Many friends have asked me recently: Is the capital winter really coming、Is there still a future for O2O entrepreneurship？

Because I have been preparing for the China O2O Entrepreneurship and Innovation Conference，I haven’t had time to think about these two issues。For the first question，Is the capital winter really coming？My answer is: Hmm，Already here，And it may be more serious than we think。

I know a founder who is a car after-sales service O2O，He told me that the big turmoil in China’s stock market not long ago affected their financing，Many RMB funds suffered setbacks in the secondary market，Directly causing them to dare not make a move in the primary market。If as before，With the strength of their company, they can definitely be popular，Several institutions that expressed strong investment intentions all gave up following up after the stock market shock。Fortunately, the cash flow of this automotive after-sales service company has been good，Financing setback but can still survive。

I chatted with the head of an investment institution last week，He told me that an O2O company in the industry that provides door-to-door massages recently had its term sheet torn up by an investment institution，The reason is that investment institutions suspect that the door-to-door massage O2O company’s data is fraudulent。I don’t care whether the data is falsified，188bet app However, the proportion of investment institutions voluntarily breaking contracts has indeed increased significantly since June this year，Even after signing the final agreement，The payment process is also slower than before。This does not only include some small institutions，The same is true for many big VCs we are familiar with。

Not long ago, Yiou.com reported rumors that a once-popular community O2O company was in arrears with employee wages，The company’s CEO’s reply was: It used a VIE structure before，Recently dismantling the structure，Due to the poor collective performance of Chinese concept stocks in the US stock market，making it necessary to compromise interests when dismantling the VIE structure，In addition, it will take a long time to dismantle the VIE structure，So between the two choices of maintaining the company’s survival and paying back employees’ wages，He resolutely chose the former。

U.S. stocks and Chinese concept stocks are in a collective downturn、A shares continue to be turbulent，Many companies put their money on the New Third Board。A message received by Yiou.com is，A well-known domestic VC collectively packaged 16 companies it invested in to a securities company，Collectively dismantle VIE and seek listing on the New Third Board。The embarrassing thing is，Although the threshold of New OTC Market is low，But the queue is quite long，Many companies may not be able to wait for the day of listing。

Another one that has high hopes is the Shanghai Stock Exchange Strategic Emerging Board，I heard that we will first focus on supporting innovative companies in Shanghai。But the strategic emerging board cannot make the trip within this year，We have to wait until April next year at the earliest。A friend from a securities company told me，A large life service O2O company aims at strategic emerging boards，But the previous financing may not last until April next year，We must make another round of financing in this capital winter，However, it is difficult to improve the valuation。

A few examples above，What I want to say 188bet app is: secondary market，Whether it is A shares or US stocks，Whether it is the New Third Board or the Strategic Emerging Board，The current exit channels are not ideal。Secondary market downturn，VC fundraising affected，There will be less funds invested in the primary market，The chances of startup companies getting investment will also become smaller。

Of course，The capital winter is just a state relative to the high market level。The market is too optimistic in the long term，Bubble generated，Need to squeeze in in the cold winter，This is not a bad idea。The current turmoil in China’s stock market，My understanding is that this is a manifestation of a new round of interest structure adjustment，In the medium and long term (taking the 19th National Congress as the line) it will inevitably become stable；And the government encourages entrepreneurship and innovation，Compared with other industry fields，Technology and the Internet are increasingly becoming the bright spot of the national economy，The trend favored by the market will not change。As for international capital，Many big funds and big VCs have the habit of increasing investment in the cold winter。

Back to the second question，Is there still a future for O2O entrepreneurship？My opinion is: A large number of O2O companies will become martyrs，But the market and users have been cultivated，The cost of new entrants will be reduced；Online and offline integration is already a reality，Industrial and consumption upgrading is imperative，O2O industry still has bright future。

