Tiger Sniff Pro Note: At present, the whole country is “resistance to epidemic disease”. The darker the moment, the more it can stimulate the potential of countercurrent. This epidemic has tested not only the financial strength of an enterprise, but also a comprehensive test of leadership and organizational capabilities. Faced with the “surprising” and management “survival” of corporate survival, Tencent Qingtenghui joined hands with a number of combat scholars and entrepreneurs to create a series of public welfare live broadcast courses to provide managers and entrepreneurs in China with a digital “survival” in a special environment. guide”.
On March 1, Guo Ruyi, the managing partner of the Thai-Thai joint venture, shared the topic of “Responding to 2020: The Way and Technique of Financing” in class. According to Guo Ruyi, the epidemic will affect the investment and financing rhythm of startups in the short term, but it does not constitute a factor that determines success or failure in the medium and long term. Under the epidemic situation, corporate financing must not only consider at the “dao” level, make the worst plan, strive for the best results, but also at the “technical” level, adjust the mindset and anticipate decisive decisions, and finally Enterprises pinpoint their core business goals and advantages, and use real value creation to win the favor of investors. This article is the text
the studio finishing the course content, slightly cut, starting in tiger sniffing Pro Member (ID: huxiupro) micro-channel public number.
The economy is affected by the short-term impact of the epidemic, but the long-term situation is better
Overall, the impact of this epidemic on China and the global economy far exceeds SARS in 2003. On the one hand, because China ’s economy has become larger, it is not easy to continue to maintain high growth; on the other hand, the proportion of the tertiary industry in GDP has increased from 39% to 59%, which has become the national economy. Pillar industries, and the tertiary industry that was most affected by the epidemic this time; the impact of this epidemic accounted for 74% of GDP, far exceeding 26% in 2003.
From a global perspective, the epidemic will also cause a brief downturn in the global economy. In the five days from February 24 to 28, the US S & P 500 Index, Dow Jones Industrial Index, and Nasdaq all showed their worst weekly performance since the 2008 financial crisis, with a weekly decline of more than 10%.
However, judging by the economic impact of previous epidemics, we don’t think it is necessary to be overly pessimistic. The impact of the “black swan” incident tends to rise after a brief decline. For entrepreneurs, at this stage, they must work hard to surviveCome, survive this “dark moment”, on the other hand, you need to be prepared to meet the rebound.
5 new opportunities after the epidemic
New ways of growth. Many consumer companies are doing a good job of finding a second growth path. For example, some traditional merchants have found new online traffic portals to sell through live broadcasts and group fights.
New business opportunities. During the epidemic, users were forced to “home”, and the migration of user behavior gave rise to new requirements, which in turn brought new business opportunities. For example, online education has ushered in a golden window of development, and many people have also begun to frequently use fresh e-commerce to buy necessities such as vegetables.
Application of new technologies. Looking back at history, the need for industrial upgrading has never been more urgent than it is today. All industries affected by the “return to work” have put forward new requirements for digital management and system upgrades. For example, some labor-intensive industries have begun to discuss unmanned and automated to reduce dependence on labor.
New strategic opportunities. Everyone began to explore whether the industry in which they are located has the possibility of integration. On the one hand, entrepreneurs can act as buyers to acquire assets or teams, and on the other hand, they can also join the larger ecosystem as sellers, “combining vertical and horizontal.” We judge that after 2020, “big eats and small ones” will gradually become the mainstream, and buyout (M & A) funds will gradually find their place.
New policy support. Both the central government and local governments have issued many policies, such as macro easing policies and preferential policies for resuming work after the epidemic. Every entrepreneur must find a way to communicate with the taxation, social, and financial departments, and strive to get policy support and help as soon as possible.
Financing environment: investment institutions are becoming more cautious and more focused on efficiency
How the epidemic will affect the financing environment is a question of general concern. We should see that, as the world’s second largest economy with a trillion-dollar GDP, China is still the best fertile ground for entrepreneurship. More importantly, no globalTwo billion user groups with a unified language and culture like China, such a huge market will surely grow more great companies.
Will the short-term epidemic affect investors’ mentality? Our conclusion is that it affects the rhythm in the short term, but does not affect the direction in the long term. At the same time, the focus of everyone’s attention will be adjusted.
Not long ago, we conducted a survey of more than 40 head institutions, and 50% of them indicated that they will continue to maintain their investment strategies based on 2019, because everyone knows that the epidemic is only a short-term “black” Swan “event. But it must be emphasized that in the future, investors will become more and more critical of the target, and will pay more attention to profit and cash flow.
Beginning in 2019, a large number of US dollar funds and mid- to late-term institutions have become more cautious, and the keywords that investors have focused on have changed from scale, growth rate, GMV, etc. to profitability and cash flow. Everyone began to care more and more about the fundamentals and health of enterprises, and more and more inclined to use the indicators and perspectives of the secondary market to look at the projects in the primary market.
These changes have given rise to head-effects—without less liquidity in the market, head funds will appear further, and head items will appear further. At the fundraising level, 1.5% of the head funds took close to 60% of the funds in the market; at the financing level, 1% of the head projects had more than 20% of the funds in the market. It is not difficult to predict that as everyone’s risk aversion is getting higher, this kind of betting and investment for head companies will also become more concentrated.
At the same time, we also see that funds in the market are not short of money. In addition to the top dollar funds, the “national team” funds have also become active. The central bank recently conducted a reverse repo operation, and the flow in the banking system increased by one trillion yuan year-on-year, which is an increase in liquidity. Recently, everyone is also discussing the new policy of A-share refinancing. A-share refinancing reached its peak in 2016, between 1.6 trillion and 1.7 trillion, and more than 900 billion in 2019. Individually conservative estimates are that A-share refinancing will be in The scale of financing is expected to break through the trillion yuan mark again. The “bullets” in everyone’s hands have not decreased, but they will increasingly cherish every opportunity to “go out.”
We also found that more and more investment institutions are beginning to focus on post-investment services. During this epidemic, many investment institutions are launching a variety of assistance courses and online activities for investee companies, and even some institutions have begun to recruit people for their investee projects in batches.
Grasp the “four senses” and be safe in your bag
A sense of purpose. Investors prefer teams that have solid business goals and can do it;
A sense of rhythm. Entrepreneurs should maintain a certain frequency and distance of interaction with potential shareholders;
Responsibility. Make any decision must not be dominated by temperament and emotions. Entrepreneurs should consider their responsibilities to employees and shareholders, and listen to it. Never agree that an investment condition is very touching, and don’t believe in the investor’s aura and be kidnapped by your emotions. These may end up causing huge losses to the company;
A sense of pattern. Don’t dwell on the details of the terms, but understand the mentality of the investors behind the terms, and take a win-win orientation.
Beware of a misunderstanding: you can’t get investment by packaging
The core point of financing is not packaging and skills, but the way of doing business-to find your most critical core competitiveness. Think about why customers like to use your products and services, and whether customers are willing to pay more for some of your products and services. When communicating with investors, the core point must be to explain how they meet user needs, rather than advocating business models.
Xiao ShengzaiWisdom, victory is in Germany, all victory is in the situation, the final victory is in “mind”. Finance always serves the strategic direction of an enterprise. How is the strategic direction of the enterprise determined? It’s up to the leader. In today’s situation, the entrepreneur’s mental strength is the magic weapon for decisive victory, and he is convinced of what he has done. The enthusiasm and tenacity that arise from the internal beliefs are the ultimate weapon for victory.