December 5th is Thursday. Chu Yuanxi, who was busy with Xiaokang, had to take time to allocate it to Baren, because Mr. Yu Suzuki was about to arrive, and he was accompanied by a whole R&D team, and after the streamlining, there were more than a dozen people.

Yu Wenhui has been busy with the island team joining the project team these days. After finalizing the cooperation model, he has prepared for a week and finally prepared all matters in life. Even so, he is still worried because there are too many things that need to be adjusted in work. Chu Yuanxi's requirement is that he must stuff his programmer in and learn the other party's work flow and technology.

So this week Yu Wenhui basically failed to go home, and the job of recruiting newcomers was also advancing at a speed that even Zhao Jie next door could not imagine.

In this cold winter of the economy, there are countless unemployed coders, including many masters, but Chu Yuanxi asked him to recruit those with strong plasticity, willing to study and enthusiasm for learning. The general work intensity of coders in the Celestial Dynasty is above 996, and working 70 hours a week is normal. It is not easy to be able to force himself to constantly update his knowledge. It is rare to maintain a willing mindset and enthusiasm.

So Yu Wenhui had to follow Chu Yuanxi's advice, pull all the programmers under his command out to become interviewers, and go to college to recruit interns. Therefore, during this period, Mu Lian, the head of human resources of Baren, was almost vomited blood. His originally relaxed days were broken by the delivery game of Baren. Before he could breathe, he suddenly started a high-intensity recruitment project and almost became anxious with Yu Wenhui.

Fortunately, this work does not need to be completed immediately when Yu Suzuki’s team arrives. People must be recruited, but they can also be assigned a few days later. Anyway, they will be inserted into the island team to study after coming in. If you really want the interns to output a lot of work, you must have thought too much.

As a result, Grandpa Suzuki had no plans to rest after he got in the office. He got off the plane in the morning and started discussing work in the evening, mainly to recruit people to discuss planning projects.

Chu Yuanxi could not participate in this kind of discussion, and he had no time to participate. He played the newly launched mobile game "SM Dunk" for a while, but was officially banned. Then Hao Yi, the payment expert recommended by Chen Junsheng, arrived. It took less than 24 hours, which was simply fast.

Of course, the process of joining must be followed. Chu Yuan Xila Yuan Mu and Guo Jiangyong met with Hao Yi together. The reason for pulling Yuan Mu is that they have also drunk foreign ink, the situation of fico, and even the overall situation in the United States is definitely much more familiar than Chu Yuan Xi and Guo Jiangyong.

Speaking of Xiaokang, there are many backbone members who have returned from the United States, but Hao Yi still surprised Chu Yuanxi. The main reason is that he thought the other party was Chen Junsheng's friend, who should have been the same age as Chen Junsheng. Chen Junsheng was in his 40s and was fifty. As a result, Hao Yi was in his early thirties when he saw that he was in his early thirties and had a relatively middle-scored release, which was about the same age as Chu Yuanxi. In other words, he studied in the United States and graduated from college and joined Fico. He only had this work experience.

Despite this, Chen Junsheng has obviously seen the world. When Chu Yuanxi expressed his ambition for mobile payment, he was neither shocked nor dissatisfied, nor did he think that he would definitely not be able to do it. Instead, he calmly analyzed the product and the situation.

Therefore, when Chu Yuanxi proposed that mobile payment cooperate with big data to generate commercial credit as the feature of his payment product, Hao Yi only quickly determined the huge workload, but actually expressed his agreement with his ideas, and even said that it was not so impossible to show his own characteristics in the domestic mobile payment field.

The characteristics of Alipay are financial management and overdrafts, and the characteristics of WeChat payment are red envelopes, which are derived from their respective business attributes and social attributes. If Xiaokang wants to create characteristics of his mobile payment, he must have a focus, but it is definitely unwise to spend money. It does not have the extraordinary interest rate of Yu'ebao back then, and he cannot take the route of capital markets. That is the way to die.

Then learning Huazhi’s credit gameplay becomes a more realistic choice.

