揭秘投资DAO 如何投进一线项目

币圈资讯 阅读:41 2024-04-22 10:43:23 评论:0
美化布局示例

欧易(OKX)最新版本

【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费!

APP下载   全球官网 大陆官网

币安(Binance)最新版本

币安交易所app【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费!

APP下载   官网地址

火币HTX最新版本

火币老牌交易所【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费!

APP下载   官网地址

竞争力来自足够多元化的网络和特定领域领先市场的认知。

在上一篇文章中,探讨了投资DAO的特性、结构以及构建成员网络的重要性。这篇文章将深入拆解投资DAO的日常运转。还是那句话:投资DAO的模式很多,本文内容无法覆盖市场上的所有模式。而且即使组织模式相似,具体操作细节每个DAO也会有所不同。

你们作为一个DAO,是怎么做投资的,具体事务如何推进?

这是我在过去的交流中100%被问到的问题。

我们平时依赖3个工具。1.Discord,日常交流使用。2. Investment portal,这是个定制的门户,里面会列出所有的项目机会,按阶段(New, Active, DD, Voting, Closing, Archive)展示。方便没时间看discord的成员也能迅速了解当前的项目机会和投资状况。Portal里还包括链上投票,净值统计,资金变动,投票统计等功能。3. Zoom,用来进行deal call以及weekly meeting。

当一个新的投资机会出现时,大家会在Discord上进行几天的讨论。如果兴趣不高就pass了。如果大家兴趣还比较大,会约创始人开线上会议,所有成员都可以参加。会议结束后有2-3天的讨论时间,DD也会发生在这段时间。讨论结束后如果没有出现显著的分歧,则会在Discord上进行初步投票,以决定是否进行投资及投资额度。一旦达成共识,下一步则是在区块链上发起正式的投票。投票通过后便可以解锁资金并进行相关的paperwork工作。

整个流程是扁平化且相对高效的,能够迅速响应市场机会。当然人多嘴杂这句话也适用,如果一个项目大部分都喜欢,自然很高效,大部分都不喜欢,也很高效。但如果出现了较大意见分歧,则意味着会“吵”很久,最后还往往达不成共识,也会因此错失一些机会。不过说实话我还挺喜欢“吵”的过程,这是一种智慧的碰撞,我常受益其中。

一个投资机构的日常工作肯定不是只需要讨论讨论做一下决策。简单拆解有:募资、投研、寻找投资机会、尽职调查、投后、退出

募资 - 在之前的文章中已经覆盖了,投资DAO通过定向邀请吸纳成员,每位成员都必须投入资金,因此在构建出成员网络的同时也就完成了募资。为了确保投票权不过于集中,单个成员的投资上限有严格的限制,这意味着DAO管理的总资产(AUM)规模并不大。

AUM不大,在单个项目的checksize自然也不会太大。如果遇到了大家看好的项目,但最低投资额超出了能接受的范围,我们有套流程来快速启动一个SPV。DAO会作为SPV的一个出资方参与,而其他资金则成员额外出资补充。大多数成员都有额外的资金以及兴趣来参与这类投资。通过这种方式,我们能够灵活地应对各种投资机会,即使AUM相对较小也能够有效地扩大投资范围和影响。

投研 - 没有系统化的工作流程。不过DAO成员都有不错的研究能力,并且在各自的专业领域内有独特的理解,日常在discord经常有各类讨论,可以看作是一种非传统形式的投研。虽不系统,但涵盖了广泛的话题和深入的分析。而针对特定方向,有时候我们会组织集中讨论,从技术研究到行业发展趋势,再到该赛道内各个玩家的分析,这种方式依靠大家的专业知识和积极参与,也有不错的效果。

寻找项目机会 - DAO成员主要是来自不同领域的创始人和投资人,其中相当比例是深耕于硅谷地区,正是这次AI浪潮的中心。这样的背景使得我们能够接触到很多的项目,迄今为止几乎所有的投资项目都是通过人脉网络获得的。然而,单纯依靠人脉网络的方式在系统性和覆盖面上存在局限性。

