The hottest publishing industry may not be suitabl

The publishing industry may not be suitable for venture capital

digital publishing will certainly have good development opportunities in China, but it will be a long way. From the perspective of the whole publishing industry, it is not particularly consistent with venture capital. Therefore, in terms of investment, we may pay more attention to platforms and technologies, and for specific content, it may not be suitable for investment. From the perspective of the industry, it is very bright, and we hope that the publishing industry can have explosive growth, But the publishing industry may not be suitable for venture capital Kuang Ziping

with nearly 20 years of experience in IT industry management and investment, Kuang Ziping worked in Intel and Cisco Group before founding Qiming venture capital. Under his leadership, Qiming venture capital has invested in more than ten Internet companies, including Kaixin, Shijijiayuan, touch media, dangle, etc. In addition, Qiming venture capital also invested in a number of consumer and retail companies, including VANCL, yihi car rental, Ganli pharmaceutical, etc

in the past few years, Qiming venture capital has been active in the field of domestic Internet and digital media, and has made some attempts in the field of game development and game platform, and digital publishing channels. However, for digital publishing, although Kuang Ziping is optimistic about its development, he believes that the publishing industry is not necessarily suitable for venture capital

investment focuses on the needs of the long tail

Qiming venture capital invested in Douding in 2011. This station, founded in 2007, focuses on providing knowledge-based document content, such as textbooks, handouts, papers, MBA case base, training knowledge, etc. unlike Baidu Library, Shanda literature, Yunzhong bookstore of China Mobile and other popular digital publishing stations, Douding takes a differentiated positioning path in the electronic reading market, Kuang Ziping said that the reason why he invested in Douding was that Lin Yaocheng, the founder of Douding, had an innovative awareness of Internet entrepreneurship. On the other hand, the broad development prospect of the electronic reading market has also attracted great attention of capital. This station is not a gathering station for public reading documents and books. Novels may have their own characteristics due to political factors or the nationality of the author, but each market of professional documents is relatively similar. One important aspect of Douding is the channel. I think the demand in the professional market is relatively long tail. Many books and documents may have been published 10 years ago, but suddenly users have this demand, so the station is still needed

at the same time, users are willing to pay for these needs, and the data can explain everything. The daily number of users of Douding is about 5million, which is far from the number of users of the public reading station. However, if a reference book or professional station is a "lifeline" for entrepreneurs, the number of users of 5million is relatively large. Douding has more than 10000 users paying for professional books on the platform every day. Now there are more and more. Some contents are uploaded by users themselves, and some are published by publishers in cooperation with Douding, and then share the income with Douding. Kuang Ziping analysis

investment also focuses on the first feeling

from Intel investment department to Qiming venture capital, Kuang Ziping has been immersed in the VC (venture capital investment) industry for 10 years. He believes that with the development of the VC industry, the capital has become more and more dispersed, which brings benefits that it can attract many overseas funds, but it will not cause a sharp rise in investment prices in concentrated areas

as for the investment standard, Kuang Ziping frankly said that it was more personal preference to turn off the mixing switch, refrigeration switch and power switch in turn. He was more interested in the unique early projects of Pianmen and mature leading companies. When contacting a team or project, he was more judged by his first sense. If he thought it was interesting, he would spend half an hour or an hour to further communicate

in Kuang Ziping's view, digital publishing cannot simply turn a book into a PDF (portable document format), but must give users greater convenience for larger or mature projects. If this platform and channel can provide better search function and better reading experience, it can be divided into tension compression fatigue experiment, zigzag fatigue experiment, change fatigue experiment and compound stress fatigue experiment according to the loading method of the sample from another corner. It should be an opportunity or a challenge. Douding may have some impact on public reading, but it should be an increment for professional reading

digital publishing will certainly have good development opportunities in China, but it will be a long way. In fact, the whole publishing industry is not particularly consistent with venture capital. Therefore, in terms of investment, we may look more at platforms and technologies. For specific content, it may not be suitable for investment. From the perspective of the industry, it is bright. We hope that the publishing industry can have explosive growth, but the publishing industry may not be suitable for the way of venture capital. Kuang Ziping said

it is crucial to tap the founders

now VC companies in consumption, environmental protection and even traditional industries are very active. As an investment company with a total management capital of more than $500million and committed to investing in excellent Chinese enterprises with high growth, Qiming venture capital has successively participated in the early investment of Ctrip, Kaixin, VANCL and many other well-known companies. In Kuang Ziping's view, it is very important to make early investment in the industry and entrepreneurial team. The key to investing in early projects depends on the development potential of the enterprise and the possibility of achieving the expected goals. This control depends on investors' understanding of the industry, their grasp of technology trends and their judgment of entrepreneurial teams

due to the high failure rate of early investment, Kuang Ziping has relatively high expectations for the return of early projects. In terms of industry, due to the uncertainty of early projects, we hope to invest in some industries that do not have a particularly large demand for capital. In the early stage, we can have a better judgment on the future trend of the enterprise. If it needs 100million yuan of early-stage investment to be known, such an early project is difficult to do

in addition, Kuang Ziping believes that whether an enterprise has development potential is also related to its entrepreneurial team. The founder is the key to mining early projects. Entrepreneurs must have passion, have a very deep and unique understanding of the business they want to engage in, and be able to convince investors that they have good execution