靳海涛×杨晓磊：我怀念给大家大干快上机会的黄金年代

Core Viewpoint - The next golden era of venture capital is expected to be even greater, driven by strong confidence in the industry and a belief in the potential for higher quality and scale [3][37]. Group 1: Historical Context and Development of Chinese Venture Capital - Chinese venture capital was initially positioned as an engine for technological innovation, with Shenzhen as the first hub, establishing the first venture capital fund in 1999 [6][7]. - The first driving force behind the development of local venture capital was government support rather than purely market forces, with significant contributions from local government initiatives [7][8]. - Over the past 20 years, the industry has evolved into two main styles: one focusing on hard technology represented by institutions like Deep Venture Capital, and the other on internet and business model innovation represented by foreign funds [8]. Group 2: Contributions and Innovations of Deep Venture Capital - Deep Venture Capital has made significant contributions by establishing hard technology as a primary investment focus and pioneering government-guided venture capital funds [8][10]. - The model of government funding, where local governments contribute a portion of the capital, has become a standard practice in the industry, allowing for broader investment opportunities [10][11]. - The firm has also emphasized the importance of internal management and decision-making processes, including the involvement of limited partners (LPs) in investment decisions to enhance transparency and trust [19][20]. Group 3: Current Challenges and Future Outlook - The venture capital industry is currently facing challenges, including a significant reliance on government funding, with 80% of capital raised coming from government sources [11]. - Despite these challenges, there is optimism about a rebound in the industry, driven by increased political support and a more favorable policy environment [10][11]. - The future of venture capital in China is expected to involve a more diverse LP base, including government, financial capital, and family wealth, which will enhance the industry's stability and growth potential [36][37]. Group 4: Investment Philosophy and Strategy - The investment philosophy emphasizes three key factors: evaluating the market potential of the sector, assessing the capabilities of the management team, and ensuring favorable valuation [26]. - Building strong relationships with entrepreneurs is seen as crucial for risk management and investment success, as it fosters trust and open communication [26][38]. - The firm believes that the future golden era will be characterized by higher quality investments and a more rational approach to venture capital, moving away from the previous chaotic environment [35][37].