Entrepreneurial winter has to: the eaves team lack of money dissolved PE/VC cover tight purse + gambling

In the past two years, the creation circle in full swing, the media circle also helped, entrepreneurial team springing up. And in the Jingwei Chong cast a ladle of cold water splashed, public opinion began to guide reflection. Investors believe that the capital of winter will be the opportunity for everyone, but also the golden age of entrepreneurs. The capital undercurrent behind the entrepreneur mania is overvalued: Knowing who's swimming in the cold after the low tide: Investors are tightening their preparations for the winter: Start-ups accelerate the Golden Age: a cold winter mentality that has long been a good time to share. Heaven and Earth, a gray boundless. The oncoming man, with a hurried footstep, wore a mask, and did not wear it. 22-Year-old Celia is any protective measures do not do that, she stood on the side of the road, looking at the busy, silent, smoking smoke. A cigarette burns out, she writes these words in the circle of friends: Haze days, smoking seems to begin to feel at ease. In late October, the CEO of the Eaves team said the budget was tight and half the salary was halved, and she quietly accepted the reality, encouraging herself that this was the norm of entrepreneurship, and that the investment and financing environment was now so good. And after a week, the company because not to melt money, no thought, the team dissolved. This is the first time she started a business. She thought of her new venture, filled with blood, in the circle of friends said: "Entrepreneurship, do the right." Did not know, perhaps the project will die tomorrow, do not do is doomed to even live the possibility of being killed. Who cares and so what. "Never thought, a prophecy." A week ago, she told Sina technology that if the one-month period is not enough, the team will die. In the end, the deadline is sharply shortened to one week. Next, just graduated from her, intends to join other mobile internet start-up team, because this is the heart of the. In the past two years, the creation circle in full swing, the media circle also helped, entrepreneurial team springing up. Once investors have said that a lot of hot money, unlike in the past is the team in the change, today is the money to find a team. And in the Jingwei Chong cast a ladle of cold water splashed, public opinion-oriented reflection. Good investment and financing environment, the cold winter is going to? Should entrepreneurs worry about how to prepare? The capital undercurrent behind the entrepreneur mania. Zhang Ying, the CEO of the open letter: The bubble is there that in the street wandering Celia, has now handled a good exit procedures, only because the eaves of the product is not on the line will die, melted the seeds but not melting angel. Before the team officially dissolved, she sat down with her partner and talked about why she had failed. "In fact, the development of our team does not and need to keep up, we are to do the rental and do this project, not from the heart of the identity of this matter." This is not the most interesting area, nor is it our forte. "At the same time, CEOs are responsible and not good at Celia investors," he said. "Like Celia, 35 young people hit, one foot in the ivory tower, the other foot has entered the society of the melting pot, for their own and the great environment is not known, the enthusiasm to enter the entrepreneurial field, before the surf stranded on the beach teamCountless。 "We see a lot of young teams who do not know capital and adopt an attitude of hope for capital recognition." But this is wrong, do not do things for financing. Entrepreneurs have a lot of temptations to do when they start a business, but focus on doing it in one place. "The origins of the seed and Angel phase project," said Shili, capital partner. Confused or greedy. Many entrepreneurs in the initial moment, the direction of a clear concept, but at a certain stage of development will be frequently converted direction, in this process, the team's resources will be depleted. There are also entrepreneurs who will look at two different directions, keep pace with each other, but often do neither. Entrepreneurial enthusiasm and blindness, not only reflected in the direction of the constant conversion, but also reflected in a person and more than one job, everywhere equity participation but do not ask the company. An investor who declined to be named said that there are now many in the traditional industry as the middle-tier, holding a certain amount of resources, and then in many companies to participate in, become the co-founder of some companies, but do not work. This is the human nature, perhaps not the full grasp of entrepreneurship, perhaps it is difficult to abandon the existing stability, always to stay behind. But as investors, they want entrepreneurs to be able to put their heart and soul into it, and it's hard to keep going in the business circle once the entrepreneur is exposed. In addition, more entrepreneurs are relatively impetuous mentality, too optimistic about the financing environment. The investors said many of the projects were in the early stages of idea when making seeds and angel investments, but many were lion. More crazy is, there are some simply do not work, simply to cheat