Genesis Zhou Wei: VC does not lying an excuse lying flat

"Don't lie flat and give up." Since this year, Zhou Wei, the founder of the founding partner CCV, has repeated this sentence at the internal meeting.

This year's first -level market is more severe than expected. "Have you used all the power to use? Have you ever tried all the ways to try? Have you ever done all the efforts for your investment project?" This is the soul three question he often raised by the team.

Although he was born in a historical family, Zhou Wei loved science fiction very much. He often gave suggestions for teams and entrepreneurs from historical revolution, supply chain, business model innovation, and even quantum mechanics. He encouraged the team from a historical perspective: Compared with ten years ago, the conditions of great companies in China were more sufficient, the soil was richer, the entrepreneur was better, and innovation was more, so everyone should not feel pessimistic.

From the KPCB Chinese supervisor to the founding partner of the CCV of the CCV, Zhou Wei personally experienced the floating and heavy of the Chinese venture capital industry. As far as he is concerned, diligence and focus are already the habit of engraving into the bones, and external uncertainty has never been an excuse to lie flat.

Since the spring of 2022, anxiety has spread for a venture capital circle. "Once for a while, I talked with people in different fields to talk about changes in the external environment every day. Then one day, I stopped. From a historical perspective, macro is not so rapid. Say. "

After grasping the main line, the rest is noise. Zhou Wei quickly returned to the daily compact work, looked at the project, and after the investment ... He encouraged entrepreneurs, encouraged the team, and not to be affected too much. "

An investor with a witness cycle

Recalling his growth experience, Zhou Wei first remembered a key node -1992.

That year, Zhou Wei also studied in physics and electronics at the University of Electronic Science and Technology. During the period, he tried various part -time jobs such as tutoring and bartender. By chance, he encountered a group of young people who wanted to realize the replacement of software and hardware for electronic payment. Everyone was interested and began to develop the software and hardware of the electronic payment of China's independent intellectual property rights. Zhou Wei regarded the work of the state -owned enterprise and research institute to start business regardless of the opposition of his parents and family. Ten years later, he supported and led the two companies to complete the listing and mergers.

Later, he entered the Wharton School of Business and began his investment career. Zhou Wei's unforgettable VC experience was in the Legendary Fund KPCB, and he has achieved KPCB Chinese competent partners all the way. For ten years, Zhou Wei and the team used only 200 million US dollars to invest in a number of star projects such as Jingdong, CreditEase, Qiming Star, Himalayan, and second hand, and maintained a 35%unicorn hit rate.

In 2017, Zhou Wei decided to start a business again and founded CCV, which focuses on early creative partner capital. As of now, the CCV of CCV has managed more than 8.5 billion yuan of two -currency funds. In just a few years, it has become a venture force that cannot be ignored. So far, 2 IPO projects have been harvested and 4 projects in the IPO process. There are 6 industry unicorn. In the first half of this year, Zhou Wei successfully listed in Hong Kong, which was invested in early in Hong Kong. Next, the creation partner CCV also has a number of invested companies that are about to IPOs, including Himalayan, Natun Technology, Playing Mei Makeup and other star projects ... and 80 % of projects have entered the A round.

Zhou Wei introduced that the team has expanded from the initial four people to more than 20 people today; the investment direction has also innovated from technology models, and has entered a large scale into hard technology, artificial intelligence and advanced manufacturing projects. "In fact, we have invested in hard technology projects when we raised the RMB fund in 2017. The earlier layout also made us still achieve good results in this environment. At present It is becoming a leading company in the industry. "

After sorting out the projects that have been invested in the past 15 years, Zhou Wei summarized a common point: Many excellent projects made investment decisions within half an hour, and many of them were invested in the second echelon at the time, but in the future The first share in the industry.

In the words of Zhou Wei, the secret of early, fast, and refinement is deep diving and hunting. To perfectly implement such a strategy, diligence, focus, and team cooperation are indispensable. As a selected fund, the strategy of hunting gives the creation partner CCV to fight the courage and opportunities of the million male divisions with the "100,000 soldiers".

Specifically, the CCV team of the creation partner will discover the investment direction in advance. In a stage, all the work and covering the company will study and find the most critical success elements within two months, and then find all the industry in the industry. Company, find the best investment opportunity. "I love history, hunting is the most typical play of Genghis Khan. In this way, we can choose the most matched company in a short time." Zhou Wei said.

