Liu Erhai, an early investor拍那 of moBay: when you are st好從rong enough, you don

Li Yunzhu: Thi雪自s is the speech entitle美議d "crossing the de明北vil channel" by道場 Liu Erhai, an early investor 道民of moBay, founder and executive partne關件r of happy capital. In his speec雨關h, Liu Erhai said th也費at China's entrepreneurship們刀 has reached a new stage a銀做nd has been upgraded to the al機間l-round competition of products a家河nd teams. With the rapid growth of鄉會 enterprises and the ent睡我rance of giants, entrepreneur請快s are required to study, ju舞中dge and create their own uniq去影ue value. Source: innoangel 99 b吃師y Bian Xiaocao
What is the "devil's passage&q子相uot;;?
The theme I'm sh物都aring today is "crossi北內ng the devil's passa通多ge". Take a closer 公小look at many enterprises, inclu筆上ding the bike sharing mentioned jus妹理t now. There was a time when peopl相現e said that there were to電得o many shared bicycles and there w得大ere not enough colors. However, in 她歌almost one year, only three or so 花美colors survived.
From group buying, special car, c子內atering o2o and video portal before, 木場to bike sharing, video live 又日broadcast and second-hand car market計現, we find a common feature. Alm間綠ost every big industry has to u時山ndergo a baptism.
There are three phenomena in the format視黑ion of this commonness: 1. 草技The competition is up理朋grading rapidly; 2. The enterprises are紙明 growing rapidly; 3. 見從The giants enter the game生討.
First, the competitio光服n is rapidly upgrading低紙. Once I met an investor南數 in Sanlitun. He said th鄉化at the bike sharing you inve算去sted in blocked our way. Do yo鐵廠u have no sense of guilt as an in秒信vestor? I'm sorry, but t少不he competition is so f市司ast and fierce.
Second, enterprises grow rapid就上ly. From the absence of鐵會 cars to 800 or 9 million 慢校cars, the only time in a懂說 year is tiktok, which now affects 笑海the Tencent's friends 務為circle.
Why can enterprises gro靜醫w so fast? One of the important 數湖reasons is that it is very easy to 男姐find users online, so these短吧 enterprises can succeed quick黑離ly. In addition, investors' capita黃讀l support has also a請紅ccelerated the growth of enterprises.
A foreign investor once asked me, &qu術知ot;how can you give m數國oney to the enterprise as hard as you c匠知an?"? &As a matter of fac電黑t, we have no way to p爸熱romote the development of our own enter這女prises.
Third, the game of giant間厭 entrance. Almost all indus問術tries can see the figure of gia新文nts, which also bring男小s different challenges to our friend但相s: do you want to stand in line? Wh高了at should the giant do i商鐘f he throws others? Start ups 爸數are in fear and anxiet影個y.
From what we can see, if an ent門話erprise wants to succeed, it must g了從o through the devil's chan算黑nel, and it must go through the process服還 of rapid upgrading of competition離很, rapid growth of enterprises an亮妹d the admission of g多村iants.
How do you get through the devil人房's passage?
How to cross the devil's 話計passage? Let's go back to the na我醫ture of business and the busine北老ss model. To give two examples, we視黃 can see how these enterprises a答上re really or are going through the de資飛vil channel.
First example: Weilai automob近拍ile. Weilai automobile mainly surpa少購sses its competitors in technic月場al engineering ability, and the m事但ost important one is thei兵門r engineering ability.
On October 12, 2016, Weilai automobi劇答le ep9 set the fastest electric ve見校hicle lap speed record at 7:05 in t吧爸he north ring circuit of 東錯neubergreen in Germany朋子; on February 23, 2017, 分開in the driverless test of 熱子American track in Texas, the ep9 set a討知 speed record of 257 km / h, beco紙空ming the fastest driverle務對ss vehicle in the wor河員ld; on May 12 of the same yea離微r, ep9 scored 6:45.900站影 On December 16, Weilai a的你utomobile officially released the f音錯irst mass production vehicle es8.兵明
The second example: Jingdong. Jin要雨gdong doesn't have much techn開友ology. Everyone here may do 地水better than him. In those years, comp月開ared with Dangdang, excelsior a南好nd Amazon, which were e校銀stablished earlier, how did Jingdong街弟 surpass its competitors?
In fact, the key lies黑民 in Jingdong's lo嗎輛gistics of large items信一, which does not have much technology, 在又but complements the immature par遠和t of the value chain. The i用吧mprovement of infras火城tructure can also create 爸那value and help enterprises throug商花h the devil channel.
The secret of Weilai automobile and Ji哥懂ngdong crossing the devil 舊錯channel is engineerin時煙g technology and perfect infras理弟tructure.
Pleasant capital has ma紅又de a lot of investment. We hav南的e an investment strategy of "去風;base oriented inves對看tment". The so-cal放對led base area means that it has a 子生relatively large area 短民and can make multiple in書議vestments in this field. We have al你會ready invested one o什舞f the top projects in this fiel熱雪d. Finally, we have a deep network accu個美mulation and deep understanding in th唱相is field.