Wang Ran, founder of Yikai Capital, is a “News Network”-level prophet 188bet Live Casino venture capital industry，His entrepreneurial direction this year、Financing、Sharp views on IPO，It is worth savoring by entrepreneurs。

The following are Wang Ran’s latest predictions and suggestions for 2018:

First, a small suggestion.

1、Use the New Year’s Day weekend to carefully read the 19th National Congress report，Read the full text of the Central Economic Work Conference announcement carefully again，Think about the current political and economic difficulties 188bet Live Casino country，What does it have to do with myself。188bet Live Casino spirit of user-friendliness，Here are the links to these two huge documents:《Full text 188bet Live Casino 19th CPC National Congress report》《Full text 188bet Live Casino announcement 188bet Live Casino Central Economic Work Conference》.

About the direction of entrepreneurship

2、188bet Live Casino used to be Internet+，Later 188bet Live Casino was Mobile Internet+，Now 188bet Live Casino’s AI+。You must at least be sure 188bet Live Casino two things before and after the "+"，Only with the opportunity of “+”。

3、Pure AI technology entrepreneurship is the owner of big data、The game of top scientists, technology masters and leading entrepreneurs who have been proven at least once。If you do not have such assets、Resume and halo，Then you might as well avoid the front and look for the side。

4、In our opinion，Autonomous driving、Electric vehicle、Shared travel、Smart Transportation，In fact, they all point to the same future。It is inevitable to invade other people’s territory if you get bigger。This is a stock of hundreds of millions、A 188bet Live Casino whose growth is in the trillions，But for entrepreneurs，This is another 188bet Live Casino that brutally competes for financing capabilities。There have been constant battles in this 188bet Live Casino，The war will continue in the future，But after 2017 and 2018, the threshold for starting a business will become incredibly high。

5、We have always believed，The next area where BAT-level companies have the opportunity to appear is most likely the health industry，But companies that can grow to BAT level must have the value and attributes 188bet Live Casino platform。From the current point of view，Disease monitoring and new drug research and development are the two areas that have the greatest opportunity to become the cradle of platform-level health companies。

6、There are two biggest opportunities 188bet Live Casino new consumer field: one is called new brand，One is called New Retail。Globally，The brand is undergoing an unprecedented renewal，The brands of Millennials (born between 80-95) and Generation Z (post-95s) are fully impacting and replacing the brands of mothers and even grandmothers。If there are relevant quantitative statistics，The past two years are likely to be the two years in which the value of traditional well-known brands has declined the fastest in history。Although the term 188bet Live Casino retail has almost been overused，We believe that its core connotation should focus on four points: (1) Targeting Millennials and Generation Z；(2) Reconstruct supply chain and product portfolio；(3) Use composite space to improve offline experience；(4) Online and offline bidirectional flow。

7、The rise of 188bet Live Casino retail has put forward 188bet Live Casino requirements for the logistics industry.On the road to becoming more intelligent and flexible, the logistics industry will give birth to a new generation of giants after Rookie SF Express。Just like SF Express and Rookie are playing together，Just playing with it，Future logistics giants can only choose one of these two directions。Relatively speaking，The chance of playing heavy should be more than the chance of playing light。（Entrepreneur&i Dark Horse Note: SF Express’s current 188bet Live Casino value is 222.1 billion yuan)

8、There are still many opportunities 188bet Live Casino content industry.The biggest opportunity for today’s content industry giants is to create a broadcast platform through top content，Integrate content and platform。Although the three major video websites have been fighting for 10 years and spent tens of billions of funds，But the platform war is far from over。A new generation of playback platforms will emerge 188bet Live Casino future，Sizable content companies have the opportunity to participate 188bet Live Casino birth and growth of new platforms。The opportunity for startups lies in focusing on niche content (around comedy that has the potential to establish an industrial chain、Hip-hop、Electronic Music、Food content can form an industry chain) as well as create offline entertainment scenes and gather offline fan traffic。Of course，Whether it is for giants or startups，Super IP with the ability to have sequels and seasons is always an important foundation to support the towering tree。

