As the most popular venture capital institution in China，Matrix China is just like its founder 188bet sports betting，Have controversial、At the same time, a strong personality that cannot be ignored。

Early Years，188bet sports betting leads Jingwei to appear as a "reformer of traditional US dollar funds"，The change includes several aspects: tapping young people from Internet product managers to make investments，Because they understand the industry better；Large-scale deployment of troops，Complete extensive market coverage with an investment team of nearly 40 people and a post-investment team of nearly 70 people，Instead of the traditional "sniper style" approach of VCs；At the same time, they are also the first US dollar institution to establish a RMB fund。

These changes，It has become a common practice in the VC industry，No longer novel。But Zhang Ying launched them in 2010，Behind 188bet sports betting is his clear understanding and belief that the mobile Internet has brought huge opportunities to China。The famous declaration “Bet big on the mobile Internet”，Since then and the success of Jingwei、Zhang Ying’s name is closely linked together。

But now，It is generally believed，The huge dividends of mobile Internet are passing。In the first half of 2017，The venture capital circle may have just spent its most restless six months。188bet sports betting is also the 10th year since the establishment of Jingwei China，In terms of time，It is also an old institution - but few people still associate these two words with longitude and latitude。To some extent because it always has unexpected new actions。For example, in March 188bet sports betting year，Jingwei established a "high-end travel company specializing in serving new economy companies"，Call Jingwei Travel，Zhang Ying rides his motorcycle and travels with the founders of the invested companies，From Morocco to Burning Man，From Iceland to Kamchatka。May，Longitude and latitude together，Hold a music festival in the desert。

Who is Jingwei targeting? 188bet sports betting said that there is no benchmark for Jingwei.

Is Jingwei still doing VC?？188bet sports betting said，Jingwei is an investment platform。

Two years ago，I interviewed Zhang Ying once，The words frequently mentioned by Zhang Ying in the chat at that time included "fight", "all in", "unicorn" and "next BAT、Didi Kuaidi”。188bet sports betting time，We spent a long time discussing his personality and limitations，It is these that determine what Jingwei is today - not any other investment institution with good performance。Of course，He also talked in depth about Jingwei’s brand and coolness which he considers “unsurpassable”。

The 10th year of longitude and latitude，188bet sports betting is also anxious。But that is an anxiety different from others。

The following is a dialogue.

Control and Management

-Same valuation, same time point，No one else can beat us；Same valuation at different time points，We can come in late

-I will suppress your arrogant colleagues until 188bet sports betting are extremely painful

36氪: The last time I interviewed 188bet sports betting was at the end of 2015。How do 188bet sports betting feel about the past two years，What are some good cases in Jingwei？

188bet sports betting：ofo、Guazi used cars，VIPKID，etc.。And Momo took it but didn’t sell it，Resolutely optimistic，188bet sports betting directly made us earn 7 more、USD 800 million；Also our RMB fund’s early deployment and determined investment pace。

36氪: The case that Jingwei wants to enter，Can both longitude and latitude enter?，At any time？

188bet sports betting：I think so，Just take the few cases just now。Same time, same valuation，We can win 8 out of 10 cases。For example, ofo was in the middle of last year，Dai Wei was talking to others at the time，They have always hoped that ofo would not sign with us，Said we would meet next Monday。But on the previous Thursday，Our partner Xiao Min invited Dai Wei to Jingwei office，Then let me see 188bet sports betting、Help chat。Then I systematically expressed my thoughts on this market to Dai Wei、Optimistic about the team，And how Jingwei can help in the future。We signed TS on the last night，Led the round of financing of ofo，And get a seat on the board of directors。

The same goes for melon seeds，After they split from 58, they first raised a round in February last year，We only voted in September，Same valuation as before，We invested tens of millions of dollars。Before voting，I invited Haoyong to join our Jingwei trip to Russia，He and I were on a private plane the whole time，Talk about his data、What he is doing，Observe him，Of course he is also observing us during this process。There is no doubt that we trust each other very much after this trip。I’ll ask him when I get back，Do 188bet sports betting want to get more money。He is also very cheerful，Say yes，Just follow the price half a year ago，But move quickly。He is not short of money，And the melon seeds will melt again in November，But we were still allowed in。

So 188bet sports betting is what I said，Same valuation at the same time point，No one else can beat us；Same valuation at different time points，We can come in late。As long as we want to enter，Joint investment or follow-up investment，We can always find a way。

36氪: Purchase at the same price at different points in time，The old shareholders will not have any objections？

188bet sports betting：In the process of financing，Every round there are some old shareholders who will complain，But if the founder is extremely strong，The data is very good，He knows how to deal with it，He can achieve whatever he wants。

36Kr: What is the key to a successful robbery?

