吴世春：没投到字节跳动的天使轮，是我的人生遗憾

Core Insights - The article discusses the challenges and opportunities in early-stage investment in China, emphasizing the need for patience and a long-term vision in the current economic environment [2][5][6]. Investment Landscape - The investment environment has become more challenging, with longer exit cycles; previously, companies like Li Auto and NIO went public in 3-4 years, but now it takes around 12 years for IPOs [3][4]. - Despite the difficulties, early-stage investment can still be profitable in China if investors have sufficient patience [5]. Investment Logic - Three key investment strategies are outlined: 1. Investing in "Unicorn Tigers": Focus on companies that can dominate their market rather than those that merely resemble successful models [7][9]. 2. Investing in "Town Youth": Targeting young entrepreneurs from smaller towns who are more likely to focus on long-term growth rather than chasing trends [10][11][13]. 3. Aligning People, Events, Timing, and Valuation: Successful investments require the right team, the right market conditions, and reasonable valuations [14]. Current Trends - The article notes that many new unicorns are emerging from small-town youth, highlighting figures like Zhang Yiming and Wang Xing as examples [13]. - The focus on AI and new productive forces is emphasized, with a belief that China's innovation landscape will continue to thrive for the next 20 years [14]. Investment Portfolio - The company has invested in over 600 enterprises, with around 70-80 achieving profitability close to A-share listing standards, indicating a high success rate in their investment strategy [14].