吴世春：新的独角兽企业创始人，都是张一鸣、王兴这样的小镇青年

Core Viewpoint - The article discusses the current state and future prospects of angel investing in China, emphasizing the importance of patience and long-term vision in the investment landscape, particularly in the context of emerging technologies like AI and hard tech. Group 1: Investment Landscape - The investment environment has become challenging, with difficulties in fundraising and high costs of customer acquisition, leading to longer exit cycles for investments [3][4]. - Previously, companies like Li Auto and NIO went public within a few years, but now the average time for an IPO in China has extended to around 12 years [4]. - Despite the challenges, angel investing can still be a profitable venture in China for those with sufficient patience [5]. Group 2: Investment Logic - The first investment logic is to focus on "unicorn tigers," which are companies that can dominate their market rather than just being another player [7][9]. - The second logic emphasizes investing in "small-town youth," who are seen as more dedicated and less likely to chase fleeting trends, thus fostering long-term growth [10][11][13]. - The third logic involves ensuring alignment of people, projects, timing, and valuation, as missing the right timing can lead to lost investment opportunities [14]. Group 3: Portfolio and Future Prospects - The company has invested in over 600 enterprises, with around 70 achieving profitability close to A-share listing standards, and expects about 20 companies to go public by 2026 [14][15]. - The focus on AI and new productive forces is seen as a key area for future investment, with a belief in a 20-year bull market for technology innovation in China [14].