Introduction: In recent years, Xu Xiaoping has invested in several listed companies. In 20 15, many start-ups invested by Zhenge Fund also received a lot of attention from the outside world, such as Honey Bud Baby, Mobvoi, Green Deep Eye, Nice, Looking for Steel Net, Yihang UAV, Animal Riding, Youke Workshop, Yi Hui, Yunzao Technology and other emerging technology and Internet companies.

Xu Xiaoping: I'm not satisfied. I'm anxious.

? Never report me for being late. ? Xu Xiaoping strode in, wiping his sweat and joking with reporters. As an early venture capitalist, he met three or four entrepreneurs every day.

Recently, Xu Xiaoping accepted an exclusive interview with China Entrepreneur and other media. As the former New Oriental? Troika? First, he is a close friend of Yu. Now, his close friends have become a new generation of entrepreneurs. It is said that they can often visit their homes, and Xu personally participates in every project. After investing, he will also provide guidance and platform for the projects he invests in.

In recent years, Xu Xiaoping has successively invested in several listed companies. In 20 15, many start-ups invested by Zhenge Fund also received a lot of attention from the outside world, such as Honey Bud Baby, Mobvoi, Green Deep Eye, Nice, Looking for Steel Net, Yihang UAV, Animal Riding, Youke Workshop, Yi Hui, Yunzao Technology and other emerging technology and Internet companies.

Years of accumulated investment experience also enabled him to maintain a cutting-edge understanding of the domestic investment and entrepreneurial environment.

? Is the winter of VC the spring of angels?

CE: We are cautious about the investment industry in the first half of the year. Some people call it yes? Winter of capital? I wonder how the number of your investment projects in the first half of this year has changed compared with last year? How long do you think this winter will last?

Xu Xiaoping: Five years ago, I said that the winter of venture capital is the spring of angels. Angels are actually low-valued investors and poor investors. If VC encounters a cold winter, it is good for us. If the valuation is low, entrepreneurs will be closer to the essence of entrepreneurship. The essence of starting a business is not that I am awesome and have a high valuation, but how much money do I need? How many things to do? So before this year, our real funds were more than last year's investment projects, and the speed in the first half of this year was significantly higher than last year. Secondly, it is true that our good friends and many venture capitalists, including angels, are slow, but this is a reality. Third, we see that many great companies are still growing at a high speed, healthily and profitably.

I have experienced the economic cycle. For example, the economic crisis in 2008, but on the other hand, many great companies in China today should have grown up at that time. This is not a philosophical view, but a historical fact. When people are most afraid to make moves, Zhenge Fund should embrace the leaders and enterprises in the next five years and 10 as much as possible. I personally feel that since the first half of this year, the wave of entrepreneurship has never stopped. I hope that there will be more questioning voices, which will help entrepreneurs to reflect. But this year's entrepreneurial craze and entrepreneurial quality are not as good as last year, or even better.

CE: Compared with three years ago, it seems that many organizations are now in the B2B field. How big do you think the B2B market is? Why can it catch fire?

Xu Xiaoping: In the field of B2B, the mode of finding steel net solves the information asymmetry and the optimization of supply and demand chain. After looking for steel mesh, the search for plastic, cotton and cloth appeared. Later, when I met someone looking for stone and wood, I threw in a coal.

So there is no doubt that there is still a lot of room in this field. The second opportunity for B2B is a company that serves enterprises. For example, if we invest in an easy-to-sell company, we will provide services for the enterprise. There should be 80% or 90% room for enterprise-level services in China. So the B2B market, I think, Zhang Ying of Jingwei also thinks that this market is too big. Why is it not developed? Pioneers with vision and investors with vision can dig out great wealth and create great social value from here.

Let me tell you an interesting story. Yesterday, a 27-year-old boy, a conductor, came. He is good friends with Lang Lang and Tan Dun. Classical music is in recession, and he said that one thing to do is to find music for movies. Every movie boss and every TV producer needs someone to score music, right? Three directors, to all young directors, come to me if you want to score music.

