Three, the investor from the consumer market to the enterprise market trends. The investment style of a large sum of money on the venture capital is opportunistic, and the trend is not theoretical support. This money is largely driven by the open market, this part of the capital in 2009 to 2011, all voted in the consumer Internet and social networks, driven by the venture capital market, because every aspect of the venture industry (angels, seed, A, C, etc.) need to understand what the next level of investors want to invest in the project, when the whole trend tends to Web/ social network, investment level will cast Web/ social network. Now the trend is to invest in the field of business, we should expect to be optimistic about the level of investment in the field of business oriented Venture Company.
Integrated these three factors, consumer Internet Co (Web and mobile platforms) to get financing more difficult. The first two factors also makes the area of consumer Internet start-up companies more difficult to break through a tight encirclement, exactly is a prerequisite to obtain financing. A number of products to invest in a bright future of the company is trying to make a breakthrough in the struggle, venture capital will naturally be those who have come to the fore. This is a vicious circle, and now we see it in the field of consumer internet.
What does this mean for USV? In fact, there is not much impact. Our investment has always been a theoretical support. We believe in what we think, whether it is good or not. That is a huge active user network, they have the ability to subvert the big market. We are investing in the fastest speed in our history. We have made a lot of A and B rounds of investment, because we think the market is the largest vacuum where. We haven't really done a seed or an angel for a long time. But it does not mean that we will not, our next round of investment may be a seed or an angel..
But we are a small investment. We may invest 50000000 to $40000000 annually in all key projects, including the initial investment and investment. This size only accounts for a very small proportion of the venture capital market. We are interested in this. We don't want to do the whole market. We want to invest in a small part of the early ecosystem, so that our investment theory and the great team and unique product design, the impact of a spark.
In conclusion, these three trends are affecting the venture capital investment. We invested in 15 companies, a large part of which is the consumer Internet company. We encourage companies to raise more money in 2011, and many companies do it. Even so, there are cases of financing difficulties, even the best we have to vote. Many of our investment is very young firms, that is, from the beginning of the summer of 2010, these companies are struggling, as I said in front of the. We are patient investors, and we have confidence in the company and the team. Our patience is receiving a return, especially in the mobile market. But for the early consumer Internet Co, it is the most difficult time I have ever seen since 2001 to 2004. I think this is a more competitive environment is still in the primary stage.
Indeed, a lot of things have changed. Technology is the industry is like this. Those who are adapted to change, find opportunities and take action will be successful. Continued the seven or eight years of consumer Internet tide has not been, practitioners of the day is more difficult, and in the next period of time this situation is likely to continue.
Participated in the United States.