The story of investing in Baidu is one of the most classic cases of Defengjie Fund in China. "The beginning of myth is not mysterious." . It was the American Internet bubble in 2000. All venture capital is concentrated on. China is not a member of the WTO. Therefore, De Fengjie was under great pressure to invest in Baidu at that time, and investors questioned it. However, the Defengjie team decided to invest, and Baidu's three rounds of financing, Defengjie is the main investor. After Baidu's listing, De Fengjie is still a single major shareholder and has not sold any shares so far.
The value provided by De Fengjie for Baidu's growth is manifested in two aspects: the formation of the team and the transformation of the business model. Especially for the latter, Sun Wenhai said: 200 1 2002 was a difficult period for Baidu, because Baidu's business model at that time was to provide search services for Sohu and Sina. However, in the 200 1 when the internet bubble burst, the income model of the portal website has not been found, so it is difficult to become the main income source of search.
Overture, a search company invested by De jie feng in the United States, pioneered the way of bidding ranking to make profits. This new model inspired Li Yanhong, president of Baidu, and decided Baidu's leap from B2B to B2C. At that time, the transformation of Baidu caused a shareholder debate on the board of directors. Li Yanhong insisted on his optimistic direction, and de jie feng voted for it. It is this transformation that made Baidu the most successful listing case in China in 2005.
Since entering China in 2000, Defengjie Fund has invested in 1 1 enterprises so far, among which Baidu, Kong Zhong, Focus Media and Qi Long Communication have listed successively, and achieved remarkable benefits. The other seven Eastcom Networks, Longjing Semiconductor, Ding Xin Semiconductor, Jebel Broadband, China Blog Network, Galaxy Media and Sky are in the growth stage or development stage.
Venture capital should be localized, while entrepreneurs should be global. Defengjie has more than 30 offices around the world, managing and operating a venture capital network composed of many related funds, all of which have the advantages of deep understanding of specific industries and localization, such as Long Mai in China. Communication, joint investment and knowledge sharing among related funds have become more convenient, thus forming a huge network of talents, information, funds and contacts, which has brought good luck to entrepreneurs.
Defengjie's market reaction is very fast. Defengjie has more than 30 investments in China, such as Baidu and Air. In addition, no matter what kind of business, we focus on long-term consideration. Great changes have taken place in the world in the past twenty years. All science and technology, genetic engineering, network, storage, bandwidth and so on are undergoing tremendous changes.
De Fengjie's investment standard-we must grasp three points: "First, the team, or the human factor. An entrepreneur must have both ability and political integrity. First of all, he must be an honest and decent person, and at the same time, his technical ability should be examined. If he has a strong weakness, such as not being good at communicating with people, it depends on whether the advantages (such as technical ability) can make up for the weakness. It's like the college entrance examination, a test of ability. Second, the market. Whether a good entrepreneur chooses the right market will also determine the success or failure of the company. Third, technology or business model. Unique business models and technical barriers often determine whether a company has the ability to occupy the market. Generally speaking, each independent market can only accommodate two or three most successful enterprises. Therefore, we hope that the invested enterprises can become the first in the market.
Advantages of investment and financial management of De Fengjie (China)-At the beginning of China's financial reform, De Fengjie took the lead in proposing the popularization of Internet finance, and officially launched the online financial management platform-Chuangfu Bao Tong with the advantages of low threshold, easy participation and convenience.