9、The education industry formed a medium-sized hotspot in 2017。Just like AI+health can redefine disease diagnosis and treatment，AI+education will also be able to reconstruct (at least repopulate) the human brain。As the application of AI 188bet Live Casino education industry becomes more and more mature，Traditional school education and exam-oriented education will be subverted。The entrepreneurial opportunities here are self-evident，Because this is another cheese that is moving a trillion-dollar traditional industry，And not cut into a small piece，But move away completely。

10、Important engines driving the development of China’s financial industry include (1) scenario-based consumer finance and inclusive finance；(2) Financial technology with artificial intelligence as the core；and (3) Blockchain Technology and Cryptoeconomics。Among them，Scenario-based consumer finance and inclusive finance are obviously mainly games of large platforms，However, financial technology innovation represented by "AI + Finance" and the widespread application of blockchain technology 188bet Live Casino obviously open a door to future finance for new entrepreneurs。

11、Restructuring of traditional industries is an important theme of today’s Chinese economy，188bet Live Casino also an important direction for entrepreneurs today。There are four aspects worthy of attention in the reconstruction of traditional industries: (1) Occupy the old 188bet Live Casino with new products，There are two driving forces worthy of attention，One is technological change (such as new energy vehicles, etc.)，One is the rise of Millennials and Generation Z (such as long-term rental apartments and Internet celebrity brands, etc.)。(2) Create a new 188bet Live Casino，The core here is to cultivate and change user habits，At the same time, use new technologies to solve core links (such as shared bicycles、Pay for knowledge、Local service platform, etc.)。(3) Redefinition and reimagining，Possibly being “redefined and reimagined” includes: online and offline relationships of traffic (such as header content、New retail)、Supply chain (such as new convenience stores)、Space (such as complex bookstore and gym, etc.)。(4)AI+ (such as AI+security、AI+Health、AI+education、AI+Logistics、AI+Finance, etc.)。

12、Whether it is consuming、Retail or entertainment、Education field，The value of offline traffic 188bet Live Casino receive more recognition and attention，The value of companies that have the ability to obtain large-scale offline traffic at low cost 188bet Live Casino also enter a golden period of linear growth。

About financing and 188bet Live Casino

13、Unless a black swan event occurs or a gray rhino crisis breaks out，Otherwise, the overall valuation level of the primary 188bet Live Casino will not be significantly adjusted in 2018。But some valuation methodologies have no real basis to follow、Emerging fields where valuations are basically based on echelons of people may encounter situations where investors are more cautious in valuation。（Entrepreneur&iDark Horse Note: The “grey rhino incident” is a risk that is so common that people take it for granted，“Black swan events” are extremely rare、Risks that are unexpected。）

14、If we can raise a big sum of money in 2018，Don’t wait until 2019。Because black swans can happen every year，But the probability of gray rhinoceros in 2019 is greater than that in 2018。

15、The most important mission of each round of financing--in addition to raising money--is to lay the foundation for subsequent financing，This foundation includes 188bet Live Casino steps that are easy enough to see and existing investors with deep enough pockets。

16、Although there are quite a few 188bet Live Casino doing this now，But generally speaking, we don’t particularly recommend “chat anytime”、Opening the door to welcome customers” style step-by-step financing。Financing should still be divided into rounds，There still needs to be obvious business progress between rounds。The efficiency of step-by-step financing must be higher than that of step-by-step financing.

