My Age of Investment

the next day.

In the conference hall of a hotel in Shanghai, the audience was full of reporters. This is the invited audience.

Xia Jingxing, Fu Jixun, and Zhang Tao sat on the stage, facing countless spotlights, and began to cut melons, oh, it's firing!

Zhang Tao sat in the center of the three of them. He was the party involved and responsible for the main artillery output.

"I invite all the media reporters and friends here today, because I want to invite everyone to be a witness!"

Zhang Tao was unsmiling, with an extremely serious face and a cold tone. The moment he spoke, he exaggerated a sense of awe in the already extremely silent conference hall.

"Our Dianping.com is a website established in April 2003. Its business scope is..."

Zhang Tao first briefly introduced his company, and then said: "A few months ago, Dianping received a round A investment of USD 2 million from Envision Capital, and signed an investment intention agreement with Envision Capital...

Several of my partners violated the confidentiality agreement in TS, contacted Sequoia Capital in private, and planned to tear up the investment intention agreement of Vision Capital.

I think this has no moral bottom line, and I am sorry for the investment institution that trusts me. I wanted to dissuade my partners from reining in the precipice, but I had a big fight...

In this way, because of different ideas, several partners and I decided to get together and leave after negotiation.

I used all my personal wealth to borrow $500,000 from Vision Capital, and repurchased all the shares held by several partners.

When repurchasing shares, I signed non-compete agreements with several people.

But now, a few people have violated the non-compete agreement and founded Duoduo Dianping.com, poaching our company employees and customers. The morality is extremely corrupt, the character is extremely despicable, and it has caused huge economic losses to Dianping.com... "

Zhang Tao turned into a sad entrepreneur, and stated his painful entrepreneurial lessons to the media with a look of grief and indignation.

At the same time, several employees of Dianping were distributing "evidence materials" to the reporters.

These materials include the equity repurchase agreement signed by several co-founders, the non-competition agreement, and the evidence of digging employees and customers on Duoduo.com, which is very detailed.

for today,

They prepared all night yesterday, just to completely crucify the target.

Holding the materials, the reporters whispered to each other while taking pictures and recording.

It was originally just a small social news of "violating the non-competition agreement", but because it involved two well-known investment institutions, Vision Capital and Sequoia Capital, this incident became a topic.

Zhang Taoyi sat on the stage, looked at the reporters in the audience, and said righteously: "We have officially submitted the litigation materials to the Shanghai Court, and the case is currently being accepted.

The reason why this press conference was held was not to win sympathy, but to speak out and remind friends who want to start a business or are starting a business.

Character is very important in choosing a partner, and I just didn't notice it for a while, which caused such a big disaster.

Finally, I would like to advise Sequoia Capital, stop helping the evildoers.

Because of their bewitching, several of my partners had the idea of ​​violating the agreement.

Now, a group of guys with such bad morals can also get investment from a well-known venture capital institution? Is this society sick?

Has capital become so bottomless in order to make money? "

Zhang Tao sternly asked questions and directly bombarded Sequoia Capital, which made the reporters' eyes shine.

Since the end of the 1990s, China's Internet industry has begun to thrive. Internet entrepreneurial heroes, ringing the bell to go public, and news of financing of millions or tens of millions of dollars have become hot topics one after another.

However, few media reported topics such as "non-competition agreements", "founders' struggle", "venture capital aiding evil", "capital greed" and so on.

Dianping's press conference today provided journalists with good news material.

It must be a special book!

Fu Jixun, on behalf of Envision Capital, also expressed his own views.

Compared with Zhang Tao's "showing up and telling stories", Fu Jixun's language is much more official and professional.

Holding documents and materials in his hands, he revealed to reporters which agreements Duoduo.com had violated and what losses it would bring to Dianping.com.

"...the Internet industry is one of the few high-tech industries in China that can catch up with the United States and the world.

But this industry is still very young, and it needs practitioners, venture capital institutions, and all sectors of society to jointly care for it.

The public commented on this incident, which has far-reaching significance.

It sounded the alarm for the entire industry!

If entrepreneurs have no professional ethics, no original spirit, plagiarism everywhere, and breach of contract everywhere, then who will really push the industry forward?

It is often said that the Chinese Internet is all plagiarized from the United States!

And Dianping, which was born a full year earlier than Yelp, the earliest review website in the United States, is a true innovator!

Some of the peers were blinded by the interests, failed to invest, and instead supported plagiarists.

It has lowered the moral level of our industry and destroyed the three views of people!

As a venture capital practitioner, I appeal to all entrepreneurs to keep their eyes open and stay away from these "greedy" capitals.

At the same time, I also appeal to friends from the media, and hope that you can pass on what you have seen and heard to the public, so that everyone can supervise and promote the orderly development of the industry..."

The media reporters nodded from time to time. Judging from the materials and information they have now, the co-founders of Dianping and Sequoia Capital really look like a despicable villain, an absolute villain.

After Fu Jixun finished speaking, the reporters turned their attention to Xia Jingxing who had been silent all this time.

"Mr. Xia, as the founder of Vision Capital, do you have anything to say?" A reporter asked from the audience.

Xia Jingxing picked up the microphone, forced a smile out of his tense face.

"First of all, I have to thank all the media friends for coming, because your coming makes me believe that in this materialistic society, there are still such a group of people who always stick to their hearts, pay attention to injustice, and promote the progress of society."

The reporters laughed a little. They didn't "pay attention to injustice". They came here purely to find hot news, with the purpose of year-end awards.

However, Boss Xia raised their uncrowned king so high today, just for this sentence, today's manuscript must be written seriously.

Gan!

Xia Jingxing sighed, "Actually, I think the existence of commercial competition is completely reasonable.

Because without competition, there is no progress.

But I strongly oppose bottomless competition, because it overdraws the moral level of this society.

Dianping's former employees violated the agreement and committed plagiarism, but they were still favored by venture capital.

This is undoubtedly a very bad start!

If a group follows suit, the entire Chinese technology industry will fall into endless internal friction, and its development will stagnate.

As I said before, investing is investing in "people", and there are many definitions for this "person".

First of all, moral character must be put first.

A person who has no bottom line and no spirit of contract is destined to be short-sighted, and it is unlikely to achieve great achievements in entrepreneurship.

Even if it does achieve success, it may be a story of "the farmer and the snake" because of its morality, and venture capital institutions may not necessarily be rewarded.

Secondly, investment depends on a person's talent.

People who only know about plagiarism and have no real talents will always be learning in Handan, unable to accomplish anything, and will not bring innovative services to the society.

When the ancients evaluated a person, why did they say "both political integrity and ability"?

And Germany is still ahead, you can take a closer look.

I am here to express an attitude on behalf of Vision Capital. We strongly support Dianping.com in safeguarding its legitimate rights and interests.

And strongly condemn those entrepreneurs and investment institutions who are not right-minded and want to take shortcuts.

All that they have done will forever be nailed to the pillar of shame in the history of China's venture capital development.

Well, that's all for now!

I hope that friends from the media will continue to follow up and report!

The case is currently being accepted, and the court will be formally opened in the near future. I hope everyone will pay attention to it. thank you all! "

The reporters in the audience applauded and watched Xia Jingxing and the three leave.

Soon, the reporter sorted out the press releases, and one report after another was released.

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