Entrepreneur & I Dark Horse News (Jiulu) on January 13, the 14th Annual Entrepreneurship meeting sponsored by entrepreneur & I Dark Horse was held online with the theme of "based on expertise and insisting on severe verticality". Niu Wenwen, chairman of Entrepreneurship Dark Horse, attended and delivered a keynote speech.
Niu Wenwen said in his speech that we are touching and will explore an unknown new world-a new entrepreneurial world specializing in excellence.
"A hundred flowers blossom, small and beautiful, and common prosperity, these three key words are the attributes and labels of specialization and innovation as the development path of small and medium-sized enterprises in the future, and they can also be said to be new entrepreneurial values."
The following is an excerpt of the speech edited by I Dark Horse:
This is a special annual meeting, and we meet you online for the first time in 14 years. More importantly, we started 2022 with the theme of "Specialization and Innovation" for the first time. We are here to gather our strength and work together to find a new force in China's future industrial development.
Today, I have a feeling that I am touching for the first time and will explore a new unknown world with you. The world has never been focused before, it is beautiful and difficult to enter, but it has a future. I want to tell you that let's open this door together, walk forward hand in hand, and explore this new world.
01
The Golden Road for small and medium-sized Enterprises in the next 40 years
Over the past six months, specialization and innovation is a hot word, it has changed from a concept, a call, to an action. During this period, the entrepreneurial dark horse and our accelerated mentor team have done a lot of research and come up with two new "dark horse interpretations" about specialization.
First, specialization and innovation is the golden road paved by the state for the development of small and medium-sized enterprises in the next 40 years. This "golden road" has never been seen in the world.
To some extent, specializing in new enterprises is very much like Germany's "invisible champion". More than 20 years ago, the concept of German "invisible champion" enterprises was introduced into China and was respected by everyone, especially those enterprises that did well in manufacturing and real industries, which were very competitive but unknown, so they were called "invisible champions".
While learning from the German "invisible champion" model, in the past 20 years, China has also introduced a lot of practices from the American capital market, from Angel, VC, PE to gem, Science and Technology Innovation Board, are the achievements of us to learn from the United States.
However, neither Germany nor the United States has as many small and medium-sized enterprises as China. There are not only a large number of small and medium-sized enterprises in China, but also the most complete industrial categories in the world. Industrial GDP is an important pillar of the economy. For the small and medium-sized enterprises of tens of millions of magnitude, especially those in the industrial field, it is very difficult to go to the bank for debt financing and indirect financing, and they are rarely favored by venture capital institutions. This determines that China's small and medium-sized enterprises can not only follow the Silicon Valley road, nor can they completely obtain a large amount of debt financing through the banking system, as Germany has done. So, how to enable these enterprises to grow rapidly with the help of capital?
Over the past six months, the state has paved a "golden road": under the banner of "specialization and innovation", it has done certification around specialization and innovation, and at the same time, the state has provided the infrastructure of the "North Exchange" to enable specialized and special new enterprises to access the capital market and achieve direct financing with equity.
Our country has a great strategic determination in this matter. under the current "great changes that have not happened in a century", "specializing in the new + the North Stock Exchange" is a golden road to the future.
02
Specialize in new enterprise portraits
So, what does it look like to specialize in new enterprises, or what kind of portraits do these enterprises have?
This is the dark horse's second understanding of specialization.
We know that in the past, venture capital institutions often sought after platform companies. With a large number of users, massive financing, explosive development, such enterprises will often eventually move towards a diversified platform: media, advertising, games, e-commerce, 2B, 2C business, industry and finance will do. To do venture capital according to such a company portrait, its value is winner-take-all: when a track "tuyere" comes, many investment institutions will invest, many projects will be created, and only one may survive in the end.
Now the new path of specialization is not like this, and entrepreneurial values are not like this. Its development path is just the opposite, not winner-take-all, platform development, monopoly, but the road of letting a hundred flowers blossom, small and beautiful, and the road of common prosperity.
Let a hundred flowers blossom, small and beautiful, common prosperity, these three key words are the attributes and labels of specialization and innovation as the development path of small and medium-sized enterprises in the future, which can also be said to be new entrepreneurial values.
Further specific analysis shows that there are four obvious characteristics of specialized and special new enterprises:
First, specializing in special new enterprises must be based on the local industry. It doesn't start as an Internet project, nor is it just a pure technical tool. It is local and has the foundation of industry.
