Meihua Venture Capital Wu Shichun: Large-scale model investment is a "bright card"

Source: The Paper

reporter Huan Yanhong

What kind of impact has the era of large models brought to the world? Entrepreneurs and investors are arguing endlessly, and Wu Shichun, the founding partner of Meihua Venture Capital, is very calm about this. On July 21, he said bluntly in an interview with media including Pengpai Technology, "Large model investment is a 'famous brand'", and the opportunity for universal large model infrastructure belongs to the giants, but there are still opportunities for companies that have accumulated a certain amount of accumulation to actively embrace the application of large models.

In Wu Shichun's view, in the "bright card" structure, it seems that everyone knows that building expressways will make money, but it is not something that small companies or venture capital can do.

Wu Shichun said that the current social capital is very conservative, and venture capitalists are more cautious in their actions. It is difficult for funds to raise funds and entrepreneurs to raise funds.

In recent years, industry guidance funds have been successively established in various places, forming a form of capital investment, which has greatly supplemented the source of funds and investment cases in the investment market. Government funds accounted for 70% of the entire RMB fund.

The key to the recovery of social capital depends on the improvement of investment exit channels. Wu Shichun said that due to the lack of good exit channels for investment funds at present, many assets have "barrier lake phenomenon". "Only exit will bring new money, new confidence and better expectations."

Wu Shichun believes that with the depletion of traffic, the opportunities for Internet entrepreneurship are slim. The current investment of Meihua Venture Capital is mainly focused on the field of science and technology, including new energy, new materials, semiconductors, military industry, big data, intelligent manufacturing, commercial aerospace, biotechnology, etc. Some top projects have been invested in each field, and an industrial chain has been formed from point to line to surface. Now investment must invest in "unicorn tigers", which must not only have technological attributes, but also occupy the first place in the industry and be able to make very good profits.

Regarding large-scale model investment, Wu Shichun believes that it is a "bright card". For large companies, it is the last thing to hesitate to make a decision. "'Bright card' means that there are very few opportunities for new entrepreneurs. New entrepreneurs need some opportunities that others cannot understand or look down on."

Wu Shichun said that there may be three types of entrepreneurship around large models: the first type is large companies, which will build some infrastructure and compete to become the winner of large-scale model platforms; the second type is companies that quickly embrace large-scale model applications. Such companies have certain large-scale model application scenarios, have accumulated a certain amount of data, and have customers and revenue, and can become application-oriented winners; the third type is the aborigines in the AI field.

In Wu Shichun’s view, in the “bright brand” structure, it seems that everyone knows that building expressways will make money, but building expressways is not something that small companies or venture capital can do. “You will soon find that the opportunity for general-purpose large-scale models belongs to giants. We can only wait for giants to complete the construction of expressways. Service facilities such as gas stations and convenience stores around expressways may be an opportunity for entrepreneurship.” Wu Shichun believes that small and medium-sized models will appear in the future.