of the printing paper is not wide enough. Try again. ? The reprimand was around his ears, and he remembered the picture in the movie Gladiator.

　? A man who spoke seven languages was arrested and finally hacked to death. Before he died, he said that I could speak seven languages, but I was hacked to death because these talents are useless here. Another example is The Shawshank Redemption. What you want to think about is how you leave this place, not what other abilities you have. Everything else was negative on that occasion. It's zero here, and it's useless to add 1 thousand elsewhere. ?

This experience was also summarized by Yang Ge. ? A person who wants to succeed must learn to kneel down, kneel down for others and kneel down for things he doesn't like. It's not that you kneel down, but that you really bow your head. Because of many thresholds, you may not be able to get through if you knock your head off, but once you kneel on the ground, you will find that this threshold is not very high, and it will pass at once. ?

As soon as I bowed my head, my crown fell off. As soon as I knelt down, my pride was broken. Yang Ge felt that he did not dare to bow his head and kneel down, which made many peers become mediocre. He was in Beijing No.5 Middle School, and in addition, Tsinghua Peking University alumni circle, most people didn't make particularly great achievements afterwards, 9% of them couldn't let go of themselves, and the heroes only mentioned their courage in the past.

Just like reinventing, Yang Ge's cross-border madness makes up for the shortcomings. As early as 213, he was the vice president of Dajiang Investment; During this period, he also went through the third, fourth, fifth, sixth and seventh ventures, all of which ended in failure.

for the third time, he founded the Young Elite Business Union (Kaiye. com) to expand his knowledge structure and network. Their activities ranged from the early business social gathering of 5 or 6 people to the last activity with less than 1 people, so they could only organize mahjong.

due to too much dilution of equity and unprofitable business model, Kaiye collapsed. Yang Ge stopped the loss in time, cancelled the company and cleaned up the finances. Compared with the second venture, with the experience of risk control, he could not continue to lose money if he could not do it. The contacts have also been obtained, and the liquidation is clear. ?

However, his psychological construction failed to keep up, and it took him a year to heal. Negative emotions accumulated and broke out again in 213.

Under the pressure of internal and external pressure, at the age of 27, Yang Ge felt that he had become lazy. It was the only year that he could play games in the office. ? From the age of 18 to the age of 32 this year, I haven't wasted time in 14 years. Basically, I spent one year as someone else for three years and wasted one year. Now I regret it. ?

It's like a marathon. Before, he held his breath and ran ahead, then he was lazy and stagnated, and he panicked.

The engagement trip originally scheduled for the end of the year has become a life-and-death trip for Yang Ge alone. Before his engagement, he had a big fight with his girlfriend, and he went to Japan alone with a credit card and a small bag.

I wanted to sleep in a capsule hotel in Osaka, but I arrived in Nagoya, and Yang Ge collapsed. He walked alone in the cold street, and the cold wind got into the cracks. The sky was gray, saying whether it was sunny or not, saying whether it rained or not. He felt surrounded by clouds and couldn't hear a trace of wind.

It was December 31st, and on the last day of the year, there was nothing worth summarizing in my mind. I don't know how long a person has been gone, and his body without food vomited uncontrollably, and the 185cm big man became a walking corpse; A bloodless face, like a mask, can't squeeze out a tear and a smile. ? I'm already stupid. ?

One day after losing contact, family and friends' phone calls were bombarded one after another. Yang Ge, who was in a dead state, answered the phone mechanically and struggled to buy a ticket to return to China. Vaguely conscious, want to play the second half, have to live? .

This outbreak of depression didn't bring Yang Ge back to life until the plane landed in Yantai. He was fully alive when he transferred to Beijing.

Picked up a life, which made him lose too many emotional components before. ? Passing through this place where life and death are handed over, you will be relieved, that is, whatever, and everything else is whatever. ?

For the next six months, Yang Ge talked to himself in English on the computer every day. He joked:? Mao Daqing Mao always turned out to be a depression, but later he was adjusted by running, and the over-adjustment became a depression? Chatting? Me too. ?

Yang Ge thinks that being a person and doing things are designed parabolas. If you rush down, it's like riding a roller coaster. You can't rush up until you reach the bottom.

