Past month，Major stock markets around the world continue to be turbulent，Concerns and comments about the economic crisis are rampant，The secondary market continues to be depressed，is having an increasing impact on the domestic venture capital market，Pourned "cold water" on the current hot entrepreneurial wave。

One Acre of Field, an agricultural B2B platform that had gained rapid momentum，Recent news of large-scale layoffs，Analysts pointed out，The apparent reason why Yimutian fired its employees is that these employees were suspected of cheating sales，The more essential reason is，Yi Mu Tian’s Series C financing was postponed，Having to cut costs。

“If Ele.me doesn’t have enough financing in this round，There will also be a large number of layoffs。"Investors said。August 27，The food delivery platform “Ele.me” has just announced the completion of 6.USD 300 million，Although faced with doubts about the exaggerated financing amount，But in an unfavorable economic environment，This move is intended to boost the confidence of cooperative merchants and employees。

And yesterday，Phoenix New Media also announced the launch of large-scale layoffs，Official name，Under the bad economic environment，The company’s performance encounters phased challenges，Stock is oversold，To stand in the wind，The company needs to transform and slim down。

Are you hungry、One acre of field、Phoenix 188bet app New Media is doing its best to resist risks，And more Internet companies burning money，Especially various O2O money-burning companies may become the hardest hit areas in the new round of layoffs，A large number of these start-ups are even in danger of bankruptcy。

This will inevitably affect the investment institutions behind the company,Saif partner Yang Dong said，99% of angel investments may fail in this round；Wen Tianli, founder of Blue Lotus Organization, said，Most angel investors will end their investment careers in a "philanthropic" way。

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This year，Many platforms provide consumers with free breakfast，There are also businesses selling fresh food that will give you peaches as long as you register，Taking a taxi is much cheaper than taking a taxi，So much so that some people joked，“Living standards in big cities have improved a lot recently，Because VCs around the world have invested tens of billions of dollars，Basically subsidize the people of Beijing, Shanghai and Guangzhou。”

This series of changes in the development of the O2O industry made 360 ​​Chairman Zhou Hongyi sigh，Said that it was quite "revolutionary" to make anti-virus software for free，The world has changed now。Internet business has changed into a new way of playing，Not free，But I’m posting backwards。

Zhou Hongyi, who has always been known for his toughness, suspects that he is not radical enough，“Some companies subsidize 200 million in one month，What a terrifying future life。”

In the context of massive money burning，A new O2O2VC model is born in the market: start-ups burn more money，The valuation is higher。

Yidao Yongche CEO Zhou Hang said when talking about this phenomenon，In the last round of Internet bubble, we mainly spent money to buy traffic，Traffic is more important than anything else。To the wave of mobile Internet，Especially in the field of O2O life services，The core parameter is the order。

“Everyone only cares about how many orders there are in a day。At present, the core rule of some industries 188bet Online Sports Betting and Casino is still price、Funds，Some opponents are free for order data as soon as they come in，Very rough and free。”

Zhou Hang expressed to Tencent Technology，The order bubble is very huge，Many things in the market are seriously distorted by price、Just to enlarge the market size，Ignore the core service itself of the industry。

As the entire capital environment becomes colder，More and more investors are thinking，Can the original corporate money-burning model continue。

Saif partner Yang Dong told Tencent Technology，Companies can burn money，The key is to get results。Investors value two things:1，Burning money can lead to rapid growth；2，Burn money efficiently，Can build a stable enterprise。

“I don’t know whether many companies can be stable after burning through money，It won’t be stable if it keeps burning，That’s a problem。”

Yang Dong thinks，Transportation fields like Didi Taxi can be boomed，But 90% of O2O businesses in China are questionable。For example, for excellent doctors，It is most efficient to sit in the hospital and wait for patients to queue up for treatment，Instead of door-to-door medical service。“Another example，Many people demand that the goods they receive are cheap、Reliable，Can be delivered to your home，It needs to be personalized，Form the so-called flexible supply chain。I think this is unreliable。The factory will definitely give priority to providing services to big brands。”

