At the 15th anniversary summit of GGV (GGV Capital)，Angel investor Wang Gang tells the logic and story behind investing in Didi，And had a conversation with GGV Managing Partner Fu Jixun on how to select angel investment projects and CEOs，At the same time, he shared his many years of successful investment experience in China and the United States。

Wang Gang previously worked at Alibaba for more than ten years，Once in charge of B2B Beijing Region、Organizational development of Alipay Merchant Division and Group，花名"老聃"。Didi is the first project he incubated and invested in after leaving Alibaba in 2012，This project also allowed him to obtain thousands of times the income。He is an active angel investor，Invested in 60 companies in China and the United States，Have assisted entrepreneurs，Successfully incubated multiple entrepreneurial projects valued at over 100 million US dollars。

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Didi is unwilling to “take sides” and choosing Tencent is a difficult choice

Fu Jixun: Wang Gang was the earliest angel to invest in Didi，Didi now occupies 19% of China’s transportation market，He is not only Didi’s angel investment，He is also an active angel investor，Invested in more than 60 companies in China and the United States。GGV introduced him to the United States，Wang Gang has invested in about 18 companies in the past 10 months，Now let him introduce Didi’s experience，Talk about the origins and stories of Didi and Didi。

Wang Gang: The Didi incident occurred in April 2012，We saw an APP called Momo in February 2012，I was very excited at the time，Said such a beautiful girl is only two kilometers away from us，It turns out that the application of mobile Internet distance has become so important，This is the first reason that inspired us。

The second one is Hailo, although to this day I don’t know which country this app is from，But it seemed that financing was obtained at that time，This is the second information we got。

The third information is that taking a taxi in China is a painful thing，This is a big social problem。At that time, Yidao was making commercial vehicles，Later I said that starting a business would be in a market with rigid mainstream demand from the public，We decided to enter this field。

Fu Jixun: I remember the first time I met you and Cheng Wei was in a video conference，You are in Beijing，I am in Shanghai，We had a video chat，You kept me waiting for about two or three hours when we met later。I remember that you and Cheng Wei went to meet Ma Huateng，In the end, I also decided to take Tencent’s money，The whole process is quite ups and downs，Raised a lot of money，I also burned a lot of money，What was it like at that time？

Wang Gang: Actually we just started our business at that time，We know Jenny’s reputation，We are also aware of GGV’s reputation，Then we made a video，We expected，If you come here earlier，We also cooperate with you，Later, we actually had no selection criteria，VC comes to us anyway，At that time, investors also came to us，No one found it before，We have tried 30 VCs before but all were rejected。

Speaking of the issue of taking Ma Huateng’s money，This is a relatively sensitive issue，We are from Ali，We have deep feelings for Ali。Because I didn’t know Ali voted for Kuaishou first。At that time, we were under great pressure from competition，Because travel is a strictly controlled industry，We are not just facing competitors，Still facing policies，This problem has been bothering us。So we are an extremely insecure company，Plus 188bet sports betting app download this is our first project，Very stressful。So I didn’t want to take Tencent’s money at that time，So when Peng Zhijian came to us, we refused very politely，Say we don’t consider Tencent，We don’t want to take sides so early。Peng Zhijian said this when he saw us for the first time，I really want to invest in you。I said this，If we talk about it, we hope to talk to Ma Huateng，He said he helped us get an appointment with Ma Huateng，We regretted it，We didn’t want to take Tencent’s money at that time，Let’s say this，We still don’t want to see each other，Because we know that meeting the big boss still has costs and fees，In the end, Peng Zhijian said that we don’t need the quota，Just meet and have a meal。So they tricked us into meeting，But as soon as we meet and sit down at the dinner table, the taste is not right，It becomes an irresistible condition。I like you，You negotiate the terms，So we were very active in chatting at that time，I said you can’t do anything to help me，WeChat is in the stage of growing into a tree，The value of our cooperation will be after one year，Zhang Xiaolong will not take care of us at that time，This is our core view。

