Entrepreneurship is like "pregnancy"，It always takes time to grow from a seed to a human form，Start your life from birth，The process from ignorant boy to golden youth。Entrepreneurship is like life，There are always ups and downs，But the situation is different only when facing death。Everyone dies eventually，If startups can keep up with the trend、Follow the trend，But it can live forever，Built to Last。

"NewSeed's year-end planning "Entrepreneurial Changes" series"，Witness the “chain” of life and death of startup companies: from the “incubator” that breeds entrepreneurial seeds；To thrive，Startups that may enter the “Unicorn Club”；The situation changes again，Or a century-old brand，The former giants who may be forgotten and thrown into the "one-horned corpse"... When the capital winter comes，After squeezing out the bubble，These companies，or success，or failed，Only "change" is the only law to remain invincible。

Let’s take a look at the second part of the NewSeed year-end planning series: Those dead or dying unicorns，Which VCs lost all their money behind the scenes？

What is a "unicorn"？This concept originated from an article by Aileen Lee, a partner at KPCB, a Silicon Valley venture capital institution--"Welcome to the Unicorn Club: Learning Entrepreneurship from Billion-Level Companies"。“1 billion dollar valuation” becomes the label of “unicorn”，But，Some people also say，The so-called "unicorn"，In fact, it is the beginning of an era for a certain industry、A shocking company，It has nothing to do with valuation。

To stand in an invincible position as an entrepreneurial hero，Long-term perspective、The courage to follow the trend and transform is essential，Even "Playboy", which benefits countless otakus, plans to stop publishing nude photos and start to transform，Whoever remains unchanged will die，The development may be slow or even stagnant。But entrepreneurs in the capital market are associated with multiple interests，The disaster caused by the disappearance of a "unicorn" will be reflected 188bet app in the investors behind it。below，The editor of NewSeed will be with you on 818，The story of the storms between those "one-horned corpses" and investors and the VC/PEs who were "implicated" behind them。

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The B2C Chinese online mall "Dangdang.com" established in 1999，Once the all-powerful e-commerce “hero”，The amazing entrepreneurial story of founder Li Guoqing and his wife Yu Yu became a favorite for a while。But，They are good at tactics but weak at strategy，The impressive results in the early stage also made Dangdang a little bit proud，Li Guoqing once told the media, "I am so poor now that I only have money left"。

From public information，Dangdang’s first round of financing at the beginning of its establishment，Get IDG、Cambridge, Luxembourg、SoftBank and others $8 million in venture capital，In exchange for 59% of Dangdang shares；The second round of financing was in February 2004，Received US$11 million investment from Tiger Management；The third round occurred in July 2006，DCM、Walden International and Alto Global jointly invested US$27 million in Dangdang。

About Dangdang and the investment institutions behind it，There is also a story about the battle for controlling rights。After several times of burning money，Dangdang entered the debt collection stage in 2003，And sales once exceeded 800 billion yuan，The strength shown by the sales results allowed Li Guoqing and his wife to see the opportunity to increase incentives，June 2003，They asked shareholders to reward startup shares，Reward half of the value-added portion to the management team，But this request encountered strong opposition from shareholders，Rebuked for asking for too high a share ratio。After that，Every time I talk to shareholders about this issue, there is endless debate，But many of the agreements between Li Guoqing and his wife and shareholders were only oral，Li Guoqing also complained，“Capital structure is a very sensitive topic，“Capital structure is a very sensitive topic，Because I didn’t make it clear at first，In the end, it is capital that creates wealth，Entrepreneurs still create wealth，This problem is difficult to solve... I didn’t sign with them，Many verbal promises don’t count。”

But August 2003，Li Guoqing and his wife are thinking of starting a new business，And successfully persuaded Tiger Fund to invest US$11 million in Dangdang in the second round to be used in the new company，But SoftBank、Luxembourg needs to invest in new 188bet sports betting app download companies on the one hand，On the other hand, there is also the risk of team instability，Forced to agree to sell old shares。

