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退學、創業:中國的科技IPO大潮初涌

退學、創業:中國的科技IPO大潮初涌

Bill Powell 2011-06-07
投資者們正在把扎克伯格、蓋茨和谷歌式的大學生創業模式搬到中國的知名大學里,而中國學子們也躍躍欲試。

????在所謂的TMT(科技、媒體、電信)界,從電子商務、社交媒體到平板電腦的移動應用和智能手機,來自中國的科技公司正在全面開花地進行IPO。其頻率之快,讓人應接不暇,從遙遠的美國來看更是如此。所以美國投資者和媒體采用了以一個以美國為中心的方法對它們進行分類,比如說中國的某某某就相當于美國的某某某。

????以下是一些近期的例子:人人網上個月在美上市,通過5月4日的 IPO募集到了7.434億美元。人人網就是“中國的Facebook”。此后沒幾天,交友網站世紀佳緣也在美上市,它被稱為“中國的eHarmony”。世紀佳緣在美募集了8,000萬美元,盡管今天該股的交易價格高于上市價格,但世紀佳緣IPO未能破億的事實仍足以引發路透社的猜測,稱所謂的“中國IPO疲勞”已經初露端倪。

????然而,這也許只是美國媒體的感覺。從最近在北京舉辦的一次科技企業家和風投家的聚會——第七屆全球高科技創新者峰會的“中國科技明星”會議——來看,中國的創業大潮還在后頭。

????參加這次會議的那些有權有勢的風投家們基本上都同意啟明創投(Qiming Venture Partners)的執行董事童士豪的觀點。童士豪表示,大家都對“中國公司的估值感到一絲惶恐,擔心那是泡沫”。不可否認,部分中國公司的估值過高,有些中國科技公司只賺到了很少的錢,有些則壓根沒有賺到錢。不過童士豪補充道:盡管如此,但那些“在中國待得時間更長的投資者們仍然在大量投資。”

????對于童士豪來說,原因是顯而易見的。童士豪是硅谷的一員老將。他畢業于斯坦福大學,既是企業家,也在硅谷做了多年的風投。童士豪最近搬到了北京,理由很簡單:“這里的速度更快。”他說,美國每出現一個知名的團購、視頻或交友網站,“中國就會有1,000到2,000家公司開始從事差不多同樣的業務。”但凡是能夠達到IPO地步的中國公司,都已經在激烈的競爭環境中殺出了一條血路,最終才得以“修成正果”。

????中國科技繁榮背后的另一個問題是,許多成功的中國公司已經存在了很長時間,比如所謂的中國互聯網三巨頭——百度、阿里巴巴和騰訊,因此他們的不少員工已離開公司自立門戶。再加上許多外國公司紛紛進入,希望在中國占有一席之地,結果就是像童士豪說的那樣,“中國企業家的素質在過去幾年里顯著提高。”他的公司最近投資了10家初創公司,其中三家公司的創始人來自百度,一家公司的創始人來自淘寶(阿里巴巴),還有一家公司的創始人來自雅虎中國,另外兩家公司的創始人來自谷歌(中國)。

????中國的創業大潮想要更進一步,只剩唯一一個要塞尚未攻克。現在風投家們希望中國精英大學里的學子們相信:一畢業就創業——乃至在校創業——是個既“酷”又明智的選擇。但中國的問題是,中國人最癡迷的兩件事一是賺錢,二是盡可能接受最好的教育,而這二者之間存在著固有的矛盾。

????毫不夸張地說,從小時候開始,這些精英大學的學生們只要醒著,就幾乎把每一分鐘的時間都花在了學習上,目的就是為了在高考中考出一個好成績,因為每所大學都要求學生的高考成績。即便是大學畢業之后,絕大多數的學生也只是單純地想在一家好公司里找到一份體面的工作,拿著體面的薪水。這樣一來,他們才能實現職業生涯早期階段排在第二位的目標——買房。在房地產價格高得離譜的北京和上海,買房絕不是一件小事。

