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Every student here today, we have found the best industry in the window of history.

China’s innovation opportunities, I think this era is more special, and we are more fortunate to participate in a new era. Why? First of all, technology-driven innovation. From this curve, the high-tech industry in the past 60 years has basically been dominated by the United States. When we open a board of directors at Microsoft, we will say that the high-tech industry is led by the United States, and the rise of China has changed this situation. We entrepreneurs should pay attention to this blue curve. (if) Your business is not driven by information and knowledge, and your value is not very high. Let us look at the market value of stock exchanges around the world today. For the past 20 years, they have been oil companies and automobile companies. Now all are high-tech companies, and they are all going in this direction. The blue curve of our (China) has not climbed to the above place, the speed Will definitely speed up.

Let’s talk about China. Our core factors in China’s technological innovation all have talents, technology, capital, markets, and so on.

Second, China ’s macroeconomic drivers are more abundant than any other economy in the world.What are his macro drivers for a country? Technological innovation is, in a sense, immigration, and the factors of immigration have destroyed their own advantages. Looking at China’s macro-driving factors, the first is the consumption upgrade, and the second is China’s urbanization. There are still decades to go, and there are great opportunities.

Thirdly, China’s population is aging and its population is increasing.

Fourth, the overall integrity and richness of China’s physical industry, so looking at any region, China has the most macro-driving factors.

China’s economic diversification also brings a very special opportunity to every entrepreneur. I have not experienced it in the past 30 years in the United States. I have only experienced it in China for 3 years. China is a very magical combination. It has first-class development capabilities and innovation capabilities. However, China ’s economy is a step-like structure. There are so many beautiful groups and fights because they are structured. Pinduoduo and the US delegation can go to Latin America, the Middle East, and the future of Africa. Their geographical structure is like us. China is a more innovative target in terms of structure.

The opportunity for internationalization is a special situation we face in the entrepreneurial ecosystem in China. Relatively speaking, the United States is still one of the largest innovation markets. Our point of view is that there are only two major markets in the world: the United States is the main, the radiation is North America and Europe, and the other is China, which naturally radiates Southeast Asia, Latin America, the Middle East, and so on.

The overall technology of the United States is quite good at the top, and is leading, and the distance between China and them is getting shorter and shorter. Other regions are also opportunities for us in China. We have talked with Israeli entrepreneurs. They have strong abilities and their innovation goal is always the United States. (Now) China has become their new target country for innovation. China can have more foreign innovation resources, because China is more advantageous as a target market.

Lastly, I have learned a lot in the past year. The opportunity for Chinese entrepreneurs to learn and grow is better than in other regions, because we have a lot of information and information flow every day. 2. Success stories basically have Chinese versions in less than 24 hours-we have all seen the good American, and we can see the good Chinese. You are an American innovator. You only see American innovators. They cannot see Chinese innovation. We have the most complete vision, and we have the most opportunities to learn and grow. It is really a very special time to seize a particularly good opportunity for innovation that belongs to us.

Embracing entrepreneurial opportunities and crossing three major challenges

How can we embrace the opportunities we face? At the same time also face the challenges brought by innovation and entrepreneurship?

It is difficult to start a business. I think there are several difficulties:

• The first is cyclical, such as the cold winter of capital.

• Second, it is environmental. The entrepreneurial environment is different. How can artificial intelligence be commercialized?

• Third, it is structural. This is what we are most concerned about, and it is related to the essence of entrepreneurship, such as how to quickly find a product market match.
  

  1. Periodic

  First of all, it is a cyclical challenge. We all know that finance has a cyclical nature. To a certain extent, lending will be too tight, especially when I do my own investment business. I will understand the financing requirements of each different source of capital. At present, they have a cyclical nature. They will be tightened after being released, and they tend to be overcorrect, and they will be excessive when they rush and close. We are currently in a cyclical environment. But what everyone needs to know is that capital will always find the best return, and he will constantly find which place has the best return. Venture capital as a category has been growing for a long time. No matter what kind of funds it is, the long-term trend of putting money in entrepreneurial risk has been increasing. Here is a simple conclusion that it must be spring after winter. This is a cycle. Sexual problems.

  At the same time, we must be pragmatic. This is a reality. We must face the reality of capital shortage today. The first thing an entrepreneur needs to do is to work hard to survive, to spend more energy on financing, and to find a way to make blood on his own when financing is particularly difficult, orIt is to obtain other resources, government subsidies, etc., to improve their ability to live in this severe winter situation, the first is to survive.

