如何評估初創(chuàng)企業(yè)

TO

EVALUATE

STARTUPSProf

Waishun

Lo,

DL

Capitals

and

CUHKOur

First

Fund

in

2013

(around

100M

rmb)LPs

are

friends

of

the

GP6

GPs

distributed

in

several

citiesHave

deep

Tech

and

startup

experiencesMy

interest

in

AI

and

BlockchainInterested

in

Angel

roundInvesting

from

0.5M

to

over

10MStartups

Need

to

know…Funds

are

getting

to

more

vertical

(specific)Funds

usually

has

apreference

on

stagesIt

is

more

than

money,

but

resources

andnetwork

are

even

more

importantIt

is

commonthat

several

funds

investtogether

in

a

roundCriteriaTeamBackgroundsIP/

TechBalanced

teamMarketChance

to

raise

money

in

next

round

(what

metricsneeded)Resources

from

GPsFlexibility

of

founders(Plan

B,

acceptingnewfounders)Strategicto

the

fund

(may

not

be

aimingIPO)Keyi

TechonlogyIntroduction（項(xiàng)目簡介）：Cellrobot,

which

is

composed

of

many

singlespheres,

can

realize

hundreds

of

differentconfigurations.“細(xì)胞機(jī)器人”，由一個(gè)個(gè)單個(gè)球體組合起來，每個(gè)結(jié)構(gòu)件有連接面，可以實(shí)現(xiàn)成百上千種不同構(gòu)型。Investment

background

（投資背景）：2014，3MRMB

investment

（2014年天使輪投資300萬元，估值千萬級(jí)元）；present-valuation:300M

RMB（目前估值3億元）Investment

logic

（投資邏輯）：Unique

product

category（獨(dú)特的產(chǎn)品品類）；Therisingtrendofintelligenthardware（智能硬件興起的大趨勢）；BUAA

student

team（北航學(xué)生團(tuán)隊(duì)背景）Cellrobot:

the

first

consumer-class

modularrobot

in

the

world細(xì)胞機(jī)器人：全球首款消費(fèi)級(jí)模塊化機(jī)器人Qfeel

TechonlogyIntroduction（項(xiàng)目簡介）：Provide

systematic

vision

solutions

forintelligentdevices（為面向智能設(shè)備的系統(tǒng)化視覺解決方案）Based

on

vSLAM

algorithm（以vSLAM算法為核心）Investment

background

（投資背景）：2014，1M

RMB

investment,under

10M

RMBvaluation（2014年天使輪投資100萬元，估值少於千萬元）；present-valuation:

Acquired

with

200M

RMB

，（以2億元估值被并購）Investment

logic

（投資邏輯）：Machines

need

to

use"eyes"

to

perceive

theworld

（機(jī)器需要用“眼睛”感知世界的基本假設(shè)）；Technology

assets

（技術(shù)資產(chǎn)）；BUAA

student

team（北航學(xué)生團(tuán)隊(duì)背景）Qfeel:

An

artificial

intelligence

start-up

companybased

on

machine

vision速感科技：一家以機(jī)器視覺為核心的人工智能創(chuàng)業(yè)公司Bubi

BlockchainIntroduction（項(xiàng)目簡介）：Focused

on

the

innovation

of

blockchaintechnology

and

products,

the

leading

blockchain

financial

technology

company

inChina（專注于區(qū)塊鏈技術(shù)和產(chǎn)品的創(chuàng)新，國內(nèi)領(lǐng)先的區(qū)塊鏈金融科技公司）Investment

background

（投資背景）：2015，3M

RMB

investment,（2015年天使輪投資300萬元，估值數(shù)千萬元）；present-valuation:450M

RMB

，（目前估值4.5億元）Investment

logic

（投資邏輯）：Blockchain

technology

will

transform

variousindustries（區(qū)塊鏈技術(shù)對各行業(yè)改造的產(chǎn)業(yè)前景）；ChineseAcademyofSciencesteam（中科院團(tuán)隊(duì)背景）Bubi:

The

blockchain

technology

leaderin

China布比：中國區(qū)塊鏈技術(shù)領(lǐng)跑者BoqiiIntroduction（項(xiàng)目簡介）：Pet

e-commerce,pet

community,petencyclopedia,peto2o（寵物電商、寵物社區(qū)、寵物百科、寵物O2O）Investment

background

（投資背景）：2008，3M

RMB

investment,小數(shù)千萬RMBvaluation（2008年天使輪投資300萬元)present-valuation:IPO

in

September

2020，600M

USD

market

value（目前市值6億美元）Investment

logic

（投資邏輯）：The

coming

of

an

aging

and

few

childrensociety

（老齡化、少子化社會(huì)的到來）；Consumption

upgrading

（消費(fèi)升級(jí)）；Verticale-commerceindustryform（垂直電商產(chǎn)業(yè)形態(tài)）Boqii:

The

largest

one-stop

pet

service

platformin

China波奇網(wǎng)：中國最大的一站式寵物服務(wù)平臺(tái)PPTVIntroduction（項(xiàng)目簡介）：Online

video

software,comprehensivly

converging

and

editing

film,sports,entertainment,

information

and

other

hot

videocontent（在線視頻軟件,全面聚合和精編影視、體育、娛樂、資訊等各種熱點(diǎn)視頻內(nèi)容，并以視頻直播和專業(yè)制作為特色）Investment

background

（投資背景）：2005，500thousandRMB

investment（2005年種子輪投資50萬元）；present-valuation:

Acquired

with

500M

USD

bySuning

in

2014（2014年被蘇寧以5億美元收購）Investment

logic

（投資邏輯）：Thecoming

of

InternetTV

industry

（互聯(lián)網(wǎng)電視產(chǎn)業(yè)形態(tài)的到來）；PPTV:

The

leading,largest

and

influential

videomedia

in

the

world

Chinese

PPTV：全球華人領(lǐng)先的、規(guī)模最大、擁有巨大影響力的視頻媒體CryptoBLKIntroduction（項(xiàng)目簡介）：CryptoBLK

is

a

Blockchain

/

Distributed

Ledger

Technology

(DLT)

solutionprovider.

It

hasthe

complete

set

of

DLT

softwarespecialized

in

building

enterprise

grade

DLT

systems

and

applications.（專注于分布式賬本技術(shù)（DLT）/區(qū)塊鏈解決方案的設(shè)計(jì)和開發(fā)，具備DLT軟件開發(fā)和部署的綜合實(shí)力，幫助金融機(jī)構(gòu)和企業(yè)聯(lián)盟搭建DLT系統(tǒng)和應(yīng)用程序。）Investment

background

（投資背景）：2017，several

million

HKD

investment；present-valuation:750M

USD

（目前估值7500萬美元）Investment

logic

（投資邏輯）：Blockchain

technology

will

transform

various

industries（區(qū)塊鏈技術(shù)對各行業(yè)改造的產(chǎn)業(yè)前景）ASTRI

team（香港應(yīng)科院團(tuán)隊(duì)背景）International

financial

industry

environmentin

HongKong（香港國際化金融產(chǎn)業(yè)環(huán)境）