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Q: China’s middle class has reached 1.0.9 billion，As the needs of this group of people continue to grow，The concept of “consumption upgrade” was born。We also found out，Capital has gradually poured into this field in the past two years。In this round of consumption upgrades，Which vertical fields are you more optimistic about？

A: Opportunities actually exist in all fields，The opportunities in each field are different，What I am more optimistic about is actually the concept of "upgrade"。

I am currently looking at projects related to tourism。Now our travel，Whether it is surrounding travel，Still traveling overseas，Still free to travel，The proportion of these markets is increasing rapidly。There are some consumer brands here that are definitely opportunities for us。Just give an example，What kind of hotel would you consider when you traveled 5 years ago，What kind of hotel would you consider now？I’m talking about scenic spots，Not a business trip。Let’s say 10 years ago，There may be quite a few people who will consider trains，But now everyone basically considers taking a plane。Why？On the one hand, it is because of the reduction in costs，On the other hand, people pay more attention to consumption experience。Not so many people used to fly，Now available，Not so many people went abroad in the past，Now available。So this is a market opportunity brought about by the improvement of Chinese people’s consumption level。

People are rich now，The first thing is to eat enough、Eat first，Now it’s about eating healthily。So you have 188bet app to pay more costs for each step in these links。But as more and more people become rich，They are willing to pay extra for this activity to enjoy better services。This is the concept of upgrade we are talking about。For example, clothing market，Everyone makes clothes，Then you also create a clothing brand，This is not called an upgrade，Rather, I am squeezing into the Red Sea market and using my own design concept to create a brand to attract others，This is called upgrade。

Q: Brand upgrade is relatively easy to understand, but what about channels?

A: If it is a channel upgrade，It depends on whether it is an Internet channel or an offline channel。But now there are not many opportunities for entrepreneurs through online channels，Because the situation is basically controlled by the big platform，Everything you sell is available on Taobao，You can’t make another Taobao，It is also difficult for you to build a vertical platform，It is not easy to build a vertical platform。

Q: In the field of consumption upgrading，In addition to market size，What else do you value？

A：Market size is important，Market Concentration、Dispersion is also important。For example, women’s clothing may be a market worth hundreds of billions，But in fact, there are no particularly big brands in women’s clothing，We know the big brands，Over 1 billion like Oshili、Langzi，There are countless companies like this。Why？Suppose there are 50 pieces of clothing in the wardrobe，Are these 50 clothes all from the same brand？Definitely not，There may be twenty or thirty brands。So how can it be concentrated？We do early stage investment，Its direction is also important。We prefer to invest in the big market、High frequency consumption、Repeat purchase of this product。

Entrepreneurs still need to overcome policy controls when it is difficult to control risks in the credit field

Q: We all know that besides consumption，Also pay attention to Internet finance，In fact, Jingwei also started to arrange credit loans a long time ago，Invested in many good Internet financial companies over the years，What do you think of this market？

A: We are very optimistic about the financial management market，Company forms in different stages of this market are different，The first group were engaged in capital business，There is a chance before the giants understand what is going on，And the user 188bet app acquisition cost was very low at that time，Probably less than 5 yuan，It may cost 200 yuan now。The main problem with this group of companies is that there are not enough barriers，Extremely simple products will be more susceptible to the impact of traffic。

Later, the second generation of products represented by Zhenrongbao appeared，Although does not own assets，But through complex product design and logic，Have certain control over the quality of assets，And then control the product’s yield，This kind of work is relatively difficult，There is a strong inner strength inside。

The second entry point for financial management is the customer base，Customers of different groups are different。The number of people in China with investable assets above 3 million is 1.6 million，There are 30 million people with investable assets between 300,000 and 3 million，The rest are below 300,000。Our favorite is the middle group of customers，If you can control one million people like this，You can enjoy the so-called cumulative benefits。If we can still get some new people，The company will become very big。

But the problem is that this group of people has many choices，It is not easy to meet their needs。AgainThere are relatively few investable assets in China，are scattered in various regions，If you want to collect these things and let others buy them，It’s really not that easy。Easy things have already been done by someone，The rest are relatively difficult things。

Q: Which aspect do you think is the most difficult to control in Internet finance？How to control it？

