Editor's Note: the writer Oscar Cheng as the Thunder's founder, United States Department of computer science, Duke University graduate, he believed that "the greatest risk in life is not to risk". Used to work in Silicon Valley and Baidu, founded after Xunlei network, and success in the United States NASDAQ market. 15 years of Internet experience, extremely high quality human resources, begin to make investments in the second half of last year, focusing on enterprise-oriented services, Internet banking, VR/AR, artificial intelligence in four directions.
I mentioned in the previous article "VR/AR is the next generation of personal computing", because two major trends-more portable and more natural human-computer interaction, and can see the screen.
However, trends are trends that are specific to investment opportunities, I have my own judgment. After all, we have seen many projects in this area, especially because we are a rather early stage Fund. I sum up a few points:
On the hardware side of fewer large investment opportunities
Main reasons for include:
❶ in some areas is not our track, such as helmet is the track of mobile phone manufacturers in the future. Flawless iPhone 6s plus case
❷ Although some technical tracks (such as sensors, motion capture, gesture recognition, etc), but because of technology innovation in China's small, realistic prices are very expensive.
❸ hardware does not respect borders, multinational corporations will come in, rivals and rich and has a technology and brand, so that domestic manufacturers compete more or cost.
But hardware is not the focus of today's talk, speak today of VR applications and content, due to the fact 90% VR enterprises are concentrated in this area. Flawless iPhone 6s plus case
In this regard, I have a few simple conclusions:
❶ the first, still too early now for VR investment. Why say that, our VR equipment shipments than in 2009 Smartphone shipments. We recall that the mobile Internet and a Unicorn was when founded? Take a taxi to the last drop is set up in 2012, headlines today is 2012.
Look at CP, a successful tour company most is created in 2012, a few establishment is the second half of 2011. In other words, in the VR field, excellent 2C/CP Unicorn enterprises should be set up in 2-3 years later. Terminal shipments is too low now, so CP investment too early.
❷ If the entire consumer-oriented market is far from mature, so at this stage the vast majority in the VR field CP is aimed at 2B and B2B2C market, it is easy to understand, since 2C not, enterprises must first earn a little money to support yourself, exercise team.
To cite an example, now educated, mostly for schools or training institutions. For example, the education of children is the first school, but schools open only one class a week, if parents and children love the way a week three, then go buy the device, which is a typical B2B2C.
Video too, for 2C income-producing video yet, so the video is basically industry-oriented, attractions, Museum, concert, second-hand, 2B charge. Games, and almost impossible to 2C direct toll, cooked mixed faces is not easy, so it is also the flagship store and the future of Internet marketing.
2 b can make money, but no one makes any money, there are two reasons: first, many 2B are doing projects rather than products, it is difficult to scale. Second, as the industry matures, these 2 class b business and lower barriers to entry, margins will be lower and lower.
Analogy: in 1999, when will you make a Web page is very NB, in cash, after a year or two that's IT of blue-collar work. So if you see a VR project, said it's monthly income, money, close your eyes, you know this is 2B revenue, accounts to the value of the company, this kind of income you want to make a discount (B2B2C than pure 2B some), because this type of income may not scale, long term is difficult to maintain the existing profits.
❸ existing VR products, many demands are not enough. I've seen some VR a Chamber play, then I don't understand why VR,2D had behaved very well, don't even need 3D, made into a 360-degree, I also have back, dead. There are education, take a 360-degree camera recorded the teacher's lecture is actually the regular 2D video didn't make any difference. Because VR is too hot now, so a lot of projects are for VR and VR, and this trend is becoming more intense, wait what are associated with VR on the line, practitioners must pay attention to this point.
Called just need or greatly reduce costs, or improve efficiency, or greatly improve the user experience, we well judging from these three points, many project sounds three next to the point boundary, but not strongly, description, it is not just necessary, it's nothing to do with not VR VR.
Now that the 2C market is far from mature, 2B market is also going to make a lot of money, so both entrepreneurs and investors, to engage in this field we have to endure loneliness, this is my advice to all industry stakeholders. You expect investment and took a taxi to the last drop, 3 years to $ 10 billion market value, it is best to change fields.
Of course, finally, there will be many challenges-Ho brother, after all, in this area there are plenty of large investments in the market. So here, I have to emphasize two points:
❶ I said all of the investment premise is value investing. Packaging concept FRY method in the secondary market, I do not know, and could not comment.
❷ I said all investment was premised on financial investments, some belong to the investment of the company strategy. Strategic investment and financial investment is the difference is too large, strategic investments not premised on financial returns, but also has a premise that businesses must be relevant, otherwise the concept is fried.
1 and 2 is still a small minority, in addition, other investments can refer to above.
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Surface Book
Distance Surface Pro 3 is released almost 1.5 years of time has passed, Microsoft Surface Pro 4 officially released finally in the evening of October 6, Beijing time, but also brought a surprise for--Surface Book. This contains video hot-plug black technology the ultimate notebook, shape has a MacBook and the dual characteristics of YOGA, but detachable screen
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