Since Premier Li Keqiang first proposed "mass entrepreneurship" at the Summer Davos Forum in September 2014、The call for innovation”，By March 2015, "mass entrepreneurship、Innovation by all” is included 188bet sports betting app download government work report，In June 2015, the State Council officially issued the "Opinions on Several Policies and Measures to Vigorously Promote Mass Entrepreneurship and Innovation"，Innovation and entrepreneurship continue to be promoted，Entrepreneurship has also become a collective climax for China’s young generation 188bet sports betting app download past two years。Meanwhile，China’s venture 188bet sports betting app download market is under the background of “mass entrepreneurship and innovation”，Experienced from midsummer to cold winter in just two years。

Be wary 188bet sports betting app download unicorn bubble, how do you avoid risks?

Although everyone has been talking about the capital winter since the second half of 2015，Global venture capital 188bet sports betting app download does show signs of slowing down，But the situation is far from as bad as imagined。In fact，Capital is still very active，2015，M&A completed by Hanergy、Financing transaction amount reaches 18.3 billion US dollars，The 188bet sports betting app download amount also reached 1.6 billion yuan。Although we did not reduce the 188bet sports betting app download amount，Under the current market environment，As an investor, you still need to be wary of and avoid some 188bet sports betting app download risks。

1. Unicorn Bubble

188bet sports betting app download the second half of 2015，U.S. technology stocks began to plummet，Cloud storage provider Box’s share price fell 13% at the beginning of 2016，Twitter stock has fallen by more than 50% compared to the listing price；The former star unicorn company Dropbox、Evernote、Snapchat and other valuations have been written down one after another...Silicon Valley has fallen into a state of vigilance and worry about the "unicorn bubble bursting"。

At the same time，A similar situation has occurred in China，After 188bet sports betting app download tightening in 2015，With Didi Kuaidi、Meituan Dianping、Unicorns represented by 58 Ganji have seen an unprecedented wave of mergers，And some BAT blessings before、Over 100 million users、The original beautiful performance of the star project that claims to subvert the traditional industry has begun to look ugly，Forcing everyone to start thinking about how much they are worth。

The truth is，In a crazy market，Entrepreneurs are drawn into the unicorn club by their own desires and that of capital，An inflated valuation does not mean that a company is really worth the money。Considering the value of a company requires returning to the essence 188bet sports betting app download business model，Perhaps this is the most important revelation that the capital winter brings to us。

2. Burn money quickly, make profits far

From an early video website、Hundred Regiments War to Now O2O，A large number of people rely on burning money、Subsidy、Companies that promote to acquire users and maintain business growth are popping up，Quickly eliminated from the money-burning competition，Ultimately forming an oligopoly pattern，These unicorns seemed to have won the victory after a fierce fight，But the flaw of not having a clear business model makes it difficult for them to get out 188bet sports betting app download quagmire of losses，The money burned，You will have to pay it back sooner or later。

Give up and burn money quickly、Business model with far-reaching profits，Focusing on a business model that is competitive and profitable is a change that early investors need to make 188bet sports betting app download current market environment。There must be a clear business model，This may not mean that you need to consider how to make money from the beginning，But when the company’s business began to expand，The first question to always consider is why users should pay you，After all，The core issue of a company is always how to make money。

3. Chasing the trend, lack of thinking

188bet sports betting app download venture capital circle where the "flying pig theory" prevails,Track funds are constantly chasing the next 188bet sports betting app download hot spot，From P2P to O2O，Internet celebrity to live broadcast，wave after wave of concepts are being hyped by capital，And because 188bet sports betting app download existence of external takers，Companies with outrageous valuations still have a lot of capital chasing them，This is a huge risk for investors and the market。

In 188bet sports betting app download impetuous era,Be able to concentrate on making products、Service companies and independent thinking business models、Investors with 188bet sports betting app download logic have become scarce。It cannot be denied that 188bet sports betting app download has its advantages，But this kind of trend is more independently thought and discovered by investors，Enterprise services like previously mentioned、The outbreak of artificial intelligence has its own inherent development logic，Good investors will predict and lead trends，Instead of following the trend when everyone is talking about 188bet sports betting app download。And not all pigs can fly，As for which pig can become the next unicorn, investors need to be discerning。

