Movie: Get Alpha Dog at the start

Chapter 323 Because We Have No Opponents (Ask for a Monthly Ticket!!!)
That night, Shanghai Satellite TV’s evening news broadcast a short message about the College Student Entrepreneurship Contest. It only lasted about 2 minutes. Thanks to his handsome appearance, the photo of Qin Hao receiving the trophy stayed on the screen for about ten seconds.

As for the promotional effect of the Youth Home, it can only be said that nothing is better than nothing.

Of course, Qin Hao didn't care, his goal had already been achieved.

"Mr. Zhu, welcome to the Youth Home."

Zhu Xiaohu shook Qin Hao's hand with a smile on his face: "Your place is not bad."

"It's even better inside." Qin Hao said confidently.

Zhu Xiaohu laughed even more freely. One of venture capital is to choose the track, the other is to invest in people, and the second is the team and business model. Therefore, the leader of the entrepreneurial team is very important. As a leader, if you do not have enough self-confidence, you will not How can you lead the team out of the predicament?
While talking, Qin Hao began to show Zhu Xiaohu and the others around the company.

"President Qin, according to what you said, the number of registered users of Youth House has exceeded one million. I think you only have seven or eight programmers here. Isn't that enough?" Zhu Xiaohu questioned.

In fact, one of the most important purposes of Zhu Xiaohu's trip is to find out whether the million registered users of the Youth House are real.

Qin Hao smiled, and explained unhurriedly: "At present, it is actually enough, because our youth home users are not the same as other software users, and only log in when there is a need, so we The server pressure is not great, only during the winter and summer vacations and the beginning of the year, the server will have a certain pressure."

In fact, this is one of the reasons why Qin Hao wants to get shares in Ele.me. The attributes of Youth House determine that its users will not be too active, and the consumption frequency of Ele.me's users is much higher than that of Youth House. Many, this is a traffic entrance that cannot be ignored. The reason why Ali spends a lot of money to acquire Ele.me in the future is actually the same reason.

After thinking about it carefully, Zhu Xiaohu felt that it made sense, but he was still a little worried: "Mr. Qin, is it convenient for Fang to call up the background data for me to see?"

"No problem at all."

Real gold is not afraid of fire, Qin Hao naturally has no reason to hide it.

Wang Zhe quickly called up the background data, and at the same time gave up his seat to Zhu Xiaohu.

Zhu Xiaohu looked at the constantly beating numbers in the background, and a hint of excitement flashed in his eyes.

As Qin Hao said, the users of Youth House are not active, but compared with other software, Youth House has an advantage that others cannot match, that is, its unit price per customer. The monthly rent of a flat is basically 1000 yuan. Going up, some even reach tens of thousands, and the Youth House has more than 2000 houses on hand, and the monthly rent exceeds one million. This is the sales volume, and capital likes to hear such stories the most.

Standing up from the computer, Zhu Xiaohu said to Qin Hao, "Boss Qin, let's find a place to chat."

"Clean up the conference room." Qin Hao turned to Liu Xin and said.

"Ah."

There were only Qin Hao and Zhu Xiaohu in the conference room. Zhu Xiaohu took a sip of instant coffee, but he didn't feel disgusted. He tapped his fingers on his thigh and said seriously.

"The operation of the Youth House has reached a considerable scale, but I have a question, what is its business model, and how will you make money in the future? As you said yesterday, you have burned more than 2000 million so far. There may be more burning in the future, such a large investment, the risk is great."

Qin Hao smiled unhurriedly: "In fact, Mr. Zhu probably guessed something. Whether a project can go ahead depends not on how much profit it has on the book, but on how much cash flow it has on the book. I can It is no exaggeration to say that the cash flow of the Youth Home is definitely the richest among Internet products of the same magnitude."

Zhu Xiaohu shook his head: "However, the money does not belong to the youth home, but to the landlord."

"That's right, the youth home is still in the development stage, so most of the agreements we sign with the landlord are paid in the current month. The cash flow we keep on hand mainly comes from the user's deposit. But when the youth home has a certain scale, we will It is absolutely possible to sign a contract with the landlord for a longer billing period, and make a one-time payment of three months or even half a year."

