Ming Ming Capital Huang Mingming: Enterprise service is essentially the output of advanced management concepts


Huang Mingming just deducted the trigger and ended the “marathon” warm-up for a project that lasted for three years.The protagonist i is a company that provides employees with pre-employment background checks for SaaS+ services.Ming potential and its earliest contact is still in 2016.Until the first half of this year, I saw that the i-back can fully apply new technologies such as AI to the service and get a lot of customer recognition. At the same time, we observed that the labor costs and employment risks of Chinese enterprises are increasing, represented by Didi and take-out platforms.The rapid development of the new economic field has caused the phenomenon of increasing labor mobility. Huang Mingming has judged that the general demand for cost reduction and efficiency increase has indeed arisen. The opportunity of HR SaaS and back-adjustment services has come, and it has quickly shot.This is just one example of Mingshi Capital’s service to the beach.On this unusually hot track this year, Ming has been away for more than three years, and naturally has more confidence.Founded in 2014, Mingshi has chosen a technology track from the beginning, investing in technology to enhance the company and even industrial efficiency, cost reduction projects, and laid out a group of early technology start-ups around big data and artificial intelligence, intelligent manufacturing, such as Germany.Speed ​​machinery, orange automation, ideal car, Maverick electric car (NYSDAQ: NIU), Liqun Automation, Zhongke Tutuo, Bishi Technology.Mingshi has always been a hard-tech investment, and its footprints cover professional fields such as robots, sensors, and chips. In fact, corporate services have always been a dark line for the continued layout of the Ming Dynasty.Graphite documents, cool Kello, cloud-expanded RPA robots, and BTS technology have all become industry leaders.Huang Mingming said that enterprise services are essentially the digital output of advanced management concepts.He also summed up a set of methodologies for reading people. First, there must be a final view and dare to dare to do it. This is also a low-key to-class B entrepreneur who often lacks the qualities. Second, payment is the recognition of the value of business services.Entrepreneur’s personality must be fearless of sales; third, how far the founder can go depends on learning ability.In short, Ming potential is not only a technology bull, but also a technology-savvy entrepreneur.In this marathon, he ran more calmly and more steadily: he could use three years of tracking time in exchange for priority tickets, or he could finalize his investment in the decision of the RPA leader cloud project.The footprints that have been stepped on in the past are now lined up on the track that follows the shoulders, opening a way for the Ming dynasty to the finish line.The trigger rang and the momentum came on.The key to technology investment is to judge the time when the market broke out. 36: In the first half of this year, the overall venture capital market is relatively deserted. What is the situation of the Ming potential?What new points in the market make you excited?Huang Mingming: Everyone said that this year is a cold winter, but from our feelings, not only did not feel cold, but it was very hot.Since its inception, Ming has always been a technology-driven company.Technology-driven to improve the efficiency of enterprises and industries, and reduce costs, has always been the main theme of our investment.Behind this theme is software or hardware. In fact, it is more of a consideration at a later point in time.In many people’s impressions, Ming potential has invested more robots, sensors, and chips in the past, and the whole is more hardware. But in fact, we have been investing in enterprise services very early, SaaS, AI big data, including this year’s very hot RPA, etc.Wait, compared to previous years, this year can be said to be “soft”.In the past, when we looked at these fields, we didn’t look at it. We can spend a lot of time examining it carefully. This year, the situation is a bit different. There are more people watching and the project is more popular. As a result, you can’t see people in our office.Everyone is robbing the project outside.36氪: From hard technology to enterprise services that are more focused on partial software, what is the time for the latter this year?What factors have changed in the big environment?Huang Mingming: Enterprise services are actually a long-term topic.Everyone has been discussing: When will it break out?How big can China’s toB companies grow?Companies like SAP (German Corporate Services, with a market capitalization of $141.8 billion), first of all, serve a series of top manufacturing companies such as Porsche, Mercedes-Benz, BMW, and Volkswagen, and then best practice these big customers.) Displayed in software and output to global companies.Therefore, my point is that to grow a large enterprise service company, we must first have a good corporate soil.This year’s environment will be different.Several factors have begun to emerge: the second generation of entrepreneurs in China, the landing of Chinese companies in overseas capital markets, etc., all of