188bet sports betting：The one who robbed the case，It is always a combat-effective robbery caused by the superposition of many factors。Includes fund brand、The awesomeness of our partners、Knowing all the details in execution、Knowing the time、The added value of post-investment services that Jingwei can provide。If 188bet sports betting see the founder hesitating，Our partner will push me in front of him，General chat 3、The positive side will appear in 40 minutes。To this point，I personally have full confidence。And most of the time，Get money from Jingwei，This is a decision that the founders will not regret in the medium to long term，This is the fact。

36氪: these two years，What are the most regrettable cases 188bet sports betting missed？

188bet sports betting：Yes，But I don’t want to say it。There is no way around 188bet sports betting，There will definitely be missed ones。I get dizzy every time I mention 188bet sports betting，Can make me very upset and anxious，But 188bet sports betting is also the motivation for us to do better。

36氪: How can Jingwei reduce 188bet sports betting regret?

188bet sports betting：With today’s Jingwei brand and the penetration rate of our team，We can see most star projects in every industry in time。If we didn’t vote，Then we can only force ourselves to improve our judgment、Cognition，Either we underestimate the market，Either we underestimated the founder’s growth potential。Our solution to 188bet sports betting problem is to improve、Continuously improve our understanding and judgment of each industry segment，The other is to establish an efficient and systematic return visit mechanism。

Actually, I quite envy Zhu Xiaohu in 188bet sports betting regard，He sometimes goes out for twenty or thirty days，take a vocation，He missed the project if he missed it，He is not entangled，He is not as anxious as me。Jingwei now has a "front-line institutional disease": we have done so well，How could we miss it again？But 188bet sports betting anxiety itself hinders our growth，I realized 188bet sports betting。

36Kr: Is your anxiety a manifestation of putting pressure on the team?

188bet sports betting：Constant pressure，Continuous anxiety will definitely bring negative things，Some people will definitely not be able to bear it。

But I also have a balance here。When I was a founder，Time to exercise more authoritarian decision-making and behavior，When is it necessary to gather team spirit，I have standards in my heart。To the investment team，I am very fierce，Phasic、Their inability to grasp the clues，For example, an investment manager does something well，Results obtained，Then I will praise and affirm first，Give 188bet sports betting more space，Watch 188bet sports betting continue to grow in the process，Break through one's own comfort。But he is probably high，Arrogant，A lot of things are starting to go wrong，Then I will suppress it with greater force，Suppress 188bet sports betting until 188bet sports betting are in extreme pain。

36氪: Do 188bet sports betting believe that this kind of suppression can be effective for everyone？

188bet sports betting：I suppressed him because he didn’t know 188bet sports betting were holding Matrix Partners’ business card today，How many doors can 188bet sports betting knock on。Every member of the investment team has the possibility of getting rich overnight，Jingwei has a good reputation，188bet sports betting may be able to catch the next Didi and ofo tomorrow，Even the next Alibaba, Tencent and Baidu，Become rich because of this。And if 188bet sports betting can survive my blow，Do better under pressure，188bet sports betting are coming out。188bet sports betting can’t bear it，Then screw 188bet sports betting。

36氪：Encouragement、Enlarge、Suppression，What is your purpose？

188bet sports betting：The first is of course for the overall benefit of Jingwei，The second is for their growth。A person’s growth，It’s a zigzag pattern going up。I particularly hate seeing investors bloat，A swell that includes our own colleagues，People are expanding，Overconfidence will prevent growth，188bet sports betting will make mistakes。Maybe they don’t know，But very transparent in front of me。Then I encountered this situation，Especially since many points confirm that this happened，I will suppress it，If he can withstand such pressure，Only then can there be cliff-like growth。