Chu Yuanxi found that someone hit it off with him. This was a very rare scene in this entrepreneurship, so he called Xue Jianhua over. Although he has been very busy recently, his learning of Xiaokang's online content, health coins, etc. has basically been completed. Chu Yuanxi needs him to spend precious time and study with Hao Yi how to build this product.

"I'm not a hand-off manager, Xue Jianhua. This is a comprehensive test of your learning achievements. I want to check my homework." After Chu Yuanxi finished speaking, he immediately began to introduce Xiaokang's okr model to Hao Yi. The existence of this model can actually solve many options problems for Mavericks to join.

Like Hao Yi, he paid special attention to relevant rules. He strongly asked to join promising startups just to share the company's growth. So how much can he share? It is dynamic in a well-off society and is shared according to the work-based way.

This method usually makes Xiao Niu more satisfied, because Xiaokang's work on all product lines is basically very full, and the options you can earn are not low, so you will not have talent but no room to play.

As for the last question, it is actually how Hao Yi and Guo Jiangyong coexist. However, when Chen Junsheng proposed it last night, Chu Yuanxi had a draft: "I think so, Guo Jiangyong is the department head, title is the project manager. Hao Yi is the product manager."

Hao Yi's eyebrows were knotted at that time, and a line of words seemed to be written on his face: Just the product manager?

"Hey, you don't know. The product manager of our company is just called a product manager. In fact, it has a lot of power because I used to be a product manager. Xiaokang has a flat management structure, and both product managers and project managers are the titles of directors. Guo Jiangyong may understand more. When I was working at Pengfei Technology before starting my business, my relationship with Zhao Jie was a product manager and a project manager."

Guo Jiangyong nodded dullly: "I understand that I actually need to report to Hao Yi, and Hao Yi reports to Xue Jianhua, right?"

"No, I am directly in charge of the third level of R&D. I actually directly inquire about the business of the vice president, senior director and director."

Guo Jiangyong was transferred from the Ba people by Chu Yuanxi, and his familiarity with Xiaokang is not as good as Xue Jianhua.

For Xue Jianhua, these are not problems, because many of Xiaokang's R&D teams did not report to any deputy general manager and directly obeyed Chu Yuanxi, which was somewhat similar to Chang Kaishen's jurisdiction over Whampoa officers at all levels of the army under his jurisdiction. Instead, the foreign teams, stores, ground promotions, logistics, etc. were all captured by the deputy general managers of each front, which was somewhat similar to the various warlords of that year.

Hao Yi has been in the United States for ten years and has never seen this novel management model. He thought to himself that there are many things that need to be re-recognized. But in fact, Xue Jianhua has complained many times and has not absorbed the lessons of Chang Kaishen's party and country.

After dealing with Hao Yi's side, Chu Yuanxi could not go home yet because he had to meet Lu Yin and Yang Heng. This was the busy December.

The ts sent to them in the afternoon must be chatted at least once again. The two of them have been waiting for him. Regarding the investment terms, it is impossible for Chu Yuanxi to say whatever they say. It is best if they have no different opinions. If there is, Chu Yuanxi has to convince them not.

The conditions he offered to the two of them the joint venture were that the new company was valued at 100 million yuan, and the Baren invested 50 million yuan to 50%, and the two each accounted for 20 million shares of the options, which were still divided into five-year cash-outs, and the remaining 10 million options were retained for employee stock ownership plans. Then, three-level incentives were given. After all the goals were achieved, the two could receive incentives of 20 million shares respectively.

In terms of financing conditions, this ts actually borrowed to some extent the conditions given to Elizabeth Holmes by Chu Yuanxi. The first phase was closed and the second phase was open. However, because it was a joint venture, the total options released accounted for a larger proportion.

The two people's focus is the same as Elizabeth, and they also focus on the triggering conditions of open financing. The so-called open financing conditions mean that in this form of entrepreneurship, it is not that entrepreneurs can raise money, but that the startup company must meet some conditions or generate some special needs before it is allowed to introduce external funds. Otherwise, it is necessary to reasonably supplement working capital, and it should be paid by the Ba people.

