Blockchain of traditional VC investment institutions

1. Since blockchain will become the future development trend, blockchain technology has its own advantages over traditional technology
1. Decentralization
the core advantage of blockchain technology is that it does not need a traditional centralized organization, and does not rely on the point-to-point transaction, coordination and cooperation of a credit center in the distributed system, so as to avoid the common problems of data security, collaborative efficiency and risk control of centralized organizations
2. High security
in blockchain technology, data is difficult to tamper with. Anyone can access the database that records transactions. In this transparent and open mode, everyone can act as a supervisor. We can see at a glance what changes have taken place in the data, which is more secure than traditional technology
3. More reliable
the blockchain technology is connected by multiple nodes in different places. The nodes in the blockchain interact through the point-to-point communication protocol. Under the condition of ensuring the consistency of the communication protocol, different nodes can be processed by different developers using different programming languages and different versions of the whole node
in short, when a node encounters network problems, hardware failures, software errors or is controlled by hackers, the operation of other participating nodes and systems will not be affected
therefore, blockchain is more reliable than traditional technology
therefore, I firmly believe that the application of blockchain must be the development trend in the future.

2. Let's see what platforms, such as wechat, we can report. In addition, if there is no other third party, then the money will not come back. They won't manage so little.

3.

poly Grand Theater

address: No.5, Renmin East Road, yangshe Town, Zhangjiagang City, Jiangsu Province (Cultural Center)

Cultural Center - bus stop 192m

< P > route: Zhangjiagang No.15, Zhangjiagang No.18, Zhangjiagang No.211, Zhangjiagang No.222, Zhangjiagang No.9

4. This version has no game interface

5. Angel investment is a form of equity capital investment. The word comes from Broadway, New York, and was first used in the United States in 1978. People with certain net wealth make early direct investment in high-risk start-ups with huge development potential. It is a spontaneous and decentralized way of private investment. These investors are known as "investment angels". The capital used for investment is called "angel capital".

6.

VC first investment team, especially the financial background of the team is very important; The second is the proct, which determines the business model of the platform. If we are a processing guarantee company now, it will not work. The proct model should be simple, direct, low-cost and easy to control; Finally, the platform of business value, business value depends on the spread minus bad debt rate

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marginal cost

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if the marginal cost of the company is high, when the company reaches the upper limit of the company, its marginal revenue must be very high. Only in this way can we keep up with the development of the company. So why are handmade procts very expensive? Because the marginal cost of is much higher than that of large-scale instrial proction , which requires that the marginal revenue is quite high . It's too cheap to wait. Therefore, in the era of Empire, many exquisite handicrafts can be made, which are now luxury goods. How many people can afford these? This is impossible in modern times, because no one but the emperor is willing to pay such a high price for this commodity< therefore, companies with higher marginal costs are bound to need higher marginal revenue, otherwise they will have no competitive advantage

7.

VC, namely venture capital, is a conventional concept with specific connotation in China. As the name suggests, venture capital must be accompanied by high risk and high return investment

PE is the abbreviation of private equity, commonly known as private equity investment fund. Different from private equity funds, PE mainly refers to the investment funds that are raised and invested in the equity of non publicly listed companies, and a small part of PE is invested in the equity of listed companies

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venture capital is called venture capital because there are many uncertainties in venture capital, which bring great risks to investment and its return. Generally speaking, venture capital is invested in high-tech start-ups, the founders of these enterprises have excellent technical expertise, but lack of experience in corporate management

another point is whether a new technology can be transformed into an actual proct and accepted by the market in a short time, which is also uncertain. There are other uncertain factors that lead people to think that this kind of investment has high risk, but it is undeniable that the high rate of return of venture capital

Perhaps the most familiar but also least understood investment risk is market risk. In a highly liquid market, such as the stock exchange around the world, the price of the stock depends on the relationship between supply and demand. Suppose that for a particular stock or bond, if the demand rises, the price will rise, because each buyer is willing to pay more for the stock

8.

From a narrow perspective, the main difference among angel investment, VC and PE lies in the different stages of investment intervention

(1) angel investment mainly invests in early start-up companies

(2) VC investment in medium-term high-speed development start-ups

(3) PE intervenes in mature enterprises that will be listed or acquired

it can be said that VC follows angel investment, PE follows VC and IPO follows PE

Different investment stages determine their different characteristics as follows:

1, investment strategy

(1) angel investment mainly depends on people, and the founder largely determines the quality of the project. The early project is often just an idea, which can't test the accuracy of the business model completely by the actual operation. Angel investors can only judge according to the founder's reliability and understanding of the instry. I often hear that an angel investor talks with an entrepreneur for three hours, and at the end of the conversation, he pats the table and says, "you're reliable. I've invested in this project!" Although some exaggeration, but "know people" is also angel investors in decision-making is very important consideration

The amount of angel investment generally ranges from several hundred thousand to several million, and the specific amount needs to be invested in proportion according to the project valuation negotiated by both investors and founders

