Lenovo First Talks About Venture Capital Experience: Entrepreneurs Should Make The Company A Success (2)

Liu Erhai, who witnessed the fourth phase fund-raising process, told Tencent science and technology that at that time Lenovo was worried about not raising funds, but too much money, worrying about whose money, and so on.

The change in the number of top management teams is also showing the growth of Lenovo investment.

Statistics show that the earliest Lenovo investment is 6 executives, and has now developed to 7 managing directors, 4 executive directors and 4 chief experts.

Up to now, Lenovo has more than 70 investment projects, 8 of which have been successfully listed, and 11 have withdrawn from mergers and acquisitions.

Zhu Linan also revealed that Lenovo's investment is still raising a new RMB fund, focusing on A shares and domestic capital markets. It is expected that the new foundation will be completed in the second half of this year.

He also disclosed that at present, the first and third funds of Lenovo investment have already entered the harvest period. "After the investment is taken back, they return the principal, but also have a slight surplus, and the yield is close to 25%".

This achievement has benefited from China's demographic dividend and also benefited from the development of the Chinese market itself.

In this regard, Lenovo investment insists on "concentrating on the Chinese market".

To increase investment risk

Zhu Linan admits that investment will encounter failure.

In the more than 70 projects, there are no more than 5 clear projects.

"Lenovo likes to replay, that is to look at the whole thing again."

In Zhu Linan's narration, he described it as "bloody": "in the bloody replay, he learned how to see people, how to see his business, and how to see things.

Also saw how to improve the enterprise and direction.

An example cited is the optical bridge technology that Lenovo invested in 2002. "Optical bridge is a project that has certain influence in the field of communications after 2000. Its headquarters is in Shanghai, and Lenovo invested in it in 2002.

But this project has made a lot of mistakes.

Our investment has exceeded 20% of the total funds of the first phase.

After that, the light bridge did not say that the investment failed. After that, the company sold it to SIEMENS. Now it has a good development in NOKIA SIEMENS, and investors have taken most of the investment.

But a lesson from Lenovo is that no good project can exceed the investment ceiling.

In addition, Lenovo investment also insisted on not becoming a large shareholder, not a controlling shareholder. Investment enterprises generally held shares between 10% and 30%.

However, Liu Erhai also revealed that there might be too few projects that might fail. It is Lenovo's low investment risk setting. Now the fourth phase of investment funds will step up the risk and do some earlier projects. "If only two partners agree, they can invest."