This is the power that Baren Group should have as the initiator of the entrepreneurial project, and it is also what Chu Yuanxi calls the way to accept diluted shares.

The reason for this is that as soon as the conditions for independent financing are triggered, the company's form changes, from incubation and entrepreneurship to normal entrepreneurship, and the shareholder structure becomes complex. Therefore, there must be several valves, and the conditions are more detailed than those given to Elizabeth.

Chu Yuanxi set up three valves. The first one is to franchise new company financing for agricultural factories and other heavy assets purchase and construction. Regardless of the time, Baren has 50% of the investment rights and veto rights. If the price is reasonable, the time is appropriate, and the logic is no problem, Baren can choose to continue to follow up or not follow up, and if it is unreasonable, it will be directly rejected. For example, the tob business should focus on process and neglect assets. You have to invest in heavy assets for the first two days, so let's forget it!

The second step is to introduce necessary resources. For example, if you introduce Xu Xin's resources, Xu Xin said that we can't make money by making money, so we have to open up financing for her, not only to ask for her resources, but also her money. This is an equivalent exchange and it is also reasonable. Any entrepreneurial initiator, even if he is not the Baren Group, must obey the overall situation and dilute his own equity in this case.

This is the most basic, but as a ts, it is necessary to write that the Baren still has the veto power to avoid any unnecessary misunderstandings and troubles, and to avoid the resource provider from opening a big mouth to Lu Yin and Yang Hengshi. Even if this mouth is to be opened, it must be opened to the Baren Group. At this time, the other party has to consider whether the mouth is opened or bite. Chu Yuanxi gave ordinary investors psychologically a reserve of 20% of the share of resources used by ordinary investors, which is enough before the investment is fully opened.

The veto was set up in this way to satisfy Yang Heng and Lu Yin because it was not an unlimited veto, but limited to the matters of "agricultural factories" and "resource exchange". Moreover, Chu Yuanxi verbally expressed his respective boundaries, paying attention to a kind of harmony to make money. In other words, the new company will not be critically attacked by various veto powers every day like Xiao Huang.

The third line is not a fixed number, but at the time when the number of well-off stores reaches 2,000, the new company can be converted into a completely independent financing entity and fully open financing under the premise that the fresh food supply in all stores is able to meet the conditions of meeting the supply of fresh food in all stores.

The three of them were tacit. Before independent financing, when Ba people still had control, Xiaokang and the new company must sign a series of agreements to ensure the interests of Xiaokang.

Finally, Lu Yin took the lead in signing because she remained pessimistic about her financing ability, so "existence" is more meaningful. Although Yang Heng's reputation in the financing process is not very good, he is not as corrupt as Lu Yin. Professor Li pointed at the nose and said, "This person is not worthy of financing", so hesitated.

The main reason is that the third goal has two dimensions of difficulties. The first is that it is necessary to achieve the goal of 2,000 companies first, which is very fantastic. 724. The long-term goals of the three island powerhouses, Luo Sen and the whole family, all claim to open 10,000 stores in the Tianchao, but currently there are two or three thousand. These three have their own regional emphasis, some occupy the Magic City, and some are spread throughout the Pearl River Delta, but the total amount is similar, so they are called the three island powerhouses.

The question is how many years have they worked in the Celestial Market? How long does it take for a well-off society to achieve the goal of 2,000? Chu Yuanxi opened his mouth and found two thousand stores, but he was shocked.

Second, Chu Yuanxi's financing conditions have high requirements for their supply capacity, because a well-off society is not a place to buy, but a whole country. It would be simple if the whole family concentrated all their firepower to attack the Magic City.

Then the new company not only needs to integrate suppliers nationwide, but also has management and logistics capabilities covering the whole country. Logistics can smoothly connect well-off logistics, but suppliers and management are also a great test, and Yang Heng cannot estimate his future workload.

