Cao Yi of source capital author: Most resemble Shen Napeng 80 hind

2014, cao Yi leaves Chinese larch to found source capital. On his body, see a few Shen Napeng's characteristics dimly: Accurate to circuit judgement, be good at shifting to an earlier date industry position, in blast tuyere can keep one's hair on, the most important is do poineering work in what similar of a batch of ages has likewise all round him " brother "

2014, cao Yi leaves Chinese larch to found source capital. In a year of many time, this new the investment that the fund that establish completed collect of 100 million dollar and many 50 company. On his body, see a few Shen Napeng's characteristics dimly: Accurate to circuit judgement, be good at shifting to an earlier date industry position, in blast tuyere can keep one's hair on, the most important is in him all round having similar of a batch of ages likewise do poineering work " brother " .

[investment gene]

Rise from the university, cao Yi shows pair of resource to be fond of to what receive. When high-powered institute learns Tsinghua, his task matchs with resource relevant: Main attack direction is called bandwidth to share.

2004, cao Yi got acquainted with Tsinghua senior fellow apprentice, currently hold the post ofWang Xiaochuan of search dog CEO. Still reading big the Cao Yi of 4 asks Wang Xiaochuan: "When do you do poineering work? I help you seek a person. " it is Tsinghua computer science department together with Wang Xiaochuan the Zhou Feng of 96 class goes back to the motherland to build a lab in 5 road junction from Berkeley, a few people of inchoate group are Cao Yi completely help get together. To improve efficiency of resource butt joint, he still has established in those days poineering association of obtain employment of a Tsinghua.

During school, cao Yi begins to participate in make investment, 2004-2006 year inaugural couplet achieves plan source, PPStream is the first project that he sees. He has started line of business: Use racoon dog of free brand A. But A racoon dog holds water before long, cao Yi realizes he does not suit to do poineering work, ask alumnus of a Tsinghua to take up the post of CEO, oneself are exited.

Be worth what carry is, in those days Cao Yi of Number One Scholar of the university entrance exam once was obsessed with heart city playing cards, still think professional way for a time, but read after the job, "The interest that makes heart city playing cards by great suppress, want to return a bit aching. " fail to become past master of occupational playing cards, cao Yi was become achieve join the card bureau player with biting bound. He has advocate chip of bottom pool become reconciled, detain is noted what rise gradually is young the person that do poineering work people, read a card to also read a person, next blind are noted also add note, dare in the moment of truth All- In. Yes, cao Yi is growing a piece of poker face that maintain one's composure.

Oneself cannot be become playing cards ace, turn and invest the person that can employ playing cards. After graduating from Tsinghua, cao Yi ever worked in advisory company, had done 2 class market to quantify investment. He still has done BD of half an year to UC, be invited by Zhou Kui, join Chinese larch. Those 5 years, the job of the person such as Shen Napeng, Zhou Kui and thinking means are affected to Cao Yi very big. He is more than had carried Shen Napeng " 100 drawers are academic " : The time government ability of Shenyang is very strong, seem to have 100 drawers in his head, pull open everyday will see a thing make progress how, the reconditioning after shutting a drawer is next, noninterference of each other each other, very clear, direct when.

[investment characteristic]

1, do not defeat quickly only

Shen Napeng ever had put forward Internet is " the law that Chinese herring has slow fish " , and Cao Yi also is certain in Internet battlefield, do not defeat quickly only. Above all, invest philosophy decision-makingly the putt law that source capital hopes to be able to make a product with Internet company, quickly to form brand gene; Next, want how to cut the market clearly quickly, and prospective product is met after all make it is what kind of child, also want to know how to realize this intermediate process at the same time.

Each enterprise that the source invests, cao Yi can discuss the issue of the strategy and tactical level with father regularly, change tone to rectify at any time. He thinks: "In today's Internet, develop competition without method according to traditional industry. As a result of a large number of capital intervene, what the competition of Internet changes is more fast, iteration is faster. If do not have with when the response rate that all receives, be fallen into disuse very easily to go out bureau " .

