👇 This joke from Web2 investment company is very similar to the current predicament of Web3 VC. Professor Tou, I can't issue coins and I don't understand marketing and economic models. Investing in competitors, comparing valuations one by one, why is it that he's worth 1 billion while I'm worth only 500 million. Being an investor is really difficult, hurry up and take advantage of TGE now. 😭 Just after May Day, a certain institution held a semi annual investment business discussion meeting. Partner Mr. Hu first made a keynote speech: Today, everyone speaks freely and mainly discusses three topics Does the company need to revise its previous strategy of 'investing small, investing early, investing new, and investing hard' in the new exit situation Is investing in small projects the same as investing in cheap ones Is investing in new and hard projects equivalent to investing only in projects initiated by scientists Xiao Zhao, how is the progress of Professor Zhou's semiconductor project that you invested in earlier this year I just spoke with Professor Zhou on the phone last week, and he said that their research group published 5 SCI papers in the first half of the year, and immediately published an article in Science Online And then what? "Mr. Hu seemed unsatisfied. Professor Zhou also said that they discovered a new formula at the beginning of the year and are currently working hard to organize research and strive to publish another SCI paper. ” What else? "Mr. Hu continued to ask Xiao Zhao felt a little embarrassed: "The professor also said that they have spent almost all their money and want to raise some more money in the second half of the year Is that all? Did you just spend all the money? "Mr. Hu seemed a bit dissatisfied with this answer. Mr. Hu, their progress in scientific research has been very fast in the past six months, "said Xiao Zhao, a bit of a father-in-law Hu is a little unhappy: So, we invested 10 million and they all went to publish papers? What about the progress of the project? How is the pilot line doing? Did we send samples to the client as we mentioned before Xiao Zhao feels a bit aggrieved: Mr. Hu, Professor Zhou said that the domestically produced instruments in the school laboratory were not good enough before. After the financing funds were received, he bought the latest Agilent 8890 chromatograph, then the Thermo Fisher 480 mass spectrometer, and renovated the laboratory. Then he found that the money was not enough Mr. Hu almost couldn't hold his grip and waved his hand: Xiao Zhao, you need to keep a close eye on this project. Professor Zhou is using our money as his research funding. Going forward will be a bottomless pit. If anyone is willing to take back old stocks in the next round of financing, sell them all quickly Xiao Li, how is the progress of Professor Zhang who specializes in embodied intelligence that you reported on at the previous project proposal meeting Leader, a confidentiality agreement has been signed, but TS has not signed it yet and has not received the materials. Professor Zhang said that their technical information is highly confidential and they need to sign TS before they can send the materials. ” Mr. Hu looked confused: What's the point of not being able to deliver an angel project after several months Then hurry up and sign the TS. Although early projects can make quick decisions, the information cannot be seen. How can we make decisions? ” Xiao Li feels a bit aggrieved: Mr. Hu, Professor Zhang firmly believes that the valuation of angel round financing should not be less than 1 billion yuan, and then diluted by no more than 10%. There is no need to talk about it. Although embodied intelligence is very popular now, investors are not stupid, right? So we are stuck here. Professor Zhang said he is not in a hurry and can talk slowly Ah? "Mr. Hu almost spewed out a mouthful of blood," Why is it worth 1 billion The professor said that last year, Professor Sun from their laboratory went out to start a business and developed XX Intelligence. In the angel round, he raised $10 million for $100 million in finance. He felt that his status was higher than Professor Sun's, and he couldn't be lower than Professor Sun when he started a business, otherwise he wouldn't be able to survive in the circle in the future. ” Mr. Hu slammed the table: Tell him to invest 10 million yuan at a valuation of 100 million yuan and not agree to bring it down... the next one Dr. Song silently raised his hand: Boss, I will report to you on the latest round of financing progress for Professor Qiu's cell therapy project Mr. Hu finally showed a long-awaited smile. Professor Qiu wants us to convert 10% of the old shares at a discount of 8 to their management Well, it seems like we have 30% of the shares, which is a bit too much. Is this round of financing almost over? We've also made several times more profit, so we can sell at 20% off, "Mr. Hu instructed. Professor Qiu wants to buy our old stocks at a 20% discount from the previous valuation, "Dr. Song hesitated for a moment before speaking in a low voice. What? "Mr. Hu's face instantly changed from sunny to gloomy." Why is that? Why didn't he just grab it Dr. Song quickly explained, "Professor Qiu said he is using his technological achievements to make us money, and we financial investors should know how to be grateful If we hadn't helped him during his most difficult time, would he have been here today? And would we still be grateful to him It seems that Mr. Hu is really angry this time. Xiao Song, you are researching investment terms with risk control. Is there anything that can trigger a repurchase? Don't argue with him and ask him to refund the money quickly But, "Xiao Song's face showed difficulty. What's wrong? "Mr. Hu's anger persisted. We didn't sign a repurchase agreement when we invested before What Mr. Hu, it was you who made the decision at that time. You said the top priority was to grab all these professors, and it didn't matter what the terms were