Angel Investments 天使投资

1. Angel Investments天使投资 Professor Wilton Chau Vice Chairman, HK Business Angel Network Managing Partner, QLeap Venture Limited Professor of Practice in Entrepreneurship Associate Director, MBA Programs The Chinese University of Hong Kong 1 September, 2012 1

2. Angel Investment天使投资 • 有何风险? • -资源有限 • -无往绩记录 • -无客源基础 • -极度依赖创业者 • -难以监控 • -有可能损失所有投资 • Why risky? • Limited resources • No track record • No customers’ base • Highly dependent on entrepreneurs • Very difficult to measure, monitor, … • Usually in a total loss situation 2

3. Angel Investment天使投资 • In fact, high risk is the best component of angel investment 然而，高风险是天使投资的最佳元素 • Why? 为什么？ • Will investments in big companies be safe? 投资于大企业是否较安全？ 3

4. Angel Investment天使投资 Risk (风险) vs. Uncertainty (不确定性) 4

5. Angel Investment天使投资 • Risk is certain! • Next questions: • Can earn big $? • What is the maximum loss? • Any non-monetary return? • 风险必定存在！ • 另一个问题︰ • 利润有多高？ • 损失有多大？ • 非财务回报？ 5

6. The Proposal The Proposal (One dimensional) 范例(一维) 6

7. Theory理论 Application应用 Idea科技点子 Experimental实验 Product Design产品设计 Authorities’ Approval政府审批与牌照 Small scale production小量生产 Marketing市场推销 Market sounding市场初步反应 Prototype产品样版 Industrial scale production批量生产 Modifications产品改进 Medium scale production中试生产 Volume Distribution大量销售 Industrial process工业生产 Supply of Materials原材料供应 After sale service售后服务 Working capital management现金流管理 IPO上市 $ collection现金 Venture Development Path创新企业流程 7

8. Angel Investment天使投资 • 我们应该问 • 目前定位？ • 终点何处？ • 执行计划——从起点到终点？ • 执行障碍？ • 投资者 + 创业者能否解决执行上的问题？ My Main Questions: • Where is the Current position? • Where will the Finish point be? • How to go from the Current pt to the Finish pt? – • Execution plan, any hurdles? • Can the mgt + myself have the ability to overcome the hurdles? 8

9. The People 创业者及管理 Look for someone with experience & track record! 参与该项目的管理人员 • Experience entrepreneur! 有丰富创业经验？ • Experience from same industry? 有同行业经验？ • Experience from big corporations? 有在跨国公司工作经验 • Corporate guy vs. dirty-handed guy 企业经理vs. 实干人士 • Famous guy – open-door vs. work 名人：联系vs.实干 9

10. Do & Don’t Do 注意事项 • Don’t invest in friends & relatives. • Don’t take the Mgt + Mgt + Mgt as the only investment criteria (but No Trust No Investment is always true) • Don’t ever invest your $ simply based on trust! • Don’t copy ‘success stories’ • People do change! • 避免投资亲友的计划项目 • 不要让 「管理团队 」成为唯一审核标准(但 「不信任不投资」)仍然是黄金定律) • 不该因一个「信」字而投资 • 切勿尽信 「成功故事」 • 人性多变 10

11. Evaluation Flow 流程策劃 • 可观回报？ • - 财务收益︰10倍、 20倍、 50倍…… • 非财务收益︰有趣、荣誉、人际脉络…… • 我的追求︰参与性、附加值 • Is the finish point attractive? • Financially: 10x, 20x, 50x, … • Non-financially: fun, reputation, network, … • Always looks for something I can participate or value add! 11

12. Evaluation Flow流程策劃 • 项目发展计划可执行性？ • 项目是否需要改变一些基础设施？ • 我们是否有足够的资源去克服障碍？ • -財務預算！ • 是否容易被抄襲？ • -可否设立障碍？ • Is the execution path feasible? • Any change in infrastructure? • Do we have sufficient determination and resources to overcome the hurdles? • The financial projection! • Can the execution path be easily copied by others? • Can we create hurdles for other copy-cats? 12

13. Example范例 中华人民共和国新闻出版行业标准 ____________________________________ MPR出版物 第1部分︰MPR码的符号规范 MPR Publication Part 1: Symbology Specification of MPR Code ____________________________________ 中华人民共和国新闻出版总署 发布 13

14. Evaluation Flow 流程 • Share the same vision with the entrepreneur? 我是否与创业者及其团队有相同的理念？ • How much is the total loss? 全损投资额是多少？ 14

15. Evaluation Flow 流程 • 如果上述大部份问题皆有合适答案，另一个问题是︰如何保障个人投资？ • -董事席位？ • -反稀释条款？ • -分红政策? • -「贪」？——「贫」！ • If MOST of above questions have comfortable answers, what do I need to protect my investment? • A board seat? • An anti-dilution clause? • A distribution policy? • Human nature of greed – be careful! 15

16. How to start?如何开创 ？ • 决定资金分配 • 建立投资组合 • 与有经验的投资者合作 • 作小量投资，从失败中汲取经验 • 建立自我第二市场买卖能力 • 乐观心态！ • Determine your allocation • Build a portfolio • Work with a group of angels • Make small co-investments to build a library of failure • Build up your trade-sale ability • Hope for good luck! 16

17. 合辦: 場地贊助: 謝謝﹗ 17