Zhu Xiaohu was already a little excited in his heart, but there was no expression on his face: "I believe you can do this, but you still haven't solved the problem of profitability."

"Mr. Zhu, if you have one billion cash in hand, it shouldn't be difficult to achieve a 3% profit point. How much is the annual profit?" Qin Haoyun said calmly.

Zhu Xiaohu's right hand, which had been placed under the table, clenched his fist unconsciously, roaring in his heart. In their business, if someone achieves only three points in annual profit of one billion cash, he will be laughed to death by his peers. It is better to exist Bank profits are high, so what else do they need?
Not to mention a profit of three points, even a profit of seven or eight points is normal. As Qin Hao said, with a huge cash flow, there are many places that can be operated, and there is no need to charge user intermediary fees Such a low way to make money, how much money can you make?

"But how do you guarantee that you can achieve a large enough size?" Zhu Xiaohu suppressed the excitement in his heart and asked calmly.

Qin Hao spread his hands: "Does Mr. Zhu know why I chose the track of long-term rental housing as a business project?"

"Because there is no opponent!"

These six words hit Zhu Xiaohu's heart hard, instantly crushing his last hesitation.

As Qin Hao said, compared with traditional real estate agencies, the advantage of Youth Home is that it does not need to consider profit, and everything is based on improving user experience, while the Internet industry is naturally not interested in such asset-heavy and high-investment projects. interest.

No giants will end, and other small companies cannot afford the initial investment costs. This is a natural moat, and when those giants react, the Youth House has won enough market share, and then wants to join this competition. It's too late.

Even an Internet giant like Ali Penguin will not risk a huge investment, and it is very likely that there will be no income, and enter the market rashly. It is more likely to be investment, cooperation or even direct acquisition.

Zhu Xiaohu asked the last question: "If one day, Ali and Penguin, which one would you choose?"

"Penguin." Qin Hao doesn't have much affection for Penguin, but Ali's food is too ugly. All the companies controlled by Ali end up with their founding teams kicked out. Penguin is relatively open in this regard. Money, return traffic support, the key is not to intervene in specific operations.

"I have no problem, let's make an offer!" Zhu Xiaohu spread his hands, the young man in front of him didn't feel like a fledgling entrepreneur, he was too mature, and with such a good project, he didn't No reason to invest money.

Qin Hao pondered for a moment, then slowly said: "Valuation is 15 million, I can give up [-]% of the shares."

Now Zhu Xiaohu was not calm, and almost jumped up from his chair: "Impossible, the number of users and volume of Youth Home can't give such a high valuation, and 15% of the shares are too small, I just want to do it." In venture capital, the risk must be proportional to the reward!"

Qin Hao smiled and spread his hands: "15% of the shares is already quite a lot. The business model of the Youth House is already very clear. There is no need to grope for how to make a profit in the dark. This greatly reduces the risk. 5 million I don’t think the valuation is too much, but it’s fair.”

Zhu Xiaohu cursed inwardly, to be fair, which Internet company with millions of users can get a valuation of [-] million?If it weren't for this project that really touched his heart, he would have slapped the table and left.

"The valuation of 2 million is the most, and I want 25% of the shares, it can't be lower, otherwise I can't explain to the shareholders!" Zhu Xiaohu gritted his teeth.

Qin Hao still shook his head: "I can make some concessions on the valuation, but the shares are only 15% at most, nothing more."

According to Qin Hao's prediction, at least four rounds of financing will be conducted before Youth Home goes public. In order to ensure that he will not be kicked out, he must hold no less than 20% of the shares.

Zhu Xiaohu's face darkened immediately, and he wanted to say a few harsh words, but when he thought that Qin Hao could invest more than 2000 million yuan to make the Youth Home reach this scale, if he continued to invest tens of millions more cruelly, he would think about investing next time Maybe it won't be at this price, and Qin Hao is likely to find another investment. After all, there are too few mature projects like Youth House.

"I need to discuss with the shareholders and give you an answer."

"no problem."

"Three days at most!"

