王童投资人 投资人王童:投资人心态是创业者吃肉 投资人喝汤
天使投资人、北软汇智天使基金会创始合伙人王童,前段时间在北京大学校友创业联合会、中关村天使投资百人会联合主办的“失败讲堂”开讲。王童的互联网之旅开始于1995年,1998年加入搜狐,后来在2005年成为博客中国的联合创始人之一,也曾在2006年自己创业,创办酷客音 乐,2009年创办了专注中老年市场的网站喜乐乐;在投资方面,王童则是北软汇智天使基金会的创始合伙人,他的投资案例主要有途牛旅行网和魔方英语等。
可 以说在创业和投资方面,王童都有一套自己的心得体会。
王童在开讲中分析了几个自己的投资失败案例,王童认为天使投资人应有的心态是:创业者吃肉,投资人喝汤。投资最终是投人,看他“是不是真的相信梦想”,要相信创业者,他们最终会带来惊喜。
下文即演讲内容,创客100对王童的演讲内容做了整理。
我为什么做个人天使?天使投资人的发展历程中,最早其实就是3F:Family,Friend,Fool。1999年时我弟弟创业,我作为亲人进入,项目虽然没有成功,但增长特别快,有些心得,就陆陆续续开始投了。后来在搜狐收获了一点小金子,就可以继续做这件事了。
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IiAiKue0Hrf2m1NX/wdN6HXS07u8dfptGfHwf6Ty/3u5BTXagvLTca5GtkbDo9Prladd7qhPdZFwacI9WJeEh8ReHp6l4NaktbXUuLsTswHynflWxGtVYOpkiHm5vDiP8AZj6iXj9mSrz/APAvetH25oLrO5jI8SVNkcxPt6uY9wEXS4I5Ytl4uZYhszugxYNq1ul0i1J8nderT/ZhmydOIXMXd3aiXNoQl4PEXzkXhQcu5W3MfbO+LNoO3Ny1Sp7mEWVQbi6ZCLhcwl6fdLLl5i9W0FX33tuyLgtyyr5qccrjkRmhrEmJr+LQniEevy5F9keZUl3ObHU/2GIWlz743Zp9IY/TFThc/aL9rq6R5vN3U2ssnbnZV97cGXIq+5Vfd9ojGw9k6Mjyepvm5i16i6fCg3mbcbeaFxshNsh7xIfn0LRdOdSKVOktyptLhSZDQ9zbjzAmQ+6RaLXbsXQ93qLFm25e1NkR7biRm3Ke5N79HmzLQS0ab8zePVp4S5VsygIipevVztDUu46gzTbLtSu0gpBewvaVAo7gs5cvEyLqQcdx7O1qkXRNuzaS7DtaoTnONPpslnj0+Y5+ctR/K2ReYfurNNsqtf8AN1mwL+tqFTZcXHhT6dI4kWaJfnES+kbIfKX8q8vb66d0KjXG6be22YUSKbRF8oRKs2+3oQ+Em+rm+JWYgLqzpcaDDdmS322I7AE466ZYiAj1Fqu0qE7ZE94LatehT5r1Mtis1puPcE8NC7mYw82JEP5Mv3UGMPncPaTuGU2MuXRtqKfI4Y8L6N6tOCXNzfq/46um/rfotJt6kR6TRKbGp8FgcW2GG8RFYbQ9xtoaHQYdNpd6WvDp8RkW47Lc5vFsR+JRmb5bSxhLK/KS5j4WCJ4v+GJILERViO+Flyf/AJLDueuZdPydQZTmXxEIiub/AAn1qTj8m7Q7hSBLpJ+LHjj955BZC68OHDi8b2WKxH4znEc4LYjxC8xeYlXZX/uHjm3sfcZD6qlDEvs8RRd3VrkHTOtbP3/Db8RxorMsR/s3MkFhNUyms1CVUG4MYZksWxkPCyPEeFvpyLxY5LtEWKwG3N5du61OGnjcA02oEWPsVUZciPZe64I5fCs6dc+jyEshLxIOvJkiAqqtydtrEvettVmqx5cOsNCIjUKfJJh4hHpyLxfZWX3LOJhssSVfzKq8T3Ug5KVtSzGJsafupuXHZH9H8tNuD95tWpaVMKi0sYJVirVYssuPUXhee+0Iiq5otZcFwciWdUWpC6I8yDKEXXYcyFdhBxvutsMuPPOC222OROOFiIiq7uXfTaa3tXAnXvTHHQ6giEUov+Hksuvm2abeFpVG2KvxvYagzwXia17nB8WQl8Kpu1uyzaluvcSBd92RyIsiJiQyyX2hbyQesx2gINYL/I3bu97kEuYXmabwWf7QlgN/dpu7KGyXBtG3KbK6W4kutDMkZeUmY/T8WK7vaJ2Wt6Jt09Vjvyu04YbouSJNYqEiaLo9PDFvLqIiHHlVA2vaG7dvF7dt7aNc4LrROM1OTQ2W5WPmbIsib+EkF9w713VmWnCuW/Nyrb2xZqGpDHhO0XKUQ5cpC24RFikyi3ZS+03tzCnbk/hhVBGRIcD5NZjlGhk3zERN9QljyitL7lmV6pVMqjccioSpsnmJ+YRE454fnIv/AAWW7WVe4nNzqdcmlyaQZFNNuRKqk98sWo7eI4l4i0x5eHp1dKD9U14ls3NQbjdqTdGqLMwqXMKDMFv9E8PUP/qsZ2j3PgbjW7U7hhUWp02mRJBNx35rePtbYjlxB9KxrsiRdXdsZ1zuBpo5c1cnVXXT0k8Qj+wgt0pkQTIClNgQ692o5fkRaPbm2PdN87wXzWLakvjCZrRQy0bcLu4jbDIkiDdLhqOC7nDThoOrw1yCC7HDUsEHCILkEFyCC5BFBxiClipdykgj3J3KSkg4+5SxUkQRUkRAREQEREBERAREQEREBERAREQeZS6HR6S/OkUymxYb0972iW4wyIk+55i8xKkO0x2fom4DZXVamgUu8YunEE2zwGdj0iReFzyufa9OwSIPz52O3Jt7bO4Lvru5VGq87cRrvGK7MyMyc/ITevf9WXq8vzD6rr2A2yuC8Lq03o3bAnqvJIXaPTXtO5uE3+jLh+H0j8RcyzHtEbB0LdgGajHebo9wMEIjOFvLR1v84uD4vSSte2qX8i29TqP7ZJmexRW2PaJBZOO4jjkReZB6ag6Yttk44QiI8xal4VNeRdlBpt0W5Nt+sMk9T57JMyAEyEiH3hQdap3rZtMPh1K7qDBc8sipMtl94lwwb9saoSBjQb0tyU8XSDNUZcLX4RJVdWNt+zjttEa+XaHQmnnPq252pSpD5elssiL4RWZWDa1gzYQ1albYwqIAuaFHKZSGY7xf0gj1D8WJILFRFTNW3zJ25qlRbKsC4ryGkv8As86bAxGO294mxIuohQXMutLixZ0VyNLjsyI7g9xtPN5CWn84kqkZ39pUPXvuyyL5thvv5n5tHI2R+JvJZ/Zl8WheTHtFsXDTqoOORDHfEjH3h6hQcTe3O3oPE63YtsC6XUQ0ljL9letT7doFNHup1DpkP+oiNt/sivURA7u5ERAREQeJdFrW5dEDWDcNFgVWNr+jkxxc7vd7+lVLVrCu/bIDqu2M2ZWKAGvElWrPdJzFvxexuFzCX9GXKSvVEFI0y46XfVrs16iuOEy5k24y4OLkdweptwfCQrG5MZwHC5V9uOXR9uu0RcQSnmoNv163vlyVlr9G1KZcJtwhHzEP2iXV2m1uu8KZVLzqrXs1Lqh5UGm6iIk3HHLFwi/pEGHVmi7kjVXpVIviExGIvo4r9MbIWx97qJd+i1DfWLrjG/AmfqP6z2gMl41y1fdSCJOVaLYlpskXL8qVTJwR+EuZS28iXne0t5qi720MXWByeYptJbcJsfN9JiWPqQXTthdO5My5fka9bEjU2OUUnm6pBl8WPkJdJD1CRK1QWGbV0m6KPa7UO7q6zW6mLhFrKaY4WhN+EcVmYIJInSqqvftBbWWlUdadOuIZ0vQiFxunt8fhF6iHlHy9SCxa5RqTXoQwaxT406KLzbwsvN5DxGyyEvhJVztheFdubercKAM7SZa1GKPFi/QiPDlY/TCJD1cwlll6Vk26Dt2SbIONYbLRVeoEMdmW44Itwm3OqR6sR6cfFip7TWJS9urLjW5TSKQQ/TSpJ/WSZBdThIOW+tv7OviMUe57dgVAtWSZGQbI8Zkf6NzqHmWs2x+ydoW/2gK3Y99U0a1IYhjVKIRmXAcj8TEuI34i+cerl5SW4Kozb6QN5dr+57kp5auU22aG3RSeHpOQTmRDl6fpPsoLK3wqP4M7LXJKpsfQHG6eUWKy1pj3OO/Qt6Dj6jFeXIqEXZ7YymQRa9onQqexT6fEHmclziHEWxH1Of8A8qyZ0aNMY4Mllt8MhLA9O8chLIfvaaLHJdqR6hfMa6Ks7rMKnacOkxtR+jikQ/SPepwunLwj8SDobHWi7Y+3kSl1N8XqxJdcn1V/L66U8WThf/ofhRZ0iDhxTFcmKYoI9ydyliiBiilimKCKkiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICr7dm1L0urWmxrWvp21IQk5pUiYjibzwl3Y8MvCXV9pWCiDANuNprOsdwpsCG5PrLmn4xV6i5q/Md1/rC6fhWfotd7VuXeXdA6jclr3NQLXoMaoPQ4UR6n+0uSeGWJE4RdPwoL2uaWVNtqqVBvrjQ3nh+ESJVL2RYDcTYK35HcJP1D2idIc/WOOPFzF8Ij9ld6i3vcbVRbsXdOiw6XLqwORqfVYDhHT55Y/V83My5j4S6vCsd7KNX+TLanbV1jX2e4rSmPR3GD6nY5OE428PmHm/Z8yC7FhN3bWWJdD3tlQt9iPUh5m6hA/FpTZeYXm8S+0s2XRrVXpdFglUK1UolNht9T8l4W2x+IkFdBRt3bJcytm42L4pIf/TLgLgzBHytyhHm/wBoK9q1t5bXn1QaFcjUuzrg0/8Ap9ZHRnif1Lv1bg+6Sxur9o/aSA4QjcEic2JYuOwoLzzLf+0xxVj3DQbfuyj+x1ykwqtBdHIW5DIuD7w+VBlIkJDkPz6L6qVDba7rQ1421t9SYcUeYaHXMpsH3Wy+sbH3SJSLeG5bWLg7l7c1insB1VWi6e3wsfMWP0jfxILoRYTZm6u3d2gGlAvOjy3j/IwUgW3v7MsS+6s2/KgIiq3tGbpUvbewqi8FQjjcL8cgpUPvycN4uUSx8o665f6kFG700dvePtMyKdRmdKtBtCi/9oRhkcEZcgXCL2XidI5ETYkXhxLyrOIlhbzXjHb/AAuvSNZdLxxGj202PEbb8pSPD8OQr0+yhtnMsCyJFQr+nfcdfd9qnkRZE2P6Nsi83MRF6iWTbo7eT77nRGnL2rlGoYNkMyn00hZ9rL1OdXpxQU5Xra7OW3Uomao21clwEX+bPE5U5jznqbHlH4sVxbW0G/Y1UmV6z9rolLqFQHFysXG8MQRb8LbcOOOTY8o+b3iV82HttZNix+Ha9uwoLmPNJx4khz3nC5llmKDD7DpF+RZBSryuqn1IibxGFTqaLLLZebiFk4X3VmSdI5eEVVO5W/NlWk58l06Rpc9xOFw49JpJcZwnPKRDkI/telB5vbCr0Cn7SyKBxppVmuuNxaXFhOELzzmQ+Xqb83myEV9pPZ5t93s8RNup7bECqyGGXplSYYEnfasuIXN4h05g91cWzO2l01u9S3Z3ZHT5d1Huo9I/R0tv3fyZfl/a6unYBBrRTrmv3YmM3bt90WfdNoRtOHAuGmt8R5hnwtyG/T5v2lkZdpjZbSLxvww5sfqvk+VxPd+rV5noJDiWmQ6ryPwYtrj+0/g7R+N+Xiext5faxQa/VTcncHdpsqFtDbtSotLe5JVz1UOALTfi4I+b1dXu9SuXZ/b6j7a2axbtJI3iy1dlynNPpJLxdThLMgEQHQRHQR06dNFJAREQEREBMURAREQEREBEyUckEkyUVLFAREQEREBERAREQEREBERAREQEREBERAREQEXTqc+JTKdKqU98GIcZonnnT17hBsRyIlqTuF2rp1YuyPbm2rlMpsF2SMYq7WNOXm1+s4fhb9RD9lBuEi1Lo++m5dvPPPVSfZN/06M9wpXyPMGNMAvS2WPE+ESWwu1m4Nt7j2w3XrblautZYPMufM6wflMUGXqhto3m7I3avPbKYXBbmzCr1D4nKLzL31zY+6Q/tK+VWu/Vn2rcdoHW7jqL9CeoYlMi1uLrqMiBqPUQlp1D6fzoPavi2abeFrzLfqol7PJHlcb5XGXB5m3Gy8JCWJCqmpdm0rcmW5SLwkzaLuXamgxzrNLe9nkSY/6GSPmbIfslksP2y35vuj0YZt82fXqza+ZDFueNTSbccZy5XHG+nm5eYfvLub27v2aUC3twdtq1Gqd3RHyZjxmmSJx6LgRPNyG+UhbHq97p8SCwWtm791EWZG/F3ORh/M3FZbc/tOpepROz/t1EqA1Ksw591VIf+9V6YUwvsly/dWG0Cydx6hbTV7zN8q01UpUUZ2DUdv5NbbIcseCXhx8XKvD7Fm5s9+n62heFRnvyKi89MoE+e4WvtrIli42JF4hISLH1ILy3Msmn3PtbW7MiR40NubBJlgW2xAW3Opv5vzcwisP7N95a3Pt9HpNT0OPcdvY0urxHPrAcb5cvix/aVyKkt9tvfZzlbnWU7XaTd8RrQXvkSOMgqi3kPK5HIhFzHq+HxcqC2UWnNT3q7QFHgyalLtqbrRog5PVCo22UQsfUPEx6l7dl9p27qtb8yosbbSqxFprZOTp4Tm2RHly6eHj0+HmJBfd37Ybe3YRFXrRpMx4up/2fhvf2g4ksPLYGhwR/yTvK97X8rcCsOE2PwlkvDpHaTbOjxaxXNr73ptLkt8RuexD9pjkPmy5VkUHtGbOy6TIqA3g0zwG8nGJEd5t73REh5i93JB13dob1fHgyt972OGXU22Lbbn9oKrjf/Zy1LF28Zu2ntzqpVIFYizKhPqUzjSpEcS5hyL3h6R8K7139q2FUYEiDtfatardZ7u8XHoZcNkf1mLZERfdWG2RJ2suWrtVrfq9K5UrhcLIafVYciJT4pfqxxHH9kfSgt+p9pazHzCHZFHr16VIxyFimwSER94iHl+yS4W7h7TdfMXqTt5a9uRTHl0q04nnB97Ev3VcW37tinQwbsNyglTQ6RpJN8PT+zWTINf24Hate055e2bGhfnwkEQ/dXIFkdpGp6Y1LdK2qO2Q83ydSeMQ/2gir8RBQDvZ0lV3X/L/di8Lla16ozbnszJfzaiOpKydutq7CsBrQbXtyJCe1HEpJDm+Wn9YXMs2RAREQEREBERAREQEREBERARFHJBJMlFEBF51XrNIo/s/ytU4cH2p4WY/HeFviuF0iOXUS9NAREQEREBEWE7xX/TNt7HlXBPEn5GXChRB65Mgulsf4/JogzZFjG2E+46pYtLqF3UlmlVp9nQ5URo8hbLw+7y48v5lk6AiIgIiICIiAiIgIiICIiAiLyLvqztBtio1qPTJVUehxyeGHF073n8fCKChu2FuZa7u1FftGh3XSXK66+zGlQglacQQ4w8Qf73pyVDbvw6o3ZDTM3ZCFQXKf7PK+UYUhl1so48vNiORCXmyXk0K0qxWLQm1W5dr687HkzXnpFYiw8ngIiyLXH6zEfiFeZU7HbrND0l2ZcsuqNshw/YJMnX52x/R+HH3SQY5fz1E+XaocKzGKG1NZjS4MdybxOAI9WPd1cTyrarbZijWTvpt85Y8XSBQr9t9xyXTgMibEm2+M29zF1eH7S1lt+pQ7LbprtYs+ptvtRqhEqDpN6CMkZDeLeJEPLjkS2k7J+3F3PyLf3DveSwDNNowwLchNa6Fq3HIfriIfm5hIvtfmQbQqru1VTtarsHdUTSdHhd0YXtXH3MALhuC5w8vVjj8StFUD2147je31DuGS2xNpVErkeVUKY+9wxnt/OIt+rXm6feQYhbna3sDSLTKa9QawxrpHbbe1AWRZZLHmEcnB5RXd2AjW3uDvZeO6dLp8ZumweHTKPq3H4ORcPJ54h8xZfZJee5vFtbdDAhVNl6rUK62XBj08rfZfc5ekeIXSP7K8TaK79wNq2qpZD+1TkyoVJ56vw4rE5tsYjLmI4veUR4fUWKCy+1TXZ3yDRdtbfd4NUu6V7KRB+ghjzPF9nEfdyXXrm3dv1Oy4Nssi5BGliPyXLjFjIiOD0uCXm83mWFbKTK7uXedQ3ZutmMBAz8l0dqNoXBbbEvpHBy+zl6iXv76XLUqdRYdq22X+U1yPexwcS+pb/SPenEfF/dQetRd271sFkadujQJlZprGuIXJR2dXBJvzPs9Ql6hVkUnePa2q0nSpxL8oQxiMW+96WLJCRdIkJdxCqi2lt65bUqtQtyZLckW5BhQxprpgP0jxZFILzdXm8wqvu0BBtev1WRaNoWbT6veTrROSpDAC37C2PMROEPKTnhHLzfCgyDtNbmRt3KKW221kaZcToyRfqUuPphHBtvpHIurvLxdPL4l1rtiyLX7N1PtSLRW6VWazwaS3CBziEUh4sXCy8REIkXxL2uyzCtqJtZDct8wKU6XdUyPHjDI8Ql7vh9KwfeHcXh74U6JSWdKlNtpsvk6EI5DIqj3KOXpbHEveHHxILn3D3Be29pVB2i25htVm726e1FbA/qYLItiPGe/8u/H/AKSw62tlKD7W/X7+lFdddnNl7c9LxGOP9WA9OPm/ZWEXftDddJtpm7adXKxNu9x0pNw+xTCacnCRZOC2Q+IfD5vsivfsejt3vbEqRaW7t5D3tky/GqLjchyKRD0uCQ5fZL4kHD2SbTpESk1e8okUh+UJz0enkZZE3DEuUfiIfuq8ZkaPMZJmZHYkMl1NvNiQl8JLxNuLZGz7IpltBJ0k+ws8MndG+HmWRERY/EvfQV/V9n7JlyvlCkxZdt1LqGbRZBRXBL3R5fursQq7vXYWmmrcyLuPRg6mJIjGqTY+lweVz4uZZwiD29rd07V3CYeZpD70OqxOWbSpo8KVGL1B5fUKz1a6bi2LpX349w0GedDu2n81PqjPKX9W55my6f4xWfbEbjnfVKm06txNKbdVFc0j1eD+YS8LjfoJBZqxfcW76dY9slcVWZk605p9tuS4wGXABwseIQ+USIclybjUORcVjViiw5TkSVJil7NIbLUSaeHmbLL+YhFYbtrKe3Z7OMdq4MSmVamyKfOIh/TCTjJF9ockFpMOtPsg6yYuNmOQkP5NdFyKsuy5VX6tsVbTkwiKVFjlCeIvzky4Tf7qs1AREQEREBERAREQMlHIkRAREQFS94b6Uo6traO2zcW6rkLTuIuNoEGJ4cnnun4RV1LX/eWw+z3Q9NZl0WtG+VqiZHHh0zRz2yU5/Rttl/yoPZtLZKDKrEe8dzqm5edz6Ho8Dj2pDCic2Qiyz04j6lc61U2W2hv2PfUW54E6t7f2oy8JtUGRUSmSJLeXS4JcrYl5dciH7y2rQEREBERBxuONstE44Qg2I95EXzaDotcIN02zf+7H+EC6bgpVOsq1zcj26E6W2yM+V+mlDoRcwjjiP/Urw3GtOJe1m1G15kuXDjz2+G49GPFwfnyWv93bJbJ7Q2WVaqlDm3NUtSGPT48yURHNkl9W2LbeI/l9KC8LO3LsS8aw9SLYuinVWYw3xnGmHMtcPmHL1dQrM1SfZj2jY29o0m4qvCis3TXNeLMbjN6C3CbIshjtj4RHxe7p5VdiAiIgIiICLHdwrrpVkWdUbqrLnDhwGeIQ+JwvC2PqIsRWF9nnXcSfQ6ldG4M3UCrsgZVOpOgd/wAnR+7lHL1Djy+nv6iJBayIiAiIgIiICKLhg2GpuEIiPzlrrr+RdOr1OFSKRKq9QkBHgxGSkSHS6QbEciJB3l+c241p0uRFvncG3pculHrdDlKpUOCeLcgchEtfNza5Etqaz2ntogt2ZLp91aPzOAfs8bSI8LhOY8o9P8q1Otq9KbrQNtqZpT6xVDpNwOVmuNRohERlxsmxHzFiguO3uzjuVc0WHTL/ALlp9MojYN+0M0/J2VJx8xkOI/xyram16JT7ct6n0ClNk1Ap8cI8cCLUi0bEcR5lSf8AjLOuFr7JtBuA8Gni1g4rLtjt5KZujIrcSNQqpRptHdEJEaaPNzZd3ulylyoLTWFbzWHE3HsOXbMma5BM3G3o0kByJp5sshLHxLNUQa+NU3tTxQ+TAqlhTh+r+VHm3Bc94mx5cvhVT7z7Tbg7aWPce4Q7jOVSbU4gw62PyeOpPNvOCJCDhZcNvm8OK3bXn16kU+u0WZRarFCVBmMkzIZLpMS6kFN7fUqJRLFodMgONuRo0FkW3m+lzl6vi6viQrVpJ3sN4ONuuVRuD7GyThZNst5ERYj4SLJYSVv7m7NOHRqRbcu/LM0dMqecU/x6EJfo3BxLIR/jHpWEt7n7h7p1l21rGohW1GAuHUalILiORh6S8oiXp6vdQZruPfdXqFwFt9tyIyrhMfx6dpzM0tvxERfrPT+8so2ysOlWLRChwyKTNklxJ9Qd5npDnmIvL6Vy7dWTQ7GoQ0ujtkROFxJUl3mekueYiXZv6p12k2w/Mtqha1upiQi1G0PAebxF6RQYLuFtTPfrJ3TttXCtivvOZSxFwhiy/UTYiXN8OJfeWDWNtDunbt3Tbo9utGZV5RERTZvGcJoiLmIRERHIlnm2G4Vz1W/qhZN1Umk+3RIvtTkujyCcZZ5vq3MssS5vMrUQVeVi7lVoeHcm6j0WOX1jFDp7cX/jdSyfb+wbaseO+NChuDIlEOsmW+8Tzz5eoi97wrKUQEREBYvGvu33b3lWbIecg1prEmWZLfDGSJDlkyXi/a5VlCojemNU/lWZ+Hlrv1u1M+JTqtRBxnUn3vMP3UF7qu7hklZe/VkXfF10Zj1t4rfqw6dLglzMkXqEv2VgWwt8tSJDPyjuwMmHk4y3R6xFbbmZZYt/TZc38Csx370F+Zt/TR+uk3hB4Y+7ll+0g2YrM4KbSpdRcbdcGKyTxA23qRliOXcI6dWvzLD9gqFKtfaGiwamz7LM1bcmSgPl4bjzhPEJe7xMfhVgLBN4ptSetgrYtzXTWt17KDHc01/zVsvmekF6Wxy+LEfEg8PsqNaDs7EmaDizPqE6Yz/VuSXCH7qtdeXa1FhW7bdNoNObwh06M3HZH0iOK9RAREQEREBERAREQRRSRARFUm5G7bVOrx2LYVN1um9j5fYm9ddGIX9JIc6REfm5f2UGVbk7kWft5TmJd1VZuD7QeDDQtk4877oDzLJWW4bxt1EGQ1dNvle4f0nD/Lj/ACqs9tdpI9KrBXnfMvS6b1k65OT5A97UP+jjt9LYj5upWwgIiICIiAiIgLwqjbNEqNy0+4J8EZVRpjbgwnHCIhYzxy1EenLl6updXc27qfYdiVe6qkQ8GCwTgt9/dxXPyNt6fzkWI/61jHZzj35+AmtX3Dqj0ur1Z/WcMRxrH2Bsuln97Hw5ILOREQEREBCLQRyJF8PQSHEtMh1Qah7sbzbd3XurEpdfrv8AkXbDwyjYYZce1rE4ekdBEceG36uUlnlB7UNn129qTa9Mte6ScqkgWWX3ogAPNr3ZY5ZEP8qzKuWztZtbQqndoWbSY+rZcTThQxN554ixbbby8REWgiIrzNj7Eq/y7O3Qv6OOl21kcY8XTppMPwxx9Xm/6kFxIiICIiAuvM9o9je9k4fH4ZcLidOXz49/d+ZdhEGoe/8AO7Q8HaWuSrwl2VFo0kQiPRoAOFIPRxwQxEi5fvL2oW1O/L+3rVpu7p0dila032P2JumCWTPDx4ZOEOXpyWW9r4vb6fYVrfPr8tXbDYcHzNiWRfuq40GrO3/Zmu+LbcJqq7iOUOU2PNHptPaLVrmL9NykSzD/ABfqsYiMjercIuXpamcMcvtK9kQUP/i8zmyyZ3o3GEvVUMl1KJ2eLitibUJ9pbyXFTplQc40tx6K297S5zcznNzdRLYNEFI/gV2iKeP/AGXvRS6h/R1Gitj94RJeXsLuduRL31uHbTcKZTZ7kCMRNyIMXhti8OJYjriPUJEXN5VsEqY7OoA/vTvRPIeb5aisj3/m4bbg/vIL5WP3ndtuWbRnKxc1XiUuIA69zj5/OXpEeoi9IrCO0vWapQrDjVen16tUOKxPb0qEulx23nG45CQ5EJCXLljzCq4s6x7JrDjN3OViTfUox+jqVWme14+kR6R+zkKCFzXTe+9mmtNoQzrOsA/memujw51Ub8rY/o2y/jLpWa2nblFtWhs0WgwW4cNrpFseYi8xF4i9S9TpRB4JXBjuA3avBHmpJVDiF1F9MLeI/e+6uvbV10G8ZVwUeKy44VHlFT6gzJZHEi5h+ISxJdTce0anXXoVXtiuaUK4YIuMszdWhdEmnPrGyEvdEh8pCubbCx6fYtCcgx33ps2W97RPmv688h3+UkHt0Gg0O345R6HR6fTWXCyJuJHFsSL1Yr0ERAREQEREBOlefSK9Q6zxPkesQKhwyxL2aUL2JfCS9IhIeoUFLbAQaeF7bjw3IMZyRCuRx5l0mRImxcy6S8PSslttj8P+05BFnTjUexIpPyD8Ptz3KI+8Ijl8JKr7EuWrNbjbkUG0KedQumtV0mYI4fRxhEnBKQ8XSIjkts9mtvYO3NntUWO9rLmPOFKqMw+uVILqcJBm6+dw5Zd3N+TvX1EBERAREQEREBERAREQEREBVhuJszZlz1c7m0Ofbtf0HLWr0mUUZ75vzl4S+JWROkMQ4b0uQfDaYbJ1wvKI/OSpVjf6FeEqTTNrbLrF7uND+MOljCit+849+zigr+m3BvD+GI0Lai/XtwadHc4c2bWKY2MON6fahLJ4vdH7S2ta4nDHi48THm7unvXl2nq+Vu085dIbo0oo4E9BaMSGO5jzN5Dyl3L2EBERAREQEREFA3cem7u+tPs6NrpItSy3hqFbc05m5E39DH9WPi+JXlKqVPik2EidFZJwsWxN4RyLyqkXezBZnylNmU65bypOk18n5DMSp4tkRFl5cvtd6rm3ti7KuzecWbdYqR2xa7ndVKnLluOlUZmX+btl04t48xD5sUG4CIiAiIgIi6FdqkKiUSZWKi8MeHCZN+QevhAdMiQcznsbzwsO8Fx4PpBAu7Uh9S7KoPs40Co3Vc1X3xuYX2pdf72aNEI9cY1PEvo+XzFiJfe8SvxAREQEREBERBRG+OulT7Q+0FE79CFqROqJD/Vs5CX3Vcqpus91X7aFPaHmGhWi44XpJ57H9klciAiIgIiICpvswHxL63hkeErscHv90SVyKnuyjkVU3SeIcc70mfuoLvcbB5sm3BE2yHEhLTl1VOXT2fLcdqD1bsSqT7GrR/OTlN5orv8AWRy5S+HFXOiDW2VE31s/XGrWxS75gt/97o73s8rHzEy5ykXpFdWkbx2W/K+T61Im2vUhLEolailGIS97p+8tnF5VxW7Qrih+x12jQKpH/Vy44uj95BW0GZDnRxkQZTEpkulxlwXBL4hXMvPq/Zt27cklLto63aEzXT66iVBxnTX4SyFeI9tPvLR9f8n90adWmdPyMVym4l/aN8yDK0VDbhbx3ztdeMW39wLYormrkT2gipcsiJwSIhEhy6ekuUl2KZ2ntvpI6e2Q65BLXqyYFwR+ySC8UVY0zframcWI3QMcvLJivN/exxWQN7n7dut8Qb2oGPqnNj+8gy5YRuHdd30CqNR6DYzVegmzk5LcqzMYQLIuXFwf4yXmX5du1tx25Io9Tv6BHjvEJEcCqCLnKWXhVaGXZcp+vElVAqq6P605r+X7qDHbkYt6TO1en2ltrb2urmR5V955z1YjF8Xwq8dq51m02kzvwVp9dZpLLftT02aMj2csR/Rk8WXT5RVYBvbszbJ/5LWJqbmnS81BZY+8XMsf3D7SRXPZ9Rt+FbjtNKc37OUn2ziEDZFzYjiPhyH4kGynYopPC2olXVIZEZly1aVUDcIO4tW+JiPw8pF8SvlYntG1SWNsraboTEhim6Uxn2YH28HNAxHqHzLLEBERAREQEREBERAREQEREBF06nUIFMjFKqM+NDYHqckPC2I/ES61uXBQ7ihFNoNXg1SOB8Mnoj4ugJeXIUHqrX7fu29mKRNGtVSRNoN1v/5r+DbxM1KS54cWw6veIfiWwKxqgWRadAqL9So9vwI1QfIiem8PKQ5qXVk4XMX2kFb9nONvQ3pIlbgThOhOhr8nRqgIlU2+blJ4mxEenqy5ldqIgIiICIiAiIg864q1TLeosms1mazCp8VviPvul3CIrC9nr5dvtuozodoTaLboE2VKmSe5v5QEtSycFvwjy6e9kvE7QWzbu7GtOHW8p9FYg82kQY4vR3XO/lcNsiHvLwqrt3KVvDYFChtsb21Cq1epSG4NHpUWjstuSXC/NllyiI+JBtiixfbCnXJSbFpkC7qyNZrbTX45K0bxzLy+rHpy8XcsoQEREBa4dpy9KLW7zpGzMmvxKLAluNy7jmyZGjIhFHmGOJF43OX7q2PWKXVt5Yt1TvbLjtGi1WTjoPtEmGDjmPly6kGIS99tlLbhtQW71o/BjNi0yzCykCAjyiI8MSVg2jcFJuu3YVwUOTrJp01viMO6iQ5D+TpJUxuJtLSa/cNNsS3LGpdAtYdRl16rRoLbLj7ehZDFZIRyIiIeYvCKvSlwIVLp8enU+O1FhxmxaZZb0xEBHpHRB3EREBERARF8MtAHUi6dEFDbVHpWu0ruxcGnM3C9hpLP+zb+k+8KuhUp2SO+oWzd12a6c1fuqdMEvM3liP7yutARFVO7kK9Nai/UH90IFj2SzHHiOMxx9rJzxfSOco+nHm9KCwriuGhW3AKfX6vApcbTxy3hbH7yrN/fy3506PHtGi1K4GXpAs+3kQwoeXpeexyL0iKqSmUGl18nqlYdB9sih/nV/X45xmxHzR2Xur3sRXp2dRqfX6wf4B0n8PKw1i3Mva6WyKnxSHwxWfFj4RHp82KDabw9KqTsrf53ucOOOv4bTP3VnFm2u5RtdZtUrdSr1YkDi9LluYj7rbI/Rtj7v2iWB9lXX/t3dYO/pvSVy+VBeaIulV6nTaRDKZVahFgxg6nZLwtiPxEg7qKsKvv9tFTnOCV6Qpj2WOEFtyUX/DEl5+naGsYseDS7veHUcsm7fkY/soLfRU+72jtsGOWXLrkU/ELtElCQ/wDDXWjdqLZJ7lK8Ca9+nyP/AG0GofbiqpVPtFVtjLvap7MeK3/Yi4X3nCVHfmWZb0V6Lc+61z3BBkayIc+pPPR3cdRyby5fmL04rDkBERAXp25Qa5cFQGn0GlTanMLpZiMk4X3VsT2VuzgF9wmbxvMnWaARfikNrXFyZ3fNqRa+Fv8A9SW71qWvQbTpQ0u26PCpcQPyNxWdG8v5y8xfz6oNC7D7I25tfEJFc9gtqJr8/wCNnxHv7Mf3iFbGbOdlmxbKOPVK+JXNWGiy0OQGMZsvSz+f4slsGiD4AiI4j+RfURAREQEREBERAREQEREBERB+aG2u3e6G/laOfNq1QkU9o+6TVak8bjYelsfEXpFb/bT2NS9ubKhWvS+5xuNp9JJJoQckH5yxHmLw+6IqprmsapbQVp7cLaqG47Sy5q/bAF9G+z4no4+FwfL/ANKuqxLqo16WvBuagyvaKfNDINe/mHXxCWn5iHX5kGQIqO3q7SNkbcG9S2HiuCvN8usOIfIyXd+kc8Pu8xLU+++0ju5fcz2Gl1F2jMSSwahUdshcP08T6wi91B+jDkqK3ICO5IZbdc+rbJwdCL3dF2VqV2Wuz9c9MuePuLuO/wAScGnEiQpJE7IBz5sXXD1LlIfLzLbVAREQEWB7u7qWftjRPlC5Klg8Y/i8JnmkPl6R/eLlWlm7Hau3But16JbLoWtSy+YRjF3yiH1PeH4cUG+dx3XbNtMcW4rhpNJD/wDLlNs5faJfLMuu3bxpZVW2atGqkIXCaJ5gsh0Mfy6fe0X577D7I3XvTUnq3UKqTFGB7CXUn3eM84XiEByy1Lu8RcvvL9BrCtWl2ZaVPtmj6PaQoLXDb1dLIy9Ra/yoPbdIgbIhDMtB5R0/OqxsewapLvZ7ca/TZkV8m9Y9NgtF3x6RH8rZeJwvE59lWkiAiLCtz9y7O23pOs+6qwEXVzT6GMGvEkP+6H8aIM1XwyER7yLQR/nWiW5nbHuuqE5EselR6FDz7hkycX5JD7vQP3veXlbTbc7t741qJXbqrdUO2W3xcckVN9wm5AiXMDLYkOXlyHEUH6BrzrjrVKt6jP1etz48CBHHJ598sREVzUyExT6fHp8UCbYjNC0yOpaliIjiOnfr/MvIvuz7fvm3joFzU4Z9PJwXOERkPMPSWQoK524vm+tyLuj3NSWIFE27aJwGhmt/jdU5SEXB/Vjl/BK5WnWnBybMT7vKWS1h3b2R2N2+tCVXpdEqTsgj4NPghU3spcgvq2RHL+X7qzvss7UFthZDhT3XirdX4b89rPUm2NdMsWxHv/KOXMXiQXMiIgIiiZYjqWmmpd35tEElh+9FwDau1Fz1/XXE4lNeJv8ArCHEfvEKoC++1HeEKrMUyg7ZSacMh8o7Emv6k0Lrg9Q6COI/eWAbuX7vLuHZ7lt1On2xHgvyGyebhE4LhYllzERY45INmOzTQytzYm0aa4OLhU8ZTgl5niJ7/wDsViLS78ON9Zkdtly9aZRWW2xbFqBTWywEfeFdCUW4lS/+bbtXVIy6hjPezj9kSQbwYrxL1tu2Lip8di6qdDmxIj+klnSV9WLg9JLSp22JjpEUi9rwey6sqsXMume3tBfLKdIq04v/AMmcRINrN0JGylx06FSr1uS2iiQXxeZiHWG2RyHlxIRcHIfSn+GfZWjU1uDFvagx4rTfDbZhFytj6RbFawxrJtON9XQYRf1g8T9pd5q36C19XRaaPuxW/wC6g7tz1Ds20tj2vW+r6uaS690xqi7xG/FlzCI+lYtshuNYtlbj12t0+PftQE5ROUyNFcFzjxy05hkiRcxdPMsk+SqWI4/JsLHy8EUh0ymw3ieh0+JHcIceI0yIkgsyb2sX2W+MG1FcbZ88uYEf9oVR967gVO7N3AvifaUasU0WxEaFW6w29Fa5dR+jxIRHzcwlzESyidFizorkWZHbkRz6m3ByEl5P4HWr/o/Tv7EUGf0jtKQaFTSGm7MU6nEDfKMKpRm2/utrHaB2gqjf1WecvLdINvqOJYjTaNTXHJTmn9eTZY/xyrE6lt9bU5sWxhDDxLv/ABZtsSL7QkvNa2qoTMoJDM6qNuBrm2TbjY4l9lBbztb7LLjgv1q6LpuyX5p8ioyCL4RxFfCvLs3sNY0XZSqVYceUhofKXxOEqpk2A8+WRXdX/ikL1KZbD1NLKLVnMvM43xC+8SDuX/UdtLgpEmJS+z3UKbJcbIY81iaMdxkvCXDHlL3SWAbU06gW7cDL197Z1q4qW60WkjuZc4jLnhJvBwRIfNkrHCNVB6qoJe9FH+8uYG5w9Upsv9j/AMyDJdKz2PJzfBqlovUc9eUhfgTGS0+JslXG5NB7LEmC+7Z9412nzxbImmWoj0lky/MP0giX3llA8TH6QhL4UFpkSyFkRLzCKCxez3v9trRtpbeoN0XcxFqsGIMdxkqe8AtiPKI8okJcuPN4lakTfjZ+TpphuFQh7/1j3D/aWsjsaO79dHbc95sSXTdoNDd+sotNL3oraDcKjbl7d1l3g0m+bamPd3fw2akyRfZyXsjcNAMsRrlLLXyjKb/vLRp207Zc6rfpv+7iK6rtiWi71UNgf6siH95Bv+w+y8OTLrbg+kslyr88/wDB9bbZEUcZ8UvMxMcFdxi3J0RzKDe14RS/o6sSD9AEWicaZuXA17qZu5c7Qj0jIL2gfvEvViX/AL7QdMmtxYc/Hwy6U3zfZQbrotVaLv8A7qwILjVZtO2q4/8Ao3ok5yJ9oSEv3Vyw+0/eMUsavtE64P6yDVhL7vDQbSotconaxtwNdPlmw7yp3qGKLo/tCsHl9tL2O6Ki3pZJTKKJ6jCP2go8jUfM5oQkKDcVFrVaPbH22qgNhXoFYoT5a82TYvsj8Q833VmX+M5sl/pqH+5SP/bQXGipz/Gc2S/01D/cpH/tp/jObJf6ah/uUj/20Fxoqd/xm9kv9NWv9zkf+2iDIqvuHaMLb6TfI1mJKorMYpAutOD9Lrjytj6i6cVpDudvG3TqzWo20FRn0OiXFGZkVONppgLMohyd0j/q/KRD1Fljy4rt9qAtkKZKdpW3cDj1Zx4SlPxJZFBjjzZCA5Ykf3RVQWDTrgqlyxYNsUbSq1VzXuYZ9nF7HXzYly/6y5UHHalr3BdlwNUmh0mbU5zv0mrbLeRY+bm8Pq1W69D7Llt0qzob1EqtYpV5xsZUes8XFxl7H6smxIhx8PLl7xK09tbTetq2Y9SqUWNULuep4tzpfBZZeeIeYWSJsccR6cvSK6uzm58G/os6HKgOUO5KW8TNSo8hzJ5jEurw5D6kHzZbceoVufMse+IzdNvmkafjLOnK3OZ8MhnzCX3Va6ovdanUu9bwepFq1DWn7j2pGbqUGYI8rfEIvxdwvEJeIfUJeZZLttu3SLgsiqVm4A0odUt8NRuCC9rzRHB05i90sdcUFnqoe0jvPTNprZHXTRudX5wFpAh6l/xD9A/eWER27/3QoE+/q/edXsS0tGHJVKptJMWpBRxHIZEhwvMI5YrBdmdjqluoEHcndmvVCqtymW/Y4XE1Fx6OPK3q8XhEscsR6sssuZBrRXZF7bh1Gr3bUWalWnGR406WLepNsD4fSI+lbIdlHs8mTsa8twrehSIT8cZFNiSHiItC8JOM44kJDzcxfCrsrm6GzG1tNGgjWKPBbY5fk2mN8Yh94W+kveWDS+0RVavoF2WTadRl2VR3eHX3pUXue4ZY8zJC54eohJBkN7WFU9uK85uRtJB1aIfnrdtscrFQZHqJsfC4Pp/6re28u6iX3acK5bfkcaHKHpLqaLxNlp4SFYTce8th0zbeResS4KbUI+kcnIsduUIvSHPC3j1CWXp5Vhc06htfU2N17epcnS0a+y1IuqiAPeUBxwRL2psfTl9IP8CGxy4W5LDjxMA+2Tg9QaF8+ioXdW/JV+Vqm2Ft/cjdPp0qANVr9wR3h/FKeXSIF4XC+73qh7wvna3arcm261tSciryae1MbrD/ALY6YzSJsRZEjLlLTLIixQbD9pzfqm7WUz5JpfBn3VJbyZjFryRg/WOfuj4l+fF016vXhcL1Yrk6VVKpKPHVxwsi118Ijp+Yf5B0WV2jRLs3o3U045Sp0yoy9HqjL0ZJwY7ZF85F844tj045D6V+g9I2vsKmQ6PHi2pSWfkZ72iETbPM09+sy6iL3sukUGt2wPZeo9bs5yrbgR61DqEkSbagm37McbyueYvi5fSrb21uiu7ZXND2v3Hme2U6T9FbVwmOIyBHpjvF4XB8KyiHuhAHdudtxWqa9R5vDF6mSX3B4dSHxcP1D5fSS5d5WLMrFEg2heJYjcEwYdPJv6xuRiRC4JeEhx6v7yCz0VNbM3pWadXXNqdwn9NLmp4ZU2eXKFYh+Fwf6QfEP83vLzrnu29tw7/qdlbbVZug0aiHw61cOrPGcKR/9vHEuXIfEX8EGe/gFEqG42l63DMcq0mHy0WIbeMenD3dxEI+JwvOX5PD3LOVSvZ4m3M1eV/WtVrnn3PS6HMjsRKjNx43GJnJ5vl8pK6kBERAREQYLvXt7StyrGl29PxZka9zsGXjzRpA9Lmn/wCi9Oq1Bt2VURdnUKvs+y1+kPeyz2S18Q9Lg+klvwtb+15Yj0YWN2bdjalOpbfCrLLfVJh+b3m/2fdQVei4YMlmZDZmRXOIy62LjZD4hJcyAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgKLrYn9YIl7wqSIOi/RqPJ/zikwHv6yK2X7q6v4L2z/o7Sf8Ac2/7q9hEHj/gvbP+jtJ/3Nv+6n4L2z/o7Sf9zb/ur2EQeP8AgvbP+jtJ/wBzb/uovYRBUWwmytc3ZnyThVGDTaXC1EJUlzXRxwSLpEWcsi/J4sR/nWzXZ+ZY2buH/BjeFGgU+oVBwiplwsD9DVh/VuOF0uD4R/grbotR2+s24KbtxTNYFKqT0PjRYARyb4zY8uWWOJFyl4supc+6lrW1d9nTKVc5tMxMeI3LJwWyiOeF4XPCQkg9/wCWaX8st0f25kqg4y48MYSyc4YkIkX2iFYRubs7al81dquvO1Ki11kcW6pS5HAkEPlLzLVOmu3bsbuNVpz1V9pubjEUqFLZIma9BLmFxlwR5XMhLLLxebmFX/8A4xtv1egU4bNpE+uXXUXCjs0Du4bzDgjkRPF4Wx83/NiGc7UbYW5tyzNKkO1CZUKgYnNqE97jSH8enIvKsP7R+zGl/QH63bTnsVzCzwXh0cJtupxxIS4L32eUv4Hw6luvvFbl0jbNwWbaMidLpxVJnViqlHjwmBLEikOOcuI+le/uhvO3YG0FNuKou0eoXDWI/fAYpzxFFdL9YJFzcMRIUFRdrbcy8Ylh0a1W6G3a1OrEARlxnJAlL04ZYkzgPS3yjzeIfsrXAdxr2GzGbObuaot0Ngi4cRt7Ee4vDqQ8xD6elZRbVibqb43RJr4RpE45DmUiqS+SOHpEvT5R6VePZj7N1WpdWj3jfQhDkQ5RaR6U9FbfExH9IRFljzdOPN82SCgNr7FodQucIu5Nf1sumDHGUJS47jb0tsvCzkOPxftL9CNpKBaVHsCns2fRfk2jzY4yBbebxeeEh6nPMRDj1Li3g21t7cy1nKNW448YRIoc0R+kjOeYfT5h8S1q2w3Gv7Y67pW3N+UyfWKDBb4zLzAk45Hj/rm/1jPmHw+nHFBsM1shtQ3cPy8NkUwZwucQeUuGJebh5cP7q7u8O41r7cWq9VblcFwXhJuPCHQScllj0iPl8xdK8bcrdmHSdoHtwrLdo9xR2yHrnCyOJdXq4g8v0fUtH51Yru+m6rLly3LSqS5McFpk5ZkMeMOpcrbY82v8cxIMNuavaVGsVd6lRRotMqMjja02M8XBb8o+rHLVWPtx2dNw73tJ254LEKHE1b4kFuW93HN93u6feLFbEUHsh2VTapRJkuqzak3DInKgw+A6NzS8PT9WI+XmyV52VMs/gTKHaDtJFmjvFHlRKfiIxnPKQj0+L7yCvOy5W7TOzitOl0Ju2K/SPo6zSSHF7jDyk9kXM4Jeb4VbNTqEGmx/aKhKZitk4LYk8WPMRYiPvERKo+0LthMuDRq97GlOUe/KWOUSQw7wymtj+hLzcvTl7pcq1hmXxdN+3rS7huiuU22rhoUPGnOONZNPyo72WMhrIuGXN+rQbr7obdW1uLRW6bcMZ0iYc4kSXHLhyIznmbJYfY+x9MoN3xLpr13XFd1Rp4lpTyqz/EbjZeIR8yxGye0dVrup7FIt/b6bWrwAi0msR5AtwWcf0ntBZYiXh/aXoUrf2pulUKLO2zuKRdcCY5FkQKTp7VHEhx5if6R/KgsLdqxqbfVEZYekuU6rQXPaKZVGOV6E94SH0+YVT9ozNyds9mKpbtDsGVUbpgTnCkTeILjMsXuIXtjfieLlEeH1dKze3NwqpMo9Wql3QaTb7cBzEmm6o3JcYHHIvaCHlbLp5V7FvXdHq8OPOik77PJHiNk42TZEPhLEuZBPsuO2q7tiy5btV1qcp99yRWX3xwkHOc1ye4weEu/7oirbVC3jadUg1otyNtxGLdDQ5ToHTHrTI9Tbg/rPK4rQ2zvKl37aUS4qVobYu94SI7mn0kZ4frGT08wkgypERAREQFwSY7MhhyPJAXGXBIDAh+YhL8y50QaM3Ta722O5k6yHBL5Im6lNt90ungkWRM+82X8cy5lc3bQtiu3Dt5T5dsW2/VqxTagL7L0YvpYw465EI/pBLlHFUFaVdi3BSm5TfLIb5ZLHiac8QkKD10REBERAREQEREBERAREQEREBERAREQEREBERAREQEREBERAREQEREBERBsbvLt1Sb/o8cHpDlMq8BzjUyqsfWxHP3h9KqevWhvTdcVi076u23PwZCQ2UuTT2XBmT22yyES5cR6f+pZ9tJudRryo2lIGK/Q7gpbYszqLLyF5jEcchy5iH1faXS3Euim0Bn2qsVSNT2SLESfcxyL0+ZB6G5tqQb7pMf2eYVLr1Nc9oo9UZ+siPfvCXiFVhtNcce1rz3DvLddlqLeMNlnRxiJE15oI4jxI4+IXCxyL7S93bncSl3VVnItFKbKZaHIpfsrgx/dyLxKx7iu61LToUi57jlxGm4QkzxMRJ7Iubgj4si5eVBR9VhW9uDZlyb83k5Ecb0HhUOkuVEgjiyzlw2ZHD6icc5ib93zKqrGu7byt1CXf+9dTk1me0fs1Mt6HH+jBsR5eXlEWxyxEcvCWWSwDeC9oF43bUajb9FG36VLc0cKAw4WLrg5fTOD348Tm/Mueydmdxrwt2TcFDtqTIgMjkJHro2T/APU6F9Z8KDYu3+1DWrmumk2dt1t/T4YPujHZ9teIhbH3WR+jH7WK2H3Vt+u3RY0qm27cMi3qzyvRZcZwh+kHmxL+jJVN2fa/s/am2FUqdqRHmKpS4RvVyJJ0HWqZNjk4JZY5DkPh5fdVi7J7m0zc+gzqzTQBhtmYTLUY3hJ8W8RxJ4R6SIsvhFBgVG7RtKt+lu0rdal1G37rp4YyIwxCcblkP6Rkh5cS+z6l2YtAuDdraql3ZV2vwdvSPKkTqFJwxKM2ThcFtwfE2TeIl6eZXJUW4pkLj0dtwm/qycHLH3V5cyqi2XUg0WuCgztyd9afZDVos2VUHDEazHYIiZ1cEcnpAt9I8vTj9pbFbq2XadNolq7OWdSIjM2qVKO9IIGxJ5mGyXEekOOdWXKI5epZhdlo0y6a7TLlgzn6LcdML8XqUYRIib8TLg/pGy5uUvMsMqlm3VtVeVW3Ms0X7wh1ASKtU2aXEnC3ll+LvdRCP6v0j1eENhlTW4+2lw029C3G2pnQ6dX3hxqlPl/5nVB9Xlc9X7Piq+sdoasV3cBms281VJO31H0iyqwxGaFqczkJZcTmyJsSxyx5fDlzc2y9vXHRrqoEet0CezPgSRybdaL7peUvSgqK3IG6lx7mUe8NwY1Mt+nUBl72OmwJHFJ955vhkThZeUl19yqHVrauqRultvDjSKwTPDrFJcH6Oot+YfK4Pp6v2sz3Euqi28yTlYrECnjjl9PIFsi90fEsLtO8afcrZTqLMKVFF7h8bhuNiRenIRyQeJtXuBZ22myMa6ahNGqXJcj70iS23zPS5uX1JeXh5CPN05epWDtpYVWp+2NYptzVJ1mtXLKkVCpSac5w3I7kgRyEXObmHpyXch2hadapc6FUbbpciPUi4koSjj9K5jjxMvN6upU3e9u7m7M3ExUbWveTrY0gxaEatocqNTi6W23h5iFvw8QfiQTpm1VW+UHKfWoLVLtGkyiKn0tt7jFU3P8A7qU54svL93l5snrNw0e0o41C4qozT45fV8QuZz0iPUS7kjc6r0Blsd07In0RnXHGtUz8dppj5sm+ZsftL17YsmxLruktwoVQjXGWrTbMPUnheZiY/qx8JF1c3Mg4