  Second, you need principles. When you see an opportunity, you have to enter the market decisively, and you must rush, because the opportunity to start a business will not change because of the cycle of capital. If you have the opportunity to be the next Alibaba, have the opportunity to be the next Meituan, have the opportunity If you work hard together, you must have the courage to seize it. You must control the two.

  2. Environmental

  Second, environmental challenges. I am very much admired by the entrepreneurs here. You have to work hard and have the courage to do this because the environment is quite a challenge. Compared with the United States, the capital ecology of China is not mature enough, the capital is not patient enough, and investment conditions are often very harsh. We have seen a lot of cases, it is too difficult for entrepreneurs, and this has to be changed through hard work in the long run.

  The third is that the exit mechanism is not complete.

  The second point is the industrial ecology, which also challenges entrepreneurs. If it is done on the B side, Chinese companies have a lower willingness to pay and the threshold is higher. C-end, China’s C-end is very difficult and expensive. The competitive environment is high-intensity competition. Once the Chinese market is made, your ability to go to other markets is almost invincible, and you are very strong in this environment.

  In addition, the environment has changed. In the past, it was the Internet, mobile Internet, rapid software iteration, and so on. Now it is artificial intelligence. If you want to land, you must do a segmented industry. . BAT has been entrepreneurial for several years. You have to find the most important sales and BD talents in this industry.

  Channel resources are very core. In the environment of artificial intelligence entrepreneurship, it is impossible to do without channel resources.

  In addition, there are more and more hard technology. Its long investment cycle and long iteration cycle are all challenges brought by the environment.

  3. Structural

  Environmental challenges. I will talk about how to make each entrepreneur better cope with environmental challenges through ecological collaboration. Let me talk about structural challenges.

  The structural challenge that early entrepreneurs face is how to quickly find a product and market match. This is a difficult threshold. Let me explain why this is a structural problem? With the development of technology, the popularization of education, the improvement of capabilities, the possibility of innovation is increasing. The cycle of innovation generally starts with an idea, a new product, a business, and an idea. Invent a product, invent a technology, develop the technology, develop the product, and cut it all into the market. What is the trend? There are more and more good ideas that can be come up, the cycle of technology development is getting shorter, the product development is getting faster and faster, there are more and more (angles) that can enter the market, but every customer in the market has only 24 hours a day It is impossible to continuously adopt new products. This becomes a big bottleneck, and this bottleneck will become more and more crowded.

  This is a structural challenge. The only thing you can do is quickly iterate. The core is shown by this curve. Everything moves to the market. You have new ideas, new technologies, and you can find them in the shortest time and the lowest cost. Market feedback. Anything moves forward. The cost of trial and error is low and the probability of success is higher. This is the core thing we do. It is to help each entrepreneurial team better go through this core structural challenge, iterate quickly, and find product and market matches. This is a structural challenge.

  Another structural challenge is related to the nature of entrepreneurship and cannot be changed. It’s the income curve. Any company that succeeds enough will have an income curve like this. The early customers are all innovators using your products. There are some people who catch the early tide to use your products. The real products take years to get up. You cannot support yourself at this stage. The only thing you can support yourself is financing, the ability to raise money, the ability to live, the ability to live as long as possible is very important. Early entrepreneurship is these two things. Iterate quickly to find a product market match. The longer you live, the better. This is another structural challenge.

  The third structural challenge is related to the previous two.

  For every entrepreneur, especially in the 2B field, it must be faced. Let me explain this diagram. This is a structured problem. This diagram shows all technology-driven new products and new businesses in history. It has been adopted by the social market and it will always go through this time period. Why is it a structured factor? It is related to the age, income and geographical distribution of the social population. Because when people are young, they are always willing to adopt new things, they will be conservative when they are old, their income has such a distribution, their economic situation has such a distribution, and any new product will go through such a cycle. At the beginning of the early days, the blue part was the earliest innovator user group. These people are very interested in innovation. As long as it is new, it will be useless again. Keeping this in mind, the product will never be useful again. Some people will try it because it is a new product. Some of your users in the early days do not mean that you have done what is right because they will try.

  The second group of people is this color (red) . They are usually young cadres in the enterprise, or entrepreneurs, or technology developers. They have a vision for the future, and they look for new technologies to help them achieve the vision they want. The second wave of people comes into play, using these.