A: If it is the credit industry, the most difficult thing to control is risk control。Internet finance field，Security priority returns。When it comes to security issues，Users are most concerned about how to ensure safety，And how to do risk control。Internet risk control includes Internet technology risk control、Fund channel risk control、Asset-side risk control。Internet Era，Technology is basically no problem anymore，Financing requires a strong background，Risk control on the asset side is the most difficult thing to do。How to solve the problem of capital and assets，This is the standard to measure whether a company’s risk control is good。First，Secured products，Much safer than uncollateralized products；Secondly，Relatively short-term products are safer than long-term products。Because of a company，Within two or three months，It is difficult to make drastic changes，But it’s hard to guarantee what will happen in one year，There are many possibilities for emergencies。So the longer the time period，The higher the possibility of change，So short-term products are safer to trade than long-term products；Last，Platforms with brand endorsement are safer than those without brand endorsement，Because brand endorsement on the one hand means the credibility of the platform，On the other hand, it also means that the platform has strong operational strength。

Q: What are the opportunities for starting a business or investing in the future in this field？

A: Actually it is present in the field of Internet finance，Especially in the credit field，Starting a business is already very difficult，Because the country has recently issued many control policies，These control policies usually，License、Compliance and supervision have various requirements。There are a lot of details here，But in general，Only companies of a certain size can achieve compliance，It is more difficult for small startups，It might be okay to do it secretly，But because of the tightening of regulations in this industry，There are often many big companies left behind，Slowly some companies did not meet the requirements，Those companies in the gray area。When supervision is stricter，In fact, it is not easy to launch a new start-up company。So large companies will have more and more advantages in this industry。

Qian Kun’s personal investment experience: “Short-sleeved” projects in the capital winter may reduce difficulty

Q: Jingwei has invested in many good projects，And many people say that all projects supported by Jingwei Venture Capital，Basically nine out of ten shots，This is inseparable from your judgment，Then when you choose investment projects，What factors are most important to this project？

A: The influence of the team is always the most important。But it is in different stages，The importance of the project is also different。I like teams with industry experience，Then have some understanding of the Internet。The learning ability should also be relatively strong，When something new appears，He has the ability to go ahead。The team was able to seize some new bonus periods，Reduce costs，Improve efficiency。Of course there are many other factors，For example, you must have a certain mind，Can accommodate others，Must have communication skills。A good team is actually relatively difficult to find，Because there may be various reasons for failure，For example, if the founders quarrel among themselves, it can lead to project failure，Success is relatively more difficult than others。

Q: With the changes in the capital market over the years，What changes has your own investment philosophy experienced？

A: I think in the long run，Not much change。I knew a lot of things when I entered this circle。Only sometimes，At different stages，The weight and influence you value are different。I still emphasize that time is more important。Just like Lei Jun said，You are in the spotlight，Pigs can fly into the sky。For example, we started investing in credit loans in 2001，We entered this market layout relatively early，I invested in a lot of companies，Invested in 50 companies，Among these 50 companies, they have first-mover advantage，All successful，You may not be able to do the same 50 things now。So at this time，A wave is very important。

Q: Since time is important，The current capital winter，Will it reduce your investment frequency？

A: Our fund invested in eighty or ninety cases last year，Said it will slow down a bit this year，But I don’t think it has slowed down much，I do three or five a year。Keep this frequency，You think I did more than twenty in six years，So it will not be affected by the capital winter。And the capital winter may not be a bad thing for us，Because the investment price is cheaper。Although there are many companies，Many projects，But good companies are actually not difficult to invest in。Because a good company is good even in the cold winter。Let me give you an example，For example, the wind is gentle and the waves are calm now，The sky is high and the clouds are light，The weather is very good，Everyone is wearing cool clothes outside，A cold wind suddenly blew，The temperature dropped by five degrees，Those who are still wearing short sleeves at this time are in good health。So you can easily judge，At least at one point in time it is not that difficult to judge。

Q: Comment on the project that you think is a better investment

A: Like a wisdom picture、ETCP Parking，This is a project I invested in very early stage，Then 188bet app the project keeps developing，The book valuation has increased dozens of times。There is another company，I only voted for it in one round，This company developed on its own in two or three years。In the end, it was actually because a company was sold in the capital market，The multiple is not very high，Eight times，But there will also be tens of millions of dollars。

Details，For example, vote for wisdom map。It actually does interactive marketing based on geographical location，For example, I know you have been to this mall four times in the past six months，Then you went to Starbucks three times，Then I’ll give you a Starbucks coupon，Would you consider going there，Your conversion rate will be very high。So it helps the mall understand the users，Then pass some offers、Promotion、How to interact，Extend the time users stay in the mall。The longer the delay，The more likely you are to consume，Thus increasing the transaction and revenue of the mall。This project should have received round C。From the perspective of returns，When we vote，The book valuation has increased dozens of times，From 10 million to hundreds of millions of RMB，The company’s revenue this year ranks first in the industry。

*This article is reproduced from FellowPlus.

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