Gains and losses, advantages and disadvantages that entrepreneurs may encounter in the process of roadshows.

Gains and losses, advantages and disadvantages that may be encountered during the roadshow of entrepreneurs' projects

Double innovation policy (refers to? Mass entrepreneurship and innovation? As the reform dividend of China's economic restructuring today, it has greatly stimulated the entrepreneurial wave of the whole society, and the new economic wave represented by mobile Internet and Internet of Things, the establishment and policy release of multiple financing channels and multi-level capital markets have provided unique policy support for the rapid development and speed-up of enterprises. The following are the gains and losses, advantages and disadvantages that I may encounter during the roadshow of entrepreneurial projects shared by J.L. Welcome to visit more entrepreneurial projects (www.oh1.com/chuangye).

Although some problems have been exposed to varying degrees in the fields of incubators, P2P, equity crowdfunding and the New Third Board after the beginning of the year, and the regulations are gradually being tightened, these are all market and policy corrections that have shaken the clouds and cleared up the old and absorbed new ones, further optimizing and upgrading the entrepreneurial environment. In 215, the number of projects received by several project review opportunities with different specifications and different channels every month accounted for nearly a quarter of our project sources. In the past few years, the invitations received by the author for project review and competition judges have reached record highs, including invitations from township incubators in Xinjiang and some places, which shows that the implementation of the dual innovation policy has been promoted to a deeper level.

　? Fuck a thousand songs and then know the sound, watch a thousand swords and then know the device? After different battles and roadshows of different types of projects, although we see that the congenial venture capitalists are marching hand in hand with Qi Fei, what we see more is that the venture capitalists are at the wrong frequency and have no separation. Combined with the author's experience of judging judges and entrepreneurship counseling, I hope to share the gains and losses, advantages and disadvantages in the process of project roadshow for entrepreneurs' reference.

project roadshow is an interactive process in which the project parties communicate effectively with investors on the overall project operation. At present, it is generally divided into offline and online types in form:

The first type is the traditional offline type, which is mainly manifested in four modes

(1) One-to-one mode with the highest accuracy and private density. From delivering the business plan, to the coffee interview with the representatives of the invested institutions, to the in-depth communication of investors invited to visit the enterprises, to the investment institutions inviting the founders to the investment office for interrogation, represented by one-on-one, privacy and strong rhythm, especially high-quality projects, it is even faster and faster to promote the project transaction in three steps;

(2) In the private board meeting mode with high accuracy and private density, the funds jointly invested by three or five companies or the institutions with the same preferences in vertical subdivisions organize carefully selected projects, which is similar to the private board meeting. In combination with the focus of different funds, the questions are often very sharp, ranging from business progress, market development methods, cost structure and capital structure to whether the spouse supports entrepreneurship. Of course, the effect is also very obvious. Generally, the cases that have the opportunity to attend the meeting are of very high quality and the chances of being voted are very high. This kind of circle, investors and entrepreneurs who have been immersed in the circle for many years are not allowed to enter. And this form is often presented in the form of bridge club, golf club, outdoor club and investment club, which is private and high-end.

(3) roadshows or special roadshows organized by government departments, well-known institutions or offline platforms. With the increasing enthusiasm for investment and the intensive emergence of incubators in various places, the local government or science and technology departments and local institutions will also organize a series of roadshows on a regular basis, and some incubators are also named graduation season and DEMODAY? In this case, the project demonstration, in contrast, I prefer to be undertaken by an incubator with institutional background or institutional custody operation, because everyone is in the same circle, and the obvious injuries are generally not taken out, so it is equivalent to going through the sieve in advance. However, most of them will do some counseling in roadshow preparation and roadshow form. Therefore, entrepreneurs are more professional in the process of demonstration projects, and it is very easy for venture capitalists to compare frequencies, which reduces a lot of communication costs.

(4) Entrepreneurial contest or TV show mode with contest and promotion. Because the purpose of the organization is different, so the participating enterprises often have three goals: 1. Seek ranking, with bonuses or rewards; 2. Seek fame and free brand communication; 3. Seek funds and meet the right funders. This kind of project often goes through sea selection and optimization, so the projects on stage are generally of high quality. The all-media venture capital program "yue longmen Chuangke Win" that the author participated in was sifted through layers, project counseling and optimization. By the time of debut, the institutions were basically locked, and both venture capitalists had great gains, so the Matthew effect appeared, and more and more high-quality projects and top investment institutions gathered. On this platform, for entrepreneurs, both fame and fortune.

Another type is the online roadshow upgraded by combining technology and information means.

With the application of video technology and mobile Internet, many roadshows of projects have moved online in the past two years. I have participated in QQ group, YY group, conference call, remote video roadshow and now WeChat group roadshow, but when it comes to experience and interaction, the current WeChat group roadshow is better. Business plans will be released and watched in advance, and the voice during the interaction will not give entrepreneurs time to organize and modify. However, through this direct dry goods collision, it is similar to brainstorming to determine whether to follow up this project. After all, projects with poor business plans are silent in the group, and only projects that touch investors will draw their swords one after another. Of course, the process is a little intense. At this time, entrepreneurs should learn to judge investors who are interested in you in order to move offline and continue blending. There are also one-to-one AMA modes in this online roadshow, such as leading the way, gathering members, and some of them have also opened online and offline time auctions, China Investor Center, etc., all of which can have the opportunity to borrow this knowledge and question-and-answer platform to meet investors, chat about projects and answer questions.