  Next is the divide, which often jumpsBut go, most of the products in history die here. Why is this divide formed? Because the next wave of adoption is the early adopters. They are willing to use new technologies and new products. They are very pragmatic. They look at the actual results. The core point of their adoption is whether my competitors need to use it. My colleagues and neighbors use it. They skip it. You do n’t need it. I do n’t need it. You use it. I use it too. This is a gap, not one by one. Most technology startups in history have died here. How to bridge the gap? This is a very central issue, especially for 2B. There are a series of methods and practices in this that give us a higher probability of success. This is also a structural challenge that every entrepreneur must skip.

  New innovation driven by technology, the growth curve of each product is getting steeper and steeper. This is caused by structure. The reason for the steepness is standardization, scale, information channel circulation, and logistics channel circulation. The speed is getting faster and faster, this has done a lot of research at MIT. This trend is getting worse.

  What does it prove? Even if you already have a product, you have come here. If you do not maintain a high-speed sprint, if you do not advance, you will retreat, because your competitors will go up, or another category will replace you, and ultimately the competition of time is on the C side. . Technology-driven, especially the C-end, the speed of the sprint and the speed of the upward rush are very important. Once the market value is large, it will not go up. … p

  The experience we make is not to go all the way, we have to jump. Now on this track, you jump all your energy, products, markets, channels, marketing and so on to the next one.

  There is one more point that I just forgot to talk about. The real product market matching is not a single point. We did not find it here, but we did not find it there. It is a process. The real product market matches. A well-known investor in the United States. He was the earliest starter of the Internet. He is a very good investor. What is product market matching? Basically came here. The true definition of product market matching is that the first is a good market that can make money. Secondly, supply is in short supply. The third is that competitors have come in. This is a real product market match.At this time you are facing a very steep curve, you must jump, the speed of sprinting is very, very fast.

  Do entrepreneurs grasp these 5 points?

  We just said that there are so many opportunities and so many challenges in entrepreneurship. How do we grasp such opportunities? The core is to think clearly about these five issues.

  • The first is to figure out exactly what to do, not just the product, because the definition of a product is an experience or ability to enter the market, and the product is related to the market. Does n’t I say that one thing is the product? Now, it is important that you figure out what to do.

  • The second is to figure out why you are doing high business and social value.

  • Third, thoroughly think about why it is time to enter the market, and timing is the biggest success factor. Don’t do it early or late.

  • Fourth, think clearly about why we can do this team well.

  • Fifth, how do we do it, and the way we do things has special barriers. Ability to generate and maintain value over time.
    

    Thinking through and controlling these five issues thoroughly is a major factor in seizing the historical trend of entrepreneurship and overcoming the challenges of entrepreneurship. These issues need to be clarified to continuously improve their capabilities.

    What: Decided what to do?

    1. Orientation first

    What do we do first? First, you have to choose the direction, how to choose the direction? The direction or method of thinking is to look at these three circles. Make a judgment on these three circles, and a judgment on the product, user, customer, and market demand. Judging the trend of the market and the trend of technology, the real good value of entrepreneurship is in the communication of these three circles.

    Here I spend some time to share. It is basically two components, one is to provide some thinking methods for everyone, and the other is my personal summary and experience. As content, it is more important for you.I hope to be inspired by the thinking methods I shared and the content I have experienced. The core is to improve your ability. This is the first thing to do and judge the direction.

    I want to emphasize that everyone’s ability is limited. Some people start by observing user needs deeply. This is fine. Some people have a business model, and market insight is very sensitive. This is also possible.

    2. Don’t be rash, make dynamic selections

    In addition, deciding what to do is not a single point process. Deciding what to do is a continuous and dynamic process. It is a process of constantly thinking clearly and continuously improving your ability. Looking at the entrepreneurs who have really done well in history, what he did at the beginning is very different from what he did at the end. Deciding what to do is not only a process of improving himself. The core things to do in this are a few points. The first is Start to start a business, set up a company, find a few people, the destination you want to go is to make a new C-end platform, 2B trading market-no matter what, there must be a destination. You have to reach your destination, then start iterating, using the product approach.

    I also said that the speed of iteration is critical. Here we have a simple idea. We often communicate with entrepreneurs. You are here to start. This is where you are currently going. You want to be here. If you go this route? God doesn’t know. No one knows, the only one who knows it is fast iteration, the speed of iteration is the determinant of everything, and God does not know what way to go.

