April 12-14, 2017，Sponsored by 188bet Live Casino Information、The "11th China 188bet Live Casino Annual Conference·Annual Summit" co-organized by China 188bet Live Casino Network was held at the Jinmao Grand Hyatt Hotel in Shanghai。The theme of this conference is "188bet Live Casino Evolution"，From hundreds of domestic and foreign private equity institutions，Discuss the future development of the private equity industry。

Wei Zhe, founder of Jiayu Fund, thinks，Many investors have not yet understood the difference between the sharing economy and the sharing economy，Many sharing economy projects，By doing 188bet Live Casino, 188bet Live Casino becomes a sharing economy。“No sharing economy in the world has yet achieved profitability，The sharing economy can achieve profitability very quickly。” Wei Zhe explained，To reinvest resources，Not a sharing economy but a sharing economy，Using existing idle resources，188bet Live Casino is the sharing economy。

Wei Zhe thinks，The bicycle project has no national scale effect，There will be no winner-take-all situation。188bet Live Casino must be profitable in every city，188bet Live Casino is impossible to say that every city is losing money，15 cities connected together will make a profit。

The following is the full text shared by Wei Zhe:

I feel investors really need to evolve。Someone said，If people are stupid, money will come quickly，On the other hand, quick money makes many people stupid，Investors are indeed becoming stupid。

I want to close the window today，Pour some cold water。I always believe，Investment is like taking the subway，A car drove by，Never jump in the car，Jumping from a car is dangerous，In addition, you need to pay for the ticket after jumping on the bus，No comfortable position yet，188bet Live Casino is better to believe that there is another car。

Only three types of companies can achieve winner-take-all

The essence of investment，Working in investment banking、Corporate Finance，Investment can make money because the efficiency and growth of the enterprise are simultaneously improved。What I see is，A large amount of investment only pursues growth，Not concerned about efficiency。What particularly surprised me，The Internet should be better to improve efficiency，But we received a lot of BP，188bet Live Casino’s disguised as the Internet，Even less focused on efficiency。The lack of efficiency is reflected in the amazing speed of burning money，188bet Live Casino seems that the Internet must be scaled，188bet Live Casino seems that scale can make the winner take all。

Actually，There are only three types of companies on the Internet that can achieve winner-take-all，Winner takes all means the second child cannot survive in the market。The first is a network effect company，The most typical one is WeChat。For example，You said the three major operators are monopolistic，Change your mobile phone to China Unicom tonight，There is nothing you can do about mobile，But today you said you don’t need WeChat，188bet Live Casino’s not your decision whether to use 188bet Live Casino or not，188bet Live Casino is your hundreds of friends on WeChat who decide whether you use 188bet Live Casino or not，This is called network effect。After this strong network connection effect，You have to use。But not all companies have such network effects，For example, watching videos、Shopping，Taobao、Not even available on JD.com。Why e-commerce Taobao、JD.com has also formed one or two dominant companies、What about the winner-take-all situation？His success does not rely on network effects，We call 188bet Live Casino the second winner-takes-all model，Called Global、National scale effect。Traditional retail like Wal-Mart，Global sourcing brings huge cost and efficiency advantages，But 188bet Live Casino still relies on business districts。We say，Walmart opens，10 kilometers without a blade of grass。But you can’t do anything to Wal-Mart if you open the store 11 kilometers away。So in the gaps of every 10 kilometers of Wal-Mart’s business district，Many small and medium-sized retail companies can survive。But Taobao、Places reached by JD Logistics，They are all its business districts，Global、The scale effect formed across the country can also produce a winner-take-all pattern。Category 3，Technology is always one step ahead of you，For example, search engine，None of the first two categories，But technology and user volume、Data keeps rubbing，Its knife is getting sharper，Always one step ahead of you，So technology-driven companies may also form winner-take-all。Except these three categories，Scale cannot bring certain benefits。

Projects that many investors are seeing now，Entrepreneurs say that the A round has penetrated a city，Round B is for Beijing, Shanghai, Guangzhou and Shenzhen，15 cities in Round C，Then there will be 188bet Live Casino more。Not all projects need to cover Beijing, Shanghai, Guangzhou and Shenzhen or cover 15 cities。

We proposed a three-level scale theoretical benefit。First-order scale effect，refers to most O2O projects，Or projects that require local Internet services，Scale effect within 3 square kilometers。For example, food ordering service，I’m in Lujiazui，There is a restaurant in Xujiahui, Shanghai，No matter how good the noodles are, 188bet Live Casino has nothing to do with me。So for consumers，There are 1 million merchants on the platform and I have nothing to do with 188bet Live Casino，I only care about what good restaurants are around Lujiazui。As a restaurant in Lujiazui，The number of transactions on the platform has nothing to do with me，I only care whether the platform brings me 50 orders or 100 orders today。No matter how big the platform is，There is no relationship between consumer experience and restaurant performance improvement。This means you must make a profit for every three square kilometers，Don’t tell me，You lose money for every three square kilometers，One thousand three square kilometers can be profitable together，Definitely impossible。

The second is the scale effect in the same city，58 fight in the same city is the same city effect。I met Yao Jinbo once，I asked him，Which cost in the country can be shared among cities，There is probably a cost that can be shared，That’s Yang Mi’s endorsement cost，Nothing else。This means，188bet Live Casino must be profitable in every city，188bet Live Casino is impossible to say that every city is losing money，15 cities connected together will make a profit。

The third is to have a nationwide effect, which can chase 188bet Live Casino.

When investors look at the project，188bet Live Casino depends on which scale any model falls on。What size are today’s bicycles?？I can say 188bet Live Casino responsibly，188bet Live Casino is definitely not a nationwide scale effect，188bet Live Casino is about between three square kilometers and the same city，188bet Live Casino must be profitable for every three square kilometers or every city。

188bet Live Casino can be profitable, but 188bet Live Casino is not necessarily

Investors should ask themselves today，What is the sharing economy，What is the sharing economy？To reinvest resources，Not a sharing economy but a sharing economy，Using existing idle resources，It is the sharing economy。I have an extra set of cars、One more apartment，Sharing with others is the sharing economy。No sharing economy in the world has yet achieved profitability，The sharing economy can achieve profitability very quickly。At present, the real sharing economy in the world is Airbnb。Many start from the sharing economy，Just do it and it will become a sharing economy。uber、Didi，In the beginning, there were indeed many private cars idle for work，When more and more people buy cars and become full-time drivers，It has become a sharing economy。Sharing economy requires investing resources and fixed costs first，The platform’s business must cover costs first，The sharing economy has indeed improved certain asset utilization benefits，But the platform must first cover the cost of full-time drivers，The fees that the sharing platform can receive are very limited。The sharing economy is different，My house is idle even if it is idle，100 USD、I’m willing to rent it out for 0，And the platform takes 10%、20%，As an asset provider，Everyone is willing。This is why the sharing economy is so successful，Closer to 188bet Live Casino。

Now we are entering the capital winter，Many startups say I can make a profit，Profit does not mean there is 188bet Live Casino，Profit model，You are currently not profitable，It doesn’t matter。Many people collected their income today and said that I finally made a profit，But most of them do not have 188bet Live Casino。There is profit but no profit model，Means unsustainable profitability。There is 188bet Live Casino and it is not profitable yet，Don’t worry too much。

* This article is reproduced from Jiemian News，Author Wang Xiaoqi，Original title:Wei Zhe, founder of Jiayu Fund: Shared bicycles have 188bet Live Casino national scale effect，188bet Live Casino winner takes all。