Hangzhou Fuguichi Bay, also known as Paradise Silicon Valley, was an early investor, so it was interpreted as "Angel Bay" from Hangzhou Bay. The domain name tisiwi is the combination of the first characters T, S and W of Angel Bay phonetic symbol, plus three I's and tisiwi's as the Chinese homonym of Angel Bay.
Like any entrepreneurial project, Angel Bay is also the founder. We won't go with the flow, we must be in the minority. Angel Bay will be a venture capital fund with distinct self-concept and unique investment style. We are definitely not pure financial investors, let alone strategic investors. We think it is a "vision investor"-a long-term entrepreneurial partner who stands firmly with entrepreneurs for the sake of career vision.
I think the development and application of the global Internet is still in the primary stage, and the Internet will play a significant role in promoting the development of human society. Most people underestimate its power.
We are willing to work with entrepreneurs with vision and dreams to put forward solutions and improvement measures for major problems in social development with the spirit and methods of the Internet. Angel Bay, born for this. It is our values that guide Angel Bay, so we prefer such projects, which must be a way to solve and improve important problems of social development, and entrepreneurs also need such endowment and understanding. This is a huge challenge for me and entrepreneurs.
Ifanr: Angel Bay is characterized by online application, which should bring a lot of noise, right? How to find truly valuable items in numerous applications? Please tell me your practice.
Online application is a low-cost method, including the time cost, expenditure cost and psychological cost of entrepreneurs. In fact, what we really need is that entrepreneurs can easily express their ideas. We are not afraid of noise. On the contrary, we often remind ourselves to be in awe of all innovations, because great companies also come from entrepreneurs solving their own needs.
We expect a large number of projects to enter through tisiwi platform. Of course, we have our own selection mechanism, and these mechanisms will be more Internet-based.
Ifanr: Do you really care about the business plan? What do you like best about Angel Bay?
I never think that great companies come from perfect business plans. Because most people ignore the truth that great companies are iterative day after day.
At the same time, I am very inclined that entrepreneurs should take the time to infer the progress of their company in the next 12 months and try to establish measurable goals. Really take the time to pay attention to the living people behind a virtual ID, the people running in the street, love your secular users, understand their joys and sorrows, and solve their needs.
Ifanr: What do you think of Y Combinator? As long as the invested company focuses on technology and products, Y-C can provide help in other business and legal affairs. Will angel bay be like this?
I recognize Y Combinator's model from my bones, and Angel Bay gets a lot of reference and inspiration from it. Because of the inner fit, I want to go beyond it.
We prefer technology-based and product-based teams, and we believe that technology-based and product-based Internet companies are more sustainable. Just as farmland belongs to farmers, simply put, the internet belongs to developers; Regardless of their background, education, background and personality, giving them capital can liberate talented developers and create greater social and commercial value.
As for business and law, Y-C can't help everyone. We will give guidance and help to entrepreneurs, but we will not exceed our authority; How can we feel the joy of obtaining a business license at the industrial and commercial window instead of entrepreneurs? How can you replace entrepreneurs in the face of the suspicious eyes of the landlord? How can we replace entrepreneurs to dismiss employees?
Ifanr: Besides Y-C, there are also many venture capital companies in China, such as innovation works of Kai-Fu Lee. What do you think of innovative works?
As I discussed with Wang before, my opinion is that it is a right or wrong question to distinguish whether you are an entrepreneur or an investor. IDEASLAB is a startup (but a super-rich startup), and Y-C is an investment company. To be honest, I don't know how to define innovative works: startups or venture capital? Angel Bay is a venture capital fund.
Start-ups need help whether they are hatched or wild, including the construction of core teams, the inheritance of basic management methods, the interrogation of product/business model/competition and so on. But we must remember that this kind of help is not a substitute, command or command, but a way for entrepreneurs to think, understand and feel.
Investors face entrepreneurs, and entrepreneurs face company subordinates, which are totally different things. The failure and pain, mistakes and tossing of founders and startups actually constitute a complete entrepreneur and startup together with experience and legend. So from this point of view, we are more inclined to think that wild ones are more reliable than captive ones.
The incubation period is equivalent to that before the child gets married. After marriage, husband and wife become independent social units. After the establishment of analog company, it became an independent business department. So in this sense, entrepreneurial projects need to be hatched, and startups don't need to be hatched.
After becoming a startup company, the key is that parents should not do things for their children, let their children do things themselves, and have enough fault tolerance. Just like a child peeing his penis when he grows up, he no longer needs the help of his parents, although he occasionally sweeps his pants.
Ifanr: Has any team got the funds from Angel Bay now? Are there any cases to share with you?
Angel Bay Venture Capital 1 is a newly established venture capital fund, and there are no investment cases yet. However, we have been following up and evaluating some projects before, and it is expected that several projects will be closed recently, and will be selectively announced according to the wishes of the entrepreneurs of specific projects.
At the same time, more entrepreneurs are expected to apply for projects through the website. Even for open source software or social projects without business model, we will provide a small amount of free support.
Ifanr: Personally, you were the president of the Baiyan Poetry Society of Jiaotong University and an idealist. Do you also use idealism to choose projects? What if the project is defective?
In summer, I am sketching the future of Angel Bay. I'm thinking about what I can do for Internet entrepreneurs. My heart is as hot as the weather. I wrote the following words:
Please love this difference.
Awe simple business model
In the muddy jungle
Recognize the shimmer of dreams or the noise on the road.
The richness, diversity and change of the world.
Committed to risk
Devote oneself to faith
Persevere in the direction of thorns and unremitting steps.
It is natural and innate to take idealism as the criterion for choosing projects.
Start-up projects must be full of loopholes; Every repair of defects and every iteration of loopholes constitute a complete process of entrepreneurs' self-growth. So we don't have to care too much about his flaws and loopholes, but judge something more essential. Even so, it is God's choice to fear probability in the end.
I come from the countryside and have no background except good academic performance. I am very grateful to Zhejiang Xinghe Group, which took office after graduation. Mr. Ge Longchuan, the president at that time, gave me an opportunity to start a business on the Internet, which changed the young man's life. So we want to be early, early, early! You can really get there early. You only have 1 people and 1 ideas, as long as your heart is full of magma. Investing in young people with nothing? Angel Bay is fearless and adventurous!
Finally, we quote the conclusion of Darwin's Origin of Species to express our awe of innovation:
"Life and some of its abilities have been endowed with one or several types; Moreover, when the planet operates according to the established law of gravity, from such a simple beginning, the most beautiful and wonderful endless types have evolved and are evolving. "