The above two types of roadshows, online and offline, are constantly evolving and changing with the development of cross-border, technology, enjoyment and other fields, presenting different models, but these variants ultimately serve the efficient docking of venture capitalists and realize their expectations: the docking of investment and financing is successful! On these roadshow platforms, entrepreneurs need to prepare mountaineering backpacks, do their homework and meet the eager and critical eyes of investors. Combine your own investment preferences and communicate with your investment colleagues, and share the necessary skills to add color and points in roadshow projects:

1. Choose a suitable roadshow platform. Do you want to promote products for brand promotion, or participate in entrepreneurial competitions, or participate in scientific and technological reviews, or take part in roadshows for investors? Don't blindly participate without distinguishing and screening, but make targeted choices in combination with different stages of project development. In 14/15, if you have a business idea, three partners and a product DEMO, you can start to participate in the conference and talk about investors. At that time, radical angel investors or early institutions will follow up; However, in the second half of 215, there was no market for formed products or proofing, lack of basic business data, and no clear profit model. Such projects have been completely rejected by institutions. At the same time, if you see investment institutions or investors who are interested in the project on some platforms, remember not to appear and meet more on other similar platforms, which is different from the rush mode of investment institutions (one of the source channels of investment institutions). If the founders frequently participate in project roadshows, they will be labeled as' running without focusing on their main business'. The circle of investors is very small, and it is difficult for entrepreneurs to open up the situation in the circle of investors' friends.

2. get ready for the road show BP. Generally, the materials are PPT, PDF-like business plans and cardboard printed business plans (with business cards attached). At this time, the team (past experience, cooperation and division of labor, ownership structure, option pool), business model, business progress, cost structure, financing plan, fund use plan should be relatively detailed in combination with the next business progress, business forecast for the next three years, listing plan or exit plan, etc., and the simplified version and big characters should be resolutely abandoned, which needs full association of people. It would be even better if there was a video of a customer application scenario to show the whole business model, which could bring some relief to the bitter, nervous and depressed scene. When the business and financial data are unclear, the left and right protectors should organize a group to explain, but remember to whitewash the achievements. After all, due diligence is needed. Once labeled as dishonest, no matter how good the project is, it will be rejected. The reason is very simple. There are many ways and means for investment institutions to lock in risks, but the moral hazard of enterprises is a dogma.

3. Do your homework and practice internally. Please give guidance from knowledgeable FA, investors or incubators, and highlight the framework and key points; Practice more in the company. After all, after entering the capital market, roadshows have become the basic skills of entrepreneurs. For roadshows, we should deepen communication with the organizers, understand the background and investment of participating investors, identify true and false investors, and choose reliable investment institutions (clear and professional investment logic; There are investment or incubation cases; There are exit cases; The reputation in the industry is reliable), beware of local investors.

4. the first-hand project. It is best for the project speaker to be the founder or co-founder of the enterprise. If you participate in the entrepreneurial competition, you can arrange an image spokesperson. But now that the proportion of venture capital institutions in the competition has increased, it is recommended that the founder participate. After all, investment is the investor, and the investment is the operation team with the founder as the core;

5. objection handling. Suspected goods are the buyers. Don't take the problem as a challenge. Investors' questioning or questioning shows that investors don't know much about this part, which is one of the criteria for a good project (in this piece, entrepreneurs are mentors and investors can learn a lot); Especially in the process of judging the contest, many contestants regard the investors' comments as questioning and denying, and then walk away, which is even more undesirable. We should make use of information asymmetry and misunderstanding to narrow the distance with investors and promote deep understanding and cooperation between the two sides.

the author shares several ways to arouse personal interest, which are only some personal preferences, not others. A well-illustrated, focused business plan is the basic condition, and an eloquent and interactive speaker (preferably the founder) is even more necessary. It would be even better if the boring digital business story is told as a paragraph. Investors look at the project, such as industry capacity, competitive situation, business data and cost structure. If it is descriptive language, it will be pale and powerless. If it is chart data, it will quickly convert the order of magnitude that this project will reach in the future if it is smooth and smooth, and they will be interested in further follow-up. And a founder who can tell a boring business story into a joke will often cause consumers to scream in the process of promoting products. After all, it is much more difficult to sell the company's equity to investors than to sell the company's products to consumers.

Carefully prepare the plan before the road show of the project. In the road show process, there are pictures, tables, data and sounds, which are the key points to attract investors. But interaction is not the purpose, but the transaction is the purpose. Follow-up, strategic follow-up, and strategic and continuous follow-up contribute to the king of financing.

poor follow-up often turns investors away, and the strategy of blocking the door only leads to ten moves and sudden rejection. A project that the author coached and hatched won the first place in the country in the innovation and entrepreneurship competition in 215. In the process of selection and promotion all the way, the founder constantly borrowed this platform, continuously interacted with the judges, and added the contact information of the judges, especially WeChat (bringing each other closer to the online world), and actively answered the tricky questions of the judges. Send the latest progress of the project every once in a while (by month or key performance nodes), including the reply of investors' objections, the contest has passed through all the way, and it has won millions of bonuses from the Ministry of Science and Technology and supporting awards from provinces and cities. What is even more surprising is the intensive visit of more than 1 institutions after the game. In this process, how to borrow the roadshow platform, how to use the review objection (the most valuable part of the project), how to continue to follow up and how to facilitate the transaction must be supported by systematic planning and financing strategies. ;