    In addition, you need to change the direction at important nodes. Sometimes it does n’t work. You have to have the courage to say that this goal does n’t look very good. That goal is better. I go there. Many companies change their direction after many times, and go quickly under the set target conditions. When they can’t get through, they can go in a different direction. When it is time to change, you must have the courage to change, but also avoid frequent changes. Each change takes a lot of time. You must not waste your time. The core here is the time of the entrepreneur. The cost of time is to be optimized. The others are not important. The only thing you cannot waste is you.time. Deciding what to do is such a dynamic process. Going forward, big entrepreneurs have a continuous improvement process.

    Next, let’s talk about the three circles we saw, demand, market, and technology. How do we judge demand? Let me share it. Here is more my personal observation and share my personal experience. The market demand is simply C-side and B-side. There are some structures and long-term principles on C-side. One principle is simply people. Everyone knows the Hierarchy of Needs Theory. I personally suggest (look at it) that this is not a book, it is a short essay, more than ten pages. You can read it. It may not be very exciting, but at least It’s all there. Many people in history have iterated on this aspect, but this level is there. The bottom layer is to have enough food and clothing. After having this, it must be recognized by the society, there must be love, and finally the sublimation of the individual, etc. This is a layer by layer, and the needs of people go up like this.

    Also, this is a principle, which has inspired me personally. It is the founder of Amazon. More than two years ago or one year ago, he wrote letters to his shareholders on a regular basis. He wrote a letter saying that users would never be satisfied, and he was right. Previous entrepreneurial theories and business theories said that I found a need, I used a product to meet this demand, and the business was good. He said no, the user would never be satisfied.

    To give you an example, you know an example of the success of a Chinese entrepreneur. Yuan Zhen (音) , for video. They and I are also long-term good friends. He said that there are already a lot of things. What are you doing? Have you carefully observed whether this demand is met? At least in the United States, we looked at the market analysis. An average video conference is delayed by 14 minutes. Because of various technical factors, each conference wastes 14 minutes. This demand is not satisfied. They are now a company with a good market value. Carefully observe the level of demand and master this principle. Users and customers will never be satisfied. Among Chinese entrepreneurs, the number is fast. (Voice) Think deeply.

    3. What needs to rise?

    We see what user needs are not met well. This is a bit simple and rough, that is, the crowd and the market. Divide the crowd, like young people, seniors, men, women, etc. How he spends 24 hours depends on his needs. Based on this, I personally share what I think is an important observation point in the long run. Please pay attention.

    The first is entertainment. This demand is always there, and it is constantly increasing. Do n’t underestimate the entertainment industry. There is a content industry. Another big category is games. It is mainly used to kill time. My personal opinion may not be right. Many of the products we made before were time-saving, time-saving, and time-saving? These 24 hours are still alive, and this saved time must be killed. The killing must be meaningful and valuable. In my personal judgment, killing time is always just needed, because with the progress of society and the advancement of technology, our time is more and more saved, and then we only work three days a week, only 4 hours a day, and the remaining How to kill down time?

    I am very optimistic about content and games. Let ’s talk about games first. Whether it ’s games or live games, my personal judgment is that it is a sublimation of the essential survival needs of human beings. Everyone knows that there is a theory of human evolution. There are two instincts in this theory. The first instinct is to survive. We humans grab food from many animals in the early days. After we defeat the animals, we grab food and fight between people. Now it’s time for people and people not to grab food. What are we left to grab? We want a sense of accomplishment. I’m first and you are second. I did this and you haven’t done it.

    I give an example. When I first arrived in the United States, it was 88 years. I remember it very well. At that time, there was an ESPN station in the United States that had just come out. It was a 24-hour sports news. At that time, many people said that who wanted 24-hour sports news. It was enough to talk about 5 minutes a day. Now ESPN not only has a variety of sports, but also college, high school, and live game streaming in the United States.On the stage, a high school student did nothing, only played games, and had a six-figure annual income. This trend will continue, because this is the sublimation of human essential needs. I want to achieve something, I want to achieve this score, I have done this, and I am better than a few others. When I was at Yahoo, I didn’t have the ability to play rugby. We could play it virtually. This demand is achievement. This is a long-term trend.

    The other is the content. Another instinct of a person is to pass on his own genes to others. By having children in the early days, don’t have children now, not that you don’t need them, don’t have many, many children. We can spread our thoughts to others, write articles, write poems, compose songs. If we do n’t have the ability, we can get a second dimension. If we ca n’t do it, we can spread a third dimension. To others, it is also a long-term need. I think the entertainment industry is a strong driver.