Qin Hao and Zhu Xiaohu shook hands with each other. Both of them knew that the valuation is actually a small problem, and it is not something that they can just talk about. The follow-up will definitely require an asset appraisal to take effect. The real difficulty lies in the share price. , Venture capital institutions are all small and big, otherwise there are so many messy projects in the market, and only a few can become unicorns in the end. If there is not enough return, venture capital institutions will have closed down long ago.

After Zhu Xiaohu went back, he immediately found a few partners for a meeting.

Looking at the project information of the Youth House, several partners were very surprised: "Mr. Zhu, where did you find the project and which company invested in the angel round? Why haven't I heard of it?"

Zhu Xiaohu smiled wryly: "This company never went through Angel Wheel at all, and it was built by the founder at his own expense."

"Pay out of his own pocket? Rich second generation? Or is he so confident in himself?"

Zhu Xiaohu saw that the topic was getting off track, so he quickly knocked on the table: "Don't worry about his background, what do you think of this project, do you want to vote?"

"Then you must vote. Why hesitate for such a clear project?"

This point has been unanimously affirmed by several partners. In the business of venture capital, sometimes it is like buying a blind box. You never know what the hell is in the blind box you bought. The "clear card", so what are you waiting for if you don't win it?
However, after Zhu Xiaohu finished talking about Qin Hao's conditions, the partners were silent. This condition is indeed a bit harsh.

"Can't the shares be discussed again?"

Zhu Xiaohu shook his head and sighed, "If I could talk about it, I wouldn't be so entangled."

A partner hesitated for a moment and said: "How about this, you can make a detailed summary of this case, and then we can discuss it at a meeting. If half of the cases pass, we will vote."

"we can only do this."

Three days later, Qin Hao received a call from Zhu Xiaohu.

"We have to do an asset assessment of the youth home in advance, and we need to do an audit of the accounts of the youth home."

"No problem, anytime."

Qin Hao put down the phone and couldn't help shaking his fist excitedly. This step was finally taken.

A week later, the asset appraisal report came out, and the audit of the accounts was completed at the same time, which gave Zhu Xiaohu a sigh of relief. Judging from the audit results, the financial situation of the Youth Home is still relatively healthy.

The next step is the tough negotiation. In terms of valuation, the difference between the two parties is still very large. Zhu Xiaohu insists that the valuation should not exceed [-] million, while Qin Hao gritted his teeth. family disrespect.

In the end, after intense discussions, the two sides agreed to reach an agreement on 3.5 million yuan. At the same time, Zhu Xiaohu proposed to send a financial team to the Youth Home.

This request is not too much, after all, one must know where the money is spent after investing money, which is a normal operation, so Qin Hao agreed.

"When will the money arrive?" Qin Hao asked.

Zhu Xiaohu asked back: "After getting the money, what are you going to do?"

"Youth Home has already reached a certain scale in Shanghai, and it's time to go out."

"The first payment will be in place next week!"

Zhu Xiaohu was very satisfied with Qin Hao's answer.

In the following month, Qin Hao traveled south and north, and successively opened branches of the Youth Home in Beijing and Yangcheng. Zhu Xiaohu also helped Qin Hao recruit a group of middle-level managers through his contacts in the industry. The framework of the branch office is set up.

The youth home did not experience any "acclimatization" in Beijing and Yangcheng. Facts have proved that Qin Hao's business model is completely correct. The arrival of the youth home will completely reduce the dimensionality of the local real estate agencies.

In just one month, more than 30 new users have been obtained in two cities. This is due to the lack of houses for the Youth House. It is foreseeable that there will be another half a year of development. How vast the market will be.

Zhu Xiaohu laughed so hard that he couldn't close his mouth. In just one month, the number of new users has increased by 30%, which is equivalent to a 30% increase in valuation. All are more than 30% profit.

Of course, not to mention 30%, even if it is 50%, he will not sell it. After finally holding a cash cow, there is no reason to sell it. He still has to wait for this cash cow to thrive and continue to increase in value.

On September [-]st, Qin Hao finally set foot on the land of Shanghai again. If Professor Dong's teaching assistant hadn't called to remind him, he would have almost forgotten the time of the report.

He has traveled through several worlds, but this is Qin Hao's first experience as a graduate student.

I don't know if there will be any surprises waiting for him.

(End of this chapter)