A large number of O2O companies were born in a rush after 2014，The entry barrier was very low at that time，Players are mixed；Developed to 2015，A number of O2O companies died，The reasons for death are nothing more than: 1) The team is not good，For example, if the team’s basic abilities are not good、Unreasonable shareholding structure leads to dissolution；2) The entrepreneurial direction borrowed the momentum of O2O but failed to grasp the real pain points；3) Strategically burn money 188bet sports betting app download to gain scale，Ignore service quality and be abandoned by users。

Thousands of O2O companies have received financing，It is normal survival of the fittest to die.，No need to over-interpret，The same is true in other fields。Take e-commerce as an example，Hundreds of vertical e-commerce companies received financing in 2010-2011，There are very few left after 2013，But this does not prevent powerful players such as Vipshop、Jumei Youpin and others were successfully launched。In comparison，O2O projects have a higher survival rate than e-commerce；Even if the secondary market is not good，O2O companies can also join giants such as BAT。What Yiou.com learned is，More than 100 O2O startups have received investment from giants such as BAT。

So，When answering the question of whether O2O entrepreneurship has a future，Depends on how to define the word "future"，If you have to go public independently to be considered a future，Although O2O is better than other fields, it is destined to be only a game for a few players。If based on survival probability，The survival rate of O2O is really much higher than that of pure Internet projects。

Death will be normal，But the martyrs of O2O also left a legacy，The market and users have been cultivated，Wait until the number of players decreases，The cost of new entrants will be reduced。2010 and 2011，Handle、Wowo、24 coupons、Tuanbao and other players smashed ads，The market and users have been extensively cultivated，After 2012, Meituan became the market leader，It has developed to now and is said to be valued at tens of billions of dollars。

So，The winter of capital，In fact, it is also the eve of harvest，The test is the true endurance of each player。No matter how many parties criticize O2O，But everyone agrees that online and offline integration is already a reality，Offline industry and consumption upgrade are the general trend。Baidu All in O2O、JD.com launches O2O home service、Alibaba integrates Yintai Investment Suning、WeChat vigorously promotes offline payment，These are just a few examples。

Because 188bet Online Sports Betting and Casino of the entry of large companies，One thing we must admit is: O2O has entered a stage driven by funds and resources。Previously，The core competitiveness of a large number of O2O companies is only marketing，It’s obviously getting harder at this stage。We found out when we analyzed those O2O companies invested by giants such as BAT，BAT and other giants favor teams with offline resources and offline capabilities。

Back to the topic of the article，The capital winter is really coming. How can O2O companies stay alive?A piece of advice recommended by many investors and that I agree with is: Don’t care too much about valuation，Financing as soon as possible，Reserve funds for 15 months。If you take money，Don’t just think about pure VC in the current market，Online BAT and other giants、Offline large-scale commercial enterprises may be a better choice。Stop advertising that cannot track performance，Return to the methods of making money by doing business，Make timely adjustments to businesses that suffer significant losses；Do a good job in internal mobilization，When it’s time to lay off workers, lay off workers。

Also，O2O entrepreneurship needs to return offline，Strengthen control of offline resources，For example, signing an exclusive agent for a scenic spot，Often more important than how many APP downloads。Two examples are，Weiying (WeChat Movie), which received investment from Wanda，With the strength of Wanda Cinema，Sudden rise in movie ticket sales；Dmall, which has cooperated with Wumart Supermarket, quickly caught up with its peers in terms of unit volume。

Of course，Even so，The death of a large number of O2O companies is still inevitable，This is the disadvantage of the cold winter of capital。The advantage of capital’s cold winter is，It can better polish the excellent characteristics of the enterprise。For companies with strength and confidence，They often look forward to the early arrival of cold winter，In order to expand against the trend；Because after the cold winter，Only then can the birds and flowers truly bloom。

At this special point in time，Yiou.com will host the China O2O Entrepreneurship and Innovation Conference on September 23，Select 6 major areas of entrepreneurship and innovation，Invite 27 successful entrepreneurial representatives；Select 30 O2O projects for roadshow，Invite more than 50 well-known investors 188bet Online Sports Betting and Casino to the scene。Yiou.com builds a resource docking platform through the conference，Service online and offline O2O company，Warmly welcome all friends to sign up and participate。