This is the best. What do you think tradition is? You made a movie, you know Xu Xiaoping, you made a music, this is a small studio, can you earn 1 100 million dollars? It can be said that it can't be done, but it can be done 1 billion dollars, right? A Chinese symphony orchestra can be formed to feed back great classical music. At the moment, Mr Wang Qiang is taking him to meet the investors.

This is de-intermediation, which solves the information asymmetry of all our industries now, which is actually a manifestation of the sinking of the Internet. The value and mode of finding steel mesh and steel are universally applicable, and then the information is transparent and the supply and marketing process is optimized. Therefore, I think looking for steel is a philosophy. What aspects does this philosophy include? World outlook, the essence of things, causality.

A few days ago, a good friend of mine came back from America and said, Xiaoping, I want to be a better dating website than Jiayuan. I threw up when I heard it. I said Jiayuan was dying, and you still want to do something according to her death. Bullshit. My idea is that many entrepreneurial opportunities are gone. You really need to do the traditional offline education again. Frankly speaking, this opportunity is basically gone. Maybe you can make a living and eat, but where is the great opportunity? B2B is an opportunity.

? Pain prompted me to find a good project?

CE: You said that the success of investment is to get high returns, the success of entrepreneurship is to make profits, and the success of life lies in deep satisfaction. Are you satisfied now? What is your satisfactory state?

Xu Xiaoping: I'm not satisfied now. I am very dissatisfied now. When I saw many excellent start-ups rise rapidly, bringing people joy, value and profit, I found that we were not among them. I felt a sense of loss and frustration, no matter what I did yesterday. I always feel that I need to catch another drip today and catch another beautiful group. Without it, I will always suffer and suffer. Those who don't know me make me worry, and those who know me make me want. What am I asking for? I want a better bat.

This essence is also a sense of participation in the times and a companion of outstanding entrepreneurs. Of course, there is also possessiveness in it, but it is also a sense of accomplishment. Of course, when society finally says, what has a person done for society? He has done a lot of good things for the society, which is a dimension. The mountain is not too high, and the sea is not too deep. Duke Zhou only vomited for the project. But I keep asking myself, is this greed? Is this shameless? Whether it is a positive emotion or a negative emotion, my conclusion is that it is still a positive emotion. Really, every time I go to the office, I am very kind, but in fact, there is a message in my language that the real fund is nothing. We must get good projects tomorrow and invest in them. For example, looking for steel mesh is one of my psychological comforts.

You know, this sense of anxiety and nothingness drives me to meet and chat with more entrepreneurs. Just now, I met an entrepreneur. Last night, I met an entrepreneur. Yesterday, I met four or five entrepreneurs. On average, I see three or five entrepreneurs and read more than a dozen business reports every day.

CE: I heard that entrepreneurs often visit your house?

Xu Xiaoping: I have an office, and my wife is not around, otherwise she will collapse, which will cost 654.38 million dollars. As an investor, I want to invest in good projects and high-return projects. As for what this investor has done for society? For example, a TS, two PSA, SPA, or our encouragement to entrepreneurs are all by-products.

Where is the next unicorn?

CE: You seem to have said that you hope to find an investment standard with a market value of over $654.38 billion. Now, if there is such an opportunity below, in which field do you think it may be? Where is the unicorn?

Xu Xiaoping: I said something similar. The biggest dream of investors is to invest in a BAT and a millet. Every project we invest in, I think it's a unicorn. I dare not say that every project has the possibility of 65.438+000 billion. When I invest in every project, I think it should have the possibility of $65.438+000 billion, otherwise I won't invest. So what's the point of this dream? Its significance lies in that every entrepreneur comes here, I prove it to him with money, and I endorse it with money, saying it is a dream of 65.438 billion US dollars. Angel investors are the check signers of the entrepreneurial Chinese dream. Entrepreneurial Chinese dream, public welfare Chinese dream, educational Chinese dream, environmental protection Chinese dream. I think every project is a $654.38+billion project.