188bet sports betting app download opportunities in the Internet field

I started my business in Silicon Valley in 1993，188bet sports betting app download past dozen years，I have witnessed BATs slowly grow from very small companies to unicorns，Finally became a mainstay giant 188bet sports betting app download Internet industry，Also experienced from the pioneering of VC 188bet sports betting app download 1990s to the democratization of VC today。As an “old man” 188bet sports betting app download venture capital circle，My dream is to help Chinese entrepreneurs find unicorns，Helping China’s outstanding startups become unicorns。And I always think，When 188bet sports betting app download returns to rationality，Real opportunities can emerge，For young people who are really interested in starting a business and have dreams，The "winter of 188bet sports betting app download" is the "spring of entrepreneurs"。

There is no shortage of 188bet sports betting app download opportunities in the Internet field，The overall economic growth rate in China is currently slowing down，188bet sports betting app download and exports in the Troika are limited in their contribution to the economy，Under the macro background of the ever-increasing driving role of consumption，As a venture capitalist，We need to focus 188bet sports betting app download on areas that can bring new growth drivers，New economic fields that can outperform GDP。Specifically，We believe consumption upgrades、There are huge 188bet sports betting app download opportunities in both enterprise services and technological change。

1. Consumption upgrade

Consumption is becoming the new engine of China’s economic growth.

China has the largest middle class population 188bet sports betting app download world，Da1.0.9 billion，More than 92 million middle class people 188bet sports betting app download United States。The rise of a huge middle class，Let a new wave of consumption come。Consumers are increasingly dissatisfied with basic material consumption，Start paying for brand and quality，And 188bet sports betting app download initial social interaction、After information and shopping needs are met，Consumer starts atCultural entertainment, sports, education and health careThere are more needs in other fields.

What is particularly obvious is the popularity of the cultural, entertainment and sports fields 188bet sports betting app download past year，188bet sports betting app download video field, the popularity of online dramas such as "Tomb Raiders" and "The Princess" has driven the popularization of the paid membership model of video websites, which can be said to have made those who have struggled for many yearsVideo websites have seen the dawn of profitability;188bet sports betting app download the super sports star Kobe Bryant’s retired circle of friends to the giants spending heavily to buy top IP and top events, this is confirmedThe sports 188bet sports betting app download has huge potential.

In comparison,There are no major outbreaks 188bet sports betting app download education and medical fields，Part of the reason is that these two areas cannot be completely regarded as private consumption，But it has many "public goods" attributes，Therefore, it is more necessary to be driven by supply-side reform。But the field of online education still grew up with Hujiang.com、VIPABC and other excellent companies，Giants such as BAT, represented by Tencent’s 188bet sports betting app download in New Oriental Online, have also entered the market one after another；WeDoctor has also grown up in the Internet medical field、Excellent companies such as Chunyu Doctor，Gudong focuses on health management、APPs such as Meiyou are also being sought after by more and more users。

It can be judged that in these areas leading the middle class lifestyle，There will continue to be high-quality startup companies and 188bet sports betting app download opportunities。

2.Enterprise Services

Enterprise-level software is not available only today，UFIDA、ERP vendors such as Kingdee have been in this 188bet sports betting app download for thirty years。2015 is known as the first year of “enterprise service”，There is a clear logic behind the explosion of enterprise service venture 188bet sports betting app download at this point in time: first，As China’s demographic dividend gradually disappears，Labor costs continue to rise，Related data display，China’s average annual salary increase is 14%，Meaning that the average labor cost will double in 5 years，ThereforeEnterprises urgently need to reduce costs through technical means；Second，my country’s economic growth model has changed from extensive growth to refined growth，Industry competition is becoming increasingly fierce，Enterprises need to use information technology to improve the efficiency of all links 188bet sports betting app download value chain，Refined operations have become a development trend；Third，With the maturity of cloud computing technology，Large enterprises begin to migrate from traditional IT architecture to cloud，The 40 million small and medium-sized enterprises in my country have a low level of informatization，Low-cost cloud computing makes informatization possible for small and medium-sized enterprises。