Kun Kun Technology can be called a classic case. From 2015 to 2017 is the hottest period of China's AI medical image, and a large amount of financing was born. However, in 2018, the situation turned sharply. Since the valuation of AI medical companies had risen too high before, it was unable to commercialize, and the first -level market began to become cold. However, Zhou Wei and the team judged that the Chinese AI medical imaging industry has been prepared. The technology is mature enough. The only lack is the breakthrough of commercialization.

Zhou Wei recalled that a large number of domestic AI imaging companies at that time focused on the diagnosis of lung nodules, because this field could find a large number of public case data in the market. But Kun Kun Technology is different. This company is the only innovative company that Zhou Wei has seen in the field of cardiovascular and cerebrovascular. "From the perspective of commercialization, concentrated in the field of cardiovascular and cerebrovascular is very practical for hospitals, so the hospital will be willing to spend money to buy; in addition, the ability of the natun team is very prominent. IBM's executives, technical and business capabilities are very complementary. "Therefore, the creation partner CCV led the 200 million yuan A+round of financing of Du Kun Technology in February 2019, and continued to add in many subsequent rounds of financing. At present, Kun Technology is going to Hong Kong IPO, and the latest valuation is 10 billion yuan.

The Yuan universe, which was a fire last year, was incorrectly lurking early. The MetaApp, established in 2017, is one of the earliest game companies in the field of the Yuan universe in China. Its exclusive investor in Series A financing in 2018 is the creation partner CCV. The reason why this company was discovered is that Zhou Wei and the team wanted to find the traffic entrance of the next generation. At that time, there was no concept of the Yuan universe. At that time, it was called "the next generation of human -machine interaction."

"We invited the founder of Metaapp to talk to the company. Hu Sen's original intention is that they do not need financing, but they want to talk about the industry and trend together." For the scene at the time, Zhou Wei still remembered it. Half an hour, he immediately decided to vote.

"Interestingly, Hu Sen still said that they didn't want to raise funds, and the old shareholders of the angel round didn't know. I was in the office 'forced' he called and obtained the consent of the old shareholders and finalized the investment." Now, MetaAppPPPPPPPPPPPP The valuation of the valuation is already a unicorn level, and the return of the CCV of the creation partner has become dozens of times.

Zhou Wei said that the team's profound awareness of the industry and track through deep dives and hunting make everyone have a very clear direction when excavating projects. "The venture capital industry is very rich. Investors can come into contact with various new things and new knowledge, but it is also easy to lose in such busyness. I hope young investors should not be anxious to miss, nor do they fall into the founders to learn from the founders every day to learn from the founders to learn from the founders to learn from the founders to learn from every day. The virtual busyness of the new thing. "

"In the state of deep diving, we need to focus on the direction and track we have identified, and after we are deep enough, we will rise up and find the best target, never touch the project (random). Instead, with the wisdom and sense of direction that dives deep, step forward. "

Genius is scarce, and focus is important. Zhou Wei admits, "Jiao San may make people successfully bypass all the correct answers."

Another inflection point has arrived:

Now, entrepreneurs get money are the most important

Zhou Wei, who has experienced multiple cycles, is more sensitive to changes in social emotions and business environment.

He often told his colleagues who just joined the industry: everything is not reasonable, including the valuation of 10 billion yuan, a hundred times income. In the last time I gave the entrepreneur course, he quoted a sentence of "Three Body": What you experienced may be just accidental.

Under such circumstances, Zhou Wei believes that entrepreneurs and investors must adjust their mentality in time and change their thinking. His personal circle of friends is: the biggest risk is to know and do not know what he knows, and the greater risk lies in static knowledge. This sentence seems to be particularly suitable at the moment.

According to the data of the Qingke Research Center, the number of new market raised funds in the first quarter of this year was 1,374, of which a new round of raising of 20 foreign currency funds in the first quarter, a year -on -year decrease of 57.4%; The decrease was 62.6%.

This made Zhou Wei think of a speech he had delivered in Wudaokou in Tsinghua in 2016. In this speech, Zhou Wei said that the domestic venture capital industry will face further survival of the fittest and big waves. At that time, he also emphasized that the high -competitive venture capital industry was not even the so -called "two -eight division", but "5%VC, earning 95%of money".

"When the return on investment declines and the rupture of hot bubbles, any trigger point will eventually bring the fish and dragon's mixed venture capital industry to wash again." Back to now, Zhou Wei's prediction at the time seemed to be verified.

At that time, the startup company and valuation were moving towards "fire cooking oil", and Zhou Wei's voice was calm enough; when he came to the moment, he reminded everyone to firm confidence: entrepreneurs and investors do not have to panic, and they still have to see that there are still in the market. Many positive factors.