After crossing the bottom of the valley, where he almost had a face-to-face meeting with death, he frankly said that from that day to today, he basically did not go downhill strategically.

The eighth venture-Xinghan

This parabola belongs to Yang Ge. The seven failed ventures in the first half seem to be rebounding for the eighth venture. At the beginning of 214, Yang Ge decided to establish Xinghan Capital.

in his eyes, this is a very logical thing.

Seven ventures have enriched contacts and skills, and the experience covers most industries. ? People in all walks of life can feel everything in their bellies. ?

　? For the first time, it is related to my own professional mathematics; Do medical equipment for the second time; The third time is the human circle and SNS community; The fourth time is hardware embedded development, soft and hard combination; Opening a chain restaurant for the fifth time; Do red wine sales for the sixth time; FA for the seventh time in trust and asset management. ?

I've been studying finance for five years. Yang Ge has seen too many projects in Dajiang Investment and the work of Northland Investment since then. Not to mention TMT, which is the most watched, just because of mineral energy projects, can the periodic table of elements be memorized? .

most importantly, because of the accumulation in previous years, he has entered the mainstream market of the investment circle and has the ability to raise funds and contacts. ? If you want to be a new fund, the ability to raise funds is particularly critical. ?

It has long been Yang Ge's professional habit to accumulate contacts. Before becoming Xinghan, he made a small database, and every time he was a government consultant and went out to give lectures, he sorted out the contact information by phone, email, individual and company. At the age of 27, there were three or four thousand unread messages on his mobile phone WeChat. Last year, little red dot showed more than 4, messages.

At the beginning, the broken wooden barrel was finally filled with boards on each side.

in the fundraising stage, he is no longer as worried as a young entrepreneur who was cheated at the beginning. ? Fundraising is the same as venture financing. It may be that 1 LP's are interested in your fund, 3 people are willing to talk for the second time, then 1 people sign the agreement, 5 people fulfill their promises, and finally 2 people make money. ?

his words are full of sophistication. We are brothers if we can talk, but friends if we can't. Money is not yours as long as it is not in your pocket. It may not be yours if it is in your pocket? .

In the face of this kind of thing, Yang Ge's mood is less than angry. ? I think what most people call anger, unhappiness or cynicism is that you don't understand the world. ?

Only invest in people who have no obvious shortcomings

In the initial stage, the investment track of the investment circle changes rapidly, and Yang Ge does not restrict specific industries. ? Feel the way, see the confession, and decide while walking. ?

What kind of entrepreneurs does he pay more attention to when looking for in various industries? Xinghan internally summarized it as 4.6 quotient.

four points: have a deep understanding of the industrial chain, and have very strong persistence, iterative learning and execution ability; Six Quotient: IQ, EQ, Financial Quotient, adversity quotient, Political Quotient and German Quotient.

When it comes to these ten aspects, it's hard to find entrepreneurs with 1 points, usually there are high and low in all aspects. The secret of Yang Ge is to invest in people who have no obvious shortcomings. ? People who are particularly low in adversity quotient are all good at other things. They quit when they encounter problems. Such people can't vote. ?

furthermore, the first long edition of entrepreneurs should not be too short. ? There must always be one or two advantages. ?

Tang ziyu of V.Fine, a project invested by Xinghan, is quite representative. Yang Ge met Tang Ziyu, who is ten years younger than him, at a roadshow. ? Generally speaking, a person's logic and knowledge structure give me a feeling that 5% of the first five seconds are basically stereotyped, or you can do it without saying anything, and the remaining two or three hours of communication can set the other 2% of this person. ?

After a long chat with Tang Ziyu, Yang Ge thinks that Tang Ziyu's personality is similar to that of Jobs and Zuckerberg, which is a mixture of business and art, and his thinking is different from that of ordinary people, and he can tell a lot of things beyond your expectations. ? And you think everything he said is right. This is called the universal values of the future, and most people don't have this thing. ?

the following week, yang ge finalized the 1.6 million seed round financing of V.Fine by xinghan capital (6 million angel round financing has been obtained subsequently).

But Tang Ziyu also has many common shortcomings, such as being young, not knowing how to control his emotions and lacking management experience. Yang Ge said that young people will lack a lot of things and need a little to make up for them. Don't force a person with universal values. Give him ten options and he can always choose.