2015，China’s corporate services market has experienced a boom in entrepreneurship and 188bet sports betting app download，A group of people like Qashqai came out、Excellent companies such as Ucloud，Alibaba’s latest financial report，Alibaba Cloud has become another revenue engine besides e-commerce，And Jinshan Cloud、Cloud platforms owned by giants such as LeTV Cloud have also received large amounts of financing。

Comparing the consumer 188bet sports betting app download and enterprise 188bet sports betting app download in China and the United States, we can find thatThe 188bet sports betting app download value ratio of US 2C and 2B companies is about 2:1，And China is 100:1，Visible ChineseThe enterprise 188bet sports betting app download has huge potentialAnd still 188bet sports betting app download early stages of development，Seize the cloudization of enterprises、Internetization、Opportunities of mobility，This is the most likelyThe next BAT is borncontains huge 188bet sports betting app download opportunities.

3.Technological changes

Since IBM released the first personal computer in 1981，The IT industry has experienced PCs、Internet、Three eras of mobile，Every era has a giant born: Microsoft from the PC era，To Google 188bet sports betting app download Internet Era、Facebook，To Uber 188bet sports betting app download mobile Internet era、Upstarts such as Airbnb。Disruptive technological changes will open a channel，Startup companies that seize these opportunities can quickly establish their own ecosystem under the new technology system，Grow into a new generation of giant companies。IT industry generally believes that，Ten years is the replacement cycle of large computing platforms，From Google’s acquisition of Android in 2005 and Apple’s release of the first-generation iPhone in 2007, two events marked the advent of the mobile Internet era to today，We seem to have reached the "ten-year moment" of technological change，What will be the next disruptive technology？

VR/AR: 188bet sports betting app download 1980s and 1990s，VR (virtual reality) has attracted great attention 188bet sports betting app download industry，But because the technology at that time was far from ready，The craze for VR disappeared by the late 1990s。Until Facebook acquired Oculus for billion in 2014，VR/AR (virtual reality/augmented reality) boom is coming again，The current computing power is sufficient to support VR rendering，The performance of mobile phones has also been greatly improved，Technically making the VR/AR explosion possible。Because VR/AR has created a new way of human-computer interaction through gestures and images，The concept of virtual desktop no longer needs to be defined by physical monitor screen size，188bet sports betting app download has the potential to become a new generation of general computing platform。

Artificial Intelligence (AI): The human-machine battle between AlphaGo and Lee Sedol set off a wave of AI craze，Artificial intelligence is a technology that is constantly developing and difficult to define in one sentence，It includes deep learning、Language recognition、Image recognition、Many cutting-edge technologies and branches such as natural language processing，The essence is to make machines think like humans，Even beyond humans。The most advanced field of artificial intelligence currently、The most widely used core technology, deep neural network (deep learning), has developed rapidly since 2006 and has become the mainstream research direction of artificial intelligence，The massive data generated by the mobile Internet、The significant drop in computing costs and the rapid evolution of algorithms enable it to explode rapidly at 188bet sports betting app download point in time。Future，Deep learning included in artificial intelligence、Language recognition、Image recognition、Natural language processing and other technologies will exist more as the infrastructure 188bet sports betting app download next generation hardware platform，Thus comprehensively affecting and changing people’s work and lifestyle。

Blockchain: Blockchain technology as the core of Bitcoin，Through a decentralized distributed shared database，Ensures the consistency 188bet sports betting app download database、Safety and maintainability。The core value of blockchain is to creatively solve the decentralized credit problem that cannot be solved by the modern Internet TCP/IP basic protocol，And its large-scale application on Bitcoin also proves its technical feasibility。Future，Blockchain technology may become one 188bet sports betting app download basic communication protocols 188bet sports betting app download Internet，The future Internet system will also develop into a multi-layered value system with blockchain as the core。

Disruptive technological changes themselves contain huge 188bet sports betting app download opportunities，As for whose decade the next decade will be，Let’s wait and see。

*This article is reproduced 188bet sports betting app download Toutiaohao/Zhenghe Island

Link: http://toutiao.com/i6326836455595311618/