随着投资组合逐渐成形,我们在AI创始人圈子中逐步建立起了一定的声誉,主动来联系的项目数量明显增加。而对于特别看好的领域,大家会通过持续发表观点和投资理论,以表明观点吸引更多的投资机会,这是未来的计划,目前尚未开始实践。

也常常会有大家特别感兴趣但谁都不认识的项目,会采取主动出击去联系。不过这种一般都是项目已经到了后续轮次了,往往较贵,我们只会把少量资金部署在这类项目上。

当然能找到项目只完成了一半,热门项目都是oversubscribed,很挑投资人。我们目前投资的AI项目,大部分创始人根本不知道DAO是什么,但聊完都很愿意留些额度。这是因为沟通过程中,对方能认识到这个集体的专业度以及多元化的资源和背景,这对创始人是有吸引力的。

尽职调查 - 与投研类似,通过集体讨论和意见反馈来进行。

投后管理 - 有一个内部AI工具用于追踪所有被投资项目的公开信息,每周提供报告。除了跟踪信息外,每个被投资项目都有一个指定的成员负责与团队进行沟通。我们的策略是没事尽量不去烦创始人,仅在团队需要资源支持或遇到明显问题时,我们才会积极介入提供帮助。由于每位成员都有其擅长的领域和人脉资源,这使我们形成了一个强大的类似EIR(驻场创业家)的团队。依托于这样的资源,我们已有效地帮助创始人解决过问题。