17、Although the specific situation and development path of each company may not be exactly the same，But generally speaking, we recommend that entrepreneurs consider different types of investors at different stages:Angel stage--individuals and angel organizations with brand and entrepreneurial experience；A round--branded VC；Series B and C--Institutions and BAT that can directly help the business；D round and E round - PE with brand endorsement ability、Hedge Fund、Sovereign Funds and Family Offices；F round and beyond--don’t think about it for now，They 188bet Live Casino come by themselves when the time comes。

18、188bet Live Casino present，Except time can be your friend，There are several types of investors who should also be your friends，Including: National Team (Friends with political resources and brand endorsement capabilities)、Financial institutions (friends with business resources and brand endorsement capabilities)、BAT (the friend you can’t get around sooner or later)、Family offices of top entrepreneurs 188bet Live Casino United States (with powerful friends) and sovereign funds and family offices 188bet Live Casino Middle East (that is, rich friends)。

19、The situation where entrepreneurs and capital are well matched will become increasingly serious，First-line entrepreneurs (such as top scientists and technology experts、Executives of major Internet companies、Proven serial entrepreneurs, etc.) will attract first-line capital (such as BAT、National Team、First-tier VC/PE、Financial institutions, etc.)，It will continue to become more difficult for non-leading companies to obtain investment from first-tier institutions and for second- and third-tier investment institutions to invest in leading companies，Ordinary VC with no brand and no strategic resources、PE will have less and less 188bet Live Casino among truly outstanding entrepreneurs，Reduced to a second-class citizen。

20、If you can get money from first-line institutions，But the 188bet Live Casino is less than 30% lower than the 188bet Live Casino given by second- and third-tier institutions，Get money from first-line institutions。This is the 188bet Live Casino discount they deserve。

21、The A-share 188bet Live Casino is price-earning ratio oriented，So all primary 188bet Live Casino companies facing the A-share 188bet Live Casino are also price-earnings ratio oriented，This is normal，But not all companies are logically consistent。There are naturally two completely different business experiences 188bet Live Casino world，One is to make one order, one order，One is to burn money and destroy the future。If the essence of business is the former，No matter which 188bet Live Casino it is，Profits should not be ignored，At least EBITDA (entrepreneur&iDark Horse Note: Earnings before interest, taxes, depreciation and amortization，referred to as EBITDA) this valuation indicator；If the latter，No matter which 188bet Live Casino it is，No one should be guided by short-term profits。

22、Same no matter which 188bet Live Casino you are in，The valuation of the secondary 188bet Live Casino will form the reference coordinate of the primary 188bet Live Casino，Long-term inversion of valuation level will be unsustainable。Some very unique startups have reason to escape the gravity of the secondary 188bet Live Casino because of the disruptive nature of their own technologies and models，But today’s reality is that there are a large number of startups that should not have escaped gravity, but they have soared into the sky following those disruptive leading companies in the heat of the 188bet Live Casino。To them，Gravity will take effect sooner or later。

23、The major trend in the future primary 188bet Live Casino is downward price。This is related to the price of the A-share 188bet Live Casino being in a downward channel，But not the main reason。The main reason is that a large number of people without valuation capabilities have appeared in the 188bet Live Casino in the past two or three years、Therefore, GP’s valuation discipline is out of the question，Driving up the prices of various companies。These institutions can at most fish in troubled waters to raise the second phase，Then it will die automatically because it is difficult to raise three phases。The funds in the 188bet Live Casino will quickly mature after experiencing the lessons of failure、GP concentration with methodology and discipline。Once a large number of investment institutions without valuation capabilities are squeezed out of the 188bet Live Casino，The discipline of valuation will gradually return。

About IPO and exit

24、As of November 30, 2017，A shares、The Hong Kong stock 188bet Live Casino and the US stock 188bet Live Casino have 3 respectively,443、1,779 and 3782 listed companies，The total 188bet Live Casino capitalization (in U.S. dollars) of the three places is 9.2 trillion、4.2 trillion and 37 trillion US dollars；Three of them have 3443 respectively、378 and 157 Chinese companies，The 188bet Live Casino capitalization (in U.S. dollars) of these companies is 9.2 trillion、1.6 trillion and 0.9 trillion 188bet Live Casino value，The average 188bet Live Casino value of each listed Chinese company in these three markets is 2.7 billion respectively、US.2 billion and US.7 billion。If A shares and Hong Kong stocks are regarded as one 188bet Live Casino and compared with the US 188bet Live Casino，The number of A-share and Hong Kong-listed companies is 1% of that of US stocks.4 times，The 188bet Live Casino value is only 36% of the US stock 188bet Live Casino。Therefore，The core of the future expansion of the mainland and Hong Kong markets lies in improving the quality and scale of listed companies，Instead of blindly increasing the supply of listed companies。(Note: SF Express’ current 188bet Live Casino value is 222.1 billion yuan)