    The other is the communication industry. Communication is a very low-level skill in human society. I particularly like SMS-based WeChat. Why? It is a real-time and asynchronous communication. Before the emergence of text messages, humans wrote by letter and passed the carriage to another place five days later. Some Internet has become e-mail, but it is essentially asynchronous and useful for more serious communication.

    Also invented telephone and telecommunications, including online, but it was real-time. I had brought a team before and made a mistake. At that time, they were using a phone number, no free ID, and forgot a little Is to make an appointment in advance to make an online call, the cost of collaboration is high. The biggest problem of real-time communication is synergy. SMS can be real-time or asynchronous. I can send it to you. You can answer it. I know you are online and you can interact back and forth. The most important thing is that it can carry more and more rich carriers. I can send you money, a song for you, and a bill for you. There is no such communication tool in human history. This is a communication product. There is a lot of room for development.

    Social, let ’s talk about the crowd. A social product has been in both generations, and young people will go to another place. Different tools, crowds, and carriers. In the past, social was basically text and images as content carriers, like Short video, see Douyin, why does Douyin rise? We used to say that a product that beats Facebook will not grow the same as Facebook. What kind of product beats Facebook? I think it is possible because it is new product, video.

    Consumer, don’t talk more about retail, service. Travel, transportation, tourism.

    Education, previously learned knowledge, more and more ability to learn, including English, and more importantly, innovation. Let me briefly talk about my personal experience and views. Innovation is learning how to make products. You can learn some basic knowledge in the classroom, which is limited in nature.My own experience, you can really learn to make a product only by yourself, really learn to make a business, and you can only start a business by yourself. It must be practiced. I think education has undergone a major reform, because today’s universities still focus on skills. Most of the people who teach are no longer entrepreneurs. What we need are real entrepreneurs. Really come to the field to learn.

    Medical treatment is a huge opportunity. Now demand is greater than supply. There are many diseases that we cannot treat, like Alzheimer’s. There is a lot of room for technological innovation.

    B-side, the long-term structure is to reduce costs and increase output. Including the needs of the production side, the client side, the capital side, and the employee side.

    Historically, big B and small B are different. Big B needs office efficiency and enterprise process management. Now the highest growth trend, the opportunity brought by the mobile Internet is the entire journey of the customer. Now the customer knows the entire process from being interested in his product to the final service.

    Little B, the biggest demand is to acquire customers, and the second is wealth management. There are also requirements for funds and corporate processes, but historically it is difficult to meet them.

    In addition, the circulation, the industrial Internet, the industrial Internet, etc., connect the information. This is the demand, the judgment of the trend, these are the long-term trends.

    4. What does the market say?

    For the market, there are also some judgments to be made, some are long-term trends, and some are cyclical. One demand in China is consumption upgrade. Circulation, China’s logistics and people flow must be leading. The information flow is also pretty good. Population aging is a big driver. Capital has cyclical factors. In the long run, we must resolve the issue of the withdrawal mechanism and the supply of the US dollar.

    The threshold for innovation is constantly lowering. In the future, to be a new service company, logistics is basically like a cloud for you. The threshold for innovation in China is lower than the threshold for innovation in other fields.

    The other is the region. We mentioned earlier that we can go to Southeast Asia and so on. The international environment and policies must be paid attention to.

    The next most important thing is technology. There are two main types of technology. Basic technology. The core is focus on energy. Energy is especially important.

    Synthetic biology is a very important ability. We have engineering ability. Life sciences, including genes and more.

    Materials, manufacturing, 3D printing, aerospace, agriculture and animal husbandry technology, etc. There is also information technology. At present, artificial intelligence, 5G, IOT, quantum computing, AR, VR, etc. are in front of us, especially the main application areas of information technology.The driving tendency with large-scale commercial value is autonomous driving, robots, and so on.

    Why: What is clearly done is high-value

    Everything is all about deciding what to do and judging the future. How to judge what we do is of high value? I suggest to everyone that such a simple method.

    The first thing to analyze is which business type you enter, and its size and growth rate are important. Particularly important is the growth rate, high-tech and e-commerce. Let us look at the growth rate. You know if you are a high-value company, depending on whether your category is large and growing fast.

