August 18，The "2017 Impact Investment Summit" hosted by China Renaissance Capital Alpha - "Tearing the Wind Down Theory，See the Truth" continues to be held in Beijing。This summit brings together senior investors and technology from many well-known institutions、Entrepreneurial elites in the new consumer field，In-depth discussion，Attracted nearly 2,000 registrations from precise entrepreneurs and investors in the industry。This summit has two full-day intense discussions on cutting-edge topics from August 17th to August 18th，Revolving around the "Era of Technological Scenarios" and "The Rise of New Consumption"，Remove the false and retain the true，After analyzing the nature of business, let’s look at the “hot spots”。

Qiu Hao, founding partner of United Fund, was invited to the summit、Zhang Yiqin, founding partner of Zhongguancun River Capital、Wu Jing, Partner at Qiming Venture Partners、Dai Yusen, Partner of ZhenFund、Had in-depth communication in the [Consumption of New Services-Dialogue with Investors] session，Ms. Li Na, Managing Director of Yunfeng Fund, serves as the moderator of the roundtable。

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01How to view new consumption

There are several key points that entrepreneurs and investors need to pay attention to: First, new commercial complexes have become important places for experience and consumption；Second, young people have strong consumption desire and consumption experience，But there are not many products that satisfy them；Third, changes in the entire payment environment have given rise to more consumer formats；The fourth is the upgrade of experiential consumption，Young people are more willing to pay high prices for experiences and feelings，Under this trend，Of course our investment is very focused on experience、Entertainment related，How to serve and consume happily。Under this trend，Of course our investment is very focused on experience、Entertainment related，How to serve and consume happily。——Qiu Hao, founding partner of United Fund

We look at the opportunities for consumption upgrading from three perspectives: First, the business environment has changed，Like mobile technology、The development of new generation infrastructure such as personal credit reporting has given rise to new business formats；The second is the need to use some new technologies、Tools to enhance the original 188bet app business model、Improve energy efficiency，Thus obtaining higher gross profit and sufficient competitiveness for long-term running；The third is from the brand perspective，The ultimate in consumption is actually the recognition of a brand，It is an emotional connection，Next 10 years，China will produce at least 100 new brands worth tens of billions of yuan。From these three perspectives，There are many investment opportunities for consumption upgrade。——Zhang Yiqin, founding partner of Zhongguancun Dahe Capital

There is consumption if there are people，But speaking of "new"，Mainly because of two points，Changes on the supply side and demand side。Technological support such as mobile payment，Enables the emergence of consumer service forms that were impossible in the past；Changes in demand-side demographic structure，Preferences of outsiders in the structure、Changes in demand，Making some new opportunities appear，It also makes investors re-examine such opportunities。——Wu Jing, partner of Qiming Venture Partners

Many new retail projects are in the spotlight，From my perspective，I will pay attention to three points: first, if it is a real demand rather than an occasional demand，It is a long-term demand for more use rather than a trend-following demand；The second is to truly calculate the economic model，We must also calculate the possible subsequent costs；The third thing is to look at the person，It boils down to three points: real demand、Reliable business model、Team。These three points are what we are more concerned about。——Dai Yusen, Partner of ZhenFund

02What type of entrepreneurs are you optimistic about

Qiu Hao, founding partner of United Fund: The founders I like are the ones who are willing to embrace uncertainty，Because of the upgrade we are facing、Change，Essentially an uncertain thing。So you can accept uncertainty，Be a little curious，Founder who focuses on details，We like it very much。

Wu Jing, partner of Qiming Venture Partners: one sentence，Think big，Start small。We hope to invest in a market that has a large market，So a founder’s mind must be big enough，He was thinking about something big enough from the beginning。And consumption is such a thing，You were really very detailed in your operations when you started，So you have to be able to do it in a short time，Sometimes speed is needed，Sometimes it is more stable，It depends on the situation，You must be able to stabilize it at the beginning、Do it well。