Now，Dangdang’s valuation has shrunk，The value of the shares held by the institutions behind these is also discounted。But the dispute over the shares that year，It also gives inspiration to future generations: a complete agreement is very important！

Whereas: Lei Jun、Lianchuang Ceyuan、Qiming、Saif、Tiger Fund’s money was wasted？

Chen Nian has never stopped reflecting on Fanke，Talk about a previous conversation with Lei Jun，And when taking Lei Jun to visit Fanke，also expressed that he was ashamed that Fanke didn’t have a product that he could use，Later, I devoted myself to starting from making a white shirt。2011，Fanke has more than 13,000 people，There are thirty or forty people at the CEO level alone，After some layoffs，There are only 7 people in the core leadership team，Less than 300 employees remaining。But，Vanke is still silent。

Time passes，The surrounding environment changes unconsciously，User needs are also changing subtly，Unable to capture user needs promptly and quickly，It will die subtly as user needs change。When you suddenly look back，Maybe even the direction of change becomes confused。Fanke，Maybe it’s just like this。

Looking at the VCs behind Fanke，6 rounds of financing from Series A to Series F，Covering IDG、Lianchuang Ceyuan、Qiming、Saif、Tiger Fund、Shunwei and other 9 investment institutions，How much money were originally invested by these funds in vain？

IDG、Lianchuang Ceyuan participated in 5 rounds of financing of Fanke，SAIF participated in 4 rounds of financing，These three institutions have insisted on investing in Vancl’s sixth round of financing，Perhaps you are worrying about how to exit now。Of course，VC investment is all about combinations，Individual cases where it is temporarily impossible to exit will not affect the overall layout，Perhaps Fanke will be acquired by Mr. Lei in the future as"Xiaomi series"The members can’t say it well either！

LaShou.com: Acquired by Sanpower Group，How much money was withdrawn from the Jinsha River？

There is Baidu Nuomi outside、Meituan under Ali’s blessing and Dianping under Tencent’s wings，Internal blind expansion、Overwhelming staff，LaShou.com’s way of survival is blocked by this internal and external dilemma。2014，Being acquired by Jiangsu Sanpower Group may be its best way out。

Let’s first look at the financing situation of Lashou.com，From 2010 to 2014，LaShou.com has experienced a total of 4 rounds of financing:

Jinshajiang Venture Capital participated in LaShou’s 4 rounds of financing，But LaShou.com was acquired by Hongtusanbao，Perhaps Jinshajiang can withdraw part of its shares。

No. 1 Store: The fate of being “sold” has never stopped. Ping An of China and Wal-Mart have miserably acted as “takeovers”

No. 1 store has never stopped being “sold”，The takers behind the scenes are Ping An of China and Wal-Mart。2010，Ping An of China purchased 80% of the equity of No. 1 Store for 80 million yuan，It is said that Ping An’s move was based on the medical resources of No. 1 Haodian，This is also a move that Ma Mingzhe hopes to speed up "Ping An Health Insurance" through the Internet to reduce doubts about "shortcomings"。

But No. 1 Store and Ping An Medical Network、The resource integration effect of Ping An Medicine Network is not ideal，Failed to bring more Internet users to Ping An’s business。Industry analysts say，“Ping An didn’t get what it wanted，No. 1 store should not be of much help to its main business。”Since this move was wrong，Ping An will naturally find a way to make amends，The result of the remedy is that China Ping An transferred 20% of the equity of No. 1 Store to the retail giant Wal-Mart for US$65 million，At least for Ping An of China，The valuation of this 20% equity has doubled several times in one year。2012，Ma Mingzhe sells his shares in No. 1 store again，To this point，Walmart controls 51% of No. 1 store，This move is considered to be typical of Ma Mingzhe’s investment style: decisive move after 2 years of no results。2015，Walmart once again purchases the remaining shares of Yihaodian。Ping An has found a successor，However，For Walmart，No. 1 store has not become a treasure that can turn stone into gold，But it became a "hot potato"。一来，Wal-Mart is a traditional and rigorous retailer，Not adapted to the climate of Internet e-commerce；二来，The No. 1 store merged into Wal-Mart needs to accept traditional industry business assessment standards，Not a change worth celebrating for either。

If you don’t speed up the pace，No. 1 store and its biggest successor, Walmart，The future we will face is certainly not optimistic。

Renren: SoftBank is the largest shareholder. Will Japan’s richest man feel distressed?