The second time we take your money, it means we are on your team，Ali must be unhappy，Baidu is not happy，The whole world is unhappy，Except for your happiness。He said if you are worried about controlling our company？Then we don’t want board rights，He said you have to worry about us controlling the shareholders’ meeting，Then our voting rights will be halved。If you are worried that we won’t help，We write down the traffic commitment of WeChat to you。

He said Wang Gang had another way，If your company fails，Your shareholders can also sell your shares to me，I will give you a guarantee，Later our lawyer Tan Peng said，He has been a lawyer for more than 20 years，I have never encountered such a clause。

In fact, this is how it is，We had a good conversation，We still said we were sorry，There is still no way to promise you，Because we have other shareholders，So I ate for two hours，I was very nervous at that time，I want to know what Ali’s attitude is，Later, Cheng Wei and I talked at the foot washing shop，What to do，I asked if he could not be the lead investor，This way I can explain it better。Cheng Wei said it was already given to him anyway，Give more and we will ask for more resources，Just give him the credit。So that was the final decision made by the two of us。

Didi’s vision is Didi For Everything

Fu Jixun: Thank you for this story，I think I’ll give you the original situation，Didi today、Come to today quickly，You are also half the driving force behind the scenes，Merge Didi Kuaidi，Let’s talk about the merger，Didi also modified it not long ago，The front section is called Didi Taxi，Now called Didi Chuxing，What does traveling mean，What is Didi’s vision，What does Didi want to change，It feels like we are not just in the car industry，I also want to use a broader means of transportation。

Wang Gang: Let me tell you some real facts，We had strong self-discipline back then，Only the first step for renting，We won’t be able to make special cars unless the rental business becomes bigger，The second step is that if the private car service does not become bigger, we will not be a driver，Make the largest mother plate first。But taxis are other people’s chickens and eggs，We want to borrow other people’s chickens to lay our own eggs，Later, we made our own special car，Because Uber came in, we took the express bus，Being an express train is painful。A special car has been built for such a big moat，Private car is such a good business，As a result, Uber used People’s Uber to set the price at a super low price，The entire market price has been greatly impacted，We were forced to take the express train。

Express train will soon become a super volume，Later we became a driver，So Didi will change its name from Didi Dache to 188bet app download Didi Chuxing，Things related to travel，Now look at Didi Bus，Maybe one day we will do the same for the subway，So we cover everything in the travel field，There is no doubt about this。

I believe Didi will have greater ambitions in the future，Just look at the fact that most of the APPs are still a B2C model，Because many of them are non-standard products，Still the merchant’s B-side display，Mode selected by user C。Didi is one of the few，User is God，This model has been tried and tested in many standardized products，You can call for a rental、Call a driver、Call a nanny，Everything related to standard products is very easy to make an entrance。Today we have captured a strong user base with a high-frequency application，So I believe in Didi Taxi、Didi Chuxing、Didi for everything ,I believe the future can be seen，If we do 100 billion US dollars，It must be Didi for everything，If we make Didi Chuxing worth 30 billion US dollars, that would be enough。

Fu Jixun: Tell me some of your own thoughts on investment from Didi，Didi is a very successful case，From your investment to now，Four years?？

Wang Gang: More than three years.

Angel’s favorite investment areas: catering、Travel、Rural Area、Finance

Fu Jixun: The latest round of valuation is US$16 billion，So it’s a pretty big increase，You also make a lot of money here，You are in other fields，I also know that you have planned many projects，About sixty Chinese and American，That’s more than a year，What are your considerations for future investments？What directions are you particularly optimistic about？

Wang Gang: travel field，After Didi Chuxing，I quickly hatched Yunmanman who focuses on trucks，It is also the top two in the industry，Later, we cooperated with Diandian Car Care in the automotive aftermarket。Diandian Car Care may also be a US$10 billion company。I have great confidence in Fei An，This is the only company we invested in in the automotive aftermarket, and we left everything to him，I believe there will be no problem。

