In the face of venture capital, it is like a financing program like "tart" and "trap", but he has to admire his opponent's professional vision.
See more than 40 venture capitalists
In June 2004, I started to find a headache for finding venture capital. When the summer ended, a $ 440,000 risk investment was in front of me, but I felt that my head was more hurt.
After the university graduated in 1999, I have been working in several large sites, once I am surprised to find that the promotion activities I have done in the university have taken approximately 3 million yuan. So in January 2004, I used the Google and Baidu website to search for a week, and the results found that in 2003, the market promotion costs of various manufacturers in colleges and universities reached 80 million, which did not include China Mobile's largest manufacturers. However, the college market has not been fully developed. The demand for enterprises and the needs of students do not have timely communication channels. So on March 1st, I have established the first special business market with two partners. Promoting brand cultural promotion companies - Xinwang Campus Culture Communication Co., Ltd., as president.
The company's registered capital is 200,000 yuan, and the employee is also a graduate of the current university. I was the future plan of the new language company: becoming a campus cultural communication group with campus promotion, sales, media, publishing and other business, first The year's plan is to reach 500,000 at the end of the year. I am unexpected to all shareholders. This goal has reached the first month. By the company's turnover in October has exceeded 1.5 million yuan, this also includes two Summer in the summer month, I also have Sony, I want these big companies in my customers. Seeing the business expands with extraordinary speed, I have started the company's lack of rising resources, and the company is difficult to achieve breakthrough in slow accumulation of the company. More importantly, although the campus market is still in the "circle movement" period, but began to pay attention to the more and more people in this market, so do the company as soon as possible, improve the market's access to the market, it is especially urgent. I immediately thought of financing.
I first found the Qing Dynasty, this is a professional private equity investment advisory agency. After there, I got an annual basis for the venture investors, I started to invest in an email according to the address of the yearbook, and I It also launched all the people who have a relationship with investment. In the following 3 months, I started to meet 2, 3 investors every day.
This is the first time and venture investors to deal, before this, my understanding of venture capitalists is aware of writing. In my beautiful imagination, venture capital is an angel funds in the snow.
However, with the first contact of the investor, I gave me a frustration. The other party first is to ask my entrepreneurial team to have overseas student background, which is to understand the relationship between the management team, and the turnover. When I know that my entrepreneurial team doesn't have overseas background, and the company's turnover is only tens of thousands, most investors say that they are not optimistic about the company. In the introduction of the company's business model, I also encountered embarrassment. I will position the company as the promotion of the campus market. As a result, many investors say "Isn't it the advertising company? The advertising company does not need to invest."
The teacher is unfavorable, I started with the partner, and finally decided to re-launch the company's business to make the company as the mode of campus media. As a result, although the company's substantive business has no changes, they are interested, many people began to take the initiative to find the company's request. I haven't interested in the past, I will come to me. □ □ □ (Clear several people here).
From June to October, I have contacted more than 40 venture capitalists, and even a coal mine "Zhao Dado" in Taiyuan, Shanxi. He was originally prepared to invest in network text messages in Beijing. s company. I am famous for my friends, and I will talk to the "Zhao Big Brother" with this rivers and lakes. This "Zhao Big Brother" that said that he is very lifting, even puts forward, if the company will lose, he will not pursue it, just when the money is playing a friend. I paid this friend, but I didn't accept his investment. They want to slow down the company slowly
In fact, at this time, I have locked the target in a well-known foreign country. It has a wide range of people in China and has a wide range of people. I have also found this investment, but I am not interested in the other side, and later I passed a friend Another partner of this investment bank. This time the other party finally promised to meet.
I met about a coffee house outside Chaoyang Gate, I regret it, because the other side looks like a suit, the style is inertile, and I still wear a piece of clothes like usually. I don't know how long, I started to explain to him that I have repeatedly reviewed the campus media concept. When I said that I can integrate the most important 500 schools in the country, I have at least 5 million to 6 million users. This partner finally started to show interest.
Subsequently, the partner said that it can help the new language to establish business relationships, but also help us carry out the second financing or even listed in the future. Seeing that these things that have been dreaming may gradually become a reality, I am excited to sleep.
The next negotiation is very smooth, until the end of August, when I met the other party, the two sides began to discuss the company's pricing, so that I was very happy that the other party actually agreed with my boldly shouting 1.1 million US dollars. Price After all, the company's registered capital is just 200,000 yuan ago.
However, next to the other party, although it is willing to take 440,000 US dollars to exchange 40% of the company, it is not recognized that our original shareholder accounts for 60% of the shares. After their calculation, the value we create is not more than $ 330,000, that is You can only account for a 30% shares. For the remaining 30% shares, venture capitalists demanded by them and used in the future for company management rewards, backbone employees and second financing.
I was awkward at the time, I had to talk to him to discuss it. After returning home, I would like to consult with my wife's wife. After repeated discussion, we still think it is. After dragging for 15 days, I had to go back to find each other.
At this time, it was already in mid-September. In the next negotiation, the other party proposed the company's management should be low wages. I have been thinking about the long-term development, so I have not considered this request, but then the other party makes me completely The demand of the fire.
This time they put forward the professional manager to manage the company, and also manage the company's finance, more than 50,000 yuan of company expenditures need to be delegated to the coordinator Agency signature. More importantly, there is a new statement for the 30% shares held by our original shareholders. They have proposed to sign the ladder performance adjustment agreement to protect the interests of investors. In other words, I need to develop expected goals with the company's income for the company. If this performance goal is not reached, 10% of the shares will be given a venture capital, if the performance goals are not met in three years, Means that I am with the shares left in my hands.
At the same time, the other party also requested a wide range of protocols, including the primary exit mechanism for priority to venture investors in the company, including the company; if we leave the company, we must not engage in relevant occupations within 3 years; if Exited in the middle, the shares held by the shares can only be put into the price at the initial establishment of the company, and can only be sold to them.
In this way, I think it is a bit wrong. Although the surface is viewed from the initial 200,000 yuan to $ 1.1 million, these money is only controlled in the paper wealth in the hand. I can get just agreed low salary, and once you can't complete the outstanding performance goals they have developed, it means that there is nothing. I simply think they are going slowly. If they start, I will not talk to them at all! In the face of this situation, I only ended the negotiation.
It looks now, although my work experience is also rich, but I will be too tender with these international investors, and they are more winning in the momentum or professionals. Sometimes I have discussed a good content after a day and the partners, I'm chaos each other when I negotiated. When I started to talk about the price, I also tried a bluntness, exaggerating the industry, the company and the customer foundation, I want to sell a good price, and the result was seen by the other party, but I made myself lost square. In fact, this investor is also gradually understanding our industry, but he looks like me. I can't lie to him!
Of course, I will continue to find investors. However, this time I am going to talk with many investment, but also make my hands in a few cards.