But in the field of artificial intelligence, there is no doubt (I am optimistic). I think artificial intelligence itself is a collection of various disciplines, such as big data and computer vision. We have invested a lot in these areas. For example, there is a company in Guangzhou. He installed an anti-theft system in Wal-Mart, which reduced the theft loss by an order of magnitude within one month without anyone's intervention. Imagine that shopping malls all over the world are equipped with this kind of thing. What great contribution should it bring to the mall? 10 billion dollars can be said to be a wild dream, but 65.438+0 billion dollars is a dream that every entrepreneur can realize.

Now entrepreneurs, in fact, the most important two points, first, you have to be the solver of this problem, second, you have to be a participant in solving the problem, you have to be a' leader' among the participants, or better yet, to be a person, you have to be a masseur at this pain point, your fingers must be massaged at that pain point, and you must be the first in this masseur.

I'm going to Taizhou to give a speech and tell people there how I started my business in New Oriental and my pain points. My pain point is no money. In order to solve the pain of having no money, I went to teach. What is the pain point of my later real fund? I have nothing to do with money, which is also quite painful, while a large number of students have connections but no money, which is also a pain point. The combination of two pain points is joy, and negative is positive. The two pain points will be fine as soon as they are combined.

CE: You just mentioned that something that can completely change human life in technology may attract the attention of venture capitalists. Perhaps the business model is more sought after in the first five years, whether it is B2C or O2O. Now, in everyone's impression, has this pure business model innovation and this Internet-based business model innovation reached the bottleneck? Do you pay more attention to business model or technological innovation now?

Xu Xiaoping: I totally agree with this view. In fact, the entire Internet ecosystem was established by three countries and big countries. Today, it's getting harder and harder for you to rely solely on pattern innovation. If you have this kind of innovation, big countries will destroy themselves if they do it. For example, online education 5 1talk is listed now, which is an epoch-making event, although most people haven't cheered much yet. And New Oriental, learning and thinking is hard to do this. Because the bigger the online work, the offline teachers obviously feel robbed of their jobs. We must do self-revolutionary innovation, Kodak is the most classic case.

It is probably not enough to rely on the model alone, but to use a brand-new technical level, a brand-new concept and a brand-new method. For example, today's headlines, when today's headlines rise, in fact, Sohu client users have exceeded 100 million, Phoenix client and news client are cheering, and today's headlines completely subvert them, because they are completely different models, technologies and concepts. I think it's a complete subversion of ideas. It's getting harder and harder to innovate just by one model or something. But now there are more and more hard technology startups, and there are more and more world-class technology startups in China, which is a self-evident fact today. For this top-level hard technology venture, BAT can only buy it, not that I want to make a product to kill you.

However, for example, the internet has been made into high technology, but now no one thinks that the internet is high technology, just it. Today's artificial intelligence, big data and computer vision, once they become giants, will bring a new round of model innovation.

My judgment is that the era of model innovation based on the Internet and mobile Internet may have passed, and based on hard technologies such as artificial intelligence, AR and VR, this era may have arrived. I once discussed a pure proposition with Cai Wensheng about how to subvert WeChat. In fact, WeChat can't be subverted, just as only smart phones can subvert functional machines. Therefore, how to subvert WeChat must be divorced from the dimension of WeChat, not a faster, better and more beautiful application interface, and it will never be possible. But a completely different technology platform may subvert the giants, and the giants are often slow to respond to new technologies.

CE: How many artificial intelligence projects have you invested in this year?

Xu Xiaoping: We have invested a lot in this area. Yesterday, I invested in a project, which is a big data application made by two top professors and talented doctors at Stanford to help BAT-level enterprises to provide services. The emergence of this kind of thing, Ma Yun can only look at the ocean and sigh. I just need to take off my hat for this technology. If we want to invest, we will invest in this kind of enterprise, which is the enterprise we worship.

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