We also have a layout in the catering field，The "go home for dinner" sharing model is also very good，So we have occupied the food, clothing, housing and transportation in the sharing economy，Then eat and occupy，Sharing of what we recently hatched，Still preparing to move in。We believe there will be four samples in the four areas of food, clothing, housing and transportation，All related to sharing。This is a part of the company we invested in in the past。

The second one we saw recently，Of course it’s like what Lei Jun said，The countryside made by Ali、Overseas shopping，JD.com also has a rural strategy，I believe the boss has a wise vision。He must have seen further than us，Because he is at the top of the mountain，We are at the foot of the mountain，Let’s look at this market through their eyes。We are not afraid of competing with big companies at all，Creativity and vitality still have advantages compared with large companies。Because we are barefoot，I don’t want my life，They are always a little passive when starting their own business。

So we will look at the rural sector，There are always opportunities in the financial field，Because it is an ocean, not a river，There are many N companies there and no one has a monopoly，So we will also look at the financial field，Including robots of course，I think we are a bit behind the times in this field，I want to go see this thing with Jenny。

In addition, we are very concerned about changes in major industry foundations related to the national economy and people’s livelihood，For example, no one does decoration well。This is a pain point issue for the whole society，Not satisfied with the decoration result，Then let’s see if we can find the best entrepreneurs here，Let him change this industry，Improve this industry。So we will soon go from 5% pure Internet companies，Turn to invest in 95% of companies with certain traditional factors，In 188bet sports betting app download this case, our investment opportunities will be broader，Don’t say we only invest in pure Internet companies，The number of this outlet only accounts for 3% to 5%。

We want to make Internet+ from traditional companies and Internet，Go and transform it，Make it the best，Because there must be an opportunity to make a lot of money，In fact, for us, the runway is also a factor that tests whether the CEO can make 10 billion US dollars，We are looking for a $10 billion CEO，This is the core question。All this is to test whether he can be the CEO of a $10 billion company，This is what we have to do。

Differences in investment between China and the United States: The United States values ​​originality, while China loves PK

Fu Jixun: Another question just now，I just said you have invested in the United States，China also invested，Your angel in both places，Do you think you can be an angel when investing? How do you compare angel investments in the two places，Where is the difference，The commonalities are there？

Wang Gang: Comparing the two sides，I think there are more originals in the United States，There will be more fighting in China。In China, people are not particularly innovative in making business models，Why？Because we are very good at Copy，As long as one person takes the money，There will be ten companies following you soon。So China is a competitive market，There seems to be mutual respect in the United States，I feel that there are many businesses in the United States that are doing well。

There is only one business format alive in China，Only one model，Just go to PK，So why are we so strict when selecting CEOs in China，Whether this person can finish first is our standard。If you can’t finish first，Can I run second place，Because the rewards for combining the second place and the first place are not too bad，If you run third unless it is Sam (Li Yongjin，A CEO like Bumblebee CEO，You can sell it for a good price，I believe many people can’t do it，So I dare not vote for the third CEO，This is the market in China。

Of course the environments on both sides are completely different，I feel the difference is still very big。Didi did not copy it at first，if copy，Maybe he died，Didi said on the first day that we would not be able to provide special cars，We must proceed from our national conditions，The rental market has not been served yet，We serve first，Working with Lei Feng，Serve the rental company first，Good service driver，Serve passengers well。

Actually, the idea of ​​going home to eat comes from the United States，We have completely adapted to China’s national conditions to deliver meals to white-collar workers，Not emphasizing the warm feeling of eating at home。These are based on their inspiration，Think about business models that change according to our national conditions and status。Innovation in many segments in the United States，Because the market base is not large enough，So this model cannot be developed，Maybe we in China will have a chance。In some industries, our market is too big and we will have opportunities，But the US market is too small to establish an independent company，I think GGV is the best at this topic because they have so many partners on both sides。

