Matter, would you still invest in this company? Conversely speaking, as an investor, spend more energy on projects. Second, mobility. Many start-ups, like Yuanqi Forest, make drinks with cola and cola. Do they still do this? I can’t do this if I think too much. More back to your own position, what do you want to do? After all, there are so many smart brains in this industry. Let me summarize one by myself, try to use less brain and more body. Investing is a life of experience and sense.

The biggest decision in life is rarely with your brain. Do you use your brain to find a target? How is this person? I leave it to the LP to use the brain. The mother-in-law will see if there is a room or a car. You don’t think too much about finding a partner by yourself. You still use your own feelings. Our brains are not as fast as others, so feel more.

Besides, the positioning is still a so-called differentiation, and others do not do it. There are two kinds of quits, one that others can’t do, and one that others don’t want to do. In the beginning, others don’t want to do it. If you do it for a long time, others will not be able to do it. This is true of many great companies. For example, when we invest in consumption, we should look more upstream and look more at the essence of the product. How to do the closed loop and how to solve the supply chain? Dirty and tiring work, pick more dirty work for yourself.

Jiang Haotian: First, it depends on what you are doing? Because we are VCs. VC is relatively early. In fact, early investment cannot be monopolized. This is my view. Conversely, the later investment can be monopolized. On what? You have a strong enough brand and a large enough amount of capital to monopolize later investment. Like in China, Sequoia Hillhouse does such a thing. In addition to funds and brands, there are also other things, such as resources and relationships. You can get it, others can’t get it, you can get in, and others can’t get in. This is the rule in the later stage.

Secondly, among the practitioners here, have you ever seen how many TSs a company can get in financing? What I have seen in my more than 20 years of experience is that it is already the limit to get more than 20. Even if you talk about the best Chinese VCs, you can get 20TS. What does this show? It’s not that you are bad, or that you are not good enough. For various reasons, that organization didn’t give you TS at that time, or it was too late to give you TS, maybe it took a dozen to choose one. The same is true for a GP.

Min Wanli: Without the word competition, I want to create a new fund, and the entire industrial chain from the supply side to the demand side will be dislocated. One is to choose points, and the other is to choose depth. First, the selection of points does not need to join in the fun in the overcrowded places on the demand side, and go upstream on the supply side to find out where to hit. Second, the strength of the attack. I have hundreds of successful cases. I can tell investors and founders that if I become his investor, when I walk with him, how will I help them solve a problem, choose a problem, and give him the answer on the spot . If the formula and answer can be given, the attraction will be there, which is competitiveness.

In investing, I would prefer to meet interesting people with a different background than me to do this together. Because the bottom line of investing is to hope that there will be a return, and I also hope that this process will be more enjoyable. M31 always looks for people who love investment itself when forming a team. There is a difference between the love of investment and the professional love of investment. Passionate love will make investing more interesting, more dedicated, and more able to discover opportunities. The second is to hope that everyone in our team has the ability to think independently and have their own unique opinions.

Fu Zheng: Thank you for your wonderful speeches. Because of time, there are still many problems that cannot be solved. Today we talked about more difficulties than opportunities we encountered. Because we are all challengers and new funds, we have to face robbing, digging, and projects from old funds or big funds. But in fact, every big fund has this day. Therefore, regardless of whether you want to be “big and complete” or “small and strong” in your choices in the future, I hope you can go for a long time. Thank you!