We have talked about several declining “unicorns” in succession, all of which are e-commerce companies，Now let’s talk about the social platform 188bet online sports betting Renren。2011，Renren.com landed on the New York Stock Exchange，Valuation at that time was 55.USD 300 million，However, it is the first quarter of 2015，Its market value shrank to less than US$1 billion。

Renren.com was formerly known as the “campus network” for vertical campus social networking，After achieving certain results，Chen Yizhou is not satisfied with being limited to the vertical segmentation of campus，Instead, I hope to include a wider social group，Unfortunately, I met Weibo who broke out in the world、WeChat Impact，We can only continue to burn money to expand our territory，But Tencent、Sina’s strength is not that of a junior，Everyone seems to be unable to do what they want，When I look back and want to pick up the campus social life again，But found that student users have left the platform。Also，The core of social platforms is content production，However，Compared to Weibo and WeChat, Renren.com，Content information is not our strong point either，Decline is a foregone conclusion。

According to public information，The investors behind Renren include SoftBank、Accel Partners、Lenovo Investment, etc.。Renren.com was formerly known as "Thousand Oaks Interactive Group"，Received 40 billion yen (approximately 3 from SoftBank in April 2008.USD 8.4 billion) investment，SoftBank held 40% of the shares at that time，Become the largest shareholder of Renren；After Renren was launched in 2011，SoftBank’s shareholding ratio changes to 34.2%.Now facing the embarrassing transformation situation of Renren，I wonder if Masayoshi Son will be heartbroken when he thinks about it？But Alibaba’s listing helped him become the richest man in Japan，Maybe this flaw is not a big deal，After all, Renren once had a glorious time。

Lanting Jishi: Being pushed to IPO, fortunately, VC "stops when it's good"？

According to legend，The listing of Lantingjishi in 2013 was driven by the institutions behind it that were eager to exit，Public information display，Lantingjishi received a first-round investment of US$5 million from Lianchuang Ceyuan in 2008；Received second round investment of US$11.27 million from Lianchuang Ceyuan and Jinshajiang Venture Capital in 2009；Received Lianchuang Ceyuan in 2010、The third round of investment of US$35 million from Jinshajiang Venture Capital and Zhixin Capital。

Initial launch，Lanting Jishi’s fundraising and pricing are regarded as not optimistic by the capital market，But Lianchuang Ceyuan and Jinshajiang Venture Capital still 188bet Online Sports Betting and Casino received a lot of returns: according to the opening price 11.16 USD calculation，The largest shareholder Lianchuang Ceyuan’s Series A investment return rate is 17 times，The second largest shareholder, Jinshajiang Venture Capital, has a return on investment of Series B of 8.7 times。The subsequent development of Lanting Jishi proves that these institutions"Stop it when you’re ready"'s wise。

As a foreign trade retailer，Analysts said，Lanting Jishi continues to lose money，And foreign trade e-commerce profits are low、High costs also bring risks，In addition, the bottleneck of increasing income caused by the inability to find new selling points and the loss of reserve advantageous resources，Resulting in loss of development opportunities。

The so-called wind and water change，We can’t just see the old scenery，No new talent is seen，The capital market is changing rapidly，Only those who “change” can remain invincible。Rising stars learn from past mistakes，Assessing the situation in venture capital，Targeting industry development momentum，Do things decisively；On the other hand，Reluctant to bear children, unable to trap the wolf，Investment institutions can also try to “pursue” companies that appear in good fields，Seeking wealth and wealth，It may be more interesting to gain wealth through bumpy risks。