我国VR行业天使投资运作机制研究

Research on Angel Investment Operation Mechanism of VR Industry in China

天使投资作为一种较为成熟的非正式创业投资模式,是初创期企业或种子期企业最重要的融资来源。我国目前开展的天使投资研究,多为宏观性和描述性的研究,与某个特定行业结合的研究还十分有限。本文基于天使投资相关理论和我国VR行业的发展现状,并结合红杉资本的案例,从天使投资的项目搜集、项目评判、项目投资及投后管理展开细致地分析,借鉴其中投资成功的经验,反向探索运作机制还存在哪些不足之处。最后从宏观和微观两个角度入手,针对运作机制中所存在的问题,分别提出相关建议和对策。

As a mature informal venture capital model,angel investment is the most important source of financing for early-stage enterprises or seed stage enterprises.The current research on angel investment in China is mostly macroscopic and descriptive,and combined with a specific industry is very limited.Based on the theories related to angel investment and the development status of China's VR industry,and combined with the case of Sequoia capital,this paper conducts a detailed analysis of angel investment from the sides of project collection,project evaluation,project investment and post-investment management.By referring to the successful experience of investment,some shortcomings in the mechanism are reversely explored.Finally,from the macroscopic and microscopic perspectives,this paper proposes relevant suggestions and countermeasures for the problems in the operation mechanism.