which have a subtle influence on the standardization of our corporate management.For example, we voted for a company called i-back this year. It is a company that conducts employee background checks through SaaS plus AI, and is the largest company in the same field in China.Our project has actually been tracked for 3 years.Why did you vote this year?Because in the past, we believe that the overall market size of employees is limited, but in the past year, the whole industry has been growing at a rate of more than 100%. The core reason behind this is that the younger generation of entrepreneurs pay more attention to human resources and regard people as the mostThe important and core assets, so the investment that is willing to spend around the human resources of the enterprise is also increasing year by year.As the largest and fastest growing company, i has quickly won a number of iconic big customers. This made us believe that the time to enter the market has matured, so we immediately pulled the trigger.Our investment site is a third-party logistics digital delivery intelligent platform.The third-party logistics market is a trillion-level market, but there are more than 800,000 practitioners. The largest companies account for only 1% of the total, which is very fragmented, intensive, digitized, and standardized.However, the challenges faced by these three-party logistics companies today are not only the decline in gross profit brought about by homogenization competition, but also the changes in the big environment.The changes in China’s consumer sector have been transmitted to the B-end supply chain market, and the timing of industry changes is coming.Mingshi Investment Station is a fancy point. We hope that the station can redefine industry delivery standards through digital delivery platforms and a national tripartite logistics collaboration network to meet the individual needs of shippers.36氪: But in fact, in 2015, there was a statement that the enterprise service was in the first year.What is the difference in nature in 2019?Huang Mingming: The biggest difference is that the first wave of high growth curve of toC has ended, and “growth” has become very difficult. Now all walks of life must develop to improve efficiency and reduce costs.Both hard technology and soft technology will play a huge role in it.We believe that toB’s enterprise services are essentially the materialization or digital output of advanced management concepts, and all industries with a scale of more than one trillion have potential opportunities.Through information technology, it is possible to transform and integrate upstream and downstream industries, and it is likely to create a multi-billion dollar or even larger enterprise service company.36氪: Does the maturity of the big environment mean that investors should take their hands?Huang Mingming: Doing VC work is connecting today and the future.We are not technology and technology. What we invest in is the combination of technology and industry, technology and market.I always think that it is very important to make a technology investment. At first, you have to invest in potential technology. Secondly, you must judge whether the market is approaching the explosion point and throw it in before the outbreak.36氪: The number of people and money that poured into the toB market has increased this year. Are there any pressure on you?Huang Mingming: It is good news for us. The follow-up financing of the projects we invested in is obviously faster.But to be honest, the competition is indeed a lot more intense.In the first half of the year, I took a few TSs in the back. I opened the board of directors in Changzhou. The founder Li Jie was in Hangzhou. We took him to the Shanghai Hongqiao Airport and talked for two hours. The investment was directly settled at the airport.36氪: What is the difference between taking money from Ming and other organizations?Huang Mingming: ToB field research is not enough. It is a deep understanding of the industry, especially the upstream and downstream of the industry chain.In the early institutions, Ming has always emphasized research.Our research is not sitting in the office, searching for papers, reading news, we ask colleagues to go to the industry to do a lot of in-depth research.For example, we have not dealt with the RPA project before. When we first discussed this year, some colleagues questioned, isn’t this like Microsoft’s macro?But when we went to talk with IBM and Deloitte, we found that we had to meet the needs of the enterprise. They were too busy, and the emergence of AI allowed the application of the automated process to be broadened. So in the next two months, we took the market.The head players all swept again.When Yunsheng Technology appeared, we comprehensively evaluated the team’s background and product development strategy. They thought that they were the best team on the market to do this thing, so they made a decision in a week.And without the deep industry of the previous industry, we can’t understand such projects very quickly, and we can’t make decisions in a short time.Enterprise services are essentially the output of advanced management concepts. 