entrepreneurs to deceive investors. Weibo netizen "Cosmic most Meng Zombie powder" friend encountered such a situation: a Shanghai artificial intelligence company Recruitment Common Lisp technical Director, finally found that the division does not exist, entrepreneurial project is to create "rule" and "destruction" of all mankind's super AI, only partners to invest 1 million to cooperate. Sounds ironic, but behind the mentality, let a person "think very fear". Behind this madness, essentially because hot money is too much to cultivate the fertile soil for entrepreneurship, and the endless number of angel investors/institutions and business incubators, as well as the stock-raising alliance has become a big environmental organic fertilizer. In such a hot land, there will inevitably be entrepreneurs and investors mixed with the phenomenon. In addition to the unreliable entrepreneurs, there are also disgraceful investors/institutions and incubators, as well as immature public equity financing model. In angel investors/institutions, there is a controversy: investment money is not much, but because the early provision of valuable strategic advice, combined with a larger voice, it will occupy a large stake, which left a big potential for the future. In the incubator, a lot of early is to use the new concept of entrepreneurship to the enclosure, the nature of the behavior of the real estate, not help entrepreneurs. And the stock-raising mode, there are large and small shareholders dispersed, the entrepreneur is a kind of energy pull and so on. Overvalued: Knowing who is swimming naked after the low tide in fact, earlier this year, discussions about the recurrence of the technology bubble had begun. This year 3The Nasdaq index soared to 4,000 points near the peak of the dotcom bubble that was about to burst in 2000. After all, the Nasdaq has fallen from 5,132 points to the bottom of the cliff, as if it is far away. However, in the past five years, the Nasdaq index has soared by 3,000 points, and the two-tier market has given an extremely high valuation to Internet companies and related technology stocks. The level of market heat, from the domestic proliferation of incubators and entrepreneurial cafes, as well as countless angels around, can be seen. After a lapse of 14 years, the market today is different from that time, will it be repeated yesterday? Different VC and entrepreneur, different saying. Presumably, there is a recurring point of view: The winter may come next year, but the bubble is not so big, after reaching the peak, may quickly turn cold may also cushion the correction, even if the cold winter, it will not be too long. Have to admit, Zhang Ying internal letter, or a stone stirred the thousand layers of waves. Some entrepreneurs say this is a bubble for investors, not theirs. And investors also stand up to express their views on the cold winter. Then, Zhang Ying, at the Wise Congress, insisted on his own views, but the previous sharp statement was adjusted to no longer mention the bubble, but said the winter. Interestingly, when domestic investors start putting out the fire, foreign venture capitalists are still alarm for entrepreneurs. Marcandreessen, the famous US venture capitalist, recently expressed his concern for two consecutive months: the market is overvalued for startups, but the question is whether these companies are already on the fast track. Recently, the domestic video social application blink valuation billion, the latest round of financing nearly 20 million U.S. dollars, Sequoia Capital, T.h.capital and innovation factory participate in this round of investment. Xu, a former innovation workshop investment director familiar with the round of financing, said it was a company that grew to tens of billions, not a ceiling of billions of, which was determined by product direction attributes, while the founding team was a continuous entrepreneur with high execution capability. In fact, in the design of financing structures, including investment routes, the choice of investors, the establishment of the Board, and how to do high valuations, these need game. Blink 100 million valuation article one out, pingwest Ai Yi immediately shouted, "This is not a bubble." In any case, investors are willing to gamble on the social product of the other, because once the bet is right, it means holding the cash-for-use tool of the future high frequency. The energy that the market anticipates is here, cannot be neglected. Only now, investors and entrepreneurs do not know the changeable, after 00 what kind of social products, which function can be a hit. And Blink is still groping. The Advisory Body CB Insights report showed that 600 startups raised 55 billion dollars in IPOs, averaging nearly 100 million per home. 47 startups backed by VCs are valued at more than 100 million yuan, including Pinterest, Box, Spotify and Square. And in the country, before the investment and financing of a big heat signal impact, no matter how the team, product, startups are competing for numbers and shouting high valuations. An angel investor who did not want to be named told Sina Technology, now many inexperienced entrepreneurs, on the open valuation also on the billion, feeling very impetuous. Those excessive market expectations are like blown bubbles, when the cold winter comes, a poke is broken.