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Li Zhu: AI will bring changes to the economic structure and economic system

cloud hunting note: even if the pessimists are right, 2019 also contains a new wave of opportunities. Li Zhu made suggestions to entrepreneurs in the current capital winter. He said that for all enterprises, cash flow is the most important, and self hematopoietic function and financing are the top priority. Source: Qifeng finance and Economics (id:qfcj2018) author: Forsythia suspensa,: Eucommia

even if the pessimists are right, 2019 also contains a new wave of opportunities. Angel investment is the best tool to cross the entrepreneurial cycle. We believe that this year will be the best period for angel investment and early investment. Because now angel investment is invested in enterprises that will grow up in twoorthree years, just passing through the trough of our entire economic transformation and economic adjustment in the past two years. "

at the 2019 China Angel venture capital tidal white forum and the sixth annual summit of China Youth Angel Association, which was recently held to "open and win-win, embrace the future", Li Zhu, founding partner of inno angel fund, said that angel investment is only optimistic about the future, and Chinese angel investment is always long in China, "this is the responsibility of angel investors."

later, in an exclusive interview with Qifeng finance, Li Zhu further talked about his investment philosophy, that is, investment trends rather than tuyeres. He also made suggestions to entrepreneurs in view of the current capital winter. He said that for all enterprises at present, cash flow is the most important, and self hematopoietic function and financing are the top priority. In addition, he believes that AI and 5g will be the long-term trend in the future, and AI will bring changes to the economic structure and economic system

"the uncertainty of the future economic environment is a challenge"

in the case of weak domestic economy, the theory of ten-year economic cycle is quite popular. With regard to the situation in 2019, Li Zhu said that in fact, there will be some uncertainty in the economic environment and situation in the next two to three years, because the domestic economy is still in transition and is still looking for new growth points

moreover, the world economy is adjusting and looking for direction, which may produce a butterfly effect and bring changes to the global economy, such as the disappearance of globalization dividends, the disappearance of many demographic dividends in various countries, and the situation of cooperation has also changed from cooperation to competition. The special committee also maintains good exchanges with relevant industry organizations at home and abroad. Changes in the external environment may evolve into a global financial crisis in the event of a local crisis in the world. Li Zhu believes that these uncertain factors are worrying

but he is relatively optimistic about China, because China has experienced decades of reform and opening up, has accumulated a very deep foundation, has a large population, strong consumption ability, and the Chinese people are relatively hardworking and smart, and can successfully overcome difficulties

Li Zhu revealed that the economic adjustment period is a good time for angel investors. Because angel investment is counter cyclical, only the best entrepreneurs will start a business when they see the rigid demand. Without so much competition, the probability of enterprise success is greater

at this time, hematopoietic function and financing are very important for most enterprises. Li Zhu suggested that all enterprises should put cash flow first. If they can't make blood by themselves, they should constantly seek financing and don't pay too much attention to their valuation

due to the decline in the valuation of the secondary market, the valuation of the primary market investment is also declining. Li Zhu believes that this will be a new normal and will continue. In terms of specific valuation, he revealed that excellent start-ups can increase by 50% to 100% every year when financing, which is a reasonable space. In the past few years, there have been many companies that have increased by more than 20 times a year. Some of these companies are indeed excellent, but he believes that some are pursued by capital

in short, in the context of changes in the overall environment, as long as the valuation of an enterprise can be doubled in a year, he thinks it is a reasonable valuation. Each round of financing can run fast in small steps. Although there is not much growth in each round, there is also a lot of accumulation. This is the financing method in the cold winter of capital

speaking of the next decade, Li Zhu said that there is also a new trend, that is, all companies worthy of investment will be different from the past. The first category is scientific and technological innovation, which represents a new trend in the next decade. Even if some companies need time to find landing scenarios, as long as they have core technologies and moats, they will also be concerned by investors. The second category is companies that can generate cash flow by themselves. They have a healthy business model. When the economy is uncertain, such enterprises will have stronger viability

"AI will bring changes to the economic structure and economic system"

the opportunity of interconnection in the second half, Li Zhu believes that more on the supply side, the improvement of the supply chain will be a very big topic in the next decade. The future supply side will provide users with better, cheaper, more standard and accessible products and services, and this change will lead to consumption upgrading

this consumption upgrading is not that people buy more expensive things, but that good things in the future may not be expensive. High quality and low price may be a new consumption upgrading trend in the future. This trend of consumption upgrading will also bring some new opportunities when the supply chain has been improved

the most important tool to improve the efficiency of the supply side, he believes, is artificial intelligence. Because AI can basically be combined with all industries, including customer service, intelligent manufacturing, medical imaging, etc., which will greatly improve the efficiency of all industries and significantly increase the per capita GDP

if AI accounts for a significant proportion of GDP in the future, many great companies will emerge from this new industry. So he thinks AI is a very big track. Its landing is getting faster and faster, and it is far from over

at present, the landing and application of AI in China is faster than that in other countries. Li Zhu revealed that one of the reasons is that China is rich in data, and there are a lot of data in the hands of companies and governments; The second reason is that the application of AI technology in China is blooming. At present, AI has been able to improve the efficiency of image, video and animation production

