At the end of the two-day CCF-GAIR conference, the investor's special session, Yang Xiangyang, a source investment manager, and Zhang Quanling, a partner of Zichuan Fund, conducted a dialogue on AI investment.
Yang Xiangyang: Zhang Quanling believes that many people here are acquainted. I also know her but she does not know me. After starting to pay attention to Zhang Quanling, she started Weibo and later found out that she suddenly resigned and went back to invest. Can you talk about choosing to invest in? What's wrong with your choice of investment fund? What are the advantages of this fund?
Zhang Quanling: It seems to span a lot, from reporters to investors, but there are two core points that are similar:
The first is curiosity . The reporters are meeting with different people every day, learning about different things, being forced to conduct a lot of study every day, and all kinds of knowledge are stuffed. Investors, too, especially angel investing, are physically active, but this makes me especially excited because you are constantly learning new things, so in essence the working styles of the two are not so different. Fun things.
Secondly, when reporters have spent so many years, they have huge resources and power , and they have a lot of plug-ins. No matter what the project is, I can certainly find a person who can read it. Otherwise, my 18-year reporter did it.
Yang Xiangyang: Being a reporter is very good and will always satisfy your curiosity about things.
Zhang Quanling: I am a German of my own science. Why am I not engaged in a German major? It is because the most painful thing in my life is actually not talking about my own words. To translate someone else to speak someone’s words is a very painful thing. , so I chose where I could speak. Afterwards, there were fewer and fewer words that one could speak, and they would not speak their own words. Therefore, people's habits are in the same line.
Let's talk about the direction of artificial intelligence. We were founded only last fall. We have so far invested in seven projects related to artificial intelligence. It is indeed what we are looking at. Because my partner said that the first wave of artificial intelligence applications is in the distribution and precision marketing, so we have been concerned about the use of data behind. Therefore, we look at the angle, in addition to the technical barriers in terms of algorithmic capabilities, but also depends on whether you have a data path, whether this approach can be used to good.
Yang Xiangyang: So you chose Fu Sheng as a partner. Fu Sheng recently upgraded, so he has recently become a particularly aware entrepreneur. In fact, many entrepreneurs, including myself, have not yet reached the cognitive level. I think he is very good. He is very bullish in this direction.
Zhang Quanling: We still have to say that the development of artificial intelligence means that the spring of science and engineering men has arrived, but I strongly suggest that not only from the perspective of engineers and men, this wave of artificial intelligence can establish most of the business models are cross-border , so also to Let's take a look at the direction of liberal arts, take a look at other disciplines, and look at poems and distances, because in the era of artificial intelligence we believe that cross-border teams have a particularly large opportunity.
Being an artificial intelligence product, but also an entrepreneurial team, this road is very difficult. Because you are being squeezed in two ways, one is the extrusion of the chip, and the other is that even in the software part, the hardware does not come to sign your part, it can not be done, so we must fully recognize the business model we say importance. Many people in this wave have come out of colleges to start a business and have developed the habit of picking up projects in institutions. It is basically a model for collecting money from projects, but this is really a matter that needs careful consideration.
The second thing is midway valuation. Even if you do well, midway valuations should not be easily done . I am not bargaining because we are partners when we invest in you. In the process of moving forward, most people die in the process of installing Niubi. Niubi is at the end and does not prove itself in the middle. I have seen many high-powered big cows from the bottom of my heart. I am really sad to see such a company.
Yang Xiangyang: When I talk about a few ideas you can criticize and criticize, let's talk about AI. I would like to say a few:
The first one I want to do is to fool the investors. I think you should play hard and lose money. This is the general direction.
The second is not very good news for entrepreneurs. When the Internet and mobile Internet come, it can be said that it is almost all entrepreneurial and innovation. Like Cai Wensheng and Xiao Li, they didn't have to go to middle school or go to college. They all succeeded. But when it comes to AI today, many people feel very mysterious, so this matter you can ponder and ponder. If you can't think about it, don't think too much. So on the one hand, I have to fool the investors. I guess only Linsen can't stop me from moving, but I also flicker that you have to cast a little more, otherwise you will not be in this era. However, for entrepreneurs, I think this bridge may be narrower. It may be that many people are really not suitable and certainly not so pessimistic.
The third point is that I look at this in terms of technology: AI has been proposed since the 1950s, and many years have passed, and so far it should be called the era of AI technology. What is the era without technology? Have to rely on data? If the data doesn't train you, won't you? Repeatedly counting, it's just the difference between 100 counts in one minute and 120 counts in others. That's all.
So don't worry, when all of us can start an AI business again, I think there are always some great companies in the world, such as Microsoft, Google, Facebook, Tencent and Ali. There will definitely be one. The platform is like a smartphone. After the great Google opened Android, now we can start a business for everyone, otherwise we have only one place in the world. This is the magic of the underlying system. The technology is not yet mature, but now there are already open platforms in the areas of neural network learning and deep learning. Zhang Quanling has just mentioned, image recognition, etc. I believe there will be an open platform in the future. But now that you listen to Zhang Quanling, you still have to ponder over the business model and the scene. I think this is something that can be done.
Zhang Quanling: I firmly believe that AI will also become the underlying infrastructure. These are done by various companies because the final data will be there. However, startups still hope to have their own breakthroughs in the subdivided areas and have their own space at the edge of cross-border. This is what we can imagine. So I think this wave of entrepreneurial opportunities is a point that is constantly being looked for as AI continues to be the infrastructure of the lower layers.
Yang Xiangyang: Thank you, Zhang Quanling. There is a good project to find Zhang Quanling. She can save you a lot of money if she gives you an endorsement.
Zhang Quanling: The business model is not just a matter of thinking in the laboratory. Firmly speaking to all entrepreneurs, the business model is really not what the lab thinks, and the fact that the business model cannot be realized. Ask me to chat...
Yang Xiangyang: The era of artificial intelligence began long ago, but people all over the world like to engage in forms and engage in sports. Now this sport has officially begun. So if you have anything to do with us, you don’t need to do it, you’re conscious, or you don’t feel like it, you’ll roll into this tide. Learning is always necessary. In terms of technology, there are many things that are worth exploring. I hope that through this two-day agenda, everyone can get what they want. Unfinished business can be explored next year!
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