What I think Jingwei can achieve today，The most critical reason is that we give young people space to do things，And keep extending 188bet sports betting boundary based on their achievements，Let them take on more responsibilities and do more。Such encouragement、Enlarge、Suppression，The overall purpose is also for their fastest personal growth。

36氪: Has anyone ever treated 188bet sports betting like this?？How did 188bet sports betting achieve cliff-like growth？

188bet sports betting：The two years when I was in investment banking in my 20s were very obvious。I have never been a so-called elite before，Very lazy。The middle school I attended in San Francisco、University，They are all second- and third-rate，In 1999, I completed my master’s degree at Northwestern University and joined the investment banking department of Salomon Brothers，The intensity of their work makes me very miserable。I always give 188bet sports betting a big job on Friday，Then your weekend is over。The PPT we submitted，The boss is not satisfied after seeing it，He will hit 188bet sports betting directly，Completely wolf culture。Tea cup、Ashtray、Pack，Smash everything，I’ll smash 188bet sports betting into a mess。Then 188bet sports betting have to pick it up，Get out again。

In this environment，Made us very perverted。We used to play a game，Pair of trousers、Take off your shirt and throw it to your colleagues，Let the other party rub、Step on the ground，We made each other a mess and couldn’t wrinkle anymore，Then make it even more painful for the dry cleaners to restore it to spotless。This is the only way 188bet sports betting can vent in that kind of place。

36氪: Do 188bet sports betting think this experience is essential for 188bet sports betting to become who 188bet sports betting are today？

188bet sports betting：Very important，Great harvest。I went to China Economic Cooperation in 2001，Mr. Liu Yuhuan, the founder of China Economic Cooperation，He is my mentor，Give me a lot of trust and space，Let me make mistakes and correct them，Basically, many places ignore me，My gratitude to him is hysterical。Then by 2008, Jingwei China was established，I am my own boss，Needless to say。But I can control myself in 188bet sports betting whole process，When Jingwei is developing very well, be prepared for danger in times of peace，Keep a cool head，I think it is inseparable from the mental training of the previous investment bank。

36氪: Will 188bet sports betting read the management experience summarized by others?

188bet sports betting：Never，zero。Everything is an intuition generated through trial and error。

36氪: Don’t believe in people who have a set of management methodology?

188bet sports betting：I believe it, but I'm not that kind of person.

Arrogance and restraint

-All the founders of the Jingwei Department know，Added latitude and longitude，The probability of 188bet sports betting being ravaged will be much lower

-But I tell myself at any time，Don’t do it because of so-called success、rich，I will become like the idiots around me who I don’t recognize

36氪: 188bet sports betting have spoken out to your colleagues many times - No. 1，Don’t come poaching your people；Second，Company of Jingwei Investment，A colleague who signed TS contracts many times and then broke them，188bet sports betting will take revenge。

188bet sports betting：I am very conscious about protecting Jingwei Company。3、4 years ago，There are some institutions that systematically look at our company，I signed the term sheet multiple times and then refused to invest，Tossing our founder。

For this habitual offender，I will do everything possible to get rid of them，I will retaliate systematically。As long as he wants to invest in our company，I won’t let him vote。Sometimes colleagues will say forget it，I said it’s impossible。This happened once，I will spread my opinion once。Not only do I want everyone in my Jingwei investment team to remember that this is the bottom line，I also want all colleagues to know that 188bet sports betting must not mess with me on this matter。

Every company in the latitude and longitude system knows this，Added latitude and longitude，The probability of 188bet sports betting being ravaged by others is much lower，I will protect 188bet sports betting。Sequoia、SIG、DCM，We have cooperated a lot with these first-line funds，They have filed dozens of cases with us，No one regrets，This is the investee company they recognized us as，At the same time, I think part of the reason is that they recognize our long-term cooperation。

36氪: Is Zhang Ying an arrogant person？People who are good at using the "affirmation-suppression" mode，Consciously build up others’ fear of 188bet sports betting，Should be a person who believes in his own charm。

188bet sports betting：I am very clear about the boundaries of my personality。I know many people like Jingwei，Many founders recognize us，Many people also recognize me。But I tell myself in my heart anytime and anywhere，Don’t do it because of so-called success、rich，I will become like the idiots around me that I don’t recognize，Very arrogant，Disrespect for others，Bullying on details。

If 188bet sports betting want to be an asshole，I will only face peers who are stronger than myself、Big Brother、When 188bet sports betting are an entrepreneur—if 188bet sports betting don’t like him，188bet sports betting happened to encounter something outrageous，Then I will be arrogant、Clear love and hate。But for ordinary people，People who may not be as good as 188bet sports betting in the industry，188bet sports betting must exercise restraint。But there are some special occasions，I will use my personality charm，To achieve some business goals。

36氪: For example, during a robbery case?