Second, it must be very deep in the sub-industry, so it is very easy to become the "invisible champion", "little giant" or industry leader in the sub-industry.
Third, such enterprises often have certain technological breakthroughs and technical barriers, and their technological strengths can help China's industry to extend, complement and strengthen the chain when the global industrial chain is decoupled.
Fourth, this kind of enterprise often develops independently, its hematopoietic ability is greater than its financing ability, or this kind of enterprise has not entered the capital market at all. They often have revenue and profits, but the scale is not large, because there is little financing, so the speed of development may not be too fast.
To sum up, there are four characteristics: local industry, subdivision champion, strong technology chain, independent development.
When we draw a picture of an enterprise according to these four characteristics, you will find that such an enterprise cannot be seen in Beijing or Shanghai. They are not the kind of company that brushes its presence in the mainstream capital markets and delivers BP in front of investment institutions every day, and even until it goes public, people are still unaware of it. For more than a decade or two, they have been doing one thing. For a long time in the past, such companies have been a type that mainstream investment institutions are not optimistic about. Now, it is precisely they that represent the future.
We're going to find them, to find them. Today, we may not see them, understand them, or even look down upon them, but in the future, this is the backbone of China's economy and Chinese business.
03
Specialize in the new "three things"
Specializing in the new era, we need to find those "great small potatoes" who have a future.
Entrepreneurial dark horse has been doing entrepreneurial service for more than ten years. When the epidemic came in 2020, the entrepreneurial dark horse mobilized colleagues to leave Beijing and sink to various cities to serve entrepreneurs in places where entrepreneurs gathered. More than two years of service experience makes us realize that the vast majority of small and medium-sized enterprises are strange and afraid of equity financing, even exclusive. Many industrial companies in second-and third-tier cities really do not know what BP is, their ownership structure is not very clear, the accounts of the company and the boss are inseparable, and the concepts of shareholders, directors, board of directors and corporate governance structure are not clear, and there are no financing plans and development plans that can bet with investors. The mainstream investment institutions often do not see and do not like such enterprises, and the two sides are in different discourse systems.
In June 2020, we screened more than 200 projects in five cities in Fujian, bringing a lot of mainstream investment institutions to help them accelerate. The results of the first half of the year were very bleak, and the two sides did not understand each other and did not like each other. Unexpectedly, in May and June 2021, capital began to hunt Fujian entrepreneurs, and in last year's hottest new consumer track, many hot projects came from these cities in Fujian, including our dark horse brothers. Therefore, we say that specializing in the new world is an unfamiliar world, which requires us to make a lot of efforts to discover and break the ice.
The dark horse of entrepreneurship and the service organization behind us are fully prepared for this. Through the research and service in more than a dozen cities across the country, such as Qingdao, Foshan, Ningbo, Wuhu and so on, we took the opportunity of this annual meeting to launch the "specialized and special new dark horse service standard", as well as a set of specialized special new service product packages.
We believe that there are three things that are extremely important for a specialized and innovative enterprise.
The first thing is to clarify your intellectual property rights as soon as possible. For specialized and special new enterprises, intellectual property represents the technological content of the enterprise, and technology is the most important factor that determines how far it can go. Many small and medium-sized enterprises do not know whether the technology they have is "specialized" or "special". Fortunately, the relevant state departments have launched a set of new certification standards for expertise, and the first thing we need to do is to help a large number of small and medium-sized enterprises to do specialization and new technology certification. We have a team of 500 people who sink to more than 20 cities, which can help enterprises carry out technical certification at the municipal, provincial and national levels. this is the first business card for specialized and new enterprises to enter the capital market and achieve better and faster development.
The second thing is to strive for capitalization. For specialized and special new enterprises, on the whole, the state wants them to carry out equity financing. Equity financing itself needs training and needs to be docked with many VC and angel institutions. So the second thing we need to do is to help you to specialize in the financing services of new enterprises.
The third thing is to embrace digitization. SaaS system is an important tool to help small and medium-sized enterprises to embrace the digital age. The third thing we need to do is to provide specialized and special new enterprises to log on to the capital market and the SaaS service of the Northern Stock Exchange.
Throughout 2022, we will lead service organizations to sink to major industrial cities to help small and medium-sized enterprises accomplish these three things. We also hope that whether entrepreneurs or investors, or industrial park managers, more people will join us and embark on this new golden road of specialization.