    Secondly, there is a simple method to analyze the ceiling. T is the amount of use. How many people use the product. How does Q count? Use value, use value is important, how to calculate it? What is the difference between using my product and not using it? What is the value of my product is the difference between using it and not using it. Or what is the difference between using my product and using an alternative product. This is your Q. Your core needs to do a little bit. Where is I better than alternatives? This is differentiation. Do n’t do it without differentiation because there is no value. The only thing you can compete with is price. The first of any corporate strategy is differentiation. This is the Q. Your Q must be big.

    In addition, you need to analyze the channels you can reach. For example, within 5 years, what way will make you a unicorn. The simple income is 100 million US dollars. You must think about this channel clearly. It is worth investing in venture capital in the United States to turn into a unicorn within five years.

    The last point is that you need to analyze the possibility of you getting value. Here I share my own experience. Creating value and getting value are two different things. In history, many products have created a lot of good value, but if you ca n’t get value, you will soon die and you will not change the world. To obtain value, we must first have a payment model, sales capabilities, and channels to reach. This is the most difficult part of entrepreneurship. Let me give some examples. SNB in ​​the United States has always been difficult and difficult in history. We have done a lot of work at Yahoo. It just can’t be sold anymore, the selling price is too high and exceeds the cost. There are newspapers and telephone companies in the United States that can sell SMEs. You can’t sell them here, because they sell their own stuff first, and newspapers themselves can’t survive. In the United States, only Google and Facebook can sell to SMEs. This is the ability to acquire customers and can be sold to SMEs.

    The era of cloud is selling services, but selling is a big problem. There are many sales companies in Utah, USA, and they are very interactive. What do they do at the core? Selling without a channel, by phone,It will take a while. The second question is to ask every student on the stage to answer, the time is two minutes. The question is this, suppose you want to get into the next round within three months. What are your goals for the next two weeks? Your purpose, your task is to raise the following round of good money within three months, you must support for these three months, to go in this direction, what are the indicators you set for yourself in the next two weeks? Explain the background. It is very important for every entrepreneurial team to maintain an iteration rate. Iterations every two weeks are more suitable. One aspect is fast time. The second is that you can leave enough time to think. Your goal is to reach the next round within a month, and go backwards. What are your goals for the next two weeks?

    You and the investor, you generally tell what you do in three minutes, why you did something valuable, why he wanted to vote for you, why is it a good time to enter the market, your team can do this thing The team you build, and the methods you do, including your growth, how you cut it, and how satisfied your customers are with you. As the company’s founder, CEO, and financing iteration are the core of this stage, the last link for everyone today is to determine what I want to do in the next two weeks. The goal is to integrate into the next round within three months. This time the sequence starts in the middle.

    3: Thank you Dr. Lu. If the valuation is to be doubled after three months, and the next two weeks, we need to negotiate with 50 intermediaries. Our oil products are distributed through intermediaries. We need to negotiate with them, and we need 5 to reach cooperation. It takes two weeks to collect 20,000 tons of oil, and the money is more than 100 million. We talk about three oil depots, and one of them must have a cooperation agreement. His volume must not be less than 10,000 cubic meters. . In terms of income, the single transaction is a net profit of more than 500,000.

    2: In the next time, I will go through all the project nodes again. At the same time, I will prepare corresponding financing negotiation plans with investors and list them in detail. In these three months, I have to accumulate quantity. In addition, according to the original plan, the time of our samples must be half a month in advance, how to plan in this half a month, how to achieve the fact of 15 to 20 days in advance.

    4: Our product has just been financed throughout the product development period. What is the next goal? First of all, we need to switch engines. We were 30 students before, and then recruited people in 10 circles for development. If you are doing CAD, the domestic market environment needs to be connected with production, education, and research. At present, we only have access to production, research, and research. Our next research, that is, cooperation with universities, will be negotiated in the next two weeks. The third thing, we must ensure that this version is developed to the public within three monthsTested version.

    1: Within three months, another two weeks are Chinese New Year. According to the current node, we have the Chinese New Year in the next two weeks. I am really considering this issue. We did not consider financing within three months before, that is, to get financing in early March. The first thing to do now is to position the most advanced centimeter-level high-precision positioning at present. The test machine came out years ago. If it was financed in March, the effect of this thing is very important. After going to the mountain for verification after the year, there was a specific proof in March. This is a core point.