退出执行 - 有一些大家讨论达成一致的基础策略,但目前还处于投资期的早期,暂时没有退出实践。 

除了直接与投资相关的工作,还有一些自发形成的虚拟小组,负责媒体发布、生态合作、以及组织Portfolio and Friends年度聚会等。

这期先写到着,后面应该还会再写一篇,展开聊一下遇到过的挑战,以及lesson and learn。


Competitiveness comes from a sufficiently diversified network and the cognition of leading markets in specific fields. In the last article, we discussed the characteristics and structure of investment and the importance of building a member network. This article will deeply disassemble the daily operation of investment or the investment mode. There are many modes in this article, and even if the organizational mode is similar, the specific operation details will be different. How do you make investment as a company and how to promote it is my past exchange. We usually rely on a tool for daily communication and use. This is a customized portal, which will list all project opportunities in stages, which is convenient for members who have no time to watch, and can quickly understand the current project opportunities and investment status. It also includes online voting statistics, fund change voting statistics and other functions for conducting and when a new investment opportunity appears, everyone will discuss it for a few days on the Internet. If the interest is not high, if everyone is interested, they will make an appointment with the founder of the conference. All members can attend the online meeting, and one day after the meeting, the discussion time will also take place during this time. If there are no obvious differences after the discussion, a preliminary vote will be held on the website to decide whether to invest and the investment quota. Once a consensus is reached, the next step is to initiate a formal vote on the blockchain. After the vote is passed, the funds can be unlocked and related work can be carried out. The whole process is flat and relatively efficient, and it can quickly respond to market opportunities. Of course, there are many people talking. It is also applicable. If most people like a project, it is natural and efficient. Most people don't like it, but if there is a big disagreement, it means that it will be noisy for a long time. In the end, it is often impossible to reach a consensus, and some opportunities will be missed. But to be honest, I quite like the noisy process. This is a collision of wisdom. I often benefit from the daily work of one of the investment institutions. It is definitely not just a matter of discussion and decision-making, simple dismantling, fund-raising and research, looking for investment opportunities, due diligence and withdrawing from the fund-raising after investment. In the previous article, capital has covered investment, and every member must invest capital through directional invitation. Therefore, in order to ensure that the voting rights are not too concentrated, the investment ceiling of a single member is strictly limited, which means that the total assets under management are not too large, and naturally, it will not be too large for a single project. If we encounter a project that everyone is optimistic about, but the minimum investment is beyond the acceptable range, we have a set of procedures to start it quickly. One will participate as a funder, while other funds will be supplemented by additional contributions from members. Most members have extra funds and interest to participate in this kind of investment. In this way, we can flexibly cope with various investment opportunities, and even if it is relatively small, we can effectively expand the scope of investment and affect investment research. There is no systematic workflow, but members have good research ability and unique understanding in their respective professional fields. There are often various discussions every day, which can be regarded as one kind of. Although non-traditional forms of investment and research are not systematic, they cover a wide range of topics and in-depth analysis, and sometimes we will organize focused discussions from technical research to industry development trends to the analysis of various players in the track. This way, relying on everyone's professional knowledge and active participation, it also has a good effect to find project opportunities. Members are mainly founders and investors from different fields, and a considerable proportion of them are deeply involved in Silicon Valley, which is the center of this wave. We have access to many projects. Up to now, almost all investment projects have been obtained through the network of contacts. However, relying solely on the network of contacts has limitations in system and coverage. With the gradual formation of the portfolio, we have gradually established a certain reputation in the founder circle, and the number of projects that we actively contact has increased significantly. For particularly promising fields, we will continue to express our views and investment theories to attract more investment opportunities. This is the future. At present, our plan has not yet been put into practice, and there are often projects that everyone is particularly interested in, but no one knows, and they will take the initiative to contact. However, this kind of project has generally reached the follow-up round, which is often expensive. We will only deploy a small amount of funds on such projects, of course, we can find that only half of the popular projects have been completed, and most of the founders of the projects we are investing in have no idea what they are, but they are willing to leave some quotas after talking. This is because the other party is willing to leave some quotas during the communication process. Being able to recognize the professionalism and diversified resources and background of this group is attractive to the founder. Due diligence is similar to investment research, and post-investment management is carried out through collective discussion and feedback. There is an internal tool to track the public information of all invested projects and provide weekly reports. In addition to tracking information, each invested project has a designated member who is responsible for communicating with the team. Our strategy is to have nothing to do and try not to bother the founder. Only when the team needs resource support or encounters. When there are obvious problems, we will actively intervene to help. Because each member has his own expertise and personal resources, we have formed a strong team similar to the resident entrepreneurs. Relying on such resources, we have effectively helped the founders to solve the problems and quit the implementation. There are some basic strategies that everyone has discussed and agreed on, but at present, they are still in the early stage of the investment period and have not quit the practice for the time being. In addition to the work directly related to investment, there are also some spontaneously formed virtual groups responsible for media release, ecological cooperation and organizing annual gatherings. In this issue, we should write another article later to talk about the challenges we have encountered and 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

文字格式和图片示例

注册有任何问题请添加 微信:MVIP619 拉你进入群

弹窗与图片大小一致 文章转载注明 网址:https://netpsp.com/?id=61537

美化布局示例

欧易(OKX)最新版本

【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费!

APP下载   全球官网 大陆官网

币安(Binance)最新版本

币安交易所app【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费!

APP下载   官网地址

火币HTX最新版本

火币老牌交易所【遇到注册下载问题请加文章最下面的客服微信】永久享受返佣20%手续费!

APP下载   官网地址
可以去百度分享获取分享代码输入这里。
声明

1.本站遵循行业规范,任何转载的稿件都会明确标注作者和来源;2.本站的原创文章,请转载时务必注明文章作者和来源,不尊重原创的行为我们将追究责任;3.作者投稿可能会经我们编辑修改或补充。

发表评论
平台列表
美化布局示例

欧易(OKX)

  全球官网 大陆官网

币安(Binance)

  官网

火币(HTX)

  官网

Gate.io

  官网

Bitget

  官网

deepcoin

  官网
关注我们

若遇到问题,加微信客服---清歌

搜索
排行榜
扫一扫,加我为微信好友加我为微信好友