(2) VC investment needs to comprehensively consider the project founding team and business data. Since the VC stage project has been operating for a period of time after getting angel investment, the business model can be partially verified through the operation data. At this time, VC investors will analyze the instry, competitive advantages and barriers, the allocation of founding team, business data The upstream and downstream of the instry and other aspects of comprehensive consideration to make the final investment decision

The investment amount ranges from one million to hundreds of millions of yuan

(3) PE investment is oriented to mature enterprises and mature market, which requires high instry resources of investors. In terms of investment strategy, companies with listing potential or possibility of merger and acquisition are often found according to instry analysis. After successful investment, with the help of PE company's resource advantages, support the invested enterprises to go public or be acquired, realize the exit and obtain high returns

the amount of investment started to be tens of millions, many billions

2. Source of funds

angel investors were initially high net worth people, such as Xu Xiaoping, Lei Jun and Cai Wensheng, who had been active in the instry for a long time. In recent years, driven by the atmosphere of "mass entrepreneurship and innovation", a large number of angel investment funds have emerged, and the market is graally improving. Graally, there are also large VC and PE funds set foot in the angel investment stage

VC and PE have been developing for a long time with rich sources of funds, such as high net worth indivials, professional risk funds, leveraged M & a funds, strategic investors, pension funds and insurance companies

the operation mode of domestic general funds is partnership, which is composed of GP and LP. GP (general partner) is responsible for fund operation and investment decision-making, earning management fee and a small part of income. LP (limited partner), as the investor, does not participate in fund management decision-making, but enjoys most of the income of the fund

Risk and return angel investment is undoubtedly the highest "return of a single project". Early project valuation is low, once the project has become a unicorn, a hundred times a thousand times return can be achieved. In the case of the first edition, if there is no 5-fold or 10 fold return for the project, I'm sorry to take it out and tell my peers. But the corresponding risk is also very high. For example, angel investors invest in 10 projects a year, and nine of them lose all their money. They only rely on the successful project to make up for the losses of nine projects by earning 100 times the profits. This happens from time to time

with the rising valuation of VC and PE investment, the lower the return multiple of a single project, the higher the probability of relative investment success than angel investment

PS: in a broad sense, angel investment, VC and PE all belong to private equity in a broad sense.

the meaning of "private" here is two-tier:

(1) the way to prepare funds must be non-public. Due to the considerable risk of private equity investment, and the long payback period of capital, there are very high requirements for the capital strength and risk tolerance of investors, so it can not be publicly raised for ordinary people

(2) the underlying asset of investment is the non-public equity of the company. Through the rapid growth of the underlying company, it can earn a high return of equity appreciation

from the perspective of the whole financial market, private equity investment is only a form of "alternative investment", which can also be understood as non mainstream investment. According to the data of the securities investment fund instry association, as of the end of April 2017, there were more than 21000 private equity & amp; Venture capital funds, with a total scale of more than 5.5 trillion. According to the investment data, in 2016, the amount of private equity investment exceeded 680 billion. In fact, the proportion of private equity investment in the whole financial market is still very small

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1. Venture capital (VC) is also called venture capital, which is a financing method to provide financial support to start-ups and obtain shares of the company. Venture capital is a form of private equity investment. Venture capital company is a professional investment company, which is composed of a group of people with relevant knowledge and experience in science and technology and finance. It provides funds to those who need funds (the invested company) by directly investing in the equity of the invested company

most of the funds of venture capital companies are used to invest in new ventures or unlisted OTC companies (although the use of funds has been greatly relaxed in current laws and regulations), not for the purpose of operating the invested company, but only for the purpose of providing funds and professional knowledge and experience to help the invested company obtain greater profits. Therefore, it is a high-risk and high reward enterprise pursuing long-term profits

Price earnings ratio (P / E ratio) is also called "PE ratio", "stock price earnings ratio" or "price earnings ratio". P / E ratio is one of the most commonly used indexes to evaluate whether the stock price level is reasonable. It is obtained by dividing the stock price by the annual earnings per share (EPS) (the same result can be obtained by dividing the company's market value by the annual profit attributable to shareholders)

when calculating, the stock price usually takes the latest closing price, while EPS, if calculated according to the EPS of the previous year, is called historical P / E; The EPS estimate used to calculate the estimated P / E ratio generally adopts the consensus estimates, that is, the average or median estimate obtained from the forecasts of multiple analysts collected by the company's performance tracking organization. There is no definite criterion for what is a reasonable P / E ratio

Angel investment is a form of equity capital investment. The word comes from Broadway, New York, and was first used in the United States in 1978. People with certain net wealth make early direct investment in high-risk start-ups with huge development potential. It is a spontaneous and decentralized way of private investment. These investors are known as "investment angels". The capital used for investment is called "angel capital"

angel investment is a form of venture capital, which is based on the number of angel investors and the comprehensive resources that the invested enterprises may provide