Dai Yusen, partner of ZhenFund: I think there are two points，Be able to budget carefully in business，Able to settle offline accounts，Business is running well;The brand must be strong enough，188bet app Because N competing products came out in an instant，Do you have your own unique strategy in brand marketing，Rather than simply relying on burning money to promote，With its own unique brand gene。The combination of these two points is what we value more。

Zhang Yiqin, founding partner of Zhongguancun Dahe Capital: When Dahe chose our CEO，There is actually a "triathlon" model，These three abilities are blueprint abilities、Continuous innovation and execution capabilities;If placed in the field of consumption upgrade，Special emphasis should also be placed on the commercial nature of the founder，It doesn’t matter how big a plan you have，We must first know that this must be an account that can be calculated。

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Li Na, Managing Director of Yunfeng Fund (moderator): Four friends are very welcome to join this discussion，Let’s introduce ourselves and our funds first。

Qiu Hao: I am the founding partner of United Fund，At present, the United Fund mainly focuses on the pan-entertainment field，So in the field of consumption, we also focus on entertainment consumption and experiential consumption。Our investment stage is currently mainly in Pre-A、A round stage，But we will soon have an industrial fund package，You can also invest in some relatively late-stage projects，Thank you。

Wu Jing: I am Wu Jing from Qiming Venture Partners。Qiming Venture Partners was established in 2006，It is a dual-currency fund of RMB and USD，Invested in more than 200 companies in the country so far，There are many companies that have gone public and exited through large-scale mergers and acquisitions，Maybe you know more people like Xiaomi、Beautiful pictures、Dianping。On Qiming’s side，Our team is also in Internet consumption and emerging online、On the two consumption directions combined with offline，I can discuss it with you in detail later when I have the opportunity。

Dai Yusen: I officially joined Zhenge in July this year，A true partner。Zhenge should be managing almost 500 projects now，Nearly 1 billion U.S. dollars of investment，Also an angel in China、One of the best funds in early stage，I hope to communicate more with you then，Thank you。

Zhang Yiqin: Hello everyone，My name is Zhang Yiqin，is a founding partner of Zhongguancun Dahe Capital。Dahe Capital is a new fund run by Internet veterans，Several founders have nearly twenty years of experience in the Internet industry。There are currently four venture capital funds in the entire river system，The first fund is called NorthernSoft Angel，Scale is 100 million，We will cooperate with Yingnuo later，Established a Dahe Yingnuo Super Angel Fund，Dahe Venture Capital is a Pre-A and Series A fund，188bet online sports betting A single investment amount is between 8 million and 30 million,There is also a CCAA fund investing in early-stage projects in North America，Now Dahe is also building a 2 billion Pre-IPO fund，Also with the Beijing Municipal Government、Zhongguancun cooperates to launch a 30 billion M&A fund of funds。We hope to accompany the growth of an excellent enterprise throughout its life cycle。

Li Na (host): How do you understand the new “new consumption”？Every family might as well talk about their own views on new consumption、What is the focus of new service segmentation and what is the stage where I am more comfortable in making a move。

Wu Jing: Speaking of new，Mainly because of two points，Big changes have recently taken place on both the supply and demand sides。

On the supply side，In addition to the rent mentioned just now、In addition to rising labor costs，Another very important thing is the advancement of technology，Including the feasibility of many mobile micropayments，For example, the new unmanned retail that everyone talks about，Enables the emergence of consumer service forms that were impossible before；On the demand side，Changes in the crowd，One is the change in population structure，The release of the second generation，A large number of newborns，Besides the structure, there are also people’s hobbies、Changes in demand。So，Both supply and demand have undergone major changes in recent years，Making some new opportunities appear。

Qiu Hao: When talking about this new round of consumption，There are several key points that everyone is paying attention to: the current consumption scenario，New commercial complex，This is a very important place to experience consumption；Young people，13-23 years old，They have strong consumption experience and desire to consume，But there are not many products that satisfy them；Changes in the entire payment environment，This is a huge background。

