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To B industry is culminating camp is to pass one pile to play a way newly, for instance technology, data, finance, go reframing whole and current link.Not be puzzled is achieved cast element of CEO plum celebrate a victory to have " B2B backstop " appellation, he ever was really partner of real fund investment, suitable fund virgin copartner.
September 2017, of Li Zhujie " not be puzzled is achieved cast " hold water formally.
Old investment is experienced, he and the project that the group joins had bred the NO.1 of many fractionize domain: Like net looking for steel, seek flower of plastic, appropriate, fund great, water helps each other, Yi Lecang, night listens, the inchoate project such as fawn affection; Also Kang Zhong steam matchs, road tiger raises car, Hui Lian wireless the bibcock enterprise that waits for such fractionize circuit.
2017, li Zhujie is entered be stationed in institute of poineering a dark horse, open " mode innovation lab " , recruit and choose new-style supply catenary to trade the poineering project of respect of culture of service of platform, company, new spending, content.
In March 2018, be in " Li Zhujie lab 2 period " after the end, have two To B again kind student company -- garage of search stone net, actor is obtained not be puzzled is achieved throw amount 30 million yuan investment.
Li Zhujie deflection invests way at what the industry upgrades, he ever said, "Enterprise of a lot of traditional To B, itself gross profit has been accomplished a lot of, having again in the industry accumulate deeply. If this kind of enterprise can lend force Internet play a way, accomplish an industry + Internet upgrades, prospective space is inestimable. I am seeking such company. I am seeking such company..
On June 10, 2018, in " industry of a dark horse upgrades a lecture given to a large number of students " on, this " B2B backstop " made a presentation, he thinks, be opposite with the United States mark, chinese B2B still lies " infantile period " , it is with the market after the car exemple, the market share that Kang Zhong steam distributes still is less than 1% overall, only month sale is achieved 200 million much, realize gain, "Future still has larger growth space, b2B investment is a dovish investment " .
It is Li Zhujie's speech below, warp knitting collect is arranged.
01 accompany the person that do poineering work to grow
Not be puzzled is achieved in casting not be puzzled results from in the analects of confucius " when anything crops up prudential and not doubt " , this and do like invest and doing poineering work, because do,investment encounters a thing ceaselessly with poineering metropolis, should make clear differentiate ceaselessly it.
We invest two kinds of companies, one kind is seminal annulus, angel annulus, accompany it to run to B, C annulus slowly, become industry leader.
We are cast when looking for steel, these 3 author still are done not have resign from a company, the company did not hold water. When throwing water, have father Shen Peng basically also only a person.
We also are cast a few into long-term project, basic it is B, C annulus when, b annulus when can judge coming out is an industry clearly to get army company.
The enterprise of domestic To B that appears on the market in the US stock is many, domestic the last few years runs the bibcock company of a lot of B2B, be in alone horny animal and adjacent alone the level of horny animal. The most typical is net looking for steel, cast 2012 when looking for steel, b2B, online trade these concepts are done not have.
These 5 years, appraise is worth from 30 million arrived 15 billion, went up 500 times, become the bibcock company in the industry. Hatch looking for steel look for oil, arrived now the volume level of 500 million U.S. dollor, the domain was tasted to become in oil " accurate alone horny animal " . Our angel annulus the appropriate flower of investment, money is great also finished C annulus recently, among them the paragraph is great begin to have this year small the gain of level of a few ten million.
Because angel investment is too bitter, so a brother of PE jest we: You are done " angel " , blossommed 3000, 3000 one result. I think also is, really very bitter, we accompany a company from 0 do larger body amount, need very big patience, company a long time.
United States of 02 pairs of mark, chinese B2B lies infantile period
There are a lot of companies on the US stock is IPO later the B2B business that grows for a long time, share price is main it is 5 years of rhythm of 10 times. We also make investment to enterprise of mark United States, for instance the automobile industry, industry that feed capable person.
It is with industry of car a replacement exemple, the sale that before the United States 3 big companies add up is occupied in the market than be probably 30% the left and right sides. The United States feeds lumber industry bibcock this one takes capable person of stone of whole United States 30% of current domain. Basically can reach a conclusion, the bibcock company future of American B2B can take market specified amount 30% the left and right sides.
Comparative United States, chinese B2B still is in infantile period. Why to call infantile period? Current, kang Zhong steam deserves to still be less than the market to occupy 1% what compare, only month sale 2 many, but trade dimensions has been measured very roughly, and be gain, prospective space will be very so large, after appearing on the market, still can grow continuously, b2B investment is a dovisher investment normally.
We saw company of so old To B, this domain took a few stage:
1 phase: Match trade. A lot of match turn into self-supporting, this is not the pattern that seeks steel at that time err. Look round 2012, below that environment, the steel dealer that countrywide each district has tens of thousands of is in roasted seeds and nuts, pour money. After net looking for steel holds water, batch of steel trade business closes down, this ability has from the back entire industry news is enclothed. A lot of companies cut the market now, cut directly self-supporting.
