Ace Hollywood

readx(); Page is only 7 years older than Daniel. Like Bill Gates, Mark Zuckerberg, Steve Jobs and others, he is a technical genius with a cross-generational technical vision.

Google, Microsoft, Facebook and Apple are also some of the most important companies in the US technology industry.

So in front of Page, Daniel actually felt that he was not convincing.

What he relies on is his forward vision of more than ten years, which depends on the rapid development of the Internet in the next ten years.

However, negotiation is something that sometimes has nothing to do with genius or not.

For example, Google's biggest requirement is to inject MB.

The number of MB users this year will exceed 30 million, and the valuation at that time may exceed 2 billion. Before the end of 2005, it is estimated that its users will exceed 100 million. Two years from now it could be more than Google's entire revenue -- and in any case, Google's investors are unlikely to sit back and let this piece of cake slip away.

But many things are not based on human will.

For example, when Daniel first entered Hollywood and realized that the start-up that Mark joined was Google, Page and Sergey had already received 25 million venture capital. At that time, he was poor and his future was uncertain. Investment is just empty talk.

Similarly, when Page put forward his opinion today, he didn't know what Daniel was thinking.

Google has two hopes. One is that the listed assets will be included in Google. Evan Williams and you can choose to replace the equity in Google with Google's shares. I believe that Google's future performance on Nasdaq will You will not be disappointed. The second point is that we hope to inject 200 million into MB for the long-term development of MB. Although MB's financial situation is very good, we still think that the current commercialization hinders it from attracting more Users, we think it is necessary to suppress the profit of MB. In exchange for its growth and future potential. Daniel, I believe that you, who founded MB, must have a long-term vision. For MB, there is a better future. Greater prospects for development. In other words, now is not the time for it to make money, it should find ways to allow itself to have more users and stronger competitiveness, so as to avoid the erosion of its existing interests by other homogeneous websites. If you are paying attention to the development of the technology industry. MB’s social attributes have attracted a large number of investment funds, and there has been no progress in contact with MB. Of course, they will choose another path-to cultivate a new social media company. Of course, I know MB has done a very good job in intellectual property protection, but you have to know that technology has no boundaries, and the market is limited.

Therefore, I think you should think more about the future of MB, and don't sacrifice the long-term development of MB for short-term benefits.

Page's two points,

are very important.

Its revenue has also exceeded 650 million, and its annual profit is about 60 million. According to a price-earnings ratio of 40 times, the valuation has exceeded 2 billion, which cannot be ignored for Google, and its leading position in creating online encyclopedias, libraries, and theme exchange areas makes it undoubtedly a quality assets. The 30% MB equity in hand is also coveted.

Therefore, if this item can be incorporated into Google's listed assets, it is obvious that the success rate and issue price can be increased.

It's just how to talk about this price, there must be a period of wrangling, after all, no one can please the growth of Google and Google. After going public together, it becomes even more impossible to measure. According to the current valuation, Daniel's 16% stake is only 300-400 million. About the same as Mark's stake in Google.

This made Daniel a little bit behind.

At present, Google actually has a controlling position in China. As the founder, Evan currently only has about 12% of the equity, Google has about 52%, Daniel’s investment company has 16%, and the rest is 20% of Sequoia Capital. But the reason why Google needs to solve this problem through negotiation.

It was because when all parties invested, the contract stipulated that the operation and management rights of the scheduled company were still in the hands of Evan. Unless more than 75% of the voting rights deny this agreement.

This requires that three of them must agree to the decision. Sequoia Capital is one of the main VCs investing in Google, so they are also the most important force in promoting Google. But the sum of the two is only 72%, and 28% of the shares of reputation are in the hands of Daniel and Evan.

Relatively speaking, it is much more difficult to acquire from Evan—because it means that it is completely digested by Google. It must be difficult for Wen to accept. After all, this is not the time when it was almost unsustainable two years ago. Now the development prospects are very good, and they can even go public independently. Under this premise, it is difficult to give up one's own independence.

Then, it would be much easier to start with Daniel instead.

After all, for Daniel, the 16% is not his main investment.