"We must clearly see that the innovation capabilities of Chinese enterprises are getting stronger and stronger, and China as the second largest economy in the world still has a good economic and supply chain foundation."

He repeatedly mentioned a point of view: Whenever he, focusing and patience is the key to supporting an investment institution through the cycle. "The market in the past was extremely lively. Now calm down must control the long -term mentality. In the past, there were many things that could be achieved in the short term. In the next few years, it must be more patient."

In the interview, Zhou Wei recalled the 2008 financial crisis. "JD.com was facing great difficulties during the financial crisis in 2008. Liu Qiangdong's hair was white. But after that winter, JD.com entered the fast track of development."

That year, it was also a rejection that Zhou Wei was pushing Jingdong on the investment committee. The KPCB Global Investment Commission has disagreed on whether it is too low in Jingdong's gross profit and whether it can be truly profitable in the future. However, when JD.com re -financing, investors have begun. Afterwards, Liu Qiangdong mentioned that at that time, it was more of the recognition of Zhou Wei before deciding to let KPCB enter. Time also proves that Zhou Wei's choice is correct. In 2014, JD.com was successfully listed, and KPCB received a return of hundreds of millions of dollars. Zhou Wei said that macro changes are not the reason for "rotting". "The macro environment in history has been changing, but there are still so many dazzling characters that have made contributions to promoting social development."

For entrepreneurs, Zhou Wei recommends that you must first adjust your mentality, and be prepared to face the normal trend of valuation recovery. "I have been telling the invested company that it is very important to take money in time to adjust the time in time. Don't care too much about the valuation. In the future, the company will be developed, and the sacrifice you make will naturally be rewarded."

Secondly, he also believes that Chinese enterprises must have an international aspirations, facing a larger market, and can diversify risks. "Chinese companies in the fields of digitalization, robots and smart devices are expected to become the world's leading companies, and we must strengthen confidence."

It is an investor, and it is still an entrepreneur

Recalling the ten years of KPCB, there are still cases that make Zhou Wei's deep memory.

Before the Spring Festival in 2012, Zhou Wei came into contact with the singing of only DEMO products at the time. After meeting with the founder Chen Hua, he felt worth a voting. But when Zhou Wei brought the project to the Global Investment Commission, the response was mediocre. "Everyone can't understand or imagine, because Americans not only don't sing karaoke, but it is also impossible to imagine that someone will sing with a microphone at home with a microphone." In the end, the singing bar was not approved.

This made Zhou Wei realize that China has begun to appear a new business model that has not seen the world.

Later, Zhou Wei was preparing to participate in a fast A financing in the field of travel, but the KPCB Global Investment Committee had doubts about the fast competition model and Uber, and eventually did not approve investment. This made Zhou Wei more realize that China's innovation, entrepreneurship, and investment have been following the United States in the past period of time, but the path of both parties has become more and more different with China's development. Many American investors can no longer see it. Understand the differences in China's innovation model and competition path.

When the Copy To CHINA stage entered the stage of innovation in China ’s local model, there was another scientific and technological innovation in China. At this time, Zhou Wei made an important decision: the science and technology investment team who has worked together for many years set off again, creating the capital of the creation partner capital "".

Looking back at the original decision, Zhou Wei bluntly stated: "Doing VCs, doing things every day is to persuade others to start a business, and this time will be bet on this time. Encourage others every day, and then find that the flames of their entrepreneurship still have not disappeared. What about the industry once again? Only the local decision -making can support Chinese entrepreneurs at the highest efficiency. "

The reason why this name is taken is also what Zhou Wei wants to express his concept: pay attention to sufficient changes to change the pattern, and entrepreneurs as partners. Zhou Wei and this new institution, based on the concept of "accompanied by the control, creating the world", focused on the early investment of digital, intelligent, and globalized technology innovation enterprises, and opened a new journey.

From the perspective of the outside world, the 5 -year -old IPO harvest season is very fast for a new fund that focuses on investing in early projects, but he is still looking forward to the emergence of the next great company. What is even more valuable is that he still sticks to the front line of venture capital.

After the interview of the investment community, Zhou Wei immediately rushed to the next place to participate in the meeting of the next project. When asked why he was still in person, Zhou Wei answered with a smile, and he was very young.

"I am not a passive investor. I like to participate in everyone's entrepreneurial process. The most important thing is that I can make the enterprise with a batch of powerful founders. This is the pursuit of investment in investment."

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