And "How to break through technology, cost and other barriers, solar street lights can be used in cities across the country, which has become a problem that needs to be solved in the urban road lighting industry. The low photoelectric conversion efficiency of solar panels has always been an international technical problem. If the photoelectric conversion efficiency of solar street lights can be increased from the current 15% to 50%, this means that solar street lights will have unparalleled technological advantages." Professor Wu said to Fan Wubing.

After hearing this, Fan Wubing asked, "Isn't this small problem easy to solve?"

"Of course it's not easy to solve, but we are working hard. The results in the laboratory are still relatively optimistic. Our most urgent requirement is to find cheap alternative materials that can reduce manufacturing costs while increasing the conversion rate." Professor Wu replied.

How to find alternative materials and how to achieve the increase in conversion rate is a commercial secret, and it will naturally not be discussed openly at this time, but Professor Wu still hopes to talk about this matter with Fan Wubing. After all, without large amounts of financial support, his own research will be unsustainable.

Projects like theirs can naturally apply for project R&D funds from the country, but if you want to apply for project R&D funds, the approval procedures required are too cumbersome, and whether you can get support funds in the end is also a pity. Professor Wu naturally cannot place all his hopes here.

At this time, the enthusiasm for knowledge transformation into productivity in university campuses is still constant, especially high-tech incubators have always become a hot topic. Venture capital has been constantly entering mainland universities, and then developing many strange things to push them to the market. Although some of them are gimmicks created by commercial operations, some valuable projects have indeed been released.

Professor Wu also hopes to introduce venture capital, but the investment amount required by him is relatively large, and there is no possibility of a return at the moment, so it is difficult to find a suitable venture capital company to support him for a while.

When it comes to venture capital, you have to go north and compare with 0.

Bei is what is often called venture capital. In fact, this word should be translated as venture capital more accurately. Especially when talking about the abbreviation, the meaning of "VC" is a bit inexplicable, and for the other industry insiders, "VC" is obviously more acceptable. Of course, it is quite appropriate to "VC" lose its rationality and become "crazy investment" one day.

Bi means private capital, which is generally extended to private equity investment, which means investment not borrowing or other means, but returns obtained by holding shares. Obviously, Bi is a special, high-risk and high-return prosperous.

The professional Shen is separated from the comparison. Even in developed European and American countries in the West, it has only been a matter of 10 or 20 years. The concept of North has only been fully launched in China in the past two years.

Generally speaking, the biggest difficulty when starting a business is generally a problem of capital. At the beginning of a startup or at all stages of the first few years, it is also the time when various types of funds such as credit funds are least willing to invest, because startups are full of risks and are often unenergized risks.

However, this high risk is often proven to contain very high, unusual high returns. Therefore, North came into being. Professionals generally do not invest in this startup for a long time. Instead, when the company's risks are reduced, credit funds and other companies are willing to intervene, they choose to exit.

The main method of withdrawal from Bei is Sidao and mergers and acquisitions. Among them, Sidao, as the most successful and most profitable exit method, naturally became Chen's first choice.

Sidao is the initial public offering, or the initial public market. At the right time after the startup company, you can often get a few times, hundreds or even hundreds of times the initial investment. This is the special thing about professional North and ordinary posts.

There are two main sources of venture capital funds in the United States, institutions and very rich individuals. In order to reassure investors, venture capital companies will also spend some money to invest together.

Venture capital funds are generally represented by venture capital companies, and no more than 499 investors and investment legal persons, including themselves, to form a pound of limited liability companies. In order to avoid taxes, funds raised in the United States are generally registered in Delaware, and funds raised in other parts of the world are registered in countries and regions without corporate taxes such as the Cayman Islands or the Bahamas. If you suddenly encounter a US fund registered in California or New York when you are starting a business, you must have encountered a scammer.

As for why the number of shareholders cannot exceed 499, it is because according to US law, once a company has more than 500 shareholders, it must publish its financial situation and operating conditions like a municipal company. Venture capital companies do not want the outside world to understand the place of investment and the operation of funds, as well as the details of the shares occupied by the invested company, and generally choose not to disclose the financial and operating conditions, so the number of shareholders cannot exceed 500.

But now there is a pound. The problem is that there is no relevant GEM in the domestic stock market. That is to say, there is no market mechanism to encourage small and medium-sized enterprises to raise funds.

This creates a problem. Generally speaking, the scale of high-tech enterprises is relatively small. In the early stages of entrepreneurship, they simply cannot meet the domestic market standards, so they cannot raise funds from this channel to seek development. After venture capital funds enter China, they certainly need to support some projects, but they cannot be in China's four Yangs, so the only development direction is to go to Nasdaq.

It is precisely because of this that many films at this time are filled with the bloody plot of a young man who started his own business today, and then gained the favor of angel investors, and finally went to Nasdaq to become a rich man. This is the truth. However, Nasdaq is not so easy to go, and it still needs a complete set of operating mechanisms to support it. Therefore, for domestic small and medium-sized enterprise financing that is not familiar with the US stock market operation mechanism, venture capital funds that are good at handling this set of affairs are indeed a choice.

But venture capital managers are not easy to deal with. For example, now, the first question that venture capital companies ask software entrepreneurs is "Is it possible for Microsoft to do what you want to do?" This is an unanswered question. If answered."

Chapter 663 of the Directory of Finance and Sexually, the chief partners of the Venture Capital Fund will say next, "Since Microsoft doesn't have to do it." If the answer is "No", the chief partners will say, "Since Microsoft doesn't do it, it seems that there is no need to do it, why do you do it?"

Another issue is about the return rate. Generally speaking, venture capital funds have a requirement of fifty times for return, and they are not willing to consider those that are lower than this expectation. This is naturally related to the fact that the risk taken by venture capital is indeed relatively high and the project success rate needs to be ensured as much as possible.

For solar energy utilization projects mentioned by Professor Wu, ordinary venture capital funds dare not touch them at all because the investment is too large and the risk is too large. The rate of return may be very small. What should such projects be used for?

When doing venture capital, we also need to pay attention to the horizontal scaling capability. It means that once the product is made, it is easy to copy at a low cost and expand to related fields. For example, Microsoft's technology is very good to expand horizontally. A software can be copied as many copies as you want. However, the solar photoelectric conversion silicon wafer created by Professor Wu cannot be expanded horizontally because it uses equipment for manufacturing semiconductor chips. The cost is very high, and it is impossible to expand the scale without limit, because the remaining capacity of semiconductor manufacturing around the world is limited.

Since the profits of using silicon wafers to make computer chips are very high and there is no risk, why should I do solar power generation? If it is for the sake of world peace, green and environmental protection, few people probably do it seriously. After all, as a capitalist, how to expand its capital at a rapid speed is the top priority, basically. When capital expansion leads to conflicts in social responsibilities, social responsibilities can choose to avoid them on their own.

After Fan Wubing talked with Professor Wu for a scruple. Professor Wu felt that the prospects for his project were really dim. It was obviously difficult to rely on the government to invest. It seemed that hope was slim to rely on the power of venture capital. But he thought that he had worked hard for many years and would probably waste his money because he was unable to make ends meet.

"Does there be no future?" Professor Wu sighed.

Seeing that the old man was feeling depressed, Fan Wubing smiled and said, "Actually, there are still some markets that can be used for too much driving, but the situation is a bit inappropriate. Professor Wu, you don't have to be discouraged. Persistence will lead to victory."

Although he comforted the old man, Fan Wubing did not promise anything. Although he was interested in the solar energy utilization market, he also knew that he was too enthusiastic and might not be able to take the initiative. Some things should be paid attention to some good strategies.

The two chatted for a while and then they parted. Sure enough, Fan Heng was pulled over and showed his face.

Boss Zhu found someone to call Fan Wubing over, wondering why he was so angry today, and what he thought about companies like Top Company's model.

Fan Heng was also present, and there were not many people in total, all of them were high-powered figures.

Fan Wubing was not mentally burdened. After thinking about it, he said, "It would not be a glorious thing to follow up on the name of high-tech. If this company is really that high-tech, it would be fine. The problem is that this is just selling dog meat with a sheep's head."

"The new economy in the United States is booming, and some high-tech industries in China are emerging, which should not be an exaggeration?" Some people still expressed different views.

The current Internet economy represented by Nasdaq does make Chinese people savor. Whether from the central government or local governments, there is a sense that this thing makes money, but no one has considered that the prosperity of the stock market is not necessarily made by relying on real performance. In most cases, there is a bubble in front of it.

Fan Wubing said to everyone, "If it were in the usual situation, as for the current situation of Nasdaq, it has entered the high-risk risk zone, but until now everyone thinks it is worth the money and has not diminished enthusiasm, what is the reason?"

After hearing Fan Wubing's words, several people all thought deeply, and they were obviously not completely ignorant of this.

"The reason is very simple." Fan Wubing explained simply, "Practice has proved that before every financial crisis or stock market bubble burst, it is the craziest time for the market. There is an old saying in China, "It is the end of the year, and this is the truth." But at the most prosperous moment, it is very abnormal that people believe that bad luck will come. The reason is that some people are constantly creating public opinion for the bubbles they blow out for everyone."

Boss Zhu nodded repeatedly when he heard this, thinking that Fan Wubing's words seemed to make some sense.

"Before every economic crisis, or before the stock market bubble burst, there will be some public opinion positions that promote it. This time is naturally no exception. It is nothing more than the new economy is different from the past. The information industry has broken the traditional economic laws." Fan Wubing said in one sentence. "But everyone should notice one thing. It is a big drama that needs to end when it comes to the end. This is an objective law and cannot be violated. Nowadays, the people who sing this big drama want to make this big drama last longer.

So that they can get more popularity, so they earn more money, so they need to create some public opinion to say that Gaoyu in this scene has not arrived yet and that the good ones are still behind. But the actors are exhausted and they will strike. In this way, when everyone is most happy to watch, a few kilograms of small pillars will stop. The final appearance will inevitably be a scene of crowd discussion and swearing. If there is a winner here, it is nothing more than the people planning this drama and those behind the scenes."

After listening to Fan Wubing's words, everyone was quite uneasy, but they also admitted that what Fan Wubing said was indeed very reasonable. This drama ended in the end, but they just didn't know when and where he would fall?
Chapter completed!