Originally, this signing ceremony attracted much attention from the global media and the Internet industry. But after Li Mu announced Makino Technology's open platform strategy in his speech, the world's attention to Makino Technology once again rose to an unprecedented level.
After the signing ceremony, Makino Technology soon officially released the "Makino Technology Open Platform - Dadi Plan" and the "Makino Technology Mass Innovation Support - Seedling Plan".
Makino Technology’s definition of the Earth Plan is to build the entire ecosystem of Makino Technology into soil that can be shared by the entire industry, like the earth, which can accommodate and cultivate various trees and crops.
Makino Technology’s definition of the nursery plan is: to wholeheartedly cultivate innovative enterprises in the Internet industry, not only to provide perfect soil, fertilizer, and rainwater for industry newcomers, but also to protect the development of newcomers.
Among them, Dadi plans to immediately open access to small games on the YY game platform in the first phase. All game companies that are officially registered and have one or more original or exclusive copyrights can apply to become the CP of the game platform, that is, content providers. After the application is successful, you can upload the game in accordance with the requirements of the YY game platform. The review team of the YY game platform will review the game and score it. Depending on the score, the recommended resources the game will receive after it goes online are also different;
YY has also simultaneously opened up "self-media" access to YY.com. Any adult individual, formal enterprise, and studio can apply for a self-media account on YY.com, and then freely create a variety of information content that complies with laws and regulations. These contents will be It is entered into the information content library of YY.com and promoted to different users according to the independent algorithm of YY.com. The owner of the self-media account can get a share based on the number of views of the content and the number of advertising clicks on the content page;
In addition to the game platform and YY network, the decoration materials of YY space are also fully open to third-party designers. Individuals, formal enterprises and studios can apply for registration and upload original decoration materials that meet the requirements of the platform. These materials will be It will be put on sale in YY Space Mall, and the sales proceeds will be divided with the creators.
Three platforms were opened in the first phase, which immediately allowed the outside world to see the sincerity of Makino Technology, especially the YY gaming platform. Currently, the single-day recharge turnover worldwide has exceeded 70 million, and it is still growing rapidly. , of which the overseas market accounts for about 80%. This year’s revenue base exceeds 20 billion, which will definitely attract game development teams from all over the world to join in. By that time, the number of games on the YY platform will surge. As long as YY itself By doing a good job of checking and only selecting excellent games to promote to users, the platform’s appeal to users will rise to a new level in the future.
For a time, the whole world was amazed by the courage of Makino Technology.
Li Mu paid more attention to the nursery plan. He decided to spend at least 5 billion yuan every year to invest in projects in the Internet industry. Makino Technology was willing to participate in every stage of financing from angel round to later stage, as long as the project was good enough!
Take the team of PickupDian.com, a high-level team that has created a new industry model, plus an industry-leading platform. It only sold for 2 million US dollars, and 5 billion yuan. I don’t know how many such companies can be invested and acquired. The team invests 5 billion yuan every year. It seems that this expenditure is very huge, but in fact, this expenditure is very cost-effective. In less than two or three years, most domestic Internet companies will either be directly owned by Makino Technology shares, holdings, or holdings of funds indirectly controlled by Makino Technology.
Moreover, if Li Mu is willing to distribute the investment dividends, he can use these billions of yuan to cooperate with banks and other funds. With a little leverage, he can mobilize at least two to three tens of billions of funds.
The way for individuals and enterprises to apply for investment in the nursery plan is also very simple. The nursery plan has opened its own exclusive page on the YY website: yumiao.yy.com. After entering the page, you can directly apply for project investment. Makino Technology based on several key data To classify applications, the main data is the applicant’s valuation of its own projects and the amount of financing.
Makino Technology internally divides projects into five grades: A\B\C\D\E. The lowest grade E is when the applied investment amount is less than 500,000 yuan, or the total project valuation is less than 5 million yuan; grade D is The applied investment amount is in the range of RMB 500-300 million, or the total project valuation is in the range of RMB 500-30 million; Level C is the investment amount is RMB 300-1000 million, or the total project valuation is RMB 30-100 million; Level B is the investment amount is RMB 10 million -100 million, or the total project valuation is between 100 million and 1 billion; Grade A means the investment amount is more than 100 million yuan, or the total project valuation is more than 1 billion yuan. If the investment amount conflicts with the valuation amount, the investment amount will be used shall prevail.
According to such five gear settings, projects applying for investment can be screened and classified according to five different meshes. Each gear corresponds to at least one investment team, and then an investment committee is set up for the entire nursery plan, no matter which gear. After each team's project passes its own team's evaluation, it will be reviewed by the investment committee. All core executives including Li Mu and Makino Technology are members of the committee. In most cases, they will not participate in the meeting. review, but if there is a major project, each of them may be involved.
As soon as this nursery plan came out, domestic Internet entrepreneurs seemed to see spring all of a sudden.