Moreover, Google's original stock is also very attractive, and Daniel may not feel that he has lost money if it can be replaced with Google's stock. The only thing to worry about is that Daniel needs to consider Evan's attitude. After all, he is not a pure venture capital investment, and uses the listing as the purpose of making money. His initial investment played a key role in obtaining a new life.

As for the second point, Google's intentions are even more obvious.

Although they did not explicitly say that they wanted to dilute Daniel's shares, if they invested 200 million into MB, according to MB's current valuation, at a slight premium, they could obtain 10% of the shares, of which 7% would need to be surrendered by Daniel. And if he wants to prevent this capital injection from affecting the equity, he must correspond to the equity ratio of 3:7 and invest about 467 million yuan to balance Google's investment.

He certainly can't afford the money, according to Google's plan.

But unfortunately, Daniel is not short of cash at present.

Therefore, these two points are generally not a problem for Daniel.

But of course he couldn't tell Page that way, because he would be more technical man than technical man.

After drinking almost half a cup of coffee, Daniel seemed to have thought about it for a long time.

Page. Let me talk about your request first, Daniel organized his own language, The problem is not with me. If Sequoia Capital decides to support you, then the next thing you need to get opinions should be Evan , for him, his position in Google is almost the same as that of Page in Google. The difference is that he is even in charge of the operation. So, once there is a big conflict between you, it is not good for you, right For Google, there is definitely no benefit. Personally, it doesn't make much difference whether to retain the equity or replace it with Google. I also agree that you want to incorporate the practice into the system. It is indeed very helpful Enrich your product line with Google and enhance your profitability.

Page nodded silently, We have also been in contact with Evan before, after all, we have cooperated happily in the past. But Evan's attitude is relatively firm. He hopes to be able to operate independently and seek listing independently, rather than being part of Google - this is impossible. Accepted, this is a mutually beneficial thing after all. Evan's work, we will continue to try to convince him, but Google still hopes. If Evan still insists on his own opinion when Google's progress reaches an appropriate stage, you Being on the side of Google, I can understand the founder's feelings for the company. In fact, Google is the same for me, but Sergey and I only hold a minority stake, and the company's development should be our first consideration bit.

When Page was talking about this topic, he seemed to hint at the next question.

From the perspective of Google and other capital, Daniel holds a strong majority of shares in MB. Making MB use profit-making funds for development is an act of delaying MB.

This is definitely not the strategy a modern startup should be adopting.

How to achieve the best development of the company is what the founder should consider, and Page obviously thinks so.

However, MB is completely different from Google, because when Page founded Google, the initial capital of 1 million was borrowed from here and there. At the beginning, they were unable to realize the development of Google without borrowing venture capital. . But when Daniel invested in MB, he already had considerable financial resources at the grassroots level, and he also exchanged 20% of his equity for shares in MB, which was started at that time.

MB's development funds were relatively sufficient at the beginning, and it was very successful in making profits.

Therefore, it is unrealistic to forcefully compare the two.

But Page is right about one point. If MB does not face strong profit pressure, it will definitely be able to develop faster and better, especially in the speed of absorbing users and opening up overseas markets.

This is one of the reasons why Daniel would consider accepting capital injection from Google.

Of course, at this time, Page never imagined that Daniel agreeing to his capital injection does not mean sitting back and watching his equity be diluted.

Therefore, on the second point, Daniel's attitude surprised him.

I agree with your attitude towards MB's development plan. Indeed, appropriately giving up MB's profit development will help him gain greater market competitiveness. The number of users is the core competitiveness. I agree with this point. Therefore, I Agree to Google's capital injection into MB.

However, before the surprise on Page's face turned into surprise.

Daniel just added a but, However, is the value of 200 million too big? I don't think MB currently needs so much money. After all, frankly speaking, after one year, MB's valuation may not be Today's number.

It's certainly negotiable.

Being able to take this step is already a pleasant surprise for Page. Of course, he can't stick to the number of 200 million.

Well, since we have reached an agreement in principle on the above issues, then, presumably Google has also provided me with a satisfactory contract?

Negotiations come and go.

Page finished talking about Google's request, and of course it was time for Daniel to make a request. (To be continued.)

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