    Years ago, other market behaviors were not particularly high, and the other was service electricity. If you want to raise funds, I understand that Dr. Lu just said that I have learned a lot, that is, how to make money back. At present, we have a lot of government projects. The potential points of natural disasters identified by the state are now far higher than 300,000 points, the country does not have that much money, these 300,000 points have already been burdened by the country, and there may be 10 or 20 times more hidden points. We provide a monitoring service in a pervasive way, and we sort out the framework and model of this service within two weeks.

    5: For two weeks, I want to help my team identify the growth space in this cycle in the future. I do n’t want to go directly to the market to raise money. I ’m operating, marketing and my The team members will understand to confirm the necessity of financing. I will check with my consulting teacher and my ex-investors to control whether there is still such a large market in this future cycle, and then determine whether it is To finance. If possible, you should collaborate with the team to prepare the next round of BP and investor appointments.

    Lu Qi: Our 5 classmates shared it. I will make some comments for each team, and I will give some suggestions, and then my colleagues will also have some suggestions.

    The core is a high-speed iteration. Think clearly about the core issues of the enterprise we do, and increase the probability of our financing. Starting from the student on the far right, I think the sentence I just said basically failed. Why? What you said is that you communicate with the team, prepare market analysis, if you want to prepare a BP for financing, these are all forms and processes. What do you want to do at the core and show investors? You are finding the core point and my feedback on you. Within three months, you must have paying users, orders, and customers. When possible, you’d better have a growth rate, for example, your order volume is increasing. In other words, in the early days, your product was not in place, at least what you have to do is that you have test users, you have customer letter of intent, our core feedback to the team of five of you, because you want to raise funds, the most concerned is you areNot finding a product is someone who is willing to pay and can grow at a high speed.

    What you just said is far away from this, because financing can’t control the time point, and you have a good opportunity to melt it. Today is a shortage of capital, there is a good opportunity to communicate, what you have to do is high-speed iteration, it is you There is really a clear verification that there are paying users, it is best to have paying customers, the first order and the second order and the third order have a growing trend. This is particularly important. In addition, the compact rhythm and high intensity are not only you. We have such suggestions with 5 students.

    The second team, your basic idea is to focus on your product, which is basically right. But products are never enough. From a financing perspective, they are never enough. If you have three months, you get at least one order. My intuition, you may have the opportunity to fulfill several orders, and there is a connection between the orders. Here I will tell you a method of thinking. In the early financing environment for entrepreneurship, all you have to do is dig a large well. You know the water is here. A good market is the water coming in. Why is the growth rate important when you dig? The channel you want to dig is the water permeating down. Each list is a drop of water. This water is related. You don’t dig in potholes. You occasionally see a drop of water that is useless because there is no growth. Your best place is water infiltration, you must pay attention to the growth rate.

    The second best thing is that I ca n’t find a paying user. You must find a letter of intent. When you sign the letter of intent, you have to say that I am signing the letter of intent with you. I must pay for ABC. The general letter of intent is useless, you want this letter of intent to be very clear, I give you this product, you use it, I do it quickly, the efficiency is this, how much do you pay. You have to get the most direct verification that customers are willing to pay. This is the most important.

    To this classmate, you have already sold, you are already in the market, and you want to increase the speed. You and 50 customers talk about these buildings, but the speed is far from enough. In such an early stage, if you want to grow at a high speed, you must have this mentality. I want to jump to a height that I have never jumped to, and sprint to a level that has never been sprinted. What method should I use? I encourage you, you are the CEO, you sell it yourself, it is very important, you are the founder, you are the CEO, you have to be close to the customer, you must be the one you sell the most. If you do n’t sell, you do n’t know how important the value of your stuff is to the customer. There are places to adjust. Your overall thinking is correct. To move towards the customer, the speed must be increased on a large scale.

    For this classmate, your product is very special. Your technology just said that you should be able to come out in April or May. Your core also talked about what kind of crowd you are and what market entry you need to do. There are a few points, the first one is to pay, you have to designWho should buy it, hospital buy, community buy, parents buy, children buy, or blind people buy it by themselves, there must be a clear market entry method.

    In addition, show the clear usage, how many blind people are using it, and how many hours they use each day. The use of this product is very important in the early days. Your core is to let the blind walk independently. They can really use it every day. Let a blind person go to work every day. Where you want to sprint is to target the crowd, find out the payment model, and pay attention to the usage.

