On the morning of January 3, the US startup incubator Y Combinator (hereinafter referred to as YC) officially announced the completion of the new phase of the entrepreneurial training camp enrollment work, and will begin the training of the three-month winter training camp. Influenced by Lu Qi as the founder and CEO of Y Combinator China (hereinafter referred to as YC China), this winter camp also received a large number of Chinese companies to register for the election, becoming the largest number of Chinese companies.
At the same time, Wang Huainan, founder, chairman and CEO of Baby Tree, has worked as a founder, chairman and CEO, Huang Wei, and founder and CEO of Petuum, a large-scale machine learning platform company, and vice president of machine learning at Carnegie Mellon University. Director Xing Bo will join YC China (hereinafter referred to as YC China) as the first batch of part-time partners and experts.
On August 15 this year, Y Combinator announced its official entry into China. Lu Qi will serve as the founder and CEO of YC China and serve as Dean of Y Combinator Global Research Institute. In an exclusive interview with Sina Technology, Lu Qi said that YC China will be completely localized, and the team will be formed by top Chinese talents and establish RMB funds to help Chinese entrepreneurs.
According to YC officials, this 2019 winter entrepreneurship camp received more than 11,000 applications worldwide, and each application was evaluated by at least two YC partners. More than 1,000 companies were invited to enter the YC headquarters to accept partner interviews. In the end, more than 190 startup companies moved to YC to accelerate the next incubation. Among them, there are more than 200 applicants from China. After Lu Qi and a number of YC partners interviewed, a group of Chinese companies were successfully selected.
According to Lu Qi, these companies will begin a three-month accelerated incubation this month. With the progress of YC China's localization, the training process of these Chinese companies will also alternate between China and the United States.
Lu Qi said: “YC continues to maintain rapid development in the US and the world. More and more startups are focusing on hard technology areas represented by artificial intelligence, aerospace, biotechnology, new energy, etc.; more and more Venture companies try to transform traditional industries such as agriculture, transportation (sea, air, land), construction, and production by inventing newer and better technologies; entrepreneurs from other countries are becoming YC and global, except the US An important growth driver in the entrepreneurial ecology; in addition, the financial, education and health sectors are still hot spots for entrepreneurship. ”
Throughout the entire enrollment process, overall, YC is more interested in the overall quality of the founding team in the choice of the company, although the entrepreneurial idea at the time of application is a very important factor. “Therefore, whether the founding team has the ability to observe, evaluate, and adapt quickly, whether it has a strong self-motivation, a long-term vision and a sense of mission, and the ability to continuously optimize, communicate, and integrate resources is the most common choice for YC when choosing an incubator. The place of concern. ” Lu Qi said.
Previously, YC China did not disclose more plans and targets. Lu Qi said that he personally tends to make a three-year plan to guide the goals of each specific field.
In September last year, YC China announced through Weibo that it is expected to launch the localized YC China project in the second half of 2019, and at the same time launch the YC China 2019 Winter Entrepreneurship Enrollment. YC China said that due to the transition period of the team, the current venture will invest in US dollar funds through YC's existing processes, but will recruit more Chinese start-ups than in the past, and make progress on existing processes. Corresponding adjustments.
Regarding the future development direction of YC China, Lu Qi believes that in the early days of YC China, it is most important to lay a solid foundation. The core of this is to fully study and master the experience and essence accumulated by YC for many years and fully localize it. He said that the efforts made in the past four months are far from enough, but he is step by step through the integration of ideas and practice to establish YC Chinese culture and values that best meet YC's global mission, and lay down the long-term development of YC China. basis. “At the same time, our short-term goals are becoming more and more clear, and we have determined the direction of local operations combined with early acceleration and deep incubation. ”
It is worth noting that Wang Huainan and Huang Wei, who joined YC China as part-time partners, have a close relationship with Lu Qi. Wang Huainan was responsible for the marketing and marketing of Yahoo's search business in the early years, and worked with Lu Qi, who was the Yahoo search technology at the time, for 5 years. In the prospectus submitted before Nasdaq in 2018, Lu Qi also disclosed that Lu Qi served as the independent director and chairman of the remuneration committee.
“Wan Huainan is a very inspirational and very successful entrepreneur. & rdquo; Lu Qi said that the baby tree more than 10 years of history, and their recent IPO, is the best evidence of Wang Huainan's enthusiasm, motivation and execution. More importantly, like YC's mission, Wang Huainan also hopes to use his own strength to better support Chinese entrepreneurs, especially in the direction of science and technology.
In this regard, Wang Huainan said that at each stage, entrepreneurs are expected to foresee the gulf that may be encountered in the next stage, and to help entrepreneurs to provide experience in combination development in product, technology, business model, brand promotion and other aspects. Bringing entrepreneurs with the spirit of long-distance running will be an important force for him to contribute to YC China.
For Huang Wei, Lu Qi believes that his unique mode of thinking allows the company to find a distinctive export in such a fierce market competition, so that there is a strong potential to speak on the road to change the future world. “Huang Wei will provide Chinese entrepreneurs with a lot of valuable personal experience. Not only that, Huang Hao has great ambitions in science and technology, and is also very eager to help others, especially a new generation of young entrepreneurs. ”
Huang Wei said that YC is very concerned about the progress in the field of artificial intelligence in China, which coincides with his interest. “Dongduo is continuously increasing R&D investment in the field of distributed artificial intelligence. I and Lu Qi have exchanged this topic many times. We all believe that this is the long-term development direction of AI, because a good technical structure can enable more people to participate. social progress. I hope that in the ecology of YC, we will be able to explore the best in this field and accelerate the development of related research and development. ”
As the first expert of YC China (YC China’s Expert), Xing Bo has been studying algorithms and systems for many years. “In the university professor, he is also very different. & rdquo; Lu Qi commented, "He has two doctorates, very keen to change the world through technology and entrepreneurship. Then, as Petuum is about to enter China, he will be more active on the Chinese stage. In this regard, Xing Bo said that he will focus on solving practical problems and propose a truly sustainable and sincere solution.
According to Lu Qi, the three partners will share their experiences and lessons in entrepreneurship with YC China students, and will continue the tradition of YC Headquarters Tutors and Student Hour, allowing YC China entrepreneurs to Make an appointment with the three partners and talk to one of them on a one-on-one basis to discuss the issues in the startup.
Founded in 2005 by Paul Graham, a well-known Silicon Valley investor, Y Combinator has incubated hundreds of successful startups including Dropbox, Reddit and Airbnb. Each year, the agency selects two companies to provide funding, advice and relationships in exchange for a small stake. The current president of the company, Sam & Middot; Sam Altman, said that the YC China project under Lu Qi will adopt a specific method similar to that of the United States and adjust it according to the situation in the Chinese market. (Zhou Feng)