????有了工作和房子,他們才能實現排在首位的目標:忽悠一個門當戶對的姑娘當老婆。(記住,在中國,男女比率大概在1.7:1左右,一部分原因是因為中國的“獨生子女政策”。所以中國的青年男子擇偶時面臨著很大的競爭壓力:一個男人如果不能在大公司里找到工作、拿份體面的薪水并且名下擁有房產,那他基本上就“杯具”了。)

讓中國孩子(和他們的父母)考慮IPO而不是學位

????這就是為什么在今年的全球高科技創新者峰會上,來自Trilogy Ventures公司的美國風投家史蒂夫?貝爾成了最令人感興趣的人物之一。貝爾盡其所能,在中國的五所大學里花了大量時間約見擁有好創意的學子們,鼓勵他們創業。(他選擇的五所大學是:北京大學、清華大學、北京航天航空大學、上海交通大學和浙江大學。)

????貝爾的這一招學自貝寶(Paypal)的創始人彼得?泰爾。泰爾曾經承諾向20個擁有好創意的大學生提供10萬美元的創業資金,支持他們退學創業。貝爾的做法沒有那么極端。他說:“我并沒有逼孩子們退學,不過我也并不反對這樣的決定。” 眼下,泰爾正在向學生們灌輸創業精神。他每個月都會抽出時間為學生們做幾次演講,告訴他們如果有好點子,Trilogy公司愿意提供投資。每次演講結束后,都有20個左右的大學生自告奮勇地提出他們的創意。

????其中一些擁有最佳創意的學生已經獲得了Trilogy公司的種子資金。(貝爾說,該公司提供的啟動資金一般在10萬美元左右。)不過在中國,人們多少覺得創業有些不靠譜。為了消除這種社會壓力,貝爾演講時通常會邀請一位嘉賓一同前往,此人能為大學生樹立榜樣,打消他們父母心中的疑惑。北京國雙科技公司的創始人兼CEO祁國晟就是一個例子。他在2003年創立了這家搜索引擎優化公司,并且取得了極大的成功。[北京國雙科技公司的創業融資來自美國迪斯尼旗下的風投機構——思偉投資公司(Steamboat Ventures)]祁國晟畢業于清華的計算機科學專業,在創立北京國雙之前就曾兩次創業——不過他當時并沒有選擇退學。

????因此,貝爾所稱的“比爾?蓋茨、拉里?佩奇、謝爾蓋?布林和馬克?扎克伯格式的創業”,正在緩慢但穩扎穩打地在中國誕生。正因如此,本次全球高科技創新者峰會結束之后,貝爾又連夜馬不停蹄地趕到北大在郊區的一個校區演講。在那里,300多名學生正翹首以盼,等待聆聽他的教誨,其中既有工科生,也有MBA學生。中國的創業熱遠遠沒有“疲勞”,一切才剛剛起步。

????譯者:樸成奎

????IPOs from Chinese tech companies -- in e-commerce, social media, mobile applications for tablets and smart phones -- in just about anything in the so-called TMT (technology,media, telecom) universe have been coming with such relentless frequency that they're hard to keep track of, especially from afar. So American investors and media are using US-centric formula to keep them sorted: X is the Y of China.

????Some recent examples: Ren Ren (RENN), which went public last month, raising $743.4 million in May 4 IPO, is the "Facebook of China." And Jiayuan International (DATE), a dating site, is the "eHarmony of China." Listing just days after Ren Ren, it raised about $80 million, and though the stock today trades above where it opened, the fact that it failed to raise $100 million with its IPO was enough for Reuters to suggest there is now such a thing as Chinese IPO fatigue.

????Maybe that's the feeling in the U.S. media. But a recent gathering of China's technology entrepreneurs and the venture capitalists who fund them here in Beijing -- at the 7th annual Chinict "Tech stars of China" conference -- suggests that we probably haven't seen anything yet.

????Oh, to be sure, the high powered money guys at the conference pretty much all agreed with Hans Tung, managing director of Qiming Venture Partners, who said everyone is "a little bit scared of China valuations now; worried that it's a bubble." That valuations are high for companies that either make only a little money now or none at all is undeniable. But, Tung added, the [investors] "who have been here longer are still ponying up."

