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This period of time in the past，The more popular term is "the winter of capital"，Especially after the second half of last year。We have been in this market for more than ten years，Going through a lot of cycles，The capital market will always be like this，The cold winter is over and the bubble is coming again，Bubbles keep appearing，The constant cold winter。

Philosopher says，The lesson that humans can learn from cycles is that we cannot learn from them，It is always a repeating cycle。

Is the past a cold winter for capital?？Judging from some phenomena, this is indeed the case。I think Chen Jie also made a list，Some startup companies that collapsed，Including some star projects，Something happened later，Also closed；We also see that the valuations of some unicorn companies are going down，Cannot raise funds。Company raises money，Round C、Your safety cannot be guaranteed during the D round，You may die suddenly at any time，We are seeing a lot of round C rounds、Companies in the D round cannot survive in the end。

② The next wave of large numbers of deaths will be New OTC companies

I can also predict，The next wave of massive deaths will be New OTC companies。Many companies are listed，Can we say that he is safe？To be listed on the New Third Board but not to be listed，Has no essential impact on this enterprise，NEEQ is a market with no threshold，Any company can be listed。

I saw a very interesting phenomenon，There are some companies on the New OTC Market，Hold a grand reception when the New OTC Market is listed、Celebration reception，I find it very interesting。I don’t think this has any special meaning，There are also people who spend hundreds of 188bet Online Sports Betting and Casino thousands to build a billboard on the highway，Warm congratulations to our company for its successful listing，The listing is listed on the New Third Board，What code。This does not guarantee the safety of your company。The companies we invest in also don’t recommend them to raise funds、NEEQ Listing，Spending a lot of money on a celebration reception，It is better to do a good job in the business itself。

Investment from investment institutions，I heard it is also slowing down。Chen Jie may know better，The hit is clearer，Because they have the data on our industry。

Investment in certain areas dropped significantly in the first half of the year，I went to Beijing’s Entrepreneurship Street two days ago to check it out，The Entrepreneurship Street is very deserted now，Not the same as when we went last year。After our leader left last year，We also went to worship，Busty and bustling，Busty and bustling。The hotel I stayed in，The lobby bar is full of people at 10pm，Talk about big deal。It was a sparse visit this time。

③ Take away the concept and story, what is left in the company?

The coming of winter is a return to rationality and normalcy，It’s not a very scary thing。We need to reflect on our industry and many companies in the past，We promoted the industry bubble，We created a lot of nouns，O2O、Internet+、Internet thinking and a lot of new terms、New concept，I think they are all very good。But too much is never enough，Something passed、There will be big problems if you chase blindly。

So-called O2O，All companies say they are O2O，What kind of business value does your O2O create?，Is there real market demand or false demand。We are seeing a lot of O2O closures，There are very few truly successful O2Os，A large number of startup companies raise funds under the banner of O2O，Everyone relies on this。

Internet+ is a good thing，Internet thinking is also a good thing，But I don’t think it’s omnipotent。There was a time when all people seemed to be hooked on the Internet，This business can be built overnight。Many companies making products，No R&D，Don’t insist on making your own products，Instead, they blindly package themselves as an Internet company，This is a very common phenomenon seen in the past。Now it seems that these companies are gradually realizing that this is not possible。

We say "mass entrepreneurship、Wanzhong Innovation” I think it’s right too，What should 188bet app be mentioned more here is “innovation by all”，Don’t “mass entrepreneurship”。Starting a business is not something that ordinary people can do，Our entrepreneurs are very few，There are relatively few people with entrepreneurial spirit and quality。

All companies need innovation，Entrepreneurship is done by a few，Venture investment is something that very few people can do，Not everyone can be an angel，Now the entire industry needs to think calmly，Really returning to the origin of investment，Return to the origin of the enterprise，What value has your business created，Will it be able to generate positive cash flow and profits in the end，Go back to this point in a down-to-earth manner，It is to return to the origin of the entire industry。

We have seen too many concepts and stories from the past，We have seen too many outlets，Everyone pursues so-called concepts and stories，Many investments in the past one or two years，I voted for concepts and stories，The investment is not the company itself。

We often have some investment managers bring some projects and recommend them to our investment committee，Let me take a look，say，You put the concepts involved in it、Story、Remove all air vents，Let’s go back to the company itself，Return to his products、Service、Business Model、Technology，Let’s go back to his financial model，We need to return to the core values ​​of the enterprise and the capabilities of the team。

