On Feng Tao's business card, you can see a new "ambition". "Wang Xizhi and Wang Xianzhi changed the calligraphy tradition in China, and there was little innovation after that." Innovation has never been smooth sailing. As a venture capitalist in the current environment of China, Feng Tao also wants to innovate, which doomed him to climb along a tortuous road. Before founding Lianchuang, Feng Tao was a well-known venture capitalist in the industry.
Feng Tao was born in Shanghai, 1967. High school is in Fudan High School. After graduating from high school, I studied automatic control in Harbin Institute of Technology Aviation College. I only studied for two years and went abroad at the end of 1988.
After going abroad, Feng Tao studied for a master's degree at Albert University, and later for a doctorate at the University of Toronto. I studied for two years and never graduated. Feng Tao studied mathematics, but he still couldn't find a job after finishing it, so he simply started his own business and found himself a job.
1993 Feng Tao and two friends bought a Canadian listed company. This company is engaged in mining. They invested in some potential mines, and mining was very popular at that time. Two years later, the IT industry was on fire, and they transferred the company to an investor. From 65438 to 0995, Feng Tao joined Fenway Group, the largest Canadian venture capitalist, as the senior vice president of the group.
"The biggest influence on my career is Ivanhoe's boss, Robert Frehling." Ivanhoe is an international multinational company, and Robert is a creative person. Feng Tao said that many innovative spirits came from him.
1at the beginning of 996, Wang Zhidong invited Robertson Stevens, a famous investment bank, as the financing consultant of Sitong Cube at that time, and the matchmaker was Feng Tao's younger brother Feng Bo. From 65438 to 0997, Ivanhoe and Walden invested in Sina, and Feng Tao was the earliest overseas director of Sina. It is said to be the first international venture capital investment in China. Feng Tao is very proud that Ivanhoe made $50 million on Sina.
1July 1998, Ivanhoe's business was transferred, and Feng Tao left the company to start his own business. During the period, I worked as an advertising company and a travel company, and I made more or less money.
Probably in September this year, Yan Yi-Feng found Feng Tao and discussed the possibility of venture capital investment in China, which led to the story of Shanghai Lianchuang in the future.
Shanghai Lianchuang has two shareholders, one is the National Science and Technology Fund, the State Planning Commission, the State Economic and Trade Commission and the Science and Technology Promotion Fund Committee of the Chinese Academy of Sciences; The other shareholder is Shanghai Lianhe Investment Company under the Shanghai Municipal Government. Two shareholders * * * contributed 50 million yuan, each holding 50% of the shares. This is the first batch of venture capital companies invested by the state.
Lianchuang's shareholder representatives are very open-minded, and many people have studied abroad. The company recruited talents from the society from the beginning. They are interested in Feng Tao's international investment experience. Feng Tao believes that venture capital investment in China must be done by people who are familiar with China's national conditions. He has no reason to refuse this opportunity. 1In August, 1999, Lianchuang was formally established on the 22nd floor of the Central Plaza, with Yan Yixun as the chairman and Feng Tao as the president.
At the peak of the Internet era, venture capital is hot. Venture capitalists take a fancy to a project, reorganize and integrate it, and convert its private shares into public shares through public listing. After being recognized by the market, it will change hands to realize capital appreciation. Public listing is the best channel for venture capital to exit and transfer to the next round of investment.
However, in 2000, the global stock market entered 10, the worst year: the Nasdaq composite index, which marked the development speed of high-tech industries, plunged all the way, falling by 39% for the whole year. The average price index of London Financial Times 100 stocks fell 10% for the whole year. New york Dow Jones average price index of 30 industrial stocks fell by 6% for the whole year, the biggest drop in 20 years. Germany, France, Japan, South Korea, Hong Kong and other stock markets also performed extremely poorly. Although the China Stock Exchange stands out with a 30% increase, the listing threshold is extremely high, and it is difficult for ordinary start-ups to meet the standards. The company law stipulates that the legal person shares formed by investors and entrepreneurs cannot be fully circulated within three years, which makes it difficult for venture capital to withdraw. Therefore, most venture enterprises have squeezed into the second-board market with lower listing threshold. However, due to the depression of stock markets in various countries, especially the second-board market, the second-board market in China has been delayed.
The profit of venture capital mainly comes from the efficient operation of funds. If there is no exit mechanism, funds can't operate, and venture capital is almost impossible to make a profit.
Feng Tao compared Lianchuang to a baby, who was just born and faced with the disaster of the industry. "Just like people born in the early 1960s, they happened to encounter natural disasters and didn't even eat eggs, but once such children grow up, they will be practical and grateful. Be able to think independently and be brave in innovation. " After more than three years of practice, Feng Tao found that the American model was not applicable in China. What kind of venture capital is suitable for the national conditions of China? "We believe that there is always a way to achieve our goal!" Feng Tao tone firmly, but unconsciously wrinkled his brow.