Double innovation policy (refers to? Mass entrepreneurship and innovation? As the reform dividend of China's economic restructuring, it has greatly stimulated the entrepreneurial wave of the whole society. The new economic wave represented by mobile Internet and Internet of Things, the establishment of multiple financing channels and multi-level capital markets and the release of policies have provided unique policy support for the rapid development and acceleration of enterprises. The following are the gains and losses, pros and cons that I may encounter during the roadshow of entrepreneurial projects shared by J.L. Welcome to visit more entrepreneurial projects (www.oh 100.com/chuangye).

Although after the beginning of the year, incubator, P2P, equity crowdfunding, New Third Board and other fields have exposed some problems to varying degrees, and policies are slowly tightening norms, but these are all surging and clear-cut market and policy revisions to further optimize and upgrade the entrepreneurial environment. 20 15 The number of projects received by several project review opportunities with different specifications and channels every month constitutes one of the nearly 1/4 of our project sources. In the past few years, the invitation of the project review and competition judges received by the author has hit record highs, including the invitation of incubators from Xinjiang and some local towns, which shows that the implementation of the dual-innovation policy has been pushed to a deeper level.

? Fuck a thousand songs and then know the sound, watch a thousand swords and then know the instrument? After different campaigns and roadshows of different types of projects, although we have seen congenial venture capitalists go hand in hand with Qi Fei, what we see more is the wrong frequency of venture capitalists and no separation. Combined with the author's experience in judging judges and entrepreneurship counseling, I hope to share the gains and losses, advantages and disadvantages in the process of project roadshow for entrepreneurs' reference.

Project roadshow is an interactive process in which all parties to the project communicate effectively with investors on the overall operation of the project. At present, it is generally divided into offline and online in form:

The first type is the traditional offline type, which is mainly manifested in four modes at present.

(1) One-to-one mode, with the highest accuracy and privacy density. From the delivery of business plan, to the coffee interview with the representative of the invested institution, to the in-depth communication with the investors invited to visit the enterprise, and then to the investment institution inviting the founder to the investment office for interrogation, represented by one-on-one, privacy and strong rhythm, especially for high-quality projects, it is faster and faster to promote the project transaction in three steps;

(2) The private board meeting mode with high accuracy and high private density, in which funds jointly invested by three or five companies or institutions with the same preferences in vertical segments organize carefully selected projects, is similar to the private board meeting, and the problems from partners and investment directors are often very acute, ranging from business progress, market development methods, cost structure and capital structure to whether spouses support entrepreneurship. Of course, the effect is also obvious. Generally, the quality of cases that have the opportunity to attend the meeting is very high, and the probability of being voted is very high. Investors and entrepreneurs who have been immersed in this circle for many years are not allowed to enter. This form is often presented in the form of bridge club, golf club, outdoor club and investment club, which is private and high-end.

(3) Project roadshows or special roadshows organized by government departments, well-known institutions or offline platforms. With the increasing investment enthusiasm and the intensive emergence of incubators in various places, local governments, science and technology departments and local institutions will also organize a series of roadshows on a regular basis, and some incubators will be named as project demonstrations during graduation season and DEMODAY. Comparatively speaking, the author prefers an incubator with institutional background or institutional custody to undertake it, because everyone is in the same circle, and the serious injury is too obvious to take out, which is equivalent to passing the sieve in advance. However, most of them will do some tutoring in roadshow preparation and roadshow form. Therefore, entrepreneurs are more professional in the process of demonstrating projects, and venture capitalists are also very easy to compare frequencies, reducing many communication costs.

(4) Entrepreneurial TV program mode of entrepreneurship competition or competition plus promotion. Because the purpose of the organization is different, the enterprises attending the meeting often have three goals: 1. Seek ranking, with bonuses or rewards; 2. Seek fame and free brand communication; 3. Seek funds and meet suitable sponsors. This kind of project often goes through sea selection and optimization, so the projects on the stage are generally of high quality. The all-media venture capital program "yue longmen Maker Win" participated by the author has been screened, counseled and optimized. By the time of debut, the institutions were basically locked, and both venture capitalists gained a lot, so the Matthew effect appeared, and more and more high-quality projects and top investment institutions gathered. On this platform, for entrepreneurs, both fame and fortune.

The other is an online roadshow that combines technology and information means to upgrade.

With the application of video technology and mobile Internet, roadshows of many projects have also moved online in the past two years. I have participated in QQ group, YY group, conference call, remote video roadshow and the current WeChat group roadshow, but when it comes to experience and interaction, the current WeChat group roadshow is better. Business plans will be published and watched in advance, and the voice in the interactive process will not give entrepreneurs time to sort out and modify. But through this direct dry goods collision, it is similar to brainstorming to decide whether to follow up this project. After all, projects with bad business plans are silent in the group, and only projects that touch investors will draw swords one after another. Of course, the process is a bit intense. At this time, entrepreneurs should learn to judge investors who are interested in you, so as to go offline and continue to blend. This online roadshow also has a one-to-one AMA mode, such as guiding the way, gathering members, and some online and offline time auctions, China Investor Center, etc. , you can have the opportunity to borrow this knowledge and question-and-answer platform to meet investors, talk about projects and answer questions.