rA3SKuVKDHpth3m5TZLgt/Kj1P4cccvF1ZY+pepZ7f4KdpeqUaDy0q7aN8sE0PS3MZc4bhD7wkJF6lj2724ss9ZO3W2Wo1O7ZTJDIfZc+ipgeInD6Rc8o+Elg+1F4hZF+M1zc22q/bdPptDZodGIYpSY7LIlk44883+kIhHwoNx0XgWbeFrXdC1nWxX6fVmdNNMtYz2hEPvD1D8S99AREQEREBaIdpuxapYm+o162XAiQ7lEpDAOfUnKH6xkve6h95b3quO0RYAbi7Y1CjMiI1Vj8bpbv5CCQ30/P6un4kGpFtXRDqzpQZDZU2qt/XQn+Vz4fMK9xp1t0SJtwXBEsSxLLElilOi0y97cjyKrD4dQYImXiH6N5h4erEvD5l4FqM1a1dwHraaI6hCnae1cR0sT7vE56i83uoLMREQEREBERAREQEREBERAREQEREBERAREQEREBERAREQEREBERAREQW9dexm20h+Prb7p2xchDxqfOg1Bz2jl8QiThZD5lXNduym0eXItTd/5HrlXpZC9EkQIftJPCQ/WOMj9S4Pi6epeNvFTG7Bo5W3d9Jn132RghsS4WHybfYIiHGK8Ql+j6h9I/Zs52BQtjNl5MuW6M68KjHLN0vpJVSqDg9PmIRIvsj5kFQ0atXAAzpNGuB2ST8HSVMrusVxql0WD4fZ2S+seLp94cfMq3p1uXvvFWW6ZZ9LnvUSCZCycpz6NnUi5nn3eknnOovF5eUdF3tdyLarND28sGoM1GDalJcEq8epllKcNzJzlEvqx+186/QG1YNFhUCDHt2PEZpIsj7KMQR4PD8JDig1at7sbjHq1EerNzNy4I5FWGmWybIvK2yXl8xEtobMpVv2/Q26DbfCbp9OImRZbkE9wS8pEREXwr2ulUTedn3jt/fk3cHayG3VI9WLKv2889w+O5+uZLwl1f82WKDwO1psWzcsd++7ThkNbYHKpQ2OXWez4iH+k/a95YrYdg7hVql0HcvbusWjT6mMNtmQcR54Rn8McSblM8Ph8TlxLHH95WJbNy7kXtuhRa1VLZnWXbNGZkE5GlyMnJ7zjfDHIeXlHLL4V4W7UK79sXK1fW02rJQ6h9NWqSbPEbZcH/vTI+71fa90OzWN9phU+ZatQtSvU3cRtsmRpsKD7WOWPK83zYk34ub7ypql3FOrNdZ0uirXfVKpT39CqzE1wafBpotlzOOC31ekfErf2yrdsWTtK/upedXjO126Mp0p8TEnpBfo47I+nl5fD4uleTt3t5QdwbFCsVme1UJFVqrlbnxoMvJsSc+rjvY9WI48vmyQZLtNdlWuurPVKLH9ntlsSbiuvD9NNcy+sHytj95XlTCImxVZXTWLe21tR6t1lxqPDjN4x2G8RceLwttitWL37Uu49ZkE3b70e24Xf9GEYBde+Jwh/ZEUF6b17dUGz78ibmst1CHbtReGHcrNOmOReFxCxGVk2Q8uWOQ9JdS9NjaWZZwFcuxFzjqLnNKpM2V7TT5/xfo3PVl9lahMPX5ul8sVCsXJLmxaRT3J02RUZZcJtsekRHzEWIiI+Ilem3FX21s6k2tV7IrNw1S9ZMNluZb1EMiZnvcMche0ISFsctOYh5vEgtC6rMK8bZ/DRzb+kxb6KOLIx619I2yQuY82PKQ45EJY83Kq2sOFcl96fg7S6vLdoUV4tKzcOjfA9pPxRYY4/Rtj05fs+Kxrj3gu/b2ox2d2bGjRYE5zGJNok4X8fSTJYkWPmVh2Bedi3nF4lq1yBMIeZyM2XDeb82TZcwoPStylM02CzFjsizHYbFttsekRFH6zZNwlItF6uUCpPS2Sbepntjbjjg48w8PLLpWB3VtpdG4F6VAbyrz9PsmMQtwaPS5BNlP8AM5IL3vD/AAXj7sHthsdazUi37XoEW53choo+ziTwuY48YnC5uGIkREXwoPDhXjdVjP1HYmkta1CtNyMaFUJmmbbFLcHLiOeYmeYcfFy+VdI+z/RY4MuUO6bgo8xwv+0pMSRwymiXUJCOIj8PL6SXe21uam7gbx126oMxiY3TaHBpAyRb4ftbmROPPCPUI5cq9zcHc2BQKk3bVDgO3FdL/KzS4hfV+p4v0YoPXtS2LU2+t55qmMR6ZBZEnZUp5zmLzOOOEsWnb22c7MKm25HrF2y9eUmKTBJ4fiIsRXC5tpcF6Qyc3PuiW8Lw8tHo7ns8OP7xdTxD6vvLy9rLjh7cVqpbYXdOhQWYOMijVF/hxxlxSLxeHIS/e8qDouW3dFxXEzXLf29kbeVTQsm60xVm23PN9NHbH6QS8QrYfYO9pt8bfhPrEZqNWYEt6nVRpvXl0kMliWo+9yl8SpO598aCFwfgpZsVy4rgk4swSjuN+xuPF0iTmXhV37E2O/YO37NKqUoZVXlSHJ1TfDpckvFkWPp6R+FBn6IiAiIgIiININ86O5t3vxWPZ4xFTLojlVIbY8olKH6xsfeL9oVhkxj8MaPRbkobgx50Z4XGycLpHLFxsv4/aWz/AG0LQer205XDTm++q2vIGpRy06ibH64fs83+zWpVh1qLTrncorZY0+sNjUKf/RkQ8zf2hIfhQWQiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgv64xoN40ORQ65FYqFNljzNl90hLwl6hWJ3BsxFqbFKrNv3HUY920SOLNPqNRc9pF5scsW3myHEhxLHLHp8yryw65UqxMp9u2k3Eh0ul8MapUIjeUfIeqPHy6ubxF4VsfbnE4Y5IPzZ3XoNYty/KnTq3QgokrjE57Izp9CIlr+i8zflVq9mvtEVHbsW7buUHqpbWp/R92uT0L+r8w+n7K2n7Re09P3SshyO2223X4DZOUyT4sv1Zekv8AmWtG3fZ9tGo7ex9wbu3G+SaIGQTo3sQtPMvNlqJs5ERc2Q+XvLyoLYuXtJR9dxYLVFfBywmHIzlSrcWK4443o4JfQuCQ/R83VjzYiXiV0zq5DlU1moU+UxKivt8Rl1kshcHzCS132H25t6/IVyXFbFUkW3QOO5Ro8KE0245Ljt4lxJXtAuZEWWXSK78zbq89pYhlYlVfuahERFKok/URcH1R3B5RL04/aQZ7Wq/wsnnJAstj1OOFiIrq2zdsGqiTlNqUacy25w3CYeFwRLy8vvKp7soNLu6k/hl+DtSqlQ4OLNHlyijiLgliQkPhIeb3sV5lmVSuVWO3Z9suQI7zThFU6nT44jFgCX6Fn9Y56kF66bTbb3Db8qjyrdYbjyZDkoeE4Q+zPOCIkTP6vpHlHl5ela37z2rUdl5sPSFJdhzdXsqXW6a/7O7Njj9YzIbHl4g5D9JjiXiyW00arwbMsmZWqgT5QaXF4jnNk4QiPTkRcxEqSoG1Fy9oO6C3Ivia9R7alaY0yE0QlI1iiWuIj4W/Nl4ublQay3ndt1XvUSqlyVOXVHWGxDIh5Wg6dOUeUf8A/VefZe2CC5z0uS/6PUmaPwxep7RkLbc3Lzc3Ex8XSIl5ltlb+21h2za71t0m16c3TXxxkNvM8Qn/AOsIuYviWJbtbjubf1OiDKo2mtsyS9nlVBov8xL9Hk3j0oKR3v2LjWXN1uK2Z9WZsxyQ25VoMb8YKFj0vcMuV5sS8Jcwq0LYc3Xs+gfL1q23Y+4FLlR+MzNo8cKbMeHHlIhEcS90eZe/ce4NHo9qzrgqDzUiltRycLh4uDIEukR8JZdPxKo63bTdqXDSyfu27aNtVWXOI2FLqHAGlyHsSxc5S+hL7v7QWj2ZHqZd86sXjc9XGr30WoMzoEmMTJUVsSyGO205zCOXi8RCpdpugbWQKSxUqnbmh3dOdJukFRS9knPyPNxB8I+IiyxWH7gWm5B3Zs+2tpa5Uo93BT