Three criteria for angel selection: intelligence、Integrity (slightly evil)、Like it or not

Fu Jixun: You just kept mentioning people’s issues，CEO’s question，In fact, as an angel, choosing people is often the key，You look at people first，Of course you have this idea，But the direction will always be adjusted during the process，People are a factor of success，Then what do you think of people，How to choose people？

Wang Gang: I am destined to not be able to see anything else at this stage，No report，No data，I can’t understand even if there is one，I can only look at people，We don’t place much emphasis on your birth，Said I came from Baidu，I don’t care，I don’t care if you say I’m 188bet Online Sports Betting and Casino starting a business for the second time，We care very much about people’s characteristics，CEO interviews with vice presidents also look at people’s traits，Look at the bottom part of his iceberg，This part is difficult to quantify，So it’s difficult。

Among the characteristics, we care very much about three qualities，One is whether you are smart enough，But no one calls himself a fool，What we care about most when we are smart is whether this person can draw inferences。

Because there are many pitfalls in starting a business，If you have to rely on yourself to hit the wall to learn lessons, I will have to teach a lot of tuition，Angels only have two to three million dollars，Pay a tuition fee and die。Time with almost no teaching fees，So you will face many pitfalls and temptations at each stage on the road to entrepreneurship，If it doesn’t have the ability to learn from other people’s experiences，If you can’t draw conclusions from your own experience, how can you avoid detours，I believe he will miss the ultimate PK，So we care very much about this person’s ability to draw inferences。That is to say, it can take less lessons than others，Learn the correct path，This is the first quality we care about。

The second quality is character，Integrity，We will vote for a CEO with a little bit of evil，But just a little bit，This is our measure，If you don’t have the slightest sense of evil, you are a professor。This kind of person cannot survive in business，Because business is the law of the jungle，The environment outside is very dangerous，The company turned into a tragedy，But he has no team if he has a great sense of evil，Because the team does not like a leader who has a strong sense of evil。

So we care very much about the second factor，That’s his character，Part of character is integrity and empathy，In fact, we attribute these two items to leadership，We want to vote for people with leadership，You can be smart，Be loyal and put yourself in the team’s shoes，Able to see into human nature，I believe these two qualities are what we care about very much。

The third one is whether I like you，I felt unhappy while chatting with you，This is a very important value。I can choose CEO today，I don’t have to make this money if I’m not happy with you，I believe I am not happy，Many people are not happy either，Then we may not get happiness even if we spend money，If the process of making money is no longer happy，This is not cost-effective。

The key to success in angel investing: maintain style and adhere to principles

Fu Jixun: We also have a lot of cooperation with angels，In fact, in our early years，We and Lei Jun made a lot of angels from 2005 to 2010，I later discovered that the top 10 collaborations between me and Angel were all good，Because the first 10 angels are generally better，The last 30 are not necessarily the same，How do you see yourself investing，Because in the process of quantification，Your experience and the time you can spend，I want Didi to spend a lot of time with you，Every time I see Cheng Wei, you always accompany her，But I can’t see you in the entrepreneurs I invest in later，How do you copy your investment at this time，How to maintain success in subsequent investments？

Wang Gang: We were actually like this before，The first 10 are the easiest to succeed，And they are all big winning projects，But our feelings have changed recently，Same as playing cards，I touched a pair of AAs on the field，Make a lot of money，People will be inflated and optimistic，Plus the market environment is so good，So everyone invested in many projects in 2014。Many people now suffer from digestive pain，Me too，I will try my best to help them merge，Go handle these cases。Our current standards are becoming more and more demanding，We must fight more cautiously，Very cautious，We have a slogan: use VC’s to make angels according to standards。We don’t have that much experience，In the angel stage, as 188bet Online Sports Betting and Casino an investor, you must add value，If you only invest money，The failure of this case will be very high，Because it is not on track，He is still in the sandpit，So it takes a lot of experience in the early stage。