Before this, the funds required were required to be continuously provided by Baren, so the problem became sharp. What valuation is this capital injection based on? Can their incentive growth rate keep up with the capital injection speed? No formula or fixed value is written in Ts, but depends on the valuation.

The problem is how to value it? Professor Li pointed at the stage and criticized Lu Yin's speech. Afterwards, he already knew about it. No matter what else, one of the paragraphs said very well. It is tob's company. How to choose the valuation model is a technical problem. The entire investment circle is now confused about the valuation of tob, and Professor Li cited two common mistakes.

Therefore, although "depend on valuation" is a universal practice in the venture capital process, he himself is doubtful.

What’s more subtle is the mentality. Lu Yin’s mentality is very Buddhist, but after she communicated what she saw and heard with Yang Heng, Yang Heng had a strong idea - how good is it to be a normal entrepreneurial model from the beginning?

Of course, it is impossible to be completely normal, and he also knows this. If you want to be completely normal, the sales channel of Xiaokang must belong to Yang Heng. He can only discuss with the funder’s father what is “normal”.

However, with Xu Xin's interest, this is a great inspiration for Yang Heng. Xu Xin is the top investment tycoon and is obsessed with the fresh food track. As a breast player on the fresh food track, Matsuzi Duoduo is almost qualified to raise funds from Xu Xin in terms of mode or timing. He has always felt sorry for him. Now that he has the opportunity, shouldn't he fight for it?

After thinking for a while, he asked, "Mr. Chu, I heard from Lu Yin that Mr. Xu Xin is very interested in this project, but you put it aside? Do you have any concerns?"

Chu Yuanxi swung the heavy hammer: "I have great concerns, mainly because I am afraid that some people will be confused."

Yang Heng was shocked and said to himself, "Some people" refer to whom?

In fact, Chu Yuanxi understood his doubts and guessed his little thoughts, so he patted his shoulder and said to him: "Old Yang, the real dividend of the new company is not tob, but to Xiaokang. How much the Xiaokang explodes in the future, the business of the new company will explode as much as it will. This is the core competitiveness of the new company. Be down-to-earth step by step. You see, Lu Yin has a good mentality. Do something truly valuable first, and then consider something else.

In addition, I talked to Sister Xu again during the day. I want to ask her to send a CF to your team and form an iron triangle. Lu Yin, let’s see how this form is?"

Yang Heng couldn't help but be confused and thought to himself, what does this mean? Mr. Chu is too profound!

And Ruyin's eyes lit up and she couldn't help but cry: "It's amazing!"

During the day, Chu Yuanxi said something similar to Xu Xin: "Sister Xu, I think that's the case. Do you have a suitable candidate for CFO? Lu Yin and Yang Heng are on the team, and there is just one CFO."

Xu Xin seemed to be no longer sleepy at that time, and her voice raised a little more than half: "Hey, why are you so considerate this time? This proposal is quite in line with my wishes."

Chu Yuanxi's proposal is relatively varied, but it is not a coincidence in venture capital scenarios, because in many cases, entrepreneurs have to accept investors' dispatch of CFOs. In this case, Lu Yin and Yang Heng's entrepreneurship is the only investment in Ba people, and Xiaokang is only the recipient. In theory, the Ba people should send CFOs.

Moreover, according to the rules of the world, in this case, the shareholders of Baren also have the opportunity to take this easy-to-drive to invest money in, but others do not comply with the industry rules if they want to get on the bus. Xu Xin has never invested in Baren, but has only invested in Xiaokang, and in theory there are no ready-made tickets. But since Chu Yuanxi wants her to send CFO, it means that she agrees to release her share.

"Oh, it's just a small project, you're quite concerned about it." Chu Yuanxi laughed, but in fact, his mood for Xu Xin or capital is quite complicated. In particular, there is a key point that is easy to be forgotten. He himself always remembers that Xiaokang did not release the board seats to investors.

This is actually very special and very critical. Generally, like Xiaokang, a round of financing of more than 600 million yuan, it is natural for investors to request a joint board seat, but Chu Yuanxi relies on Baren's deterrence to pass.
Chapter completed!