nvestors believe that the capital of winter we do not have no money is not a good project so that w

Abstract: the emergence of the so-called capital of the cold, not because the capital side has no money, but the enterprise level of the problem, there is no good investment worthy of the enterprise. Regardless of team building, business model…… Capital, whether you come or not, where is it?. Look at you, who.

"winter capital" is a kind of phenomenon, the recent performance slightly prominent: start-up financing more difficult, VC investment will is not strong, so entrepreneurs think now is the winter capital: "the capital level do not have the money!"

as a VC investor from PE, I understand this phenomenon, but totally disagree with this point of view.

the reason why the so-called capital of winter, not because the capital side has no money, but the enterprise level out of the question, there is no good investment worthy of the enterprise.


first environment. Chinese economic downturn is not alarmist, downward for 12 consecutive months, not every economy can withstand. Regardless of how to reform, no matter how policy, only private enterprises grew, negative for 12 consecutive months, which makes good investors have to consider a pause to see which entrepreneurs can continue to grow in this environment?

business model

business model. China experienced nearly 15 years of "imitation + re creation of the commercial era, almost outside, especially the United States asset light industry (Internet plus mobile phone) business model to copy a copy in the times, almost all industry out today, Chinese entrepreneurs need to find a breakthrough point, perhaps is to copy 2. Perhaps the self innovation 1.

the current period, the majority of entrepreneurs in the look, look and try the stage. So investors have to pause, to see which entrepreneurs can break out in this environment.

entrepreneur quality

entrepreneur quality again. Personally, I have maintained the habit of nearly 10 years, is to go to China’s major business schools to see EMBA students to see what the best Chinese elite have been busy recently. In the last 3 years, I have found a significant change: the quality of EMBA students has decreased significantly.

may be halted because the government officials involved in the cause of EMBA, leading to higher order entrepreneurs do not want to again; and perhaps more to do more business school, have no interest in school quality decline in high order entrepreneurs; and perhaps entrepreneurs are too busy, simply can’t afford the time to recharge……

, however, this does not hinder the fact that the current era of entrepreneurs 2 times the quality of personnel, generally not as good as the 1 era. Some people may not agree, it will be said that thousands of people plan to return more and more people, how can entrepreneurs worse quality?

then please go back to the top second and see how many vibrations there are now

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