2 phase: The storehouse matchs unifinication. From the back the 3 phase that moved toward data drive operation finally. The enterprise of To B, it is the market competition with first dimensions above all, very important to the understanding degree of category, you are mark is tasted or blame mark is tasted can have an amount, we had cast mark to taste already (steely, plastic) , also had cast blame mark to taste (appropriate flower, money is great) .
03
2B industry is culminating camp:
Reframe whole and current link
Course of study of quick be on sale is accomplished 50, 10 billion, do not have what influence to Coke Cola factory, without what to upper reaches the price counterpoises. Flower beautiful material is accomplished 5 billion, entire industry is absolutely bibcock.
In original current domain, a lot of agency are very powerful.
Cite a case, resemble a of Maotai current channel, itself already accomplished very strong national framework and laid. Again e.g. Coke Cola, the course develops for years, the channel laid of itself is very efficient.
The new person that do poineering work goes in, it is more difficult to start.
The person that this does poineering work with respect to need is found a few play a law newly to go compose builds new zoology system. It is so good to be done so that do not have inside a few original industries, perhaps saying is by a few industries of administrative forestall, the person do poineering work that competes without what market goes in, remove capacity rate to exceed at that time everybody's anticipation.
What we cast is burgeoning supply chain, not be to join traditional trafficker.
Above all this industry space must be tremendous, new poineering company is passed a few play a way newly, cover entire industry, obtain the data of entire industry, will coach upper reaches is produced through these data, directive and downstream operation.
C carries subsidy is to develop user habit, b carries allowance to attribute court death basically, because this market is real too big, do not have any VC to be able to fill to rise.
And the decision-making and special reason that B carries, won't emotionality consumption, it is to plan a gender to purchase. This kind of allowance disables basically in this industry, through brushing only company, although be brushed alone horny animal, dropped in succession.
Answer buying also is the index with mainer B2B, and of To B answer buying is more difficult than To C, because small B is more astute, more rational, more professional.
The cost that win a customer is very important to To C. When we invest To C, it is the ability that sees you have large-scale low to get an user more very, and when seeing To B, we do not look. Because entire industry is small B is likely with respect to 10-30 10 thousand. The service that wants you only is valuable, the cost that win a customer is OK by oversight. Deserving to send link, a lot of moment deserve to sent personnel to act the part of BD.
To B industry is culminating camp is to pass one pile to play a way newly, for instance technology, data, finance, go reframing whole and current link. Ultimate goal is I sell so much fund, still make money.
Newcome competitor earns very low money, coming in is be out of pocket, reframe cost is very high.
Appropriate flower had been accomplished, the supply of beautiful material of other and all home catenary cost is 10 yuan each bundles, appropriate flower is done is 5 yuan many, loss also from 35% fell to be less than 5% , differ so much, after B end accomplished acme to supply chain, low is efficient the camp that is these companies.
Before IPO, do not need to accomplish national, it is OK that an area is done very by force IPO. A domain can appear very much home appears on the market company, this proved already completely in the US stock.
04 2B is 2C score a success " rock-bottom logic "
We from supply catenary to begin to cast, joined the bibcock company inside one caboodle industry, begin to turn toward consumption gradually. Because of a lot of strong points that supply chain, also be OK when helping enterprise To C, get very strong competition ability.
Resemble Yi Lecang typically, the supply that is an end goods catenary, just we did To C with the model of B2B2C, go winning a customer. Also we joined this company March last year, appraise cost rose to now 160 times, the earliest our very little money was cast, the first round of 500 thousand RMB was occupied 10% .
Want make it actually a thing and we the first round to him how many money does not have any relations, so great like Tecent company also relies on 500 thousand RMB to be done. Everybody must not have blind faith in a lot of moment capital, we are downwind only build a car, not be the person that decides warlike destiny.
We joined a large number of companies in consumptive domain, rock-bottom logic is the strong point through supplying chain, get the core competition ability of To C.
Do the bridal cloud of To B at the beginning, transition did the be pregnant thing of To C later, be marriage the new-style chain that celebrates an industry, the high in the clouds that makes because of its shares design SAAS, reach acme is efficient supply catenary service, with 28 thousand can achieve traditional marriage to celebrate company 7-8 the bridal effect of 10 thousand, the company is already successive since transition turned over times every months in April, income scale with one action surpasses the biggest company in the industry, and the only month gain of entire company was achieved in the 4th month. After making distinctive and efficient B end supply chain, there is very strong competition ability when doing To C.
[investment orgnaization archives] " not be puzzled is achieved cast " held water in September 2017, father is really partner of investment of primary real fund, suitable fund virgin copartner Li Zhujie. This orgnaization is located in TMT surely inchoate investment, administrative copartner has those who surpass 80 inchoate poineering companies to achieve cast experience. Main and contributive person comes from first phase the investment of investment industry a gleam of such as capital of Chinese larch capital, Xu Xiaoping, general China is orgnaization, famous mother fund, governmental guiding fund, famous entrepreneur.