④ Venture capital is entertainment, too impetuous

I think the sign of impetuousness in the industry is the entertainment-oriented nature of the industry。The past year or two have been particularly interesting，The entertainment aspect of venture capital is a particularly interesting phenomenon。Many investors have become Internet celebrity investors，The main time is spent on doing PR，Spend time attending various activities、Various entertainment programs。I have seen that many industries use entertainment methods to do this industry，There are also many stars in the entertainment industry、Singer、Actor、The host has entered our industry，This is also a very interesting thing in the past two years。The market thinks our industry is relaxed and happy、Romantic Industry，The media is also adding fuel to the flames，I have seen many such stories，Looks like in an elevator，The investor bumped into someone and chatted for a few words，Invest tens 188bet Online Sports Betting and Casino of millions，I made a lot of money later。Such stories mislead the public，Everyone thinks this is very easy、An industry that can easily create miracles。

What is the real situation of this industry？This is a very professional、A very rational industry，A particularly important point，It is a particularly cruel industry。The work we do every day is to do our industry research in a down-to-earth manner、Exercise adjustment、Analysis，The night before decision-making is spent tossing and turning、The tangle that keeps me awake at night，Very painful。After the investment, we will spend a lot of time growing with the company，Do a lot of value-added services，This is the truth。The other side of the truth is a narrow escape，Generate a successful case in a large number of failure cases。Not many people mention our failure cases，Everyone is staring at a few so-called successful cases，Misled the entire industry and became very impetuous。

What we need to do now is how to practice internal strength，Stop focusing on the so-called market trends、Bubble、Air outlet，Practice more internal skills to improve your abilities，To build an organization with platform and ecology，Rather than a project-based organization。You want to become a "platform + ecology" organization，It is the success that can last forever，Continuously generate new successful investment cases。This is not easy，It is also a very severe test for us。Anyway，Practice internal strength，Improve the ability of your own platform ecology，How to discover value，Create value，Let’s help companies grow through this cold winter，This is what the industry must focus on now。

⑤ Copy China

The so-called capital winter situation，China is facing the advent of an era of comprehensive innovation，China’s innovation has attracted the attention of the world。We see the New York Times、"Voice of America" ​​said，The United States is now copying China，It used to be that China copied the United States，China’s motivation exceeds that of Silicon Valley，I think there is something right，There may be another aspect，Our innovation in some areas does exceed that of the United States。We also often go to the United States to see，Business innovation especially in the field of mobile Internet，China is indeed ahead of the United States。

Chinese people’s drive for innovation、The entrepreneurial drive indeed exceeds that 188bet app download of the United States，The United States may be one of the few places like Silicon Valley that is engaged in entrepreneurship and innovation，The pace in other places is very slow，Normal work、After work。China except Shenzhen，We see Beijing, Shanghai and Guangzhou、Hangzhou、Suzhou、Many places in Wuhan，Many people are starting businesses and innovating，This is a very gratifying phenomenon。

The main battlefields of global entrepreneurship and innovation are two countries，China and the United States。Israeli innovation is also good，Israel is a country with only a few million people，His main battlefields are China and the United States，China is showing a more diversified form of innovation。We should not just focus on the mobile Internet，Innovation is happening in many fields，In addition to technological innovation，Innovation with business model，Clean Technology、Advanced Manufacturing、Military Industry、There are many opportunities for innovation in various fields of healthcare。

China will definitely be the world’s largest entrepreneurial innovation market in the future，It is also the largest venture capital market。We say that venture capital funds have now found their own battlefield，Venture capital in China and the United States has developed relatively quickly，The scale of venture capital investment in China will continue to expand in the future，Because we are particularly lucky，There are so many entrepreneurial people，There are so many people willing to start a business，So many people are very diligent、Strong innovation，This is particularly rare，Give us many investment opportunities。

Based on this point，We still have great confidence in the future，I think as a long-term value investment institution，At this time, we should increase the layout。Because we have no shortage of investment opportunities，What we lack now is our own ability，Is your ability sufficient?，Can we discover innovative companies，Really help them move forward together，Grow together，This may be the biggest issue in our industry。The so-called capital winter is only partial，In local industries，Because it’s so fast、It goes down very quickly，A large number of other industries have been ignored by venture capital，It is also very worthy of our layout and investment。

In the case of economic downturn，Promote China’s innovation、Financial institutions that change 188bet app download China’s traditional economic model can only rely on venture capital。We have seen the introduction of policies to encourage the development of the venture capital industry，Looked carefully，Feel like it’s still not enough，Not much substantive content，I think it is the most fundamental、The simplest one should be a large-scale tax reduction for the industry，Encourage more money to invest in this industry，Instead of speculating in real estate and making other investments。

The current situation is，On the one hand, there is no way out for a large amount of money，On the other hand, there are a large number of companies that are waiting for help and cannot get money，This is the time to make the greatest determination，The most powerful introduction，Preferential policies for our industry，Encourage the industry to move forward。

Generally，I think，The cold winter of capital is definitely temporary、Partial，And our investment opportunities are broad，We are particularly fortunate to live in China’s current market。

*This article is reproduced from the WeChat official account No. 0 Shanyuan Street，Author Xiao Bing。