My Return to Life

The latest website: Surrounded by the sea of ​​clouds, Park Hyatt South Pavilion is full of tea fragrance and pleasant fragrance.

Several middle-aged men sat down at the long conference room table.

Lei Jun stood in front of the conference table, and the projected beam passed through him.

After Fang Nian's words fell, the entire South Pavilion fell silent.

Lei Jun fell silent after meeting Fang Nian's eyes, as he had expected.

Agreeing to raise funds according to the valuation of 200 million US dollars proposed by Fang Nian, Lei Jun was psychologically prepared.

The reason why Fang Nian was asked was nothing more than to ease things up.

It's not that you can't bargain for financing, and when you quarrel, it's noisier than the vegetable market.

Nothing more than for their own interests.

Shen Neer, Kuang Ping, Liu Qin, and the representative partners of several other investment banks were quiet because of Fang Nian's offer.

$200 million? !

A round of financing valuation of 200 million US dollars? !

After a while, a man named Dai Qiang said, "Boss Fang, excuse me, the valuation is 200 million U.S. dollars?"

"If Mr. Lei's previous information is correct, Xiaomi's A-round financing will dilute 20% of the shares. According to this valuation, the financing amount will reach 40 million U.S. dollars..."

After a short pause, Dai Qiang said: "I have to wonder what products Xiaomi has, what is the next business plan, and why is the investment so large?"

After Dai Qiang's words fell, someone immediately followed suit.

"Sorry, although it's because Mr. Lei hasn't started talking about Xiaomi's situation, but I'm also very confused about this valuation."

"..."

It is equivalent to saying that not long after Fang Nian finished talking about the expected value of the valuation, the South Pavilion was in chaos.

The noisy sound is really not stingy in the vegetable market.

This is the first time Fang Nian has seen such a lively financing scene.

Speaking of it, this is also because after Fang Nian started to invest in capital, he was able to skip the steps of finding investors all over the world and directly engage in financing meetings.

But no matter how you post it, Fang Nian has gained some insight today.

For at least five minutes, neither Lei Jun nor he got a chance to speak.

Can only be helpless.

During this process, the bigwigs with capital and strong backgrounds basically remained silent.

Such as Neil Shen, Guo Hong from IDG, Kuang Ping who was the first to ask, and Liu Qin who was already prepared.

During the noise, Shen Neer said in a flat voice: "Mr. Lei, please introduce Xiaomi's products to us first."

"..."

Lei Jun didn't refuse, and started talking according to the PPT he had prepared long ago.

"Everyone can interrupt at any time during my speech."

"Xiaomi was established on March 22, 2010, and it has been three months since the day before yesterday. During this process, inspired by Mr. Fang, Xiaomi developed a smartphone operating system called 'Nuwa'."

"..."

Lei Jun was interrupted just after he finished his first sentence.

Or Dai Qiang: "Sorry, Mr. Lei, let me interrupt, Xiaomi has developed a smartphone operating system?"

"Yes, the fully self-developed smartphone operating system is different from the current mainstream smartphone operating systems in the world." Lei Jun explained seriously.

"Oh?" Dai Qiang frowned and continued to ask: "If I understand correctly, a brand new operating system means that there is no software at all?"

"That's right." Lei Jun replied again.

This Dai Qiang also came prepared. He was invited to come here, which shows that the capital is also considered strong.

And, Lei Jun is willing to play with him.

Needless to say, Lei Jun is still very strong.

At least in the capital circle, he is one of the first batch of individual angel investors in China, and his investment list is also very brilliant.

From Xiaomi's angel round to the current A round, Lei Jun has been consciously screening investors.

It is not difficult to understand why Dai Qiang is so well prepared.

Just a self-developed operating system, Dai Qiang raised 11 questions.

Including how to define independent research and development, whether open source systems are cited, and so on.

Fortunately, after all, Lei Jun is a master of computing science from Wuhan University, and he can explain things in science and engineering very clearly.

From the design level, from the research and development level, from the writing level, to the application level, the description is very clear.

Fang Nian on the side could see clearly.

Dai Qiang didn't come here to find fault on purpose, it's different from the kind of investors who catch a bunch of faults in the business plan.

The questions Dai Qiang asked were on point.

And it can also be seen from his attitude that his investment tendency is very strong.

It's just that Fang Nian can't tell the difference.

Is Dai Qiang another 'Shuanghuang' invited by Lei Jun?

After Dai Qiang finished asking, someone said again: "As far as I know, the 'Nuwa' system has been tested publicly on a small scale, right?"

"Yes." Lei Jun replied with a smile.

"Is it convenient to talk about the internal test data now?"

"Convenience, we only invited 100 users for internal testing in the first batch. So far, only 101 users have used it."

"..."

Before half of the PPT was finished, Lei Jun had already been 'interrogated' for 20 minutes.

This was the first time that Fang Nian felt the real financing environment so clearly and intuitively.

Capital has a strong voice.

Whether he understands it or not, he will have a bunch of questions.

This is an investor that Lei Jun has screened and invited over.

In a word, when the A round of financing started, the more important factor in deciding whether to invest has shifted from connections to benefits.

Whether you are familiar with it or not, the deciding factor has become whether you are optimistic about the product and whether you are optimistic about the business model for operating the product.

Of course, at this stage of the A round, it is still a network factor.

It's just that Xiaomi's A round was valued at 200 million US dollars, which minimized the network factor.

Xiaomi wasn't greedy for fun at the beginning, it was after the product was launched, and the business model was quickly verified.

That's why Morningside Capital invested so happily.

From an onlooker's perspective, Fang Nian felt another charm of money.

Can boss around.

…………

Lei Jun finally finished the first PPT passively and procrastinatingly.

Fortunately...