There is a latest change besides these points，This is everyone’s upgrade to experiential consumption，Being willing to pay for the experience。So the projects we look at have several points: 1、Has certain scientific and technological content，2、Very reproducible，3、A project that is very prominent for the crowd，This is something we like to see，It will have a solid foundation，There may also be a better upside。

Dai Yusen: I may pay attention to three points:

1、If it is a real need。Must be long term、The more you use it, the more you need，Instead of following the trend，The more you use it, the less you need。

2、We must really calculate the economic model。For example, unmanned retail，We have also seen the popular office，With shelves inside，Also looked at 188bet app download the unmanned coffee machine，Coffee is coffee beans、Milk、Three different categories of water，Difficulty of maintenance、We will also consider the cost including logistics difficulty，Including suitable time of day to use，What kind of people use it？The economic model should be more clear in this regard，In many cases the initial model looks better，Can it last?？Have you forgotten the subsequent maintenance costs？Forget about material loss and operation？Some entrepreneurs are not very clear about calculations。 

3、I am really good at judging people。It boils down to three points: real demand、Reliable business model、Team。

Zhang Yiqin: We look at the opportunities for consumption upgrade from three perspectives:

1、Many changes have taken place in the new business environment，Like mobile payment、The development of new generation infrastructure such as personal credit reporting，Spurred on some new business formats。We invested in a project called Gogotalk，Children can receive one-on-one teaching from foreign teachers at home，This was not supported before，And many parents transfer money directly via WeChat when paying，Get a few hundred from the beginning、You can have a trial for just a few dozen yuan。So this is a new business format born in the new business environment，It is not found in traditional offline business。

2、Need to use some new technologies，This includes AI or efficiency tools to improve the original business model。For example, the unique journey we invested in，It is a company that customizes overseas travel，In fact, customized travel is a very traditional business，Many travel agencies do it，But it turned out that a travel plan was customized for a customer，It takes 20 working days according to traditional efficiency，It will be very expensive。Wuer is doing it in an intelligent way，Shorten the time to customize a trip to a user's satisfaction to 2 hours。From this perspective，Enables it to have higher gross profit margin and sufficient long-term competitiveness。

3、Brand’s perspective。Consumption is ultimately the recognition of a brand，It is the recognition of an identity label，It is an emotional connection。The Lechun we invested is very close to this，Lechun created an Internet brand，While the bonus of WeChat official account is still there，Lechun has attracted millions of users，When we invested in it, it was just a store of more than ten square meters，But it has been very successful in terms of branding。So in the next ten years，China will produce at least 100 new brands worth tens of billions of yuan。From these three perspectives, I think there are many investment opportunities in consumption upgrade。

Li Na (host): within the last two minutes，Please each guest say in one sentence: In this wave of consumption upgrade，188bet app download The type of founder that everyone prefers？

Qiu Hao: The founders I like are the ones who are willing to embrace uncertainty，Can accept uncertainty，Be a little curious，Founder who focuses on details。

Wu Jing: Just one sentence，Think big，Start small。We hope to invest in a huge market，So a founder’s mind must be big enough，He was thinking about something big enough from the beginning。

Dai Yusen: Two points:

1、Be able to budget carefully in business，Able to settle accounts，Business is running well。

2. In terms of branding, the brand must be strong enough.

Zhang Yiqin: When Dahe chooses CEO，There is a "triathlon" model:

1. Blueprint ability.

2. Continuous innovation capability.

3. Execution ability.

If placed in the field of consumption upgrade，Special emphasis should also be placed on the commercial nature of the founder，It doesn’t matter how big a plan you have，We must first know that this must be a calculable account。

*This article is reproduced from TheLeanStartup，Original title:"How to invest in consumption upgrade, what five investment experts say"