用VC打法做天使，李竹的早期投资密码

Core Viewpoint - Inno Capital has shifted its investment strategy from traditional angel investing to a more structured approach similar to venture capital, focusing on technology sectors and larger investment amounts, aiming for significant returns from potential unicorns [3][4][6]. Investment Strategy - Inno Capital has seen three projects become unicorns in 2024, with expectations for this number to double in 2026 [3]. - The firm has restructured its investment approach, creating separate funds for angel investments and technology investments, with the latter allowing for larger investments of up to 30 million RMB [7][8]. - The investment strategy emphasizes heavy management and follow-up investments, aiming for a 10%-20% stake in initial rounds and over 20% in incubated projects [7][8]. Focus on Technology - Inno Capital has decided to exclusively invest in technology projects, having identified that their highest returns come from this sector [6][9]. - The firm targets companies with the potential to reach valuations of 10 billion to 30 billion RMB, focusing on top-tier enterprises [8][9]. Investment Criteria - The selection criteria for investments include alignment with societal development trends, the quality of the founding team, and the uniqueness of the product [9][10]. - Inno Capital has established a valuation cap, preferring to avoid investments in companies with initial valuations exceeding 1 billion RMB [11]. Portfolio and Exit Strategy - The firm has a diverse portfolio of unicorns, including companies like Jimxi Semiconductor and Meike Energy, with significant valuations expected in the coming years [12]. - Inno Capital primarily exits through the primary market, often selling shares to venture capital firms, and is exploring the establishment of follow-up funds for exits [12][13]. Networking and Project Sourcing - Inno Capital leverages extensive networks, particularly through connections with Tsinghua University, to source projects and talent [16][17]. - The firm maintains close relationships with other venture capital firms, facilitating project referrals and collaborative opportunities [18][19]. Digital Management and Transparency - Inno Capital has developed a digital investment management system to track project performance and financial data, enhancing transparency and operational efficiency [22][24]. - The firm emphasizes a culture of transparency and equitable profit-sharing among team members, with a significant portion of profits allocated to contributors [24][25]. Focus on AI and Embodied Intelligence - Inno Capital has concentrated its investments in the fields of AI and embodied intelligence, recognizing the potential for significant growth in these areas [31][32]. - The firm has invested in several key players in the embodied intelligence sector, such as Qianjue Technology and Lingyu Intelligent, which are positioned to lead in this emerging market [31][32]. Future Outlook - The firm anticipates that the market for embodied intelligence will grow substantially, with projections suggesting a market size exceeding 10 trillion RMB in the next two decades [45].