In this era, China has just joined the WTO, and domestic capital operations have just begun to integrate with international standards. However, this is like the intersection and integration of two ocean currents, and it will take time to promote step by step. Therefore, at this stage, the capital operations of domestic enterprises There is still a big gap between the model and the international capital field. The most obvious one is that China has not yet cultivated large-scale venture capital institutions.
Without enough venture capital institutions, it is impossible to form a mature investment market. Take Silicon Valley and Zhongguancun as examples. If someone wants to start a business in Silicon Valley, no matter whether he or she can successfully raise funds in the end, as long as he takes out a BP, he can at least see it. Dozens of investment institutions and dozens of investors, and then tell each other bit by bit about your project plan and try to convince them. However, in China, if an entrepreneur wants to raise funds, he can think of only one investment institution. After counting, he could think of almost no investors.
At present, the formal domestic venture capital institutions are basically new domestic funds established by overseas capital. For example, Sequoia is one of them. However, except for Li Mu, there are no real angel investors in the country.
A qualified investor in the Internet industry needs to meet the following conditions: first, having money; second, understanding the Internet; third, knowing not to interfere in operations; fourth, being able to afford to lose.
There are many rich people in China at present, but most of them are from the real economy. Some of these people only meet the first condition. If an Internet company takes money from such people, it is very likely that the other party will interfere with its operations. , and because the other party does not understand the Internet, it is likely that they cannot wait for long-term returns, and the other party may even be angry with the entrepreneur because they cannot afford to lose.
In his previous life, Li Mu had a colleague who went to start a business. As a result, he took investment from a second-generation rich man. After the other party gave him the money, he thought he was the boss. He interfered in the business operations in various ways and even overstepped his authority to formulate the company's strategy. In the end, the project failed. After the rich second generation lost one or two million, he became angry and threatened to kill his colleague. In the end, his colleague had no choice but to flee Yanjing overnight and go south to Shenzhen City to start over.
In this economic environment, it is really difficult for Internet people to raise funds. This is why several Internet giants in China’s early days used overseas capital when they actually raised funds.
However, how can overseas capital be so easy to obtain? Most of the entrepreneurs may not be able to get a visa to the United States. Even if they get it, they may not be able to afford a plane ticket to the United States. Isn’t it as difficult as going to the United States to attract investment
Well, now there is an investment institution that fully meets these four conditions, and it is not from overseas, but from the country, and has at least 5 billion annual investments. This is really important. Even if small funds meet all four conditions, they only have a total of 100 million. This 100 million will be gone once they have invested it. Moreover, in order to ensure a rate of return, they often invest in multiple projects and share risks. In this case, they can maximize their investment The projects he participated in were around 10 million, which was completely incomparable to Makino Technology.
When the nursery plan was launched, Li Mu was planning to regard Qidian Chinese Network as the first company to invest in the nursery plan. He found Li Ziwei and asked her: "At the last signing ceremony, did the founder of Qidian Chinese Network talk to you? Leave your contact information?”
"Yes." Li Ziwei said, "We left each other's phone numbers, email addresses, and YY."
Li Mu nodded and asked, "Did he send you BP?"
Li Ziwei replied: "I told him about the BP. His previous BP was a bit hasty and he needs to make preparations again."
Li Mu smiled slightly and said: "Contact him and ask him not to do BP. Makino Technology is willing to invest 30 million yuan in his Series A, accounting for 51% of their shares. Of the 30 million yuan, they are allowed to The founding team cashed out 10 million, but the condition is that all team members participating in the cashout must sign a three-year bundling agreement and a three-year competition agreement with Makino Technology.”
Three years of binding and three years of non-competition means that first of all, this person must work in the project invested by Makino Technology for three years before leaving. If he leaves after three years, he must also accept the three-year non-competition agreement. , shall not engage in the same industry as the starting point.
This condition may seem harsh, but it is the investor’s greatest protection for the project, because in Li Mu’s eyes, everything is people-oriented. If the founding team of a product or platform leaves, its soul will be gone.
Moreover, in order to make up for his harsh "lock-in" agreement, Li Mu provided extremely generous capital conditions.
According to the historical trajectory, Qidian.com will only buy two million US dollars when it is packaged and sold next year, which is equivalent to about 17 million yuan. If based on this calculation, the lowest transaction price they can accept now is estimated to be 800 to 1,000. Around 10,000 yuan.
Now, Li Mu directly invested 30 million yuan, accounting for 49% of the shares. In this way, his actual valuation of Qidian Chinese Network reached 58.82 million yuan. The most important thing is that he allowed the founding team to cash out 10 million, which can almost buy the entire starting point directly.
To turn a 10 million business into 58.82 million, Li Mu is not stupid, nor does he not regard money as money, but he not only needs such an online novel project to be integrated into the YY network structure, but also needs a project to make the nursery plan take the first place Cannon, and more importantly, giving the team generous financial returns and leaving them with 49% of the shares can retain the team for a long time.
(End of chapter)