3nKrWpMj2ogp7nKJPEX1hZfV/D6V5N42f+CW9tuRRuyvXLUXKRKkVJ2rSRe4LZEIiTfL9Hk5ly+lBw0K7u0LbNMYpDc2iXCMhvEZk4snoHvFy8T7JLlt203WqrKuK6am7cdxzW+G/NlDyiP6tsfCK9a57hpFt00qhWZrcVnpHLqcLyiPiJYRXKhuJeVHkDbVNC3Ibrf0cme+Tcx73RH6vL1IPWue0dvmSGdPZgW++3r3ty40gYRj7pCQrGbQvSNZVzzZluVqHerUv6SotuMf8AanDEeYhkY/TY+Ul92ltWzK1Tjnz6W9NrsN0o9RGqO8dxl0erl6cfLyrNrhr9s2jS5BE5AZcYHEYTGIuOEXSItj5kGR1jeO33o0WHZWhXTcFQZFyHBifo8vE8XS2I+LLmXdtXbmC4I1y/I8S4rmktkMp6SPGjsiRZcFtsuUWx93zeZYl2R2fYrIrUWdS26bVoVYeYmCTYg4OQiQiXu5ErhGq0syxGpRCLyjIFBim4G3lGuCxpVCplPhUt5v8AGKe5EZFngSh5myHHp5v2lYvZ7vGRe+1VLqtR5asxlCqQFrzDIZLhl3+9jl8S6I845DzD6V5PZpi8KduI/HLT5MfudwopafMOrnCbF4h/2mQ+8JILmREQEREBERB1psWPNiPQ5TYusPtk243rpykJaY6ivzSv6z5Fo3hVbeeaccftKpaymdB0xJ+A4QuDqPu9XxEv02WqnbUt4aNddrbkx2deAbnyRVtfDwy+rIvvf+QoMEgyo86GzMiuC5HfbFxsvMK5lilqUms29Un6aGjcmhGZFGLifSRvFj6hyWVoCIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiICIiAiIgIiINhLds2mW/To9OpUFuNCjDi20A9P94lg1Ia3X3KkPSKfOc28tMXSbjuez5VSWIljliX1Il9r3l4XYTq1VqdoVRupVObNBjHRkZD5OaN+7oWuvd/qWzDaCoWmqbtDWKTHK6rsuirXHKbhtwqpVOMOOX0kjEh+jFscsiWKbMbXWluDddz35VPa6lRgumc5R4BuZQnuYcpHD8XNkqE7XMuU9vbdPFkvOezx2G2cj114YY68o/yafPr82n8uqvHseVWpls4LRVGZq2xqQsjq+Xc3pzfMOnf83+pB7kqYzsbvTVnKx+K2Herwyo8vQPoYFQx+kFzyiXV9nykvM3Crdv2rdbl4Q93HqlDqTmRW0yTdR9qLHERjiJfQ+90qhqZNm3N2oWKXckuRWoHysX4rUHNZDXTp4D79P8A0Ww/Zetm22rpq0xq36SEmO4XAeGG3obXN4S7u/T/AFIMaqd/fJE8mr+s6uWi24X0Mt9v2iKQ+pxvpL0rOdvqLbr9NF61ypblPcInMoGPDyLq6fEreqbDMht2O+y26ybXcbZjoQl/46a/NqtCb9eetbtQz4dsOuUONo+A6M04tYwd3DH5sQ7tO5B6nbOrt5BcDFtz4Mil20Opaw+YcZ5Djk4WPly5RWf9jvfaHIp8Lbq8Jox5UfQWaRNPXEXW/CwReEh8Pm6fen/8Q5sPwNs5zAc/a5PN3fP9W2tL2etB+t1cmQ6fDKRUJkaKyPU4+4LY/aJV7dDVNui3RcFtuoUuoRxIRcb5XmyHIeUlrnu5MmVLsW2bMqMp+ZJ+UW/pn3NXD6XvFr36rZDbxxyRtjbzj7hOnrTo/eR65a6/Rj+fVBStP2MtFurNuON1N6G09xG4DkoijiXu/wDMr+h0eDV6HIo9WhtyoMlngvMODykPlXVYEfaOnT/yWTUvpFBTe3m3t4bT3Zczdr0kbkh1iCJUmfLmYlEJkS4cV7Lm4fhEh8o9PhryxqjcJ7hXQxuMxrCvWS8JYODjoUUR5RZ8JNjzdK3Da6VQPbibba28oNUaAW57FXDRqUOnc631dJ/l0/1aoMMp9iU8Lsfuaqy5FZm6uZRPafq4Y+Vsen4l7Nz3DSbbpLlSq0gWWR6R6nHi8oj4iXpOa68Jz5/CS1t2smS61vZD+WJT9R4DGTPtbmrvD17h+ccu/u/1ILHo9lVitViXeD9Wn2w7VWWyKFTi4ZDj0k8RcpFj6eolw1SztLAqkLcmiOzKzV6PKGVMGpa+0FLZ6XPDykI9JK1VwVIRKnStCHTXTVgu/TXT8vKgpnteWbrH1g7o0SrSKhQLye9sJogxBgybEmx5erly+ytc9Ne/Xw/ZW31e00d/+HNSid0zIJA4al8+o/jhafN/J83zLT/T8uqD2baZr1Tq8akUEZbkyY8LLLEYiEnCLpHlX6V9nja2nbYWRGhaMDrXJUdsqtJ0Mi4r2mRYj+bEci05Vpn2EW23O0PTOI2B4RJRDlp3468PX59P5NV+jqAi+og+IvqIPiL6iD4qn7Te1jm61g/JESqOQJ0N3WVEHXX6F1zHuxc/m+fq8KtlEH5/2Q/Ufkx6k1tk2avR5BU+a2XUJNr31w7iaaNdp3cMGuQddIp6iPzaalwx+f8A8f512UEEU1BARTRBBFNQQEREBFNEEEU0QQRPCiAiJ4kBERARTRBBERARTUEBEU0EEU1BAREQf//Z" alt="王童投资人 投资人王童:投资人心态是创业者吃肉 投资人喝汤" />
1999年起,我陆续投了十几个项目,多数失败了。2013年,创立北软天使,开始机构化的投资,在不到半年多时间里,投了二十多个项目。如果只把天使投资看做一个商业化的手段,通过投资去保值和增值,这不是一个好的领域。为什么呢?风险非常高,失败基本上是必然的,成功则是偶然的。成功还不能说有多少经验,很多时候成功不可复制。
不仅把它当作一个赚钱的手段,一定要有一个热爱的心态。
真正给我们创造财富的是创业者,投资人应有的心态是:创业者吃肉,投资人喝汤。真正牛的是创业团队,不要认为我们投了钱,公司就是我们的,要求种种掌控。
第三,只投自己熟悉的领域。
第四,投赛道还是投赛手?我的经验还是投赛手。老牌VC擅长投赛道,举个例子,比如说在线旅游,前三名我全投,这就是投赛道,效果很明显,高风险高回报,成一个你就赚,三个要都成了,就更赚。
这种投法,第一需要资金体量比较大,第二,赛手是竞争者,不可避免导致投资人利益和被投人利益不是完全匹配。你最优质的资源,肯定会支持那个跑得最快的赛手,其他两个赛手就会很受伤,从短期来讲投资人是获利的,但从长久来讲,是有负面效应的。比如说那两个受伤的人,他不会把他觉得好的项目推荐给你,甚至最极端的情况,因为你投了他的竞争对手,导致他的机会丧失了,如果你不投别人投,它还可能成功。
第五,投资就是创业。 在投资时,也要帮创业者思考,解决问题。更重要的是,竞争越来越激烈,需要不断总结、学习、创新,要有一个创业的心态。
互联网创业的黄金期是前18-24个月
在中国互联网商业化的首个十年,一个很重要的理念是C2C(Copy to China),把国外成功的模式拷贝过来。新浪和搜狐抄的是雅虎,百度抄的是谷歌,易趣抄的是e-Bay,腾讯抄的是ICQ。这时考验的是眼光和执行力。
早期VC找创业者,基本就问三个问题:1.你的模式在美国有没有?有,好!我不质疑你。2.在中国排第第几位,3.团队的背景怎样,只要这几点没问题,ok,拿钱吧。
2003年,国内创业者在韩国发现一个赛我网,有点像Facebook,只是缺了动态墙,有许多动漫元素,在韩国渗透率很高,4500万韩国人中,有1500万人在用。
于是搬到中国来,我们投了300多万元,后续又拿了些钱。最后出来的产品,完整度很好,执行很强,但数据不好,接受程度非常低,很难拿到下一轮投资。每次和投资人谈的时候,对方都说:不错,数据再做好点,我们就投。
做了3年多,最后失败了。失败的原因有文化差异和变现难的问题,但很重要的一点是拖了3年多,团队疲乏了。
创业团队需要不断刺激,不断兑现承诺,才能保持兴奋感。互联网创业,我们追求一个梦。一开始你拿到一个天使投资,这就是一个信号,增加了信心。拿到A轮之后,我的梦想有人认可,这就是一个兑现。每一次拿到钱都是一剂强心针,然后马上要涨待遇。
互联网创业的黄金时期就是前18-24个月。超过24个月,一个承诺也没兑现,再相信梦想的人也撑不下去了,团队的心就散了,即使没暂时离开,这个时候也该斩仓了。