????For Tung, it's easy to see why. A veteran of Silicon Valley -- he graduated from Stanford and has worked as both an entrepreneur and a VC in the Valley for years -- Tung relocated to Beijing recently for a simple reason: "the pace here is faster." He says for every Groupon, video site, or eHarmony emerging the United States, "you'll have 1,000 to 2,000 companies [in China] doing pretty much the same thing." The companies in China that get to the IPO stage have already battled through fiercely competitive circumstances to get to the promised land.

????The other thing behind the gathering tech boom in China is that a number of successful of domestic companies -- think Baidu (BIDU), Alibaba and Tencent, China's so called "BAT" triumvirate -- have been around long enough that people are leaving those companies to start out on their own. Mix in the foreign players that have tried to establish a major presence in China, and the result is "that the quality of entrepreneur in China has improved significantly in the last few years," says Tung. Of the last ten deals his firm has done, he says, three founders came from Baidu, one from Taobao (Alibaba), one from Yahoo (YHOO) China and two from Google [China] (GOOG).

????The evolution of the start up phenomenon in China has only one more significant barrier to get beyond: Venture capitalists are now hoping to convince students at elite universities that starting up businesses when they graduate -- or even while they're still in school -- is both cool and financially smart. But the problem in China has been the inherent tension between two things this country is obsessed with: making money, and getting the best possible education.

????It's not exaggeration to say that students at elite universities here have spent pretty much every waking moment since they were small children studying in order to score well on the all-critical college entrance exam, which every university bound student must take. Even after graduating, the vast majority of students simply want to get a decent paying job at an established company. That kind of job lets young men do the 2nd most important thing of their early working lives: buy an apartment, no small feat in absurdly overpriced real-estate markets like Beijing and Shanghai.

????Once they have the job and the apartment, they can then get around to the 1st most important thing: snaring an eligible young woman as a wife. (Remember, in China, the ratio between men and women is roughly around 1.7 to 1, a legacy in part of the "one child policy." Talk about competitive pressure: if a young male does not have a good, decent paying job at a reputable company and own his own apartment, he's pretty much chump change.)

Getting Chinese kids (and their parents) to think about IPOs instead of degrees

????All this is why one of the most interesting figures at this year's Chinict conference was American venture capitalist Stephen Bell, of Trilogy Ventures. Bell is spending as much time as he can on five college campuses around China, to meet kids with bright ideas and convince them to start up a business. (His chosen five: Beijing University, Tsinghua, Beihang -- the Beijing University of Aeronautics -- Shanghai Jiaotong University, and Zhejiang University in Hangzhou).

????Bell is taking a page out of Paypal founder Peter Thiel's playbook: Thiel has famously promised to give 20 college kids with promising ideas $100,000 to drop out of school and pursue their businesses. Bell doesn't go that far -- "I'm not urging kids to drop out, though I'm not really against it, either," he says. But he is proselytizing for entrepreneurship. Several times each month, he'll speak in front of groups of college students, telling them that Trilogy has money to invest in smart kids with good ideas. After his spiel, at most such sessions, around 20 such kids get up and pitch their ideas.

????The best ones have earned seed capital from Trilogy (a typical investment, Bell says, will be about $100,000 to start.) To counteract the societal pressure that going the startup route is somehow irresponsible, Bell often invites a speaker along who can be a role model to the kids and their skeptical parents -- someone like Qi Guosheng, founder and CEO of Beijing based Gridsum, a hugely successful search engine optimization company that he started in 2003. (Gridsum received startup financing from Steamboat Ventures, Walt Disney Company's (DIS) VC arm.) As a computer science student at Tsinghua, Qi started two previous businesses -- though he did not drop out to do so.

????Thus, what Bell calls the "Bill Gates-Larry Page-Sergey Brin-Mark Zuckerberg model," is slowly but surely being born in China. It's why, after the Chinict conference, Bell trekked out in the evening to the suburban campus of the famed Beida (aka Beijing University), where some 300 students, from undergrads in engineering to MBA students, awaited him, and hung on his every word. Far from being "fatigued," it appears the China start up boom is only just beginning.

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