The content of this article is an excerpt from the sub-forum at the Global Travel News Summit，Participating guests include Xu Xin, President of Capital Today、Han Yan, Partner of Lightspeed Anzhen China Fund、Ctrip CSO Wu Wenjie and Ping An Venture Capital Managing Director Yu Le。Select a few hot topics here，Share the views of the panelists。

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Some entrepreneurs we have contacted have given feedback，Financing progress is not as good as before。The guests at the scene also agreed that the market is cooling down。

However，Han Yan thinks，The market is still in the early stages of winter，The market has not thought deeply yet，"Maybe the real thinking will come later"。Investors still have enough money to invest，Just more rational。

Yu Le also thinks so，Tourism, as a major trend in consumption upgrading, will not change much，There are no big problems with the source of funds and the market。Only when the market is hot，Good companies and 188bet online sports betting bad companies may perform well，But the market has cooled down，It is easier for investors to pick out good companies，Entered a "see more、The status of “invest less”。

Han Yan provided three key points for Lightspeed Anzhen to look at the company: 1) Extreme people；2) The ultimate product；3) Excellent numbers - can be expanded ten times or even a hundred times in a relatively light way。As long as you do well enough on these three points，You can still gain favor in the capital winter。

Future: What investment opportunities are left after the giants are stuck?

Here，What needs to be emphasized is，Investment opportunities do not mean entrepreneurial opportunities，Many small and beautiful things can also become a good business，But it may not necessarily be a good investment opportunity。Xu Xinshuo，Business can only make money if it becomes a monopoly，Under the “721” pattern of the Internet industry，Only by achieving "7" can you feel at ease for a while - don't worry about being subverted in a short time。

Yu Le thinks，Although there are many opportunities in the business travel industry，But he believes that giants have greater opportunities in this market，Because the business travel industry involves more cash flow management in finance、Problems of credit management and resource control。Relatively speaking，The leisure travel market may have more opportunities for “diaosi” entrepreneurs。He said，Partial content created by early entrepreneurs，Media and channel attributes are stronger；Later, entrepreneurs began to focus on trading，Provide as many products as possible。He thinks，The next biggest opportunity is product upgrade，This 188bet Online Sports Betting and Casino part may not be the opportunity for giants。He thinks，If there is a startup company that can make its product the best，There is still a great chance。

Han Yan’s point of view is，This year’s hot B2B gameplay，Not suitable for all segments。He thinks，Only the upstream and downstream are relatively dispersed，But industry segments with concentrated product SKUs，is suitable for B2B platforms - at this time technology can quickly gather a large number of suppliers and users，Thus achieving the purpose of monopolizing upstream and downstream。

Also，He believes that opportunities for the C-side still exist，He thinks it is similar to an upstream traffic platform like TripAdvisor，There are still opportunities and space in China，Similar to the gameplay of light media。“Entrepreneurs should try not to do platform things，Try to create vertical subdivision opportunities，But if there is a chance to catch upstream，Must catch。” he said。

Xu Xinshuo，To start a business, try to take advantage of the scale effect、Network effect or brand effect，Use at least one of the three。She gave an example，Ctrip has achieved economies of scale，And Tencent has achieved network effects。She thinks，Startups should try to rely on network effects，Try to build a C-side brand，Once a brand effect is formed，The future is still very promising。

Confusion: Why is it difficult to find good investment opportunities in the tourism industry？

Xu Xinshuo，The tourism industry looks beautiful，But it’s hard to find a good investment target，There are several reasons:

The frequency is very low and it is difficult to form a brand: Xu Xin said，Ordinary users can travel up to 188bet Online Sports Betting and Casino two or three times a year，To form a brand，Both businesses need to provide a good experience，It also takes time to accumulate，This may take two or three years。And during these two or three years，The giants either choose mergers and acquisitions，Or choose to do the same thing and enter the market to compete head-on with startups，For startups，Not yet had time to form a brand，The opportunity is gone。

Tourism is very critical to supply chain management: Xu Xin said，Different from other industries，Entrepreneurs in the tourism industry must not only consider obtaining traffic from the C-side，More consideration should be given to upstream supply chain management。She gave an example，People across the country travel three times a year，May Day、Eleven、Spring Festival，During the peak season, small platforms lack control over the supply chain，Can’t get the goods，And it’s a large-scale OTA that got the goods，Startup companies are still very difficult。

Intense competition in the industry: she said，Practitioners in the industry are all smart and hard-working people，Maintaining “negative gross profit” on the user side，And this price war is expected to continue for another year or two，This squeezes the living space of startup companies。Some small but beautiful startups，So it is difficult to grow bigger。

So she thinks，The only hope is to completely subvert the existing production relations，For example, the sharing economy may be a way out，But the trend of sharing economy has not yet arrived，Entrepreneurs may still need to stay for a long time。

Opportunity: Being acquired?

For entrepreneurs，Being acquired is also a kind of exit。When strategic 188bet app investors invest and acquire，The indicators considered are also different from those of financial investors such as VC。

Wu Wenjie said，Ctrip Investment Enterprise，More consideration is given to the added value that the invested company can bring to Ctrip。She said，In addition to winning eLong this year, Ctrip，There is not much action in the capital market，To a certain extent, this is because the valuation in the first half of the year was artificially high，It is very difficult to operate，“Many projects that I want to do are not done”。As the market cools，Reduced valuation expectations，She said some cases might be easier to pull off。

She said，Ctrip’s investment or acquisition，It can be focused on a certain field offline，Or focus on a certain link in the industry chain，It can be focused on a certain field offline，Leverage its big data capabilities to improve revenue management for hotels。

In a previous sub-forum，Li Shaohua, general manager of Alibaba Travel·Go, also said，They will invest more in companies that allow players in the tourism industry to engage in this industry more efficiently，The effect of investment may need to be considered in the long term，For example, system service provider、Data processing, etc.。The reason for doing this is，Alibaba as a platform，To provide more partners with the ability to export，What we do is more like investing in infrastructure。