So I think the best way for us is to use the leverage of money and people，Let’s return to focusing on limited investment cases。We recently took a look at our portfolio，In fact, we have invested in many good projects recently，He can also raise funds in a contrarian environment，The overall quality of these CEOs is like Fei An。Because we became a little famous，More and more people are finding us，We have to hope we can invest，If not, I will give you 5% of the consultants。I said I’m sorry I can’t be a consultant，We will not provoke more projects，We just pick the biggest opportunity and the best CEO。Our goal is still to invest 1 billion US dollars to start a CEO，It is my good fortune that he can rise to 10 billion US dollars。But I will not invest 1 billion yuan in a CEO，This is our screening criteria。

Of course there is another way，Leveraging cooperation with VC，Leverage，I only have in-depth cooperation with three good VCs，This way I can cover many projects in one year。I feel like looking back a little，Stick to your standards for playing cards，Can’t win money just because of the first half，Just throw away your chips，Go back to your style，Stick to your principles，I won’t play cards that are below this standard，Just follow this principle，That’s what we’re going to do now。

GGV in Wang Gang’s eyes: strong、High character、人nice

Fu Jixun: How was your experience working with GGV?

Wang Gang: Cong Jixun brought me to the United States，Then we collaborated on 8 projects in the previous 4 months，But there will be cooperation later。I have several feelings，Actually speaking，Let’s talk about the first case of cooperation starting with Jenny，We started with Yingying Financial Management，Ye Jinwu, this is our bank president，Our P2P company is a very good company，We have a lot of good understanding through cooperation with Jenny。

Jenny has three impressions，The first one is a woman who can talk better than a man，She said one is one，Say two, it’s two，So super, very trustworthy，So super, very trustworthy。The second feeling is that she is several times more diligent than entrepreneurs and angel investors，Because she sent you a WeChat message at around 1 a.m.，When I get up in the morning，Look at the phone，She sent you another WeChat message after 6 o’clock，Did I say she doesn’t sleep?？She got up，Sleep 5 hours a night。Said I was in Singapore within a week，Tomorrow in the United States，Come back later，More diligent than me，This is my second feeling。

Tell me about Hans’ feelings，Hans is inspiring entrepreneurs around the world，Because our Didi product was not yet online on the first day，It’s so good that you can raise 5 million US dollars，So Hans will always be encouraged，He thinks everything is good，He inspired entrepreneurs all over China，Now inspire American entrepreneurs。

The second one feels like he doesn’t invest much in projects below US$1 billion，Looking in the broad direction，The choice is accurate，Seize big opportunities very accurately，So I can just follow him。

The third feeling is that he is good to me，A little nicer to him than me，I haven’t recommended him a good and successful project yet，He has already recommended the project to me，So I owe Hans a big favor。I earned back my investment in the United States through Grubmarket。

Ji Xun has a characteristic，The person I like likes him，People I don’t like also like him，I don’t know why？Jixun has strong application，His scope of application is too broad。

The second one feels that his own investment history is the history of the Internet，From the original Baidu、Tencent、Alibaba，They are all old friends，Anyway, I think he is a poker player in 188bet app the past 15 years，Winning is easy，But it’s not easy to win half your life，I think he may be someone who can continue to do this kind of performance，So this is how I feel。

Also why is my cooperation with GGV so happy，It is not difficult to have a good partner in an organization，I believe that any VC has one or two good partners，Otherwise that institution would not exist，A very rare institution with several outstanding partners，This is not easy，This is my feeling about the entire company GGV，Several partners in a VC are of similar strength，Almost similar in character，Everyone is very nice，Everyone has a judgment，This is not an easy thing。

In addition, it can also invest in China and the United States，Of course GGV doesn’t treat me as an outsider，We are all friends，The orange tree in our yard produced 18 oranges last year，16 were eaten by Jenny。