海銀資本:在中國制造業和美國科技創業公司之間搭橋鋪路
????周末,美國最有前景的十幾家高科技企業來北京展開了為期一周的商務考察。這次中國之旅可能代表著中美科技合作的未來。 ????組織這次活動的是中國風投公司海銀資本。該公司剛剛完成了規模5000萬美元的第三只基金配置,投資對象大多是美國初創型科技公司,比如設在舊金山灣區的清潔能源存儲公司光帆能源、波士頓近郊的光伏企業1366 technologies、位于加州莫哈維沙漠的私營宇航公司XCOR Aerospace,以及在多地設有辦事處的眾籌企業AngelList。 ????參加本次活動的創業者大多得到過海銀資本的融資支持。光帆能源的聯合創始人兼首席科學家丹妮爾?方已經啟程前往北京,該公司的另一位創始人兼首席執行官史蒂夫?克蘭晚些出發。1366 technologies的首席執行官弗蘭克?范?米爾洛也已動身。 ????他們將從北京出發,走訪杭州和廣州的制造業基地,并與當地商界和政界人士會面。同時,銀海資本將安排他們參加針對創業者的活動,部分創業者還將向銀海資本的業務伙伴介紹情況。比如說,本周XCOR Aerospace將在北京測試它的航天技術。 ????如果不是為了炫耀自己投資了哪些公司,海銀資本安排這一切又是為了什么?本次活動凸顯了該公司的投資宗旨,那就是從美國引進一些較先進的高科技知識產權,并幫助創業者跟中國方面密切合作,以便進入生產和市場部署環節。 ????如果這些美國公司能借中方合作伙伴的力量部署自己的技術并達到商業化規模,那就可能意味著這些初創企業的估值將上升,而且有望讓它們成為中國企業的重要客戶和生意伙伴。許多中國制造企業都在進行創新并嘗試新的生產方式。這些新方式具有更明顯的模塊化特征,規模更小(但依然效率十足,成本較低)。中國地方政府對建立制造業基地也有很大的興趣,而且希望能通過這樣的基地孕育出更靈活的創新。 ????海銀資本的創始管理合伙人王煜全以獨特的方式把中美兩國科技界聯系在了一起。在職業生涯之初,王煜全曾和弗若斯特沙利文咨詢公司合作,以顧問身份幫助在業內幾乎默默無聞的中國移動,使其成長為如今的移動互聯網市場巨無霸。他投資中美初創科技公司已有大約10年。 ????王煜全在接受《財富》雜志采訪時表示,美國有許多前途光明的新生代初創企業,他們能制造非常精密的高科技產品,但難以批量生產。小型初創企業只停留在研發階段時估值較低,無法籌集到邁上新臺階所需的大筆資金。但它們往往需要一大筆投資,以便實現大規模生產并進入廣闊的國際市場,這最終將大幅提升它們的價值。王煜全說:“這就像先有雞還是先有蛋的問題。” ????海銀資本希望能拉近雙方的距離。王煜全將中國制造企業和美國科技公司聯手稱為“搭積木創新”。這種創新更像是搭樂高積木,不像在實驗室發明創造。王煜全的說法是:“搭在一起,它們就能發揮作用。” ??? 光帆能源CEO克蘭指出,由于該公司仍處在研發階段,到目前為止都幾乎沒有和中國企業接觸,本次考察對他們來說基本上是初步了解情況,也可以熟悉中國的電力存儲市場。現在,光帆能源不打算局限于研發階段,已經開始在中國尋找制造伙伴、客戶和投資者。克蘭說:“如果中國成為我們最大的市場,我一點也不會感到意外。” |
????Dozens of some of the most promising high tech entrepreneurs in the U.S. are headed to Beijing over the next day or two for a weeklong trip that could represent the future of U.S.-China technology cooperation. ????The trip is organized by Chinese venture capital firmHaiyin Capital, which just finished dispersing its third fund of $50 million into mostly U.S. tech startups like energy storage startup LightSail Energy, based in the Bay Area, solar tech startup 1366 technologies, located just outside of Boston, private space flight company XCOR Aerospace, in Mojave, Calif., and crowdfunding company AngelList(distributed offices). ????The attendees on the trip are mostly entrepreneurs that Haiyin Capital has funded. LightSail Energy‘s co-founder and chief scientist Danielle Fong is already on her way there; LightSailco-founder and CEO Steve Crane leaves today. Frank van Mierlo, the CEO of 1366, is also en route. ????The group will start in Beijing, and tour through the manufacturing regions of Hangzhou and Guangzhou, meeting with local businessmen and government officials along the way. They’ll also attend entrepreneur-focused events that Haiyin has organized, some of them giving talks to Haiyin’s network like one next week in Beijing by a test pilot of XCOR’s private space tech. ????What’s the purpose of all this, other than to show off Haiyin’s portfolio? The trip underlies the venture firm’s investing thesis: Take some of the more daring high tech intellectual property in the U.S. and help the entrepreneurs work closely with China to develop their manufacturing and deployment chops. ????If the companies can deploy and scale their technologies commercially through Chinese partners it could mean higher valuations for the startups, and could turn the companies into important customers and partners for local Chinese business executives. Many of these Chinese manufacturers are innovating and trying new types of production that are more modular and at smaller scale (but still efficient and low cost). Chinese local governments are also highly interested in establishing Chinese manufacturing regions as a place where more nimble innovation can happen. ????Haiyin Capital founding managing partner Yuquan Wang (pronounced “Yee-chwan”) uniquely straddles the U.S. and Chinese tech worlds; he teamed up with consulting firm Frost & Sullivan early on in his career and as a consultant helped China Mobile grow from almost nothing to the mobile juggernaut it is today. He started investing in both Chinese and U.S. tech startups about a decade ago. ????Wang told Fortune in an interview that there are many promising young startups in the U.S. that can make really complicated high tech products, but have a problem reaching mass production. When startups are small and only at the R&D stage, their valuation is small and the big capital they need to get to the next level can’t be raised, he says. But they often need a big investment to reach that large manufacturing scale and to reach a big global market, which will eventually lead to a much bigger valuation. “It’s like a chicken-and-egg problem,” says Wang. ????Haiyin is hoping to help ease the gap between those book ends. He calls connecting Chinese manufacturing entrepreneurs with U.S. tech entrepreneurs “building block innovation.” It’s innovation more like a Lego than a lab: “Plug it in and it works,” says Wang. ?? LightSail Energy’s Crane says because the company has been in the R&D stage, it has had very little contact with China to date, so the trip for them is largely introductory and a way for them to learn about the market for energy storage in China. But now that LightSail is looking to move past the R&D phase, they’re looking for manufacturing partners, customers, and investors in China. “I wouldn’t be at all surprised if China turns out to be our biggest market,” says Crane. |