AI has made significant progress in the fields of medical treatment, intelligent car coupling, intelligent manufacturing and so on. In medical treatment, the application of artificial intelligence to medical imaging, medical robots and intelligent diagnosis can also greatly shorten the research and development cycle of new drugs after it is involved in the pharmaceutical industry

the intelligent car coupling formed by the combination of artificial intelligence, driverless and car coupling will be another commanding height for the development of China's automotive industry after new energy vehicles

in terms of intelligent manufacturing, China has now entered a new cycle of machine replacement, and the efficiency has been improved very well. 3C industry, automobile manufacturing industry and some service industries have greatly improved efficiency after the entry of artificial intelligence

although some people now call artificial intelligence "people are also so mentally retarded", Li Zhu said that in the next few years, artificial intelligence will show a rapid and even exponential change. At present, it will take some time for AI to migrate to general AI, but there will be a very fast growth in the latter half, which is beyond people's imagination. As long as there are application scenarios, AI technology will be highlighted very quickly

these are the judgments made by Li Zhu in combination with the technological evolution of the invested company. He believes that the key to the application of current technology is not the basic conditions such as computing power and data, but new needs. For example, the high-speed communication brought by 5g and IOT, as well as intelligent and industrial IOT have further strengthened the application of artificial intelligence, which has brought good innovation opportunities

in the future, if AI is well applied in various scenarios, everything will become better and cheaper. At that time, there will be another explosion in the consumption upgrading of cultural consumption and other products and services

therefore, Li Zhu believes that artificial intelligence is not a single technology. It may bring changes to the entire economic structure and economic system, as well as changes in people's time and consumption. In the future, people will enjoy life while enjoying high-quality and cheap products

facing such opportunities, science and technology start-ups occupy a dominant position. Innolux will focus on scientific and technological innovation in the future, one is artificial intelligence, the other is the opportunity brought by 5g and the interconnection of everything. 5g will bring AR and VR entertainment, distance education and telemedicine, as well as new applications such as Internet of things, industrial interconnection and driverless car couplets. These applications are often combined with artificial intelligence. Innolux is particularly optimistic about some cross-border innovations in these processes

The opportunity of

5g is at the C end. Li Zhu believes that it may be more related to the content creative industry. In addition, there will be some new categories of games, video 3, battery acupuncture experimental machine, etc. Secondly, education will get more development

to B, Innolux is more optimistic about intelligent car coupling, industrial interconnection, telemedicine, etc. 5g can significantly improve efficiency in these directions

in addition, there will be breakthroughs in projects that people cannot do in the 3G and 4G era. For example, low latency is not allowed for driverless driving, but high concurrency can only be achieved with 5g

there are three reasons for the success of inno

inno Angel Fund has been established for six years, has invested in nearly 400 companies, and a number of companies are already on the way to preparing for IPO

among the invested enterprises, Li Zhu revealed that the performance of scientific and technological innovation and large consumption enterprises was relatively excellent. Taking scientific and technological innovation as an example, Innolux has invested in more than 80 enterprises, many of which have become the heads of subdivisions, including medical imaging, driverless, intelligent car service, intelligent manufacturing and other fields. Innolux has invested in relatively excellent enterprises, and there have been a number of unicorns and quasi unicorns

at the beginning, the investment direction of Innolux was not focused. Now the prices in key markets are gradually rising, looking at big technology and consumption, and the team is also more focused. From the current situation of the three-phase fund, inno can also bring better returns to LP

Li Zhu revealed that there are three reasons why the development is so stable:

first, the main partner of Innolux angel fund comes from Tsinghua, so it has invested in a number of Tsinghua alumni enterprises, which have brought relatively stable returns to Innolux

second, although inno Angel Fund has only been established for five or six years, its partners have more than 10 years of angel investment experience. They have done some practice with personal money, so they can quickly change from personalized angels to institutional angels

third, one of Innolux's investment ideas is that adults reach their own goals, first to become entrepreneurs, and then to become themselves. Based on this, Innolux uses the ecological approach to be an angel, and has established its own innovation service ecosystem in various places, which not only gives entrepreneurs money, but also connects resources and subsequent financing, so as to improve the success rate

these factors make Innolux have some unique project sources, and the success rate is relatively improved. At present, the proportion of follow-up financing of Innolux invested enterprises has exceeded 60%

Li Zhu said that the investment thinking of Innolux will not change greatly in the future. In addition to giving money, Innolux will also use ecology to empower start-ups and provide a platform for start-ups to help each other, and Innolux will cooperate widely with other investment institutions

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