Lei Jun has a good understanding of the operation of investment capital, and he did not prepare a business plan with dozens of pages.

There are not many pages in the PPT, just 9 pages stuck.

Fang Nian even had time to think, is the last page a thank you?

"During this internal test, we discovered many shortcomings of the 'Nuwa' system, and also verified the excellence of 'Nuwa';

Before this financing, I had an in-depth discussion with Mr. Fang on the future development of 'Nuwa';

Including but not limited to the limited opening of "Nuwa" to accelerate development;

Indeed, so far, our self-developed mobile phone operating system cannot install any existing software on the market, but we have already started to build it ourselves;

..."

This time, Lei Jun's speech was a little longer.

Even the second page of PPT is finished.

It is mainly to give a comprehensive introduction to the development, future direction and commercial value of "Nuwa" to the investors present.

Include small details.

It was Dai Qiang who spoke first: "I've heard that Mr. Fang has extraordinary vision, but according to Mr. Lei, the soul designer of 'Nuwa' is Mr. Fang?"

"That's true." Lei Jun smiled, "Mr. Fang has changed my original intention of founding Xiaomi."

"..."

With all kinds of questions, another ten minutes passed.

The investor's point of view is indeed tricky.

It is many times trickier than targeting Dangkang games.

There is only one reason, distrust of domestic production, especially the reliability of domestic independent research and development.

for example.

If Xiaomi follows the original development track, it will directly customize the UI based on Android.

There will not be so many problems facing this financing.

And this is not to say that everyone agrees with Fang Nian's $200 million valuation.

Now it's just the normal financing process.

After talking about the next step of development and business plan of 'Nuwa', Lei Jun solemnly spoke.

"Early before the development of 'Nuwa', Mr. Fang and I had already discussed the main development model of Xiaomi in the future;

First of all, the development direction of Xiaomi is an Internet enterprise;

Relying on the "Nuwa" operating system as the core, it enters the field of smart phone manufacturing and produces domestic mobile phone products that make users feel excited. "

"Since the release of 'Nuwa', Xiaomi has followed the development of Internet companies, relying on the Internet to establish vertical connections with users;

This model will be copied to the production, distribution and sales of mobile phones. "

"..."

This time, the investors present hardly spoke.

Lei Jun also basically finished part of Xiaomi's future blueprint, including important future development directions, including the core business model.

This time it was Guo Hong who spoke first: "Mr. Lei, is the establishment of vertical connections based on the Internet similar to the e-commerce model you mentioned?"

"right."

"..."

"First the system, then the software, and then the hardware. I agree with this business planning process, but there are also some doubts...

Since it is an Internet company, how to make sure that the mobile phone it makes is good enough;

Especially at present, the overall average price of domestic mobile phones is less than 700 yuan..."

"..."

"Yes, we all know that Apple in the United States has released another epoch-making smartphone product, but Xiaomi's start is a bit late..."

"..."

Finally, Neil Shen said: "I am very interested in Xiaomi's business model, and I also like the name 'Nuwa' very much. Regardless of the valuation of 200 million US dollars that Mr. Fang said, I have a question. Mr. Fang."

"How did you convince Mr. Lei to change his original intention of starting a business and build a brand new system from scratch;

We must know that this is a period of rapid development of the Internet, and I can feel from Mr. Lei's description that "Nuwa" is still an immature system;

Obviously a lot of time will be wasted on this, why not choose the open source Android system;

After all, reinventing the wheel is tedious and thankless, and Android is completely free, neither buying nor renting. "

Shen Nier's doubts point directly to the core focus of Xiaomi's development.

Why reinvent the wheel.

Why not choose something that already exists.

The experience of the past few decades has long proved that "building is worse than buying, buying is worse than renting" is the fastest, most effective and beneficial way of development.

Xiaomi obviously wants to become an Internet company, but it is "putting the cart before the horse"!

Shen Neil directly threw this question to Fang Nian.

After Shen Neier finished speaking, everyone present looked at Fang Nian, including Lei Jun.

Seeing this, Fang Nian looked calm, and replied simply but forcefully: "Mr. Shen, it's better to have your own if you have your parents!"

"It is true that the United States, which invented the computer, already has a complete system, and we don't seem to need to reinvent it ourselves;

Android belongs to Google, and Google is a commercial company. Instead of facing the possibility of being forced to charge licensing fees after it grows, it is better to get rid of this possibility from the beginning. "

"..."

After Fang Nian's words fell, the complexions of everyone present changed.

The two acquaintances Liu Qin and Kuang Ping realized something.

Dai Qiang and the others are different.

Some people didn't take it seriously, and even expressed their opinion on the spot: "Mr. Fang, you are worrying too pessimistically."

Fang Nian smiled and said nothing.

He could understand the reaction of everyone present.

Because everyone has never experienced the various disputes that followed, and they have never seen the "reason" that the United States has proved with countless facts.

Even saying such absurd remarks that accessories containing American technology cannot be used...

But Fang Nian still hopes that someone can understand his thinking.

In the last century, China faced nuclear threats and extortion;

If it wasn't for the idea that "it's better to have a mother than you have" at that time, and if you really followed the proposal of the big brother in the north to engage in small equivalents, how could there be such a bright mushroom cloud.

But now, in 2010, neither iOS nor Android has fully completed their own ecological construction. This is the best and most likely opportunity.

Even every day in the future, I will be grateful for every second of so-called 'wasted' before today.

'Then it's time to bargain. '

Muttering something in his heart, Fang Nian's expression remained calm.

Suddenly someone said: "I voted!"

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Broken Bowl is asking for a monthly subscription ticket, 14.5w plus updates in the book friend circle, and 15,000 words for the fourth update~

PS: The title of this chapter can be regarded as the core expression of the third volume.