    To this classmate, you are dealing with natural disasters, and some of them entering the market are related to the government, because natural disasters are relatively related to insurance and government policies. What you really want to do is a unit with a clear bill, whether it is the government or an insurance institution, and preferably the insurance industry. Because if the insurance industry has better predictions, his insurance ability will be stronger. Technically, this is a relatively difficult product to test. You can only do a lot of simulations. Natural disasters are not a normal product. I think you need to sprint. Of course, you still have to celebrate the New Year. I hope to keep it appropriate during the New Year Speed ​​of the sprint. The core is back to the end, the product market matches, and the growth rate has a very, very clear future market size.

    Finally, as the CEO and founder, if you want to raise funds, you need to explain these points clearly, and you must turn them into subtasks. This must be disassembled to iterate every week. Am I going from the government, or an insurance company, and breaking it into subtasks? In order to answer this question, how many companies do I need to consult and how many analysis reports do I need to make a decision within a week. Making fast decisions is always better than making slow decisions and not making decisions. Even if you make a mistake, you know that you are wrong, and immediately go in the right direction. Keep your speed, jump to the top, and sprint to a speed you didn’t have before. Ask my colleagues to add.

    Second, I do n’t know how everyone thinks about it. For a good founder, the goal should be in your mind. When you meet an investor, you can make him feel what you want to do when you communicate. Now, let investors know what goals you have achieved for yourself. It is very clear that everyone is confident in you.

    I just felt it intuitively, and everyone did n’t think clearly. The scenario we set is three months of financing. You should be very clear about what your three-month goal is and what level of company you want to achieve in stages. It is very clear that you can communicate with your subordinates or investors at any time.

    Lu Qi: In our entrepreneurial camp, we report every two weeks, whether you have achieved your goal in the past two weeks, why you have not achieved it, how do you better achieve your goal, the next two What is Zhou’s goal? It is very important to keep a neat heartbeat rate and iterate at high speed forever, constantly rising and accelerating. You really reached the roadshow rate, You came to the stage with full confidence, important issues have been clearly thought out, your ability has been improved, this supplement.

    Guests: Let me comment on the whole, and I will say three things.

    First, I will also communicate with our entrepreneurial camp classmates. We have raised funds for three months. This week, we said that we basically failed to raise funds. In this environment, financing is of course important, and it is important for you to survive However, in the end, we have done a good job of matching the product and the market, the product is good, the user has it, and the natural investment has it. Investment financing is a phenomenon in which the final product is well-made, not a thing we should mainly observe in the business.

    Second, I did one in the report just two weeks ago. If it comes to technology, we will have points deduction. The first two aspects we do are users and products. Now who are the users, what users did you try to find in the last two weeks, what are their feedbacks, what did you do in the last two weeks to try to get customers, if it was done by the B side What sales attempt, what agent ran, and where did you make any sales attempt? This may be what we want to hear more. Then on the product, what iterations did you do in the last two weeks and what iterations on the product in the next two weeks? This involves the points mentioned by our colleagues. We have a goal for three months, and we must disassemble it into a goal every two weeks. These are not for scientific research. Every two weeks, there must be a sub-goal. Forcing yourself and your team to achieve it. Your product will be online in four or five months, and you must have a goal. The team in our entrepreneurial camp, before the product comes out, we must find a way to test the user experience. It may be a semi-finished product for testing, it may be a questionnaire survey, or it may be some other alternatives for some tests. These are necessary. We must guarantee the speed of one or two weeks of iteration. This is what a startup company must do.

    Last aspect, another big topic in our early days is to survive. You have to test early if you can collect this money from the users. We exclude some C-end users who are doing volume, not charging. We understand. Most companies want to survive on their own in the early days, especially in a poor refinancing environment. How do you collect money from each user yourself, including running your UE through, what you sell, how much it costs, how much you collect, this may be earlier than how you want to finance, how to make your technology very Refining is much better and one thing that will be more useful to you in the long run.

    Lu Qi: Very, very good point. In particular, I want to emphasize early entrepreneurship. The most important thing is product market matching and living. In the early days, every classmate was in Taiwan. The classmates who are paying attention to are the user’s usage and user satisfaction, which should be optimized in the early stage. The sprint speed must be high and fast, but the user’s satisfaction, useThe consumption of households is the most core, this is the foundation of the foundation.

    Finally, keep the speed of iteration and the overall heart rate.

    If you have great determination and great ambition, if you want to work side by side with the team with outstanding achievements like comrades, and become alumni with the ambitious CEOs, please apply for the second phase of the amazing entrepreneurship camp immediately: