Compared with Wen Hui, Zhao Jie's piece is much easier to deal with.

First of all, the little game of "no way to faint king" must be handed over to him. Although the following program has been changed, others are still there. After all, this is a hang up game, and the handover is relatively simple. Moreover, on the schedule, "no way to fool the king" goes online first, and then it's the time for M & A. therefore, the colleagues of Ba Ren game can stand on the last post. The new company's employees are actually operating to hand over, so there should be no problem.

Secondly, Zhao Jie's temper is normal. The main thing to appease is his nerves, which is easier to appease. Compared with ordinary employees, he knows more about the value of Ba Ren group's shares and the scale of dividends before the next spring festival, so he can't see any money before New Year's Day. He can certainly see a little before the Spring Festival.

Third, this time to set up a subsidiary, Zhao Jie and Yu Wenhui are similar to the entrepreneurial model, not a serious entrepreneurial structure, nor an incubation model, but in the middle, taking a small amount of equity + a large number of options. The equity exchange with DKP is the same as Yang Jiangang's original incubation, but it doesn't have as many dkps as Yang Jiangang, and it doesn't partner with others, so it uses a lot of options to supplement and cashes in accordance with the milestone mode.

However, these two companies need to burn money in many places. Whether Yu Wenhui develops VR or Zhao Jie develops platforms and editors, they need to burn money out of sight. Therefore, after Ba Ren paid, the angel wheels of the two companies were much larger than the original 30 million volume of Yang Jiangang's peak visual effect, and the proportion of Zhao Jie and Yu Wenhui was relatively low.

Finally, Zhao Jie's main job now is to recruit, build a team and find co founders. Specifically speaking, it's really cool to greet the talented people in the industry. What's more difficult is CFO. Chuyuanxi can't be CFO for both of them any more.

First of all, the platform aims at a high-quality RPG game. At the same time, it also takes into account the production of the editor. The simplest way is to follow Daewoo and candlelight dragon, especially the original maniac and members of Domo studio.

But this is very difficult, because the goals are too moist, the business is booming, there is no need to change places. So we can only take a step back and look for calves with relevant experience.

Not a few domestic or foreign companies in China have tried to develop 3D RPG Games, but many of them later switched to online games. In fact, there are many small partners who have worked in Shanghai soft and beisoft, but the salary is harsh and the liquidity is not small.

In fact, Zhao Jie's suggestion to Chu Yuanxi is to directly recruit a team, even a foreign team, which can form quickly. However, Chu Yuanxi took a look at the salary forecast and resolutely rejected the suggestion.

What makes Chuyuan Xi hard in front of Zhao Jie is that Zhao Jie actually licks his face and recruits a CTO. Chuyuan Xi Xin says that you are a special program and recruits CTO. Is this the prelude to being lazy?

However, the CTO who was fished over by Zhao Jie is called GUI Ge. His work experience is extremely dazzling. It is said that he is an engine bull. He has a brilliant record in the perfect world, but later he failed to catch up with any good projects and was fished by Zhao Jie.

The program ape who can be an editor is not necessarily able to be an engine, but the one who can be an engine must be able to be an editor, so technically, chuyuanxi is not worried, what he worries about is planning. The planning team will be transplanted to Lingxi as a whole. It's totally empty here.

Fortunately, no matter Chu Yuanxi or Zhao Jie or Yang Jiangang, they have been in contact with the domestic game industry for a long time. The peak number of domestic game teams is close to 20000. In recent years, there have been a lot of bankruptcies, and the tide of bankruptcies has never stopped. Therefore, there are not many high-level plans waiting for jobs in the market. Some of them also have successful project experience and are relatively easy to recruit .

This situation is also the reason why Chu Yuanxi dares to send all the talents of the game company to Lingxi. Because the general environment is not good, it is good for the new company in terms of talent selection. Otherwise, the Mavericks like Guige won't get paid for half a year in the previous start-up company and be bailed out by Zhao Jie.

Is chuyuanxi busy two new game branch, suddenly Yuan Jing called a phone.

Chuyuanxi was about to thank Yuan Jing for blowing hard enough. As a result, Yuan Jing rarely said in a more anxious tone: "I have a chance now. Can I vote for vipchild? Do you think so?"

"What, what?" Chuyuan Xi was stunned. In the original world, Yuan Jing often asked him to be an adviser to see if some other companies and fields could make investment opportunities, but this was quite rare.

"I mean, vipchild, the first unicorn in the domestic English one-to-one education industry, was originally determined not to invest in it, but suddenly there was an opportunity to open up to us and be able to invest. Now it's too late to do research. It's too sudden and urgent. We can only judge directly. "

"What does Zheng De's investment committee say?" According to the process, fund companies usually make decisions through the investment committee.

"There is a big difference. Some people think it's a golden opportunity, others think it's a big problem. I have the information here. I'll send it to you to have a look. Use your entrepreneur's ideas to help me see it carefully? ""If you have all the information, I'll make a reply for you." Chuyuan was very happy when he saw it, and soon received a detailed information.

This information details all see Chu Yuan Xi Leng, this is vipchild's hometown copied? The core data is so bright, it's not just upside down!

We can imagine how strong the resentment of vipchild financing is. The core data is actually harmful when it is seen by competitors. It must be that it will be shown to investors only when it is out of control.

It doesn't matter. I almost saw a big play. I didn't expect that the capital that should have been raised in August was led by Penguin, and was stabbed by them. A letter from the financing Committee sent to the potential investors in round e saying that there was something wrong with the core data, so the capital couldn't be raised

No wonder! Chu Yuan Xi put himself in the lead for a while, can't help but feel a chill from the tail bone up. This is especially a life-threatening, super fast running state of the enterprise, any round of financing is delayed for two or three months may collapse.

It's as strong as Wework's $45 billion valuation. Isn't it that the IPO was suddenly frustrated? Immediately, the situation that cash flow will break up in a few weeks is all over the world. Why is the well-off society in the original world so hungry for capital? For the same reason, if the growth rate is too fast, the replenishment of capital flow can't keep up, and there will be problems immediately.

However, to find a wide track without iron curtain, can entrepreneurs resist running? I can't help it! This is simply the original world well-off turnover, originally did not accept the crooked melon split dates, now have to put down the shelf to release share, Zheng De is the melon and dates.

Chuyuanxi gradually sank his heart and carefully analyzed the case.

Then, he wrote down a sentence and erased it several times. This sentence is estimated at $4.5 billion, which I am not optimistic about. It's really the first in the industry, but it's also expensive.

The reason for this is that the financial data of the other party shows that the real loss is very large, which is several billion a year. Although this is the current business practice, meituan didi still has a huge loss this year, the loss of the education industry is also so big, which is very different from the local life.

Local life stresses high-frequency subsidy users, burning money to occupy the market, burning competitors, and then monopolizing and raising prices. Obviously, it is impossible for education to receive high-frequency subsidies. The main cost should be brand advertising. Can this product produce billions of advertisements?

But he wiped it off again and again, because it was so similar! Vipchild is so similar to the well-off society in the original world that he hopes the other party can live. This is called empathy.

So originally, he only wanted to take 20 minutes to have a look, but now he decided to spend more time and look for the connotation carefully.

What is the way to find connotation? Chuyuan Xi thought about it. He first looked for the cause of the stabbing incident and found that it was caused by tearing. It was too common and had no analysis value. Then he looked up. What major changes had taken place before he looked for the stabbing incident? Although tear force may be daily, but such a major tear force, can not be without a reason.

However, there is no such thing in the information. Chu Yuanxi had to ask on wechat. Yuan Jing thought for a while before replying: what major changes have taken place in the company? Is it true that values have suddenly become an important indicator of assessment this year?

The trough! Chuyuan Xixin said it's cool. The company was founded in 2014, and it has a predecessor. It only emphasizes values this year? There must be a lot of holes in it, otherwise why emphasize values?

Values is a very magical thing. When it is added to the company's assessment indicators, it is far away from the company. Therefore, it is emphasized that values should be written as early as possible, and can not be written as stripes, which means: look, everything else is OK.

Especially for halo start-ups, the establishment of values is more urgent than growth. Unfortunately, many companies do not have the leisure to see the same growth rate. Only when we face the growth trap can we finally feel the dilemma.

According to the information Yuan Jing gave him, Chu Yuanxi found that vipchild had been in the trap for a long time, even had to shut down his engine, but it was still very difficult to climb out. And the reason is also obvious at a glance. In front of the choice of product driven sales or sales forced products, we finally chose the radical strategy of sales as the leading factor, giving sales a super high percentage of commission, so the scale of students increased rapidly.

After the second round, Chuyuan Xixin called out "wipe it". Sure enough, vipchild and the well-off world had the same problems. It was like looking at himself in the mirror.

The scale is large, but the organizational ability and values are standing still or even reversing. What is the result? When the company finds that it can no longer be sales-oriented, and that crazy sales have done more harm than good to the company, employees can ignore that. The running bison can't pull with the rein, so they can only shoot, or even shoot at their head with a shotgun.

When everyone is digging his own small calculation and ignoring the overall situation of the company, the interests of the company and the individual will have a strong conflict. If we can't keep up with our organizational ability, even if we find this fatal defect, we can't correct it. If we don't change the sales KPI, we're waiting for death. If we change the KPI, we're looking for death. We fall into the paradox of Chang kaishen's demise of the party or the country.The reason is that we haven't guided the correct values from the beginning. Vipchild was stabbed by his own people this time. In fact, it was the same root cause. The interests of small groups could not be satisfied, so they took the company to blow up together.

This kind of growth trap, no matter how entrepreneurial, as long as it is rapid growth and has not been pit, no painful lesson, will be beaten. It's not just the well-off people in the original world and vipchilds, it's just that the strength of being beaten is different. There is no need to cite complicated examples. Take the simplest example, the net red belt goods will be hit by the growth trap.

tiktok, lipstick, brother, this can be regarded as a big red net that has grown like a rocket. Today, it has exceeded the influence of any individual member of Ba entertainment. Now it starts to roll over. With hairy crabs, hairy crabs turn over. With non stick pots, non stick pots turn over. Why?

Because he has advantages in beauty, especially lipstick, barriers, strong Koc (key opinion buyer) background, and is not easy to roll over. But because the growth rate is too high, only lipstick is not enough. We must diversify, and this diversification will step into other categories, but other categories are not his advantage projects, so it is easy to have problems.

At this time, the safe way is to take whatever risks are small. Hairy crabs are obviously the most risky category, and they are not one of them. So it's obvious that hairy crabs give more money. The backstage selection of this team takes sales and profits as more important assessment indicators, and the front desk's net popularity will turn over.

But in fact, vipchild has done much better than most halo companies. It's impossible for the company to challenge with its expansion goal and speed. In the early days, vipchild won many victories. It chose a track that others did not dare to enter, called one-on-one tutoring by foreign teachers in North America, and quickly established barriers. Only in this way, vipchild got out of the tight encirclement and became the first horse in the track. Therefore, in fact, vipchild still has great investment value, as long as it can solve the difficult growth trap.

This needs to be rectified by investors. At this time, it is much simpler and more direct for investors to talk with money than for founders to influence with their own ability radius.

Or there is another way, that is, the way used by the world's well-off society to tide over the difficulties, to come up with amazing products and cover up all the problems.

Because what he saw was himself in the mirror, Chu Yuanxi couldn't bear to break it. Finally, he sent a carefully worded sentence:

I found that this is a company with outstanding combat culture, which is the root of all the problems. Education is a strong content field, and its founder is a strong one who has been working on content for more than ten years, which has great advantages. But now we are going out in all directions to attack areas where we have no advantage. The radius of influence of the founder is significantly lower than that of the sales team, but the number of customers in the first tier cities has peaked, so problems are exposed.

But the bright spot of the company is also obvious. The integration of education and Internet products is fast and powerful. So, what are you, and your investment committee, worried about?

Yuan Jing's reply: what I don't like is that the founder team is forward-looking and backward, unable to distinguish between attack and defense. And the rhythm of trial and error is too slow. We didn't feel that there was any big problem with the specific products and sales, and the core data didn't look like there was a problem. As for our investment committee members No matter what.

Chu Yuanxi: I think so. Vipchild's choice of development mode is doomed to all the pits of education and Internet companies, so it's normal for them to encounter problems. The founder's educational service is very good, but now the problem is that if we don't continue to grow bigger, it means death, so the contradiction intensifies. The founder's ability to use to the limit is the internal cause, organizational ability can not keep up, and values and so on are just external manifestations.

Writing here, Chu Yuanxi also began to reflect on himself. In fact, the internal and external, to put it bluntly, is a sentence, before the ability to use to the limit, we must first improve the organizational ability, otherwise it is impossible to improve when we reach the limit, because there is no spare force.

Why does Evergrande die? Because the plate is already large and needs a lot of capital support, but if it doesn't continue to grow, it will be difficult to get follow-up financing. No matter what kind of business, no matter whether the product is good or not, it will collapse directly.

This is the growth trap. All the Dragon killing teenagers who start businesses in the Internet era have to face one-stop. Chuyuanxi deeply understood the power of the dragon. This time, the Dragon butcher knife prepared for Xiaokang was the Ba people group, which filled the trap with enough cash.

In fact, Yuan Jing is in a hurry, because this rare investment opportunity is urgent. What he wants to hear is a simple conclusion: vote or not?

See Chu Yuan Xi reply: vote in you, I think education this track, it is difficult to have a monopoly. This investment target will probably be deconstructed as an "old brand" education brand, retreating to its own basic set. There are too many extension brands they have opened up now. It's a burden if they can't make profits. If I were you, I would not look at their data, but directly talk to the founders to see if their development ideas are right. I think even so, they still have investment value, and the key lies in the high and low valuation.

Yuan Jing didn't reply for a long time, because the question is not whether he can invest, but Chu Yuanxi's suggestion can be interpreted as: the development model of the proposed investment object and the investment model are actually not compatible. It may be foolish to invest according to unicorn's investment logic.And Chu Yuan Xi did not continue to speak, because, at this time is dinner time, Chu Yuan Xi just want to go out to look for food, suddenly, Ba people information there came a hint: speed watch the news!

Ba people's information has always kept the information sniffing unit established in the early stage of the company last year, collecting hot information at any time. But today, Chu Yuanxi read this tip twice and found that there was no possibility of misunderstanding.

So open CCTV network so a look, I went to a! He conveniently passed the hint to Cao Xiang, and then concentrated in the confusion and began to watch the news broadcast.

Today's news broadcast style is extremely rare. It took eight minutes to talk about blockchain