Former CTO of Alibaba Group、Wu Jiong, the founding partner of Xianfenghe Investment Management Company, even directly looked down on the takeaway O2O model。Wu Jiong thinks，There is a problem with the online takeout mode，It goes against the historical trend，It can no longer rely on burning money to expand market share。

Wu Jiong’s logic is，China’s labor costs are rising，The cost of couriers will become more and more expensive，Instead of getting cheaper，Comparatively speaking，The buffet mode should be the most efficient。

Most angel investments face failure

August this 188bet sports betting app download year，Laundry O2O company "eBag Laundry" announced the completion of US$100 million in financing，Financing led by Baidu，Matrix China、SIG followed the investment。This is another round of financing after "e-bag washing" received US$20 million in financing from Matrix Partners and SIG in November 2014。

However，Zhang Rongrong, chairman of e-bag washing, also encountered a very depressing thing。Since “e-bag washing” became popular，Startup companies imitating “e-bag washing” are springing up all over the country，Thousands of them in total，Some also received financing from traditional companies。

A large number of companies that imitate e-bag washing have not figured out their own business models，No expansion either，Only experience in a specific area，Even just operating in a certain community。

Zhang Rongrong expressed to Tencent Technology，Starting a business is a matter of near death，“e-bag washing” has 20 years of experience in the laundry industry。To do O2O, you must really pay attention to users、Focus on social efficiency，You must have a strong sense of mission，Instead of just speculating。

Zhang Guangrong said，Visiting Google in the past two years、When companies like Facebook，I deeply feel that these companies are truly sentimental，True service users，Many entrepreneurs in China are too far away from users，This feeling has become a slogan。

“Under the cold winter of capital，A large number of such community-based O2O startups will go bankrupt。In the end, it was a waste of a lot of manpower，Logistics，It also takes up a lot of investors’ resources。”

Of course，Even if Ele.me obtains hundreds of millions of dollars in financing, it does not mean that it will be truly safe from now on。The last person in the Internet industry who was once very popular，The company that received Series F financing is Fanke，Today’s current situation can only be described as “miserable and miserable”。

After continuous inventory backlog、After the layoffs storm，Vancl CEO Chen Nian and his Vancl’s status 188bet sports betting app download in the Internet world have plummeted。

An investor told Tencent Technology，Meituan, which recently sought to raise US$1 billion, has also encountered the impact of the capital winter。Its valuation has dropped from the original US$15 billion to more than US$10 billion，If financing is not in place，Meituan may also lay off employees。

Name of the above person，This round of capital winter has disrupted the original money-burning chain of enterprises。If the capital winter lasts for one year，Many Internet companies that are burning a lot of money may be unsustainable，Or go bankrupt，Or layoffs，It may also be acquired by other companies。

Former CTO of Alibaba Group、Said Wu Jiong, founding partner of Xianfenghe Investment Management Company，If you use four seasons to describe the capital market，There may not be autumn or spring。Directly from summer to winter，Only 3 to 5 months。And it will be a long time from winter to summer。

This brings trouble to angel investments. The reason is,If the angel round project cannot find Series A financing，Many will go bankrupt。Wen Tianli, founder of Lotus Organization, said，Most angel investors end their investment careers by doing “charity”。

Saif partner Yang Dong pointed out，Lei Jun has a basic principle when doing angel investing，Vote to someone you know，Vote for things you really know，However，Lei Jun’s actual investment angel projects are also very limited，I can count probably more than 20。

“Currently many angel investors can invest in 50 projects at once，Most people are fresh only if they fail。”Yang Dong said，The failure rate of angel investment is 99%，Angel investors will definitely get hurt if they invest too much in unreliable projects，Once something goes wrong with the project，It is these angel investors who are injured。

It’s not just angel investors who are hurt，Many institutions that blindly invest in the New Third Board will also be injured。Well-known investor Wang Gongquan recently told the media，Many people have no experience，Buying and raising the price very high。“I think at least half of the companies will die on the New Third Board。”

What Wang Gongquan means by "death"，“I can’t go forward，I can’t retreat even if I retreat，In the end, it would be better not to get on the New Third Board than to regret 188bet sports betting app download it”。Wang Gongquan’s theory，Don’t gamble like this when investing，We still have to let professional people do professional things。