Shen Feng sighed, a slogan of the country ten years ago: mass entrepreneurship, mass innovation, is so deafening!

Three years ago, 300,000 investment institutions and trillions of capital hot money were like hungry wolves, looking for food everywhere.

And now?

The Grim Reaper is still active in various fields, social e-commerce, fresh food, e-cigarettes, and education are all spared, and more than 300 once well-known companies have collapsed after experiencing layoffs, arrears, and running away.

Some of them once died violently,

And there are many more that disappear quietly.

This year, the e-commerce field suffered heavy casualties, and Shangpin.com, which had been established for nine years, was once again involved in a layoff storm and soon announced its closure.

Founded by the famous host Li Jing, Vipshop spent $100 million to win the star beauty e-commerce platform Lebee Gateway.

After defrauding nearly 20 billion yuan of members, the e-commerce shopping platform Yiwang, which relied on the consumption rebate model to attract nearly 12 million members, actually ran away with the money from the controller and chairman Jia Yonglong.

The sinking market has become the last straw, but the high cost of customer acquisition has discouraged everyone. In fact, entrepreneurs who died in the sinking market abound, but few people know about it.

The so-called entrepreneurship,

It's definitely a success,

Only successful people have the right to speak,

in order to become a myth admired by all,

in order to be worshiped by the public by word of mouth,

It seems that a fart is fragrant!

Fresh e-commerce: Even VC is afraid, no one dares to invest a penny in the near future!

E-cigarettes: It was in full swing at the beginning of the year, but it turned out to be winter overnight, and there was no hope for financing?

Long-term rental apartments: fall or IPO!

Education industry: The sudden death of the gold-lettered Weibo English has implicated tens of thousands of families!

There is even a saying in the circle:

Who's going to fall next?

Next year's To B is the most dangerous!

Warm tips from various bigwigs:

Hurry up and get the money,

Don't bother with valuation!

After reading the industry report, Shen Feng couldn't help but take a deep breath, what is entrepreneurship?

There is only a 3% success rate for 100 projects,

In other words, if you invest in a hundred projects with real money, you must return to your capital or even make money through three projects.

For investors, there are only three ways to exit: buyback, M&A, and IPO!

The so-called dividends become shareholders?

It's all!

It's like ordinary people saving money into the bank, is it just for the interest rate of more than 3 percent per annum?

But the principal can't be taken out!

According to your own understanding, play investment, the tuyere first, the concept first!

This circle is very fond of advocating concepts and creating outlets, because a good concept can leverage a very large venture capital market.

For example, the sharing economy used to be a very successful concept, to put it bluntly, it was a time-sharing lease, but it was even higher when it was shared.

There are also stocks, all the garbage that used to lose a lot of money will still rise sharply because of the concept of restructuring.

Many things that no one cared about suddenly became popular, such as a certain concept stock and a certain field stock.

Advocating the concept is the survival logic of the industry itself, and everyone is actually gambling, gambling on vision, luck, and even life.

All domestic venture capitalists like fast-growing projects, and they are eager to return to their capital in one year, double in two years, and go public in three years.

Large funds have a time limit, usually 5+2 in the industry, five years to be liquidated and the investor to settle the accounts, it is great to give two more years, it is impossible to invest indefinitely. ”

Most of them like to invest in the post-80s, and few are optimistic about the 70s. I feel that young people are energetic, they can survive even three days and three nights, they have strong material desires, they are willing to endure hardships, and their thoughts of getting rich are more persistent.

In the final analysis, it is to buy and sell entrepreneurs' projects, and fools want to divide dividends at the end of the year for entrepreneurial projects, and for entrepreneurs, the project is all they have.

But for venture capital, entrepreneurial projects have nothing to do with them.

Fattened, find a good home, and then wait for the price to sell, go down with a knife, and leave!

For example, the boundary of a product is estimated to be 300 million users, and it may be reached in five years. Another product boundary may be 90 million, but it only takes two years to reach the border.

Venture capitalists like the second project, which grows fast and has high returns, and runs away when it is sold, taking the money to find the next one.

In my own view, there are only two types of domestic investment: investment institutions and industrial capital.

Investment institutions such as Sequoia Capital, Matrix Partners, and GSR Ventures have the ability to raise funds from various channels, striving for stability, and the process is lengthy.

From mutual contact, to investment, to the arrival of funds, there is no more than half a year.

Even in the end, the money has not been completed, the project has been dragged to death, this situation is very common, for them to laugh off, indicating that the project is not good, it is a big deal to find the next one, what are you afraid of if you have money.

The financing process takes at least three to six months, and it is braggart to say that it can be done in a few weeks.

Even if you are an acquaintance and friend who knows the roots, it will take two months to have enough understanding and trust foundation. 30 days of negotiation and 30 days of final signing of documents is time-consuming, so the cost is extremely high.

What's even more awesome is the industry bigwigs, such as Alibaba, Tencent, Baidu, and Xiaomi are all behemoths, the money is their own, and the strategy is more to use small money to play some uncertainties.

The wealth is deep, the process is relatively simple, Rebus once said: investment is not an end, but a means, through investment to build barriers, so that others can not easily enter, is also very valuable.

They are all giants, and they are not simply to see whether a project has future opportunities, but also to consider whether there is synergy and layout significance in strategy, and even consider hedging risks.

Angel investors, jokingly called 3F in the circle, that is, fools, friends, and finally stay up for too long, and directly become family!

once drank and chatted with a so-called senior master, and after three rounds of drinking, Shen Feng's words made Shen Feng remember it vividly.

Angel investment is like asking a sister, maybe you can talk a few times, take a ride, have a meal, and you can snap it.

Because the investment is relatively small, what you like may only be a shining point in the entrepreneur, such as long breasts and legs, articulate or something, tired of playing a few times, no longer contacting, and becoming the most familiar stranger.

VC is like a lover, there are many people who take a fancy to it, and it is usually time to go shopping, and it is time to buy bags and bags. When someone tries on a piece of clothing and asks you if it looks good, you say turn around, huh...... Pretty!

It's a pity that the cost of support is high, and you can't get it without tens of millions, of course, she may not be more than you, or even several VC joint investments.

You give Gucci, he buys LV, and everyone in the public is rushing to ask for it.

PE is like a pick-up man, first of all, the consciousness must be high. When she is bothered by trivial matters, take her to a Michelin dinner. When her mind is vicissitudes, take her merry-go-round......"

Changing the law to coax the goddess to be happy, no complaints and no regrets, because the project is large, it often costs tens of millions of dollars, can you do it without a little thought?