25. In terms of 188bet Live Casino level,The TTM P/E ratio of the top 20 largest TMT companies in A shares is 40-52 times，The top 20 Hong Kong stocks are 27-44 times，The top 20 US stocks are 22-40 times；The price-earning ratio of the top 20 largest consumer companies in A-shares is 29-32 times，Hong Kong stocks are at 26-29 times，US stocks are around 26 times；The P/E ratio of the top 20 largest health industry companies in A shares is 42-59 times，Hong Kong stocks are at 21-46 times，U.S. stocks at 24-26 times。Although the premium of A shares still exists，But the valuation levels of A shares and Hong Kong stocks will gradually approach 188bet Live Casino future。Although today A shares still have certain valuation advantages over Hong Kong and US stocks，But in the long run, this valuation advantage will gradually shrink，The valuation levels of A shares and Hong Kong stocks will become closer and closer，There may even be a scissor reversal in the future。What’s more important，In today’s A-share 188bet Live Casino, this so-called valuation advantage only corresponds to paper wealth，The various restrictions around reductions will make the "looking good" P/E ratio very different from the P/E ratio that can be obtained when exiting。

26、From the current situation，Although the approval speed of the A-share 188bet Live Casino is accelerating，But the approval threshold is also increasing。And the impact of short- and medium-term policy orientation and leaders’ personal preferences is still obvious，The prospect of A-share listing for companies in some industries (such as culture and media) is very unclear。If you are looking for the certainty of an IPO，Then until the registration system is implemented，Don’t choose A shares。

27、With the recent introduction of a series of reform measures by the Hong Kong Stock Exchange，The attractiveness of the Hong Kong 188bet Live Casino is inevitable for many Chinese entrepreneurs，The "VIE ride" that has become popular again this year is mostly targeting the Hong Kong 188bet Live Casino。In the short to medium term, the Hong Kong 188bet Live Casino will become home to many Tencent-based new economy companies in China、New drug research and development company、The best choice for new consumption and new logistics companies。In the long run, the A-share 188bet Live Casino and the Hong Kong 188bet Live Casino can be regarded as one 188bet Live Casino，The ebb and flow of the two depends on the intensity of the reform of the A-share 188bet Live Casino，It also depends on the central government’s mentality and policy orientation towards Hong Kong stocks。

28. As for the US stock 188bet Live Casino, unless you(1) Where can you find particularly good comparable companies；(2) The 188bet Live Casino value is large enough or the 188bet Live Casino is international enough,Otherwise, it will become less and less the first choice for Chinese companies to list overseas。

29、No matter which 188bet Live Casino it is listed on，Sufficiently large 188bet Live Casino value is an important prerequisite for IPO。Overall，If the 188bet Live Casino value after listing does not reach 20 billion yuan，The significance of listing is actually very limited。It is better for such a company to stay in the primary 188bet Live Casino for a while，The financing financing，Let’s expand the business first，In the end, you will find that growing up in the primary 188bet Live Casino is probably easier than growing up in the secondary 188bet Live Casino。There is so much money in the primary 188bet Live Casino now，If you can grow up calmly in the primary 188bet Live Casino, there is no need to rush to become an orphan in the secondary 188bet Live Casino。

*188bet Live CasinoText source: WeChat public account "Entrepreneur”（ID: chuangyejia），Author: Wang Ran。Original title: "Wang Ran writes to entrepreneurs in 2018: Don’t rush to become an “orphan” in the secondary 188bet Live Casino 》.