The above two kinds of roadshows, online and offline, are constantly evolving and changing with the development of cross-border, science and technology, enjoyment and other fields, showing different models, but these variants ultimately serve the efficient docking of venture capitalists and realize each other's expectations: the docking of investment and financing is successful! On these roadshow platforms, entrepreneurs need to prepare mountaineering backpacks, do their homework and meet the eager and critical eyes of investors. Communicate with investment peers according to their own investment preferences, share necessary skills, and add color to roadshows;

1. Choose the right roadshow platform. Do you want to promote products for brand promotion, or take part in an entrepreneurial competition, or participate in scientific and technological reviews, or participate in investor roadshows? Don't blindly participate without distinction and screening, and make targeted choices in combination with different stages of project development. At 14/ 15, with a business idea, three or two partners and a product demonstration, you can start attending the meeting and talk about investors. At that time, radical angel investors or early institutions will follow up; However, by the second half of 20 15, there was no market for molded products or proofing, lack of basic business data and no clear profit model, and such projects had been completely rejected by institutions. At the same time, if you see investment institutions or investors who are interested in the project on some platforms, remember not to appear and meet more on other similar platforms, which is different from the mode of grabbing orders by investment institutions (one of the supply channels of investment institutions). If the founder frequently participates in the roadshow of the project, he will be labeled as' running away from the main business'. The circle of investors is very small, and it is difficult for entrepreneurs to open up the situation in the circle of friends of investors.

2. Get ready for the roadshow BP. Materials are generally PPT, PDF business plans and cardboard printed business plans (with business cards attached). At this time, the team (past experience, cooperation and division of labor, ownership structure, option pool), business model, business progress, cost structure, financing plan and capital use plan should be relatively detailed in combination with the next business progress, business forecast for the next three years, listing plan or exit plan. And simplified Chinese characters and big characters should be resolutely abandoned, which requires people's full association. It would be better if there is a customer who uses the video of the scene to show the whole business model, which can bring some relief to the bitter, nervous and depressed scene. When the business and financial data are unclear, the left and right protectors should form a group to explain, but remember to whitewash the performance. After all, due diligence is needed. Once labeled as dishonest, even the best projects will be rejected. There is a simple reason. There are many ways for investment institutions to lock in risks, but the moral hazard of enterprises is dogma.

3. Do your homework and practice internally. Ask knowledgeable FA, investors or incubators to give guidance and highlight the framework and key points; More internships in the company. After all, after entering the capital market, roadshows have become the basic skills of entrepreneurs. For roadshows, it is necessary to deepen communication with the organizers, understand the background and investment situation of participating investors, distinguish between true and false investors, and choose reliable investment institutions (clear and professional investment logic; There are investment or incubation cases; There are exit cases; Reliable reputation in the industry), beware of local investors.

4. Number one project. The project speaker is preferably the founder or co-founder of the enterprise. If you participate in the entrepreneurship competition, you can arrange an image spokesperson. But now the proportion of venture capital institutions in the competition has increased, and it is recommended that the founders participate. After all, investors invest in the operation team with the founder as the core;

5. Objection handling. Suspicious goods are buyers. Don't take the problem as a challenge. Investors' questioning or questioning shows that investors don't know much about this part, which is one of the standards of a good project (in this part, entrepreneurs are mentors and investors can learn a lot); Especially in the judging process of the contest, many contestants regard investors' comments as doubts and denials, and then walk away, which is even more undesirable. It is necessary to take advantage of information asymmetry and misunderstanding to narrow the distance with investors and promote deep understanding and cooperation between the two sides.

The author shares several ways to arouse personal interest, only some personal preferences, not others. A well-illustrated and focused business plan is the basic condition, and an eloquent and interactive speaker (preferably the founder) is even more essential. It would be better to tell the boring digital business story as a joke. Investors look at projects, such as industry capacity, competition, business data, cost structure, etc. If it is descriptive language, it will be pale and powerless. If it is chart data, if it goes smoothly, it will soon be converted into the order of magnitude that this project will reach in the future, and they will be interested in further follow-up. And a founder who can turn a boring business story into a joke often causes consumers to scream in the process of promoting products. After all, it is much harder to sell the company's equity to investors than to sell the company's products to consumers.

Carefully prepare the plan before the road show, and there are pictures, tables and data during the road show. These are the key points to attract investors, but interaction is not the purpose, but trading is the purpose. Follow-up, strategic follow-up and strategic continuous follow-up promote the king of financing.

Poor follow-up often keeps investors out, and there are only ten strategies to block the door. The author tutored an incubation project and won the first place in the 20 15 National Innovation and Entrepreneurship Competition. In the process of selection and promotion, the founders constantly borrowed this platform, constantly interacted with the judges, and added the contact information of the judges, especially WeChat (to narrow the distance between each other and the online world), and actively answered the tricky questions of the judges. Send out the latest progress of the project (monthly or key performance nodes) every once in a while, including the reply of investors' objections, and win the million-dollar prize from the Ministry of Science and Technology and the provincial and municipal supporting prizes. What's even more surprising is the intensive visits of many organizations after the game 10. In this process, how to borrow the roadshow platform, how to use the review objection (the most valuable part of the project), how to continue to follow up and how to facilitate the transaction must be supported by systematic planning and financing strategies.

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