Three, investors from the consumer market to the enterprise market. There is a large sum of money in the venture capital investment style is opportunistic, and the trend is oriented, there is no theoretical support. The money to a large extent by the open market driven, this part of the capital in 2009 to 2011 "voted in" the consumer Internet and social networks, driven by the venture capital market, because the venture capital industry every level (angel, seeds, a round, round B, C round and so on) need to know what is the next level of investors want to invest the project, when the trend in Web / social network, investment level will be cast Web / social network. Now the trend is to invest in the field of business, we should be expected to invest in each level are optimistic about the field of Venture Company.
Integration of these three factors, the consumer Internet Co (Web and mobile platform) to obtain financing more difficult. The first two factors also makes the area of consumer Internet start-up companies more difficult to break through a tight encirclement, exactly is a prerequisite to obtain financing. The investment of a number of products with good prospects for the company is struggling to break the intention to have a breakthrough, the venture will naturally be attracted by those who have come to the fore. This is a vicious circle, and now we see it in the field of consumer Internet repeat.
What does this mean for the USV venture capital? In fact, there is not much impact. Our investment has always been a theoretical support. We believe in what we think, whether good or bad. That is a huge active user network, they have the ability to subvert the big market. We are investing in the fastest speed in our company's history. We did a lot of A round and B round of investment, because we believe that the market is the largest vacuum there. We haven't really done a seed or an angel for a long time. But does not mean that we will not, our next round of investment may be the seed or angel..
But we are a small investment. Maybe we will invest 40 million to 50 million U.S. dollars per year in all key projects, including initial investment and investment. This size only accounts for a small proportion of the venture capital market. We are interested in this. We don't want to do the whole market. We want to invest in a small part of the ecosystem early, so that our investment theory and a great team with a unique product design collision sparks.
In conclusion, these three trends are affecting the venture capital investment. We have invested in 15 companies, a large part of the company in the field of consumer internet. In 2011, we encourage the companies we invest in to raise more money. Even so, there are cases of financing difficulties everywhere, even the best companies we have voted for. We invest in many very young firms, which is from the beginning of the summer of 2010 after the start of the business, these companies struggling, as I said before. We are patient investors, have confidence in the company and the team. Our patience is receiving rewards, especially in the mobile market. But for early consumer Internet Co, today is the most difficult period I've ever seen since 2001 to 2004. I think the more competitive environment is still in its infancy.
Indeed, a lot of things have changed. Science and technology industry is like this. Those who adapt to change, find opportunities, and take action will be successful. After seven or eight years of consumer Internet tide has not been, practitioners of the day more difficult, and in the next period of time this situation is likely to continue.