2, hold a group in the arms to warm oneself

In Internet poineering circle, the identity is the thing that all corners of the country of a kind of need recognizes. "Be in in him there is apparent success inside that domain, can say to well-known name is above all corners of the country, have oneself distinctive methodology. And these people are in basically a gleam of, still be very close together to this kind of ligament of the industry. " the LP that Cao Yi is describing a source so people.

In investment the circle hammers into shape old Cao Yi is touching the essence that comes up against poineering investment: The will successful person that do poineering work gathers in circle, come with capital and person arteries and veins the poineering opportunity with new prize. This get test and verify already in Silicon Valley: Do poineering work for instance patristic Paul Grahamy and Kevin Rose of God of science and technology ever held a post in famous Internet company, marrow of Internet of deep know well, transition investment also obtained good gains.

Wang Xing, Zhang Yiming, Yao Jinbo, Li Xiang, Li Yinan. . . . . . The LP of these sources people itself is the person that do poineering work successfully namely, and they gather in Cao Yi all round, also can regard the consequence of a kind of circle as.

[represent case]

Interesting in installment

The interest is Cao Yi in installment representative case is had most in Internet finance domain. Father Luo Min is via singing Introduction Chen Hua and Cao Yi meet author. In those days, cao Yi still is in Chinese larch, dominant invested to sing. The Luo Min in those days also has not made an interest in installment, those who do is another project.

Accomplish B annulus financing in installment till the interest later, luo Min just finds Cao Yi again. His memory says, interesting in installment B annulus altogether saw a few VC, be interested more very much, but do not cast namely. This basically has a few reasons: 1, the price of A annulus is relatively cheap, but the price of B annulus already no longer cheap; 2, a lot of VC do not have independent judgement to this industry, a lot of joined other company, but these companies were not done for the most part.

To Luo Min character, this paragraph of time is very uneasy, luo Min sees different investor everyday, always see do not have message. "Investor says your project is very good at that time, we very have fun at, interior is discussing, but do not receive your telephone call later. This is very painful. " he found Cao Yi finally, cao Yi is very delighted gave an interest in installment B annulus financing. Had this fund, interesting in installment business is able to roll out in the whole nation quickly.

Two people chat in cafe, cao Yi gives out on the spot feedback, the group is very pretty good, but project direction is no good, do not cast. Luo Min made an interest later in installment, find Cao Yi, cao Yi had become a source in those days. Two people talked 5 minutes, cao Yi feels the thing relies on chart, on the spot clappers: Cast. The interest is a source in installment a project with larger amount of the investment in fund of first phase.

The interest is in with source capital in installment same in office building. Cao Yi discusses the issue of product and strategy via often can finding Luo Min. One day Cao Yi finds an interest in installment CEO Luo Min, tell him to must want to sit to chat well. In source assembly room, cao Yi elaborated him in detail on blackboard to the view that at present the interest develops in installment. He drew a matrix on blackboard, left is different asset type, for instance credit is borrowed, guaranty is borrowed. X-axis is user, undergraduate, white-collar, family. Cao Yi tells Luo Min, every fractionize market needs much labor power and material resources investment, and the financial consumption property of every market is not same also. To the interest in installment for, the mainest goal is achieve Wang Zhe status in some domain above all.

As investor, cao Yi says frankly, if the company has a few business, every business is the 3rd, so this company nots worth at all money. Because every runway is,win a sweep the deck. Accordingly, to doing poineering work the company, the most important is focusing. Wang Zhe must be become on a certain runway, must invest all resource to the mainest business.

Cao Yi tells Luo Min, undergraduate market is not already saturated, a lot of business can be refined, it is so make addition and be not outspread go dispersing to more business resource does subtraction. "This is the mistake that poineering company makes easily, when you have resource you can run the first, at that time you can face a lot of temptation, you need to control your, want to cut business even occasionally. As VC, should help the person that do poineering work do such combing with judgement. Should help the person that do poineering work do such combing with judgement..

[a word that gives the person that do poineering work]

Internet is the most important is time cost: Time is one mix objectively real problem, if cannot be in the contend with the competitor,last " blood transfusion " , the cycle between so bad past the appointed time may be meant ruined.