36: When it was founded in 2014, the consumer Internet was still erupting.Why did Mingshi choose another relatively cold track for himself?Huang Mingming: We are the people in the market that is going backwards. The money that is easy to make and the money that is easy to make is not up to us.People in the investment industry are smart people. Everyone wants to make easy money. Then we will take a stupid, bitter, and tired road.When we first invested in technology, we couldn’t see it. Today, the industry is hot, but for us, it’s actually hard work.36氪: How important is the first-mover advantage for investment in technology projects?Huang Mingming: Everything you do now will be in a line in the future.The insights into the industry accumulated over the past four and a half years, the understanding of technology, and the lock-up of contacts have been of great help to our investment today.It can be said that no matter which technical experts are encountered in the market today, we can find the right people and judgment methods in a short time, and quickly clarify that the technical route is not reliable and people are not reliable.Compared with entrepreneurs in the toC field, entrepreneurs of technical projects may not like to choose a fund with a particularly high reputation. They know that they are doing long-term business, and they want to find investors who understand technology and fully understand them.We deal with technical entrepreneurs and have a common language.We can have a chemical reaction with the entrepreneurs who serve these businesses.This is exactly the case. We really believe that technology can change the world’s investment institutions, and we are willing to be friends with time. We can say that we have established such a brand among technology entrepreneurs.Furthermore, we now have more than 130 invested companies, most of which are strong technical backgrounds.This year, when we want to take the cloud to expand the case, we are catching up with the Ming CEO Summit. We will invite Liu Chungang, the founder of Yunzhuang, to come to the meeting, and communicate with the Yaozhou of the policy and Liu Dapeng of the technology, the atmosphere at that time.Very good, and soon let Liu Chungang (founder of Yun Yun) realize that everyone is the same kind of person.When it comes to how technology companies build sales teams and how to manage projects, everyone has a deep resonance.One of the things I was most impressed with was the first time when the Ming Brotherhood was opened in 2015, when we had less than 30 companies invested in it, Sang Wenfeng suddenly turned more than 20 users into gods..36氪: God policy is a very representative project, Ming potential is one of its earliest investors.What inspiration does this case have for your future problem solving in enterprise services?Huang Mingming: In 2015, the market and most organizations preferred the SaaS model that put data on third-party platforms. This is also a mature model in the United States. Only God policy is to be a private cloud.(Sang) Wenfeng met more than 40 US dollar funds at the time. There were only 5 or 6 partners who could see the partners. Most people ignored him when they heard it, because you are different from the mainstream.So the first thing he saw when I saw it was: Huang, I am a private cloud. If you only vote for SaaS, then there is no need to talk about it.For me, at least I would like to hear why this entrepreneur is different from others, and we also did large-scale customer interviews at the time, knowing that they really do not want to put data on the public cloud.As a result, we chatted and hit it, and in the afternoon we made a decision to vote for it.When we first invested in 2015, the valuation was 5 million US dollars. Last year, we completed the C round of financing, with a valuation of more than 200 million US dollars, and the current book return is more than 50 times.If there is any inspiration for this project, then I think entrepreneurs have to be brave enough to make difficult decisions.Most people are willing to make easy decisions, but when doing business, if you are making easy decisions, this company is not far from death.At this point, Sang Wenfeng (note: founder of God policy) is very great, whether it is the strategy or execution of the company can always lead the team to make difficult and correct decisions.36氪: At the beginning, God’s policy chose a path that few people walked, but in the future, it can continue to grow at a high speed. What do you think is the secret?Huang Mingming: There is a point that Sang Wenfeng has always known very clearly. He said that he must be a paying user. Unlike many Internet projects, he has a bunch of free users. “Wool is on the pig.”At that time, there was a story that was very classic. He quickly sold a product after 80 points.The first single he sold to a Baidu entrepreneur, the other asked him the price, Wen Feng began to say 80,000, the other said, 5000.Wen Feng said: the deal.For him, 5000 or 80,000, the relationship is not big, but at that time node, the user is willing to pay for his product, is the iconic node, indicating that the product is valuable, it is worth doing.Therefore, commercialization capability is always one of the most important capabilities for to B companies.toB is to provide value for the enterprise. If the customer always says that the product is useful, but it does not pay, we believe that it must be a problem with your product, and it does not really require the user.There is still one step in the policy. We believe that it is crucial to go.Its early customers were Internet companies, and once I was on the board, I had to cut into larger traditional corporate customers.The new economic company has high acceptance of new services, but the life cycle is short, and the renewal fee will not be too stable; it is difficult to deal with traditional enterprises, but Wen Feng quickly and steadily did it.What God has to do is to build the foundation of China’s digital enterprise. The market is huge, but if you don’t cut into the traditional field, you will never grow into a big company.Looking for technology-savvy entrepreneurs 36: Many innovative products of the consumer Internet rely on the sharp intuition of the founders. What do you think is the ultimate competition for toB entrepreneurs?Huang Mingming: We also vote for toC, which accounts for about 20% of our projects.It is true that C-side entrepreneurs need to be able to perceive user needs. In a sense, they are genius-like. Like Jobs, like the car we cast and the family’s Li Xiang, the Maverick’s Token, these people can’t be met.In essence, enterprise service is the promotion of an advanced management concept. The founder of enterprise service, whether in the understanding of technology or customer business, or the understanding of company management and cost control – is better thanThe customer itself, in order to deliver advanced management concepts to each other through materialized or digital solutions.For example, (Sang) Wen Feng (note: founder of God policy) said that when he came to Mingshi for the first time, he used to process the data of T every second in Baidu’s big data department.Now he hopes to give this dragon knife to thousands of SMEs.36氪: What changes have you seen in the quality of entrepreneurs this year?Huang Mingming: There are fewer fake entrepreneurs and the overall quality is higher.The market has become colder, and financing is obviously not easy. Most of the entrepreneurs who have come up this year are thinking more clearly and have accumulated in certain industries.36氪: What are you most concerned about when you look at the founders?Huang Mingming: First, let’s see if the founder can achieve a successful transformation from a big technology to a successful entrepreneur.The advantages of the class B entrepreneurs are solid, but sometimes the more excellent the more cautious, there are 10 to say 7, and the to C class may even have 1 to say 7.Some entrepreneurs with ToB technology don’t dare to think too much about things, and don’t even dare to challenge difficult goals. This has led many of these entrepreneurs to fail to complete the transition from technology to successful entrepreneurs.unfortunately.So we often ask entrepreneurs: How big is the end of your project?Entrepreneurship is actually asking a question and then solving it.How big a business can be depends on how big the problem is.80% of the technology used for landing on the moon was invented and realized after the goal of landing on the moon. If you don’t even think about it, the team configuration and financing rhythm will be affected. There is no way to contact the top company PK..Second point: We will focus on the learning ability of entrepreneurs.We are investing in the early stage. Even if the research is done deeper and more detailed, the things that the company will do later may be completely different from the original.We hope to find “technical entrepreneurs” who not only understand technology and model innovation, but also know the application scenarios of technology in the industry very well, and can make the business bigger if resources are limited or even scarce.So the third is that the entrepreneur’s personality is particularly important for not facing the market.36氪: In addition to the continued fierce investment and financing, what changes will you make to the toB industry this year?Huang Mingming: There will be many mergers and acquisitions.We studied enterprise service giants in the United States, such as Salesforce ($134.7 billion in market capitalization), all of which integrated a variety of companies along the way because mergers and acquisitions were more efficient than self-built teams.At present, the domestic head SaaS is considering such a play, and God policy has also jointly invested in projects operated by smart users.We don’t like to integrate money into an investment company, but as long as we are in line with our core business and development direction, we will definitely support it.36氪: What role will AT and other giants play in it?Huang Mingming: The giants began to acquire enterprise service companies in the market a few years ago, but the scale is small and the movement is not that big.This year, there will be more large-scale mergers and acquisitions.The advantage is that the water in the market is more alive, but at present, several of the heads, including ours, are not willing to “stay in the team.”From the perspective of the entrepreneurs, we will not consider the entrepreneurs who sell them to the giants. It is still the problem. If you are just on the road, you will want to hold your thighs in the future, indicating that the problem you want to challenge is not big enough…