188bet sports betting：Yes，My colleagues often drag me into grabbing cases，Then I know I need to fully amplify my personality charm today。My trick is truth、Direct，No beating around the bush，Say what others dare not say，Speak out all your thoughts，Giving the most authentic and reliable advice。

I think 188bet sports betting kind of authenticity and directness is the greatest respect for the founder or anyone who meets with us，Maybe he couldn’t digest it at the time，But as time goes by, he will understand，Our truth to him is our respect for him。

36氪：live.me founder Yuki told me，Before Jingwei, a large institution had already decided to lead the investment，But after talking to 188bet sports betting, they finally decided to give Jingwei。She was impressed that 188bet sports betting asked her to "look me in the eyes and tell me how much 188bet sports betting want this"。

188bet sports betting：I think this is a key issue，How much data can we actually see about early investment？The core is still human，How determined and capable is the founder to get things done。Yuki was met by Hua Dong and Harry (Wan Haoji) before，Everyone told me that this project is very good。I don’t need to ask more about the business aspect，I trust my colleagues on this。I talk to her about big logic，Including why 188bet sports betting are here (to do the overseas live broadcast)；Why us - we are investors in Cheetah，Experience with spin-offs，We also voted for Momo，Our thoughts on it later successfully transformed into live broadcast。

Meeting with the founder，I can easily see through his/her eyes、Ask a question to switch to the question I want to know。I can also easily inspire others to recognize me personally and the Jingwei brand。Specifically？188bet sports betting need to be simple、to the point，Get a few key points on what the founder is doing。Most of these points and project data、The financing amount is irrelevant，And recognition of the founder’s life trajectory、With the team、Playing style、Capital structure、Related to future strategy。Many investors like to have heart-to-heart conversations with founders，Chat for 3 hours，I think it takes 1 hour to solve the problem。

36氪: Is your role a strategist or a super salesperson？

188bet sports betting：Both。Dealing with others，Tone、Demeanor、The grasp of firmness and softness，Varies from person to person。I am a person who really likes to deal with people one-on-one，If I have trouble dealing with 188bet sports betting，188bet sports betting don’t like me，That’s because I don’t care，I deliberately wanted to express my indifference to this person。

36氪: When did 188bet sports betting become “conscious” of your personality charm？

188bet sports betting：It is a spiral upward process，Investment performance over the past few years，And our other aspects are getting better and better。188bet sports betting say arrogance，True，I live how I want to live。But the sentence I say the most every day，Strengthening yourself makes 188bet sports betting strong，Tell the team，Tell the founders we invested in，Remind myself - if 188bet sports betting want to keep it simple and crude、Character with clear distinction between love and hate，Say a lot of things that others think in their hearts but dare not say，Then we must continue to do better，Otherwise I would be a fool。

36氪: I mentioned “front-line institutional disease” before，Actually, 188bet sports betting don’t want to correct it。

188bet sports betting：I don’t think it can be changed。I learned today that we have achieved results，Many people are paying attention，We can get a lot of money，Then we can invest in good projects，To influence more people，why not？Because money is a bargaining chip to me today，I will give my best，I am very eager to make more money，Then turn it into more chips，Do more interesting things，Influence more people。188bet sports betting is the most lasting for me，Anything else，Motorcycle、The wilderness、Watching movies、Reading，These are all staged adjustments。Things that can give me continuous pleasure，Only 188bet sports betting one。

*188bet sports betting article is "The 10th Year of Longitude and Latitude"，The first half of a conversation with Zhang Ying，Please click the link to read the second half:《The 10th year of longitude and latitude，Conversation with 188bet sports betting: We don’t have stage anxiety，Because investing itself is always thinking》。Article source: 36氪，Author: Hong Hu，Original title: "36氪Exclusive｜The